Zoning Page

Mt. Morris Plaza: New Tax Exemption for Affordable Senior Housing at Block 1722, Lot 7, Manhattan

  • When: August 15, 2024
  • Address: Block 1722, Lot 7, Manhattan, New York, NY
  • City: New York
  • State: NY
  • Category: Zoning Modifications
  • Size: 57 residential units

Mt. Morris Plaza, located at Block 1722, Lot 7 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 2043. 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). The agreement includes provisions for substantial rehabilitation, supported by a budget-based rent increase from HUD, and 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.

Why it Matters

This new tax exemption is critical 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.

Source

Applicant - Bethany/Development Outreach Housing Development Fund Corp.

Ownership - Bethany/Development Outreach Housing Development Fund Corp.

City Representative - Adolfo Carrión Jr.

Allowed Uses: The property is zoned for residential use under the HPD regulatory agreement with a 40-year Article XI partial tax exemption. The exemption aligns with the requirements of the Private Housing Finance Law.

Density: The property includes 57 units, comprised of 6 studios and 51 one-bedroom apartments, all capped at 50% AMI, with 30% of the units set aside for formerly homeless tenants.