The Marion Avenue project involves the renewal of a real property tax exemption under Article V of the Private Housing Finance Law. This exemption, retroactive to its expiration on September 24, 2022, is extended for an additional 38 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 property and ensure long-term affordability while complying with the regulations established by the Department of Housing Preservation and Development (HPD). The property is owned and managed by Marion Avenue Redevelopment Associates L.P., a limited partnership organized as a redevelopment company pursuant to the provisions of Article V of the Private Housing Finance Law.
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.