The New York City Council approved a tax exemption under Section 577 of the Private Housing Finance Law for a housing project at Block 3215, Lot 22 in Brooklyn. The project, led by B&R Cluster Housing Development Fund Corporation, will operate as affordable housing under a long-term HPD regulatory agreement. The exemption applies for 40 years from the effective date and is designed to ensure affordability and financial viability. The site will be managed in compliance with regulatory standards, and failure to adhere to these requirements could result in termination of the exemption. The approval supports ongoing efforts to preserve and expand affordable housing opportunities in Brooklyn.
This tax exemption ensures the long-term affordability of housing in Brooklyn, supporting low-income residents and helping to stabilize the local housing market. The agreement provides financial stability for the property while ensuring compliance with city housing regulations.