The Henry Brooks Senior building, located at Block 2047, Lot 12 in Manhattan, has been granted a new 40-year partial tax exemption under Article XI of the Private Housing Finance Law. This exemption will replace the existing exemption set to expire in 2034. The property, which provides rental housing for low-income seniors, will enter into a new regulatory agreement with the Department of Housing Preservation and Development (HPD). This agreement requires substantial rehabilitation financed through a budget-based rent increase from HUD, as well as ongoing HPD light-touch retention and stabilization services. The exemption is intended to support the continued operation and improvement of the property as affordable senior housing.
This new tax exemption is essential for maintaining affordable housing for low-income seniors in Harlem, Manhattan. It ensures the property's financial stability and supports necessary capital improvements, contributing to the well-being and housing security of the senior residents.