The New York City Council approved a 40-year full exemption from real property taxes for the 5-story, 20-unit multifamily rental building located at 15 Stratford Road in Brooklyn under Section 577 of the Private Housing Finance Law. The exemption replaces a prior tax benefit set to expire in 2062 and aligns with a new HPD regulatory agreement to facilitate the project’s conversion to permanent financing. The property, owned by 15 Stratford Road Housing Development Fund Corporation and operated by 15 Stratford LLC, includes 16 three-bedroom and 4 four-bedroom units (including one superintendent unit) managed by MHANY Management, Inc. The resolution terminates the prior exemption and ensures the project remains under housing fund company control for the exemption term. HPD will retain enforcement rights and may terminate the exemption if the property fails to comply with regulatory or statutory requirements. The decision supports completed construction improvements financed by GHPP and the Community Preservation Corporation and addresses cash flow challenges by granting full tax relief. By waiving any additional exemptions, the owner commits to a single, robust 40-year benefit while preserving the project’s low-income rental mission. The action further prohibits any refund of taxes paid before the effective date and revokes all prior abatements. It also maintains the option for future tax abatements under Real Property Tax Law Sections 467-b and 467-c for seniors and persons with disabilities.