The New York City Council approved an additional period of real property tax exemption for an existing housing project identified by Block 1839, Lot 45 and Block 1840, Lot 5 in Manhattan. This exemption is granted under Section 125(1)(a-3) of the Private Housing Finance Law. West 104th Street LLC, a duly organized housing redevelopment company, is the owner of the project. The exemption commenced on June 17, 2021, and is set to continue until an expiration date determined by various conditions, including a period of 34 years and one month from the effective date or the termination of relevant agreements. The property will remain exempt from real property taxes, with the exception of assessments for local improvements. The owner is obligated to make specific annual tax payments, which began at $15,421 and will increase to $409,652 for fiscal years 2022-2025. For subsequent years, payments will be based on a 'Contract Rent Differential Tax.' The exemption is subject to termination if the property is not operated in accordance with the requirements of the housing finance law or other agreements.