Hundreds of affordable co-op and condo buildings in the Bronx — plus thousands of others across the city — could receive new property tax breaks for making environmentally friendly building upgrades, according to a new report by the Green Co-op Council, a shareholder advocacy group. 

The tax relief is included in Intro 654, a bill sponsored by Council Member Pierina Sanchez, who represents Bronx District 14 and chairs the Housing and Buildings Committee. If passed, it would allow owners of eligible housing to deduct 70% of a project’s cost from their property tax bill for between 12 and 20 years. 

Projects could include installing rooftop solar panels, rewiring for electric stoves, upgrading temperature controls and other measures aimed at reducing greenhouse gas emissions. 

Sanchez said the bill is an opportunity to address the “intersecting crises” of affordable housing and climate change. Speaking at a virtual press conference on Oct. 1, she said the tax abatement puts money in families’ pockets while helping property owners cover important but costly upgrades. 

“This is something that can help so many of our buildings,” she said. There are 247 affordable co-op and condo buildings in the Bronx.

One of the areas that could most benefit is District 11, which includes the neighborhoods of Riverdale, Kingsbridge and Bedford Park and is represented by Council Member Eric Dinowitz. The district includes 12,226 eligible co-op units. 

Beyond the Bronx, the tax break, also known as the J51 tax abatement, is projected to apply to at least 586 buildings in Queens, 363 in Brooklyn, 104 in Manhattan and 16 on Staten Island, according to the Green Co-op Council. Overall, the program would benefit more than 166,000 shareholder families. 

The bill is welcome news to New York City housing owners as they prepare to comply with Local Law 97, the city’s landmark 2019 law aimed at drastically cutting emissions. Under the law, owners of co-ops, condos and other large buildings in the city must meet strict emissions standards by 2030.

But covering the cost of such upgrades — without overburdening low- and moderate-income shareholders — is a major concern, especially for aging cooperatives like Amalgamated Houses, a privately-owned Mitchell-Lama co-op in the Van Cortlandt Village neighborhood. 

Amalgamated and others like it are already financially stressed under rising insurance and operations costs — and in recent years, families have felt the pain of steep carrying charge increases, according to Ed Yaker, treasurer for Amalgamated Houses, who spoke at the virtual press conference.

Under the bill, all Mitchell-Lamas would be eligible for the tax abatement, which would provide stability and relief as owners begin to modernize the 1950s-era buildings. 

“We need all the help we can get,” said Yaker.

The Green Co-Op Council is urging quick passage of the bill, as it applies only to projects completed between June 2022 and June 2026. 

Click here to see a map of all the cooperatives in New York City eligible for the tax abatement. 

Reach Emily Swanson at eswanson@schnepsmedia.com or (646) 717-0015. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes