---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-019357"
form_type: "8-K"
ticker: "CLPR"
cik: "0001649096"
company_name: "Clipper Realty Inc."
filed_at: "2023-07-05T23:59:59+00:00"
generated_at: "2026-06-13T12:42:21.583156+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Clipper Realty signs 40-year tax exemption deal for Flatbush Gardens, saving ~$7.4M/yr

## Summary
- 40-year Article XI agreement with NYC HPD provides full real estate tax abatement worth ~$7.4M annually.
- Company commits to $27M capital improvements over three years; similar amount spent in prior three years.
- 250 units set aside for formerly homeless with full governmental rental assistance; non-union wages raised to prevailing wage (~$750K/yr).
- Enhanced rental assistance reimbursements expected to reach ~$8M per year when fully implemented.
- Transaction expected to be accretive to AFFO and FFO, per press release.

## SEC filing metadata
- accession: 0001437749-23-019357
- form_type: 8-K
- ticker: CLPR
- cik: 0001649096
- company_name: Clipper Realty Inc.
- filed_at: 2023-07-05T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649096/000143774923019357/0001437749-23-019357-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649096/000143774923019357/clpr20230703_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-019357
- JSON: https://secwatch.observer/filing/0001437749-23-019357.json
- Plain text: https://secwatch.observer/filing/0001437749-23-019357.txt

## Key facts
- Material Agreements
  Clipper Realty Inc. entered into regulatory agreement with New York City Department of Housing Preservation and Development ("HPD") valued at $7.4 million (effective 2023-06-29).
  - Action: entry
  - Counterparty: New York City Department of Housing Preservation and Development ("HPD")
  - Value: $7.4 million
  - Effective: 2023-06-29
  source text: On June 29, 2023 Clipper Realty Inc. (the “Company”), entered into a 40-year regulatory agreement between its 2,500-unit Flatbush Gardens property and the New York City Department of Housing Preservation and Development (“HPD”) under Article XI of the Private Housing Finance Law.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923019357/0001437749-23-019357-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.