According to a Habitat article on tax abatements,

"New York State Senior Citizen Homeowner’s Exemption (SCHE).
If you are 65 or older, and your federal adjusted gross income minus unreimbursed medical expenses is less than $35,500, you may qualify for a five to 50 percent reduction in the assessed value of the home. When the assessed value is reduced, the total tax bill is automatically reduced as well."

I took this to mean that shareholders 65 or older can claim the SCHE... but I seem to recall that our Sponsor gets a sizable check from the co-op at least twice a year (most of his tenants are 65 or older).

Why would this abatement attach to a corporate entity? Is it because the principal is over 65 and he owns the apartments (shares) in which the older tenants reside?

I haven't wrapped my mind around the best answer... anyone know? Am I misremembering this and it's some other acronym?

Thanks, appreciate any ideas.