When David bought his condominium, he knew it was going to be a struggle to make the monthly payments. He also knew that there were certain tax benefits that other condominium owners in his project enjoyed, benefits that would make the monthly costs a little more manageable.
He began with a Google search for tax benefits available in his area. Barry soon found what he was looking for – the NYC Co-op/Condo Property Tax Abatement. Wow! He realized that he could save as much as 28% on his taxes. And that would save him enough money every single month to allow him to switch from a 30 year mortgage to a 15 year mortgage – a savings of lots of money in the long run. Noticing that the deadline to file for the tax abatement was quickly approaching, Barry rushed to send in the application.
When the eagerly anticipated approval letter arrived David was a bit taken aback that the notification from the Department of finance indicated the exemption, but failed to mention the condominium abatement upon which his purchase relied so heavily so he could actually afford the condo.
David contacted the Agudah’s SBCO office to see if they could help. He was directed to the Director of Operations, Tom Bauer. Tom contacted some of his influential contacts at the Department of Finance External Affairs division to inquire as to the reason for the omission of the abatement. An initial investigation indicated that Barry had in fact submitted the correct form but had inadvertently left out a check in one of the boxes identifying the unit as a condominium. He had, however, checked it off in a different place. Tom spoke with the highest level case workers and explained the situation.
After numerous calls the External Affairs office rendered a decision. Unfortunately the deadline for filing this years tax abatement application had past. However thanks to Tom’s efforts, David will be able to submit the new form for next year’s abatement including the correct information and a retroactive credit would be issued for this year.
Suffice it to say, David is happy he called SBCO!
Southern Brooklyn Community Organization (SBCO)
Serves between 500 and 1,000 people annually.
Developed or sponsored over 1,000 units of housing.
Served over 25,000 people.
Facilitated over $65,000,000 in home mortgages.
Saved over 250 homes from foreclosure.
In the 1970′s, urban blight was threatening the Borough Park community. The legendary Rav Moshe Sherer, called together a group of dedicated lay-leaders to form an agency to concentrate on neighborhood stabilization and promote revitalization of these. Agudath Israel wanted to stop Borough Park from following the Brownsville and East New York communities that had virtually disappeared. And so, in 1977, the Southern Brooklyn Community Organization (SBCO) was founded.
Since its establishment, SBCO has been a leader in the rehabilitation and stabilization of these neighborhoods, providing decent, safe and sanitary housing for low and moderate-income residents. SBCO is best known for its development of affordable housing, and the housing-related services it offers. SBCO has contributed to the growth and stability of the Borough Park, Kensington and Flatbush communities. In addition, SBCO has increased the housing opportunities for low and moderate-income families. In addition, SBCO has facilitated the creation of many millions of dollars of private sector housing developments to help preserve the neighborhoods. Recently SBCO has begun serving as organizational sponsor for the new mandatory inclusionary housing requirements.
Complementing its development activities, SBCO offers a variety of neighborhood services to low and moderate-income families in the community.
- Housing Counseling
- Mortgage Counseling
- Foreclosure Counseling
- Financial Literacy counseling services;
- Low-interest loans and grants through City programs and private foundations;
- Assistance with the SCRIE, DRIE, Section 8, Section 2020 Rental subsidy Program and housing-related entitlement programs;