The New York City Council approved a 40-year real property tax exemption for the project at 1508 Amsterdam Avenue, Block 1988, Lot 33, Manhattan. The project is a 1905-built rental building in West Harlem with 22 residential units (12 two-bedroom, 10 three-bedroom, 4 vacant) and 2 commercial units, with a gross square footage of 16,200 SF. It is owned by 1508-10 Amsterdam Avenue Housing Development Fund Corporation (HDFC), a non-profit, and is converting to an HDFC cooperative through the Tenant Interim Lease II Program. The tax exemption, retroactive to January 1, 2022, addresses accumulated tax arrears and aims to stabilize the project's operations and ensure its long-term financial health, with a cost to the city of $2.819 million (present value). HPD will require affordable homeownership opportunities for households earning no more than 120% of the AMI.