Res 0672-2023

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. . 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. _______________________ City Clerk, Clerk of Council