The Rachel Bridge HDFC project involves the preservation of four buildings located in Manhattan, containing 960 residential units. The project will receive a full 40-year Article XI tax exemption to facilitate the preservation and affordability of these units. The buildings will enter into a regulatory agreement with HPD that sets affordability standards, including a 10% set-aside for homeless tenants, and implements the HPD Aging-in-Place initiative. The exemption will support necessary repairs to the façade, lobby, and boiler, as well as efficiency improvements. This project aims to maintain affordable rents while keeping the buildings in good condition for low-income tenants.
This tax exemption is crucial for maintaining long-term affordability in Manhattan, helping low-income families and homeless individuals secure stable housing. It also supports the city's broader housing goals by providing much-needed affordable units and ensuring the preservation of existing housing stock.