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Morningside I Affordable Housing Preservation (Articles V and XI Tax Exemptions)

  • When: 2024/12/05
  • Address: Block 1943, Lot 1, Manhattan, NY
  • City: New York
  • State: NY
  • Category: Affordable Housing
  • Asset Class: Multifamily
  • Property Type: Affordable Housing
  • Size: 109 residential units across 2 buildings

The Council approved retroactive Article V and Article XI tax exemptions for Morningside I, ensuring preservation of affordable housing. The agreement requires regulatory compliance, window replacements, capital repairs, and aging-in-place improvements. Rent levels are capped at 50% of AMI during the exemption period.

Why it Matters

Protects affordable housing stock in Manhattan while addressing capital improvements and ensuring rent affordability for low-income residents.

Source

Applicant - New York City Department of Housing Preservation and Development (HPD)

Ownership - Wavecrest Management Team

City Representative - Justin L. Brannan

Allowed Uses: Rental housing with 30% set-aside for homeless tenants