The FAC JOE Shelter Retrofit project involves an amendment to a previously approved real property tax exemption under Section 577 of the Private Housing Finance Law. The amendment extends the exemption from 30 years to 40 years to align with the term of a permanent loan needed for the acquisition and rehabilitation of the properties. The properties, located across multiple blocks in Brooklyn, provide affordable housing for low-income families. The Housing Development Fund Corporation (HDFC) will acquire and manage the properties, ensuring compliance with regulatory agreements established by HPD.
Extending the tax exemption is crucial for maintaining affordable housing stock and ensuring long-term housing stability for low-income families in Brooklyn. The amendment supports the financial viability of the project by aligning the tax exemption period with the loan term, facilitating necessary rehabilitation and ongoing operations.