The Council approved a full, 40-year Article XI real property tax exemption for 1383 Plimpton Avenue HDFC, retroactive to January 1, 2024, to support the rehabilitation financing and clear $53,639 in arrears. 1383 Plimpton Avenue HDFC is a 25-unit, five-story limited-equity cooperative owned and operated by a Housing Development Fund Corporation serving low-income families. HPD will fund moderate rehabilitation including roof replacement, boiler and domestic hot water upgrades, plumbing restoration, and energy and water efficiency improvements such as LED lighting, pipe insulation, and a solar photovoltaic system. The exemption replaces a partial DAMP exemption expiring in 2029 and establishes a regulatory agreement imposing affordability and operational controls. It terminates upon the earlier of 40 years from the effective date, expiration or termination of the regulatory agreement, or transfer of ownership without HPD consent, with a 60-day cure period for noncompliance. The HDFC must waive benefits of any additional or concurrent tax abatements and cannot seek refunds on prior taxes paid, while still allowing benefits under Real Property Tax Law Sections 467-b and 467-c for senior or disabled occupancies. This action formalizes affordability restrictions and ensures long-term financial viability of the cooperative.