The Met Council Portfolio consists of seven senior affordable housing buildings in Manhattan undergoing a property tax exemption renewal under Article XI. This initiative ensures preservation and rehabilitation of 174 rental units spread across various blocks in the borough. The project involves combining individual HDFC entities under one ownership and financing rehabilitation with loans from HPD, HDC Green Reserves, and other funding sources.
This exemption facilitates long-term affordability and housing stability for low-income seniors in Manhattan, ensuring compliance with local housing laws and enhancing building conditions through rehabilitation projects.