Within the boundaries of Community District 4 in the Borough of Manhattan, excluding the Special Clinton District, for developments or enlargements in R8 Districts without a letter suffix, on zoning lots larger than 1.5 acres that include residences for which public funding, as defined in Section 23-911 (General definitions) is committed to be provided, the City Planning Commission may authorize modifications of height and setback regulations, provided the Commission finds that such modifications will facilitate the provision of such residences, and such modifications will not unduly obstruct access of light and air to the detriment of the occupants or users of buildings on the zoning lot or nearby properties, open space or streets. Prior to issuing a building permit for any development or enlargement utilizing modifications granted by this authorization, the Department of Buildings shall be furnished with written notice of a commitment from the appropriate funding agency for the provision of such public funding.

The Commission may prescribe appropriate conditions and safeguards to minimize adverse effects on the character of the surrounding area.