On February 27, 2025, the New York City Council approved an application submitted by the Department of Housing Preservation and Development (HPD) for a tax exemption pursuant to Article XI of the Private Housing Finance Law. The exemption applies to the property located at 2201-2205 Davidson Avenue in the Bronx, a 55-unit multifamily residential building. The Article XI designation will provide a full real property tax exemption for a period up to 40 years, contingent on continued use as affordable housing. The property is located within an R8 zoning district, which supports medium- to high-density residential development. The approval supports the preservation of existing affordable housing and ensures the continued operation of the building by Davidson Apartments LLC, with architectural services provided by Urban Architectural Initiatives. This measure facilitates long-term affordability by limiting tax burdens on the property.
This decision enables the preservation and continued affordability of housing in the Bronx by leveraging tax incentives. It supports the city’s broader goals of maintaining housing affordability and reducing displacement in high-demand neighborhoods.