The New York City Council adopted Resolution 0941-2025, approving an additional period of real property tax exemption for the Pueblo Nuevo housing project located at Block 345, Lot 48 in Manhattan. This exemption is granted to Pueblo Nuevo Associates L.P., a housing redevelopment company, under Section 125(1)(a-3) of the Private Housing Finance Law. The exemption period commenced on December 12, 2023, and is set to terminate on the earlier of 31 years and seven months from the effective date, or the expiration/termination of associated agreements, or if the property ceases to be owned by Pueblo Nuevo Associates L.P., or failure to apply for a new Section 8 Housing Assistance Payments contract. Annual real property tax payments under this exemption are specified as $665,215.95 for the period ending June 30, 2024, $1,201,999.12 for the period ending June 30, 2025, and a variable "Contract Rent Differential Tax" for subsequent years. The resolution ensures the property's continued operation in accordance with the Private Housing Finance Law and related agreements.