The City Council approved a 40-year Article XI tax exemption for First Ludford-Lourdes Housing Development Fund Corporation at Block 2087, Lot 104 in Manhattan. The exemption covers the full value of the limited equity cooperative building, which comprises 15 residential units and will undergo moderate rehabilitation and energy and water efficiency upgrades. In consideration of the exemption, the HDFC will enter into a regulatory agreement with HPD to enforce affordability restrictions and operational controls. The exemption period terminates upon the earlier of 40 years from July 1, 2025, expiration or termination of the regulatory agreement, or transfer of ownership without HPD approval. HPD retains authority to terminate the exemption for noncompliance with Article XI, regulatory agreement terms, or unauthorized transfers. This action enables the preservation of workforce housing, stabilizes resident costs, and secures long-term affordability for low- and moderate-income households.