§ 31-02 Eligibility Requirements.
RCNY § 31-02
(a)Eligible Property. Real Property may be eligible for an exemption from Real Property taxes as set forth in 28 RCNY § 31-05 if: (1) It has been acquired and/or rehabilitated and/or constructed, and/or otherwise financed with a Loan; and (2) It is bound by a Regulatory Agreement; (i) restricting the use of Real Property to Housing Accommodations for Persons or Families of Low Income and (ii) imposing the rental and occupancy restrictions established by § 42 of the Code on at least seventy percent (70%) of the dwelling units in such Real Property. Such agreement may be contained in the mortgage securing the Loan or may be a separate agreement recorded of record against the Real Property; and (3) An Allocation Document has been issued for the Eligible Property; and (4) It is owned, at the Application Date and for the duration of such exemption, by a Qualified Owner; and (5) It constitutes Housing Accommodations for Persons or Families of Low Income as set forth in the Regulatory Agreement or Allocation Document.
(b)Time Requirements.
(1)In order to receive retroactive tax exemption pursuant to 28 RCNY § 31-05(a)(2) hereof, the Initial Filing Date of an application for a Certificate of Eligibility must have been on or before October 24, 1993, unless application is made under Chapter 513 of the Laws of 1993 in which case application must be made ninety days after the effective date of said chapter (July 26, 1993).
(2)An application for a Certificate of Eligibility must contain all documentation required by 28 RCNY § 31-04(b) and be completed within twenty-four months of the Initial Filing Date with the Office or the application may be deemed withdrawn.
(3)If the Allocation Document submitted with the application for the Certificate of Eligibility was either a determination of credit eligibility or a binding reservation for tax credits, then a United States Treasury Form 8609, Part I of which is to be completed by a Housing Credit Agency, must be submitted for the Real Property to the Office within thirty-six months of the Initial Filing Date of the application. (Amended City Record 8/21/2015, eff. 9/19/2015)
