The Flushing Preservation project involves a partial Article XI tax exemption for a term of 40 years for the rehabilitation of four six-story buildings located in Flushing, Queens. The buildings contain a total of 506 residential units, most of which are rent stabilized, with 18 market-rate units. The scope of work includes masonry repairs, landscape repairs, garage structure repairs, façade repairs, window replacements, solar panel installations, roof repairs, and insulation. The project will also require a 10% homeless set-aside (51 units) and includes HPD’s Aging-in-Place initiative. The exemption will help preserve the affordability of the units and support long-term operational viability.
This tax exemption is crucial for maintaining affordable housing in Queens, especially in an area with a high demand for affordable units. The exemption supports the financial stability of the project, allowing for necessary rehabilitation and long-term preservation of affordable housing.