Contract purchaser of low income housing—Long Term Tax Exemption agreement

Negotiated a 30-year tax exemption under the Long Term Tax Exemption Law with the City of Paterson for our client, a contract purchaser of a low income senior citizen housing project that plans to substantially rehabilitate the project to improve the units and common areas within the building. The estimated savings to our client over the term of the agreement is approximately $6 million. This is one of the first Long Term Tax Exemption agreements approved in the City of Paterson in almost eight years.