The New York City Council approved a resolution granting a 40-year real property tax exemption for the Rosewood Portfolio housing project, encompassing Block 435, Lot 56; Block 1842, Lot 62; Block 1843, Lots 1 and 22; and Block 1877, Lots 35 and 36 in Manhattan. The exemption was approved pursuant to Section 577 of the Private Housing Finance Law. The project owner is identified as a duly organized housing development fund company under Article XI of the Private Housing Finance Law, collectively referred to as the 'Owner' along with several LLCs. The exemption applies to the land and existing improvements, excluding portions used for business, commercial, or community facility purposes. In exchange for the exemption, the owner is required to make annual real property tax payments equivalent to 5.70% of the gross potential rents from all residential, commercial, and community facility units in the Exemption Area. The exemption is subject to termination if the property is not operated in accordance with the Private Housing Finance Law, the Regulatory Agreement, or if any interest is conveyed without prior written approval from the Department of Housing Preservation and Development (HPD).