The City Council adopted a resolution designating 355 East 106th Street, Manhattan (Block 1686, Lot 67), as an Urban Development Action Area. The resolution also approved an Urban Development Action Area Project and a 40-year tax exemption for the property. The project involves the rehabilitation of an existing 11-story building to create 64 residential units, with 63 units designated for low-income senior households and one unit for a superintendent. The development is intended to provide much-needed affordable housing for seniors in the area.