The New York City Council adopted Resolution Res 0942-2025 on June 11, 2025, approving a real property tax exemption for the Victory One housing project, located at Block 1717, Lot 33 in Manhattan. This exemption is granted pursuant to Section 577 of the Private Housing Finance Law. The owner, identified as Victory One Owners L.P. and Victory One Housing Development Fund Corporation, is a duly organized housing development fund company. The exemption applies to the land and improvements, excluding business, commercial, or community facility uses, and commences upon an "Effective Date" which is when HPD and the owner enter into a Regulatory Agreement. The exemption terminates forty years from the Effective Date, or if the property ceases to be owned by a housing development fund company. The resolution outlines specific tax payment calculations, including a "Contract Rent Differential Tax" that factors in a base amount of $387,534. The resolution also specifies conditions under which the exemption can be terminated, such as non-compliance with Private Housing Finance Law requirements or unauthorized property transfers.