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Landlord gives tenants help in buying homes.

Landlord gives tenants help in buying homes

Voicing his support for President George Bush's proposal for a $5,000 tax credit for first-time homebuyers, landlord William Koeppel, managing partner of Koeppel & Koeppel, has announced a plan which allows tenants who have rented units in the firm's three Manhattan apartment buildings for a minimum of 10 years to be released from their leases with 30 days notice to purchase their first home.

Koeppel also challenged other owners of rental buildings in New York and across the nation to join him in doing what they can to "help renters realize the American Dream of home ownership." About 500 of the 1,000 tenants in the three buildings have resided there for more than 10 years. The buildings are located at 350 East 52nd Street, 250 East 73rd Street and 141 East 89th Street.

"While all of the President's economic proposals will help stimulate the economy, the $5,000 tax credit for first-time homebuyers is a real boost for hard-working Americans who have struggled for years to save enough for a down payment for their first homes," said Koeppel. "With home prices down and interest rates at their lowest level in nearly two decades, the tax credit can be just the incentive many people need to obtain their lifelong dream. Koeppel & Koeppel will not be the ones to delay their dreams any longer."

Koeppel called on owners of apartment buildings nationwide to follow his example. Although he acknowledged that this type of policy may be an economic hardship for some owners, there are many others who can help. He added, "If the President's economic initiatives are to be successful, we all have an obligation to do our part, including the Congress."

Koeppel said he plans to inform the President of his plan when he attends a private White House dinner tonight.
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Title Annotation:William Koeppel
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Feb 12, 1992
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