The Miramar Court project involves a renewal of a previously approved real property tax exemption under Article V of the Private Housing Finance Law. The tax exemption, retroactive to its expiration on August 28, 2021, is extended for an additional 37 years to maintain affordability for tenants earning 50% of the Area Median Income (AMI) or less. The exemption aims to support the financial viability of the properties, ensure long-term affordability, and comply with the regulations established in the original redevelopment agreement. The properties are managed by LRF Housing Associates L.P., which will maintain the affordability and operational standards under a new regulatory agreement with HPD.
This tax exemption is vital for preserving affordable housing in the Bronx, particularly for low-income families. The exemption aligns with the city's broader goals of maintaining housing affordability and providing stable, affordable rental options for vulnerable populations.