The 420-c Tax Incentive program is a complete or partial property tax exemption for up to 60 years for low-income housing developed by non-profit organizations in partnership with for-profit developers. Eligible projects are owned or leased for at least 30 years by a corporation, limited partnership (LP), or limited liability corporation (LLC), of which at least 50 percent of the controlling interest is held by a tax-exempt 501(c)(3) or (4) charitable organization, focused on low-income housing. Eligible properties provide housing accommodations for persons and families of low income, and participate in or have participated in the tax credit program. Approved projects are subject to an NYC Department of Housing Preservation and Development (HPD) regulatory agreement, requiring that the building is used as low-income housing. HPD may impose a payment instead of of taxes (PILOT) as a condition for the 420-c exemption.