The New York City Council approved a resolution granting a real property tax exemption for the Morningside III housing project in Manhattan, involving properties across Block 1859, Lot 37; Block 1861, Lots 20, 21, and 121; and Block 1880, Lot 27. This exemption is authorized under Section 577 of the Private Housing Finance Law. The exemption will last for 40 years from the effective date or until certain conditions, such as non-compliance with Article XI of the Private Housing Finance Law or the Regulatory Agreement, are met. The owner, a Housing Development Fund Company, will make annual real property tax payments based on a 'Gross Rent Tax' model, starting at 10% of gross potential rents for the first five years and then 6% for subsequent years.