The Crotona Park West Amendment involves a change to a previously adopted 40-year Article XI tax exemption for 20 buildings and 3 vacant lots in the Bronx. This amendment adjusts the effective date of the exemption to July 1, 2022, to address gaps caused by the phasing out of existing J-51 benefits and includes an additional vacant lot (Block 2930, Lot 58) in the project area. The tax exemption supports the preservation of affordable housing for low-income families and ensures long-term operational viability. The Owner, Crotona Park West Housing Development Fund Corporation (HDFC), will continue to manage the properties under a regulatory agreement with HPD that imposes restrictions on rents and income tiers.
Extending the tax exemption is essential to maintaining affordable housing in the Bronx, supporting the city's efforts to provide stable housing for low-income residents. The amendment aligns with broader goals to enhance housing stability and address operational needs due to changing benefits.