Preconsidered Res. No. 1198
Resolution approving an exemption from real property taxes for property located at Block 645, Lot 67, Brooklyn, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 449).
By Council Member Brannan
WHEREAS, The New York City Department of Housing Preservation and Development (“HPD”) submitted to the Council its request dated December 3, 2025, that the Council take the following action regarding a housing project located at Block 645, Lot 67, Brooklyn (“Exemption Area”):
Approve an exemption of the Project from real property taxes pursuant to Section 577 of the Private Housing Finance Law (the “Tax Exemption”);
WHEREAS, The project description that HPD provided to the Council states that the purchaser of the Project (the “Owner”) is a duly organized housing development fund company under Article XI of the Private Housing Finance Law;
WHEREAS, The Council has considered the financial implications relating to the Tax Exemption; now, therefore, be it
RESOLVED:
1. For the purposes hereof, the following terms shall have the following meanings:
a. “Effective Date” shall mean January 1, 2019.
b. “Exemption” shall mean the exemption from real property taxation provided hereunder.
c. “Exemption Area” shall mean the real property located in the Borough of Brooklyn, City and State of New York, identified as Block 645, Lot 67 on the Tax Map of the City of New York.
d. “Expiration Date” shall mean the date that HPD and the Owner enter into the Regulatory Agreement.
e. “HDFC” shall mean 129 23rd Street Housing Development Fund Corporation or a housing development fund company that acquires the Exemption Area with the prior written consent of HPD.
f. “HPD” shall mean the Department of Housing Preservation and Development of the City of New York.
g. “Owner” shall mean the HDFC
h. “Regulatory Agreement” shall mean the regulatory agreement between HPD and the Owner that is executed on or after December 1, 2025 establishing certain controls upon the operation of the Exemption Area on or after the date such Regulatory Agreement is executed.
2. All of the value of the property in the Exemption Area, including both the land and any improvements (excluding those portions, if any, devoted to business, commercial, or community facility use), shall be exempt from real property taxation, other than assessments for local improvements, for a period commencing upon the Effective Date and terminating upon the Expiration Date.
3. Notwithstanding any provision hereof to the contrary:
a. The Exemption shall apply to all land in the Exemption Area, but shall only apply to a building on the Exemption Area that exists on the Effective Date.
b. Nothing herein shall entitle the HDFC, the Owner, or any other person or entity to a refund of any real property taxes which accrued and were paid with respect to the Exemption Area prior to the Effective Date.
4. In consideration of the Exemption, the owner of the Exemption Area shall, (a) execute and record the Regulatory Agreement, and (b) for so long as the Exemption shall remain in effect, waive the benefits of any additional or concurrent exemption from or abatement of real property taxation which may be authorized under any existing or future local, state, or federal law, rule, or regulation. Notwithstanding the foregoing, nothing herein shall prohibit the granting of any real property tax abatement pursuant to Sections 467-b or 467-c of the Real Property Tax Law to real property occupied by senior citizens or persons with disabilities.
Office of the City Clerk, }
The City of New York } ss.:
I hereby certify that the foregoing is a true copy of a Resolution passed by The Council of the City of New York on December 18, 2025 on file in this office.
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City Clerk, Clerk of Council