Following a request from the New York State Department of Homes & Community Renewal, FirstService Residential assumed management of Harry Silver Housing Company earlier in 2014. This six building Brooklyn complex with 288 residential units had previously left the Mitchell Lama Affordable Housing Program which resulted in revocation of its shelter rent tax exemption, known as Resolution 62.
With its sights set on reinstating the tax exemption – contingent on the property remaining in the Mitchell Lama Housing Program – the FirstService Residential management team, led by Denise Clarke, initiated a series of meetings between the board of directors, shareholders and city council members to introduce Resolution 62.
Passed on June 25, 2014, the legislation is a victory for Harry Silver shareholders and the affordable housing community. With the tax exemption reinstated, Harry Silver will see an estimated savings of $400,000 a year in property taxes which will help preserve the affordability of this property that so many call home.