This property tax exemption applies to St. Elizabeth Manor, an affordable senior housing facility in Staten Island, operated by Sisters of Charity Health Care System Housing Development Fund Company, Inc. The project involves the preservation of 80 units and the transition from HUD Section 202 Project Rental Assistance Contract (PRAC) program to the Rental Assistance Demonstration (RAD) program. The exemption will last for 40 years under an HPD regulatory agreement, capping income limits at 50% of the area median income and ensuring necessary capital work upgrades.
The exemption helps preserve affordable senior housing units in Staten Island, ensuring continued affordability and support for low-income residents.