REMARKS
Council Member Brannan opens Finance Committee meeting and outlines agenda
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Council Member Justin Brannan opens the NYC City Council Finance Committee meeting, welcoming attendees and listing the committee members present both in-person and via Zoom. He then outlines the agenda for the meeting, which includes voting on a budget modification, a transparency resolution, and two real property tax exemptions for affordable housing projects.
- The budget modification involves appropriating $1.2 billion in new city revenues for FY 2025.
- The two real property tax exemptions are for affordable housing projects in different council members' districts, both offering 40-year exemptions for rent-stabilized units.
- The meeting demonstrates the committee's focus on financial matters and affordable housing initiatives in New York City.
Justin Brannan
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Okay.
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Good morning, and welcome to today's finance committee meeting.
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I'm council member Brannon.
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I have the privilege of chairing the committee on finance.
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We've been joined this morning by council members Powers, Brooks Powers, Brewer, Farias, Osei, Hudson, Williams, Carr.
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On Zoom, we have Sanchez, Lewis, and Moya.
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Today, the committee will be voting on the following items.
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A resolution, prime sponsored by me to approve a modification of the city's budget pursuant to charter section one zero seven e.
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This resolution would approve and, a request received from the director of the for the Office of Management and Budget to appropriate new city revenues in f y twenty five in the amount of $1,200,000,000 as reflected in the city's January financial plan.
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Second, a transparency resolution to approve the new designation and changes in the designation of certain organizations set to receive funding in the expense budget.
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And finally, two resolutions to approve real property tax exemptions under article 11 of the private housing finance law.
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One of these pre considered article 11 resolutions would authorize a full forty year exemption from real property taxes for the MBD Cluster 3 in council member Sanchez district, which includes the rehab of five buildings.
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The project will cost, will consist of a 73 rent stabilized units restricted to 60% or below AMI, area media immediate income.
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The second of these, pre considered article 11 resolutions would authorize a full forty year exemption from real property taxes for the settlement SHF cluster project and council member Feliz and Stevens Districts.
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This involves the rehabilitation of four buildings.
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The project will consist of a 68 rent stabilized units restricted to 60% or below AMI with up to 85 set aside for formerly homeless tenants.