§ 31-03 Ineligible Projects and Portions of Projects.
RCNY § 31-03
(a)Ineligible Projects. Tax exemption is not available and shall not be granted with respect to the Real Property if, at the time application is made for a Certificate of Eligibility, the owner of the Real Property is in default under the terms of the Loan and/or the Regulatory Agreement.
(b)Ineligible Portions of Real Property. Tax exemption is not available for portions of Real Property not used for Housing Accommodations for Persons or Families of Low Income, as determined by the Office.
