The application for Fulton Street South, Block 1861, Lot 20, Brooklyn, seeks to extend an existing 40-year Article V tax exemption for another 40 years. The property contains a 65-unit residential building providing affordable rental housing for low-income families, with all units capped at 50% AMI. The extended tax exemption will facilitate necessary capital improvements identified in a Physical Needs Assessment, including repairs to sidewalks, curbs, and boiler room piping. The extension also mandates the reservation of 30% of units for formerly homeless persons, aligning with the city's affordable housing and homelessness prevention initiatives.
Extending the tax exemption is crucial for preserving affordable housing in Brooklyn, particularly for low-income and formerly homeless residents. The measure supports long-term housing stability and ensures the continued maintenance and operation of the property as affordable housing.