JOHN STREET Dear John Street Resident, We first would like to thank you for choosing John Street as your place to live. We have always been committed to providing the best possible homes for our residents and look forward to maintaining the same level of service in the future. As there has been some recent questions about eligibility for rent stabilized apartments, we would like to take this opportunity to clarify a few facts about 85 John Street in relation to the 421-g tax abatement. Some believe that all units must be rent stabilized for the duration of the abatement. This is not the case. As background, the 421-g tax abatement program was created under Mayor Rudolph Giuliani in 1995 to increase investment in a faltering downtown economy and allowed for the conversion of under-utilized office buildings into residential dwellings. At the time the legislation was enacted, Mayor Giuliani and State SenatorJoseph Bruno confirmed that "residential properties receiving benefits pursuant to programs created in this (Lower Manhattan) legislation will be fully subject to the deregulation provisions established by the Rent Reform Act of 1993.? Subsequently, the New York State Division and Housing Community Renewal (DCHR), which administers the rent stabilization program, confirmed the same (please see attached letters below this letter). The Rent Reform Act of 1993 originally set the threshold to deregulate an apartment at $2,000. The Rent Act of 2011 pushed this limit to $2,500 and on June 15, 2015, it was increased to $2,700. Every apartment in 85 John Street has been registered with DHCR as required by law. Once an apartment is deregulated at the applicable rent threshold, it is permanently exempt, regardless ofthe threshold subsequently rising. Apartments below the applicable threshold are registered as rent stabilized. This is in full accordance with the Rent Stabilization Law and the rules and regulations of the 421-g program. We hope this letter better clarifies for you the legal criteria surrounding the 421-g program. If you have any questions or further concerns, please email questions.85iohn@qmail.com Thank you for your time. Sincerely, 85 John Street Enclosures (3): Letter from Mayor Rudolph Giuliani to State Senator Joseph Bruno Response letter from Sen. Bruno to Mayor Giuliani Letter from New York State Division of Housing and Community Renewal 0. o- {mzbua? "an: - ?addict O: Wotan-runes: am: an; - 5?"er ?dnaxa ?It: marina? in: human? urine; 1: an Air; Inn 0.4 llamas-any am nan-{39: Ham: an Inmoad tun muz?oxq urn-paer pun. runuap-rsa: - - W3 burgaai?ru'rw: an; ergzyuoqn: paraua?sn guts-qua?i?ona?dazd "an: 9; 031'! 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