Amend the contract between the City of New York and Mutual Redevelopment Houses, Inc.

Resolution (1) to permit Mutual Redevelopment Houses, Inc. (Housing Company) to impose a five percent increase in carrying charges beginning July 1, 2005; (2) to permit the Housing Company to impose an additional fifteen percent increase in carrying charges in future years, in appropriate amounts as and when needed to meet further increases in operating expenses, in consultation with the New York City Department of Housing Preservation and Development (HPD); (3) to approve a Fourth Amendatory Agreement to the Contract between the City of New York and the Housing Company which (i) provides the Housing Company with the authority to impose future increases in carrying charges for utility, fuel and energy costs based on actual costs incurred, with the permission of HPD but without the need for approval from the City Council, and (ii) modifies the language with regard to succession and occupancy rights in the Housing Company, in place of the Fourth Amendatory Agreement previously approved by the City Council but not implemented; (4) to authorize the Mayor or any Deputy Mayor or the Commissioner of Housing Preservation and Development to execute the Fourth Amendatory Agreement when approved as to form by the Corporation Counsel and directs the City Clerk to attest to the same and to affix the seal of the City thereto; and (5) to permit a program by the Housing Company to impose a one-time capital assessment to be paid by purchasers on the first sale of shares of each apartment after the effective date of such program.