The Executive Committee of the President’s Co-op & Condo Council recently held a virtual working meeting with Queens Borough President Donovan Richards. BP Richards is a longstanding friend to Co-op Homeowners and has worked closely with the PCCC over the years. The purpose of the meeting was to update all parties on the material issues regarding the looming Local Law 97 (“Climate Mobilization Act”) deadlines for compliance. BP Richards was well aware of the potential crisis this legislation may impose on Co-op homeowners and is looking for potential solutions to ease its impact.
Many issues were discussed, but the essential ones were the following: 1) Intro 913 to push back the implementation and penalties on Local Law 97; 2) consider average median incomes of the Co-op shareholders and average assessed valuations in determining whether a “hardship” exists in assessing Local Law 97 penalties; 3) provide grants and tax credits to Co-ops to help them comply with Local Law 97; and 4) consider open space and environmentally friendly projects such as solar panels and unamortized improvements(recent gas conversions etc..) when calculating carbon emissions compliance.
BP Richards and his staff promised they would follow up on these issues with both NYC Council Members and the Mayor’s office in our joint effort to stave off economic hardships from the implementation of Local Law 97 on Co-op Homeowners. We look forward to further conversations with his office and hope for positive results from our joint efforts.