THE COUNCIL OF THE CITY OF NEW YORK
PRECONSIDERED RES. NO. 672
Resolution approving an exemption from real property taxes for property located at (Block 3446, Lot 1) Brooklyn, pursuant to Section 577 of the Private Housing Finance Law (Preconsidered L.U. No. 212).
By Council Member Brannan
WHEREAS, the New York City Department of Housing Preservation and Development (“HPD”) submitted to the Council its request dated May 26, 2023 that the Council amend a previously approved tax exemption for real property located at (Block 3446, Lot 1), Brooklyn (“Exemption Area”) pursuant to Section 577 of the Private Housing Finance Law;
WHEREAS, the HPD’s request for amendments is related to a previously approved Council Resolution adopted on May 11, 2023 (Resolution No. 628) (the “Prior Resolution”), granting the Exemption Area a real property tax exemption pursuant to Section 577 of the Private Housing Finance Law;
WHEREAS, the Council has considered the financial implications relating to the Tax Exemption;
RESOLVED:
The Council approves the amendments to the Prior Resolution requested by HPD for the Exemption Area pursuant to Section 577 of the Private Housing Finance Law as follows:
Provision b of paragraph 1 of the Prior Resolution is deleted in its entirety and replaced with the following:
1.b. “Contract Rent Differential” shall mean the amount by which the total contract rents applicable to the Exemption Area for such tax year (as adjusted and established pursuant to Section 8 of the United States Housing Act of 1937, as amended) exceed the total contract rents which are authorized as of April 1, 2023.
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Except as specifically amended above, all other terms, conditions, provisions and requirements of the Prior Resolution remain in full force and effect.
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 June 8, 2023, on file in this office.
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City Clerk, Clerk of Council