The New York City Council approved a 40-year real property tax exemption for the property located at 1508 Amsterdam Avenue, Block 1988, Lot 33, Manhattan. This resolution, pursuant to Section 577 of the Private Housing Finance Law, aims to stabilize the operations and ensure the long-term financial health of the existing multiple dwelling. The building, constructed in 1905, contains 22 residential units (12 two-bedroom and 10 three-bedroom) and 2 commercial units, with a total gross square footage of 16,200 SF. The project is currently undergoing a conversion to an HDFC cooperative through the Tenant Interim Lease II Program (TIL II) to offer affordable homeownership opportunities for households earning up to 120% of the Area Median Income (AMI). The owner, 1508-10 Amsterdam Avenue Housing Development Fund Corporation, a non-profit, acquired the property in 2008 and will finance rehabilitation with a loan from the Department of Housing Preservation and Development (HPD). The previous J-51 tax exemption expired in 2022, leading to accumulated tax arrears. The newly approved Article XI tax exemption is retroactive to January 1, 2022, and is valued at $2.819 million (present value) to the city over its term. The exemption applies to the land and existing residential portions of the building, excluding commercial or community facility uses.