The NYC Council approved a 40-year full real property tax exemption under Section 577 of the Private Housing Finance Law for First Ludford-Lourdes HDFC at Block 2087, Lot 104 in Manhattan. The exemption applies to the 14,445 SF, five-story limited equity cooperative with 15 residential units in Hamilton Heights, affordable to households up to 120% AMI. HPD will finance moderate rehabilitation, including window, façade, roof, electrical, door, and stairway upgrades, along with energy and water efficiency improvements. A new Regulatory Agreement formalizes affordability restrictions and controls operations, effective July 1, 2025, and terminating upon the earlier of 40 years, expiration of the Agreement, or change in qualified ownership. Conditions require compliance with Article XI, regulatory and city agreements, and HPD consent for transfers or structural changes. There is no refund of taxes paid before the Effective Date.