The 73 Loisaida HDFC project secures a 40-year real property tax exemption under Section 577 of the Private Housing Finance Law. The exemption preserves 16 rent-stabilized units, with 2 units set aside for homeless households and additional compliance under HPD's Aging-in-Place initiative. Rent restrictions and income tiers ensure affordability for low-income residents.
Preserves essential affordable housing stock in the East Village, offering housing stability for vulnerable populations while maintaining regulatory oversight to protect tenant rights.