The City Council approved a 40-year partial tax exemption for 3044 Albany Crescent under Section 577 of the Private Housing Finance Law. The project preserves 36 rent-stabilized units with restrictions on income tiers and rents. Six units are set aside for homeless households as part of the initiative to address housing insecurity in the Kingsbridge Heights neighborhood.
Ensures long-term affordability and housing security for low-income tenants while supporting homeless households.