The City Council approved a 34-year, 1-month partial real property tax exemption for the West 104th Street affordable housing development located on Block 1839, Lot 45 and Block 1840, Lot 5 in Manhattan’s Community District 7. The project comprises 59 rental units for low-income families under a HUD project-based Section 8 contract and resets the tax base at 12% of contract rents, with future payments tied to 25% of rent increases capped at the lesser of 17% of contract rents or full taxes. The resolution specifies fixed tax payments from 2021 through 2025 and outlines the conditions for expiration, including compliance with a regulatory agreement. It requires the execution of a regulatory agreement, waiver of additional abatements, and provides for capital repairs, broadband installation, and homeless set-aside units. The exemption supports necessary building upgrades and service enhancements while preserving housing affordability.