The New York City Council adopted a resolution approving an exemption from real property taxes for property located at Block 2867, Lot 98, The Bronx. This tax exemption is granted pursuant to Section 577 of the Private Housing Finance Law for a housing project. The owner, Le Grande Ville Housing Development Fund Company, Inc. or an affiliate, will operate the property under a regulatory agreement with the Department of Housing Preservation and Development (HPD). The exemption applies to the land and improvements (excluding business/commercial use other than community facility space) for a period of 40 years from the effective date, or until the termination of the regulatory agreement or if the property ceases to be owned by a housing development fund company. The exemption is subject to termination if not operated in accordance with Article XI of the Private Housing Finance Law or the regulatory agreement. The exemption will apply to buildings with a new permanent or temporary certificate of occupancy for residential areas within five years from the effective date.