The West Farms.HUDMF.FY24 project involves the acquisition and rehabilitation of three multiple dwellings located in the Bronx under the ownership of West Farms Estates HDFC and West Farms Estates Company L.P. The project seeks a 40-year partial Article XI tax exemption to facilitate the rehabilitation and preservation of affordable housing for low-income families. The properties will be managed under a regulatory agreement with HPD, which includes Section 8 rental assistance and rent stabilization measures. The project includes necessary capital improvements such as sidewalk concrete panel restoration, street curb restoration, area drain repair/maintenance, and backflow preventor installation.
This tax exemption is vital for maintaining affordable housing in the Bronx, ensuring long-term stability and affordability for low-income residents. The project aligns with citywide efforts to preserve and enhance affordable housing stock, particularly in underserved communities.