Mitchell-Lama residents in Chelsea poised for tax relief under new law signed by Hochul

"The new law, sponsored by Assembly Member Tony Simone and state Sen. Brad Hoylman-Sigal from Manhattan, would allow city officials to pass local property tax relief for Chelsea's Penn South residents. It also builds on the governor's recent budget, which automatically cuts taxes 50% for the nearly 100,000 New York City Mitchell-Lama households by providing a deeper shelter rent tax benefit. The governor made the affordability move for Mitchell-Lama residents in part because the buildings were built in 1955 and need maintenance and updates."

"With inflation driving up the cost of housing across the United States, my administration is cutting taxes for Mitchell-Lama residents in New York City in half, keeping money in the pockets of nearly 100,000 hardworking households, Hochul said. Since I took office, the state has invested nearly $500 million in Mitchell Lamas statewide to preserve more affordable housing for middle-class New Yorkers."

New legislation enables New York City to provide local property tax relief to Penn South residents and complements a statewide measure halving taxes for nearly 100,000 Mitchell-Lama households through a deeper shelter rent tax benefit. The Mitchell-Lama buildings were constructed in 1955 and require maintenance and updates, and rising operational costs threaten building quality and future affordability. State investments approaching $500 million have been made in Mitchell-Lama developments statewide to preserve affordable housing for middle-class residents. The legislation, referenced as A8651A/S7780B, authorizes city-level tax relief and aims to preserve the long-term health of existing affordable housing stock. Housing and Community Renewal and state officials have implemented a series of investments to support preservation and operations.

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