Created by Article XI of the New York Private Housing Finance Law, the Article XI Tax Incentive encourages new construction or rehabilitation of affordable housing to be carried out by a Housing Development Fund Corporation (HDFC). The benefit consists of complete or partial exemption from real estate taxes for up to 40 years. The process for approval is as follows: the Tax Incentive Programs Unit (TIP) of New York City Department of Housing Preservation and Development (HPD) receives a request for Article XI exemption from the project sponsor. TIP conducts a review of the project, including its ongoing and projected finances, to determine what level of exemption the project requires in order to remain financially viable. Once the appropriate level of exemption has been determined, the City Council must calendar the item for consideration and pass a resolution authorizing the exemption. If approved, the Article XI certificate is issued by TIP and the Department of Finance (DOF) implements the tax benefits.