The New York City Council approved a resolution granting a real property tax exemption for the housing project located at Block 2087, Lot 104, Manhattan. This exemption, provided under Section 577 of the Private Housing Finance Law, is set to last for forty years, or until the expiration of the regulatory agreement, or if the property ceases to be owned by a housing development fund company. The Department of Housing Preservation and Development (HPD) submitted the request, noting that the project owner is a duly organized housing development fund company. The exemption applies to the land and any existing building on the exemption area. Conditions for termination include non-compliance with Private Housing Finance Law, the regulatory agreement, or any other city agreement, or conveyance of interest without HPD approval.