§ 3-11 Contributions to the West Chelsea Affordable Housing Fund Pursuant to § 98-262(c) of the New York City Zoning Resolution.
RCNY § 3-11
Contributions to the West Chelsea Affordable Housing Fund pursuant to § 98-262(c) of the New York City Zoning Resolution shall be made in an amount equal to $625 per square foot of floor area increase as of the effective date of this rule. This amount shall be adjusted each year by a factor equal to the ratio of the per square foot contribution to the MIH Affordable Housing Fund for eligible MIH developments in Manhattan Community District 4 for the current year to such per square foot contribution for the prior year. Such adjustments shall take effect automatically upon adjustment by HPD to the contribution rate to the MIH Affordable Housing Fund pursuant to 28 RCNY § 41-23. The City Planning Commission retains the ability to adjust the contribution amount for the West Chelsea Affordable Housing by rule pursuant to § 98-262(c) of the New York City Zoning Resolution. (Added City Record 3/22/2018, eff. 4/21/2018)
