The City Council approved a 40-year Article XI tax exemption for the 83-unit rent-stabilized multiple dwelling at 91-31 Lamont Avenue in Elmhurst. Owned by BRG Lamont Housing Development Fund Company, Inc. and managed by Benedict Realty Group, the building will undergo targeted repairs—including door replacements and drainage improvements—under HPD’s Housing Preservation Opportunities Method 1 program. The exemption replaces full property taxes with a 5% annual gross rent tax, capped at any existing J-51 benefit level, and funds critical capital needs while preserving long-term affordability. Regulated rents will target households earning between 55% and 105% of AMI, with a 15% homeless set-aside and mandatory participation in HPD’s Aging-In-Place initiative. A regulatory agreement enforces compliance, includes ownership change and non-compliance cure provisions, and ensures the 40-year term.