ANNUAL MORTGAGE INTEREST & REAL ESTATE TAX DEDUCTIONS
Mortgage Interest – $229.19
Real Estate Tax – $2,046.48
SUBLET POLICY – After the first two (2) years of occupancy, the shareholder is permitted to sublease the apartment for 2 years out of every 5 year period.
Southbridge Towers is a former Mitchel-Lama rental complex turned into Private Cooperative in late 2015. There is a 28% Flip Tax for the original owners (only for the first ever sale of apartments at SBT), the Flip Tax helps maintain the Low Maintenance Fee's. The second sale (and every subsequent sale) of the apartment only requires a 2.5% Flip Tax.
- Common Outdoor Space