§ 31-07 Definitions.
RCNY § 31-07
For purposes of 28 RCNY §§ 31-07 through 31-12, the following terms shall have the following meanings: Aggregate Floor Area. "Aggregate Floor Area" shall mean the sum of the gross areas of the several floors of a building, measured from the exterior faces of exterior walls or from the center lines of walls separating two buildings. Allocation Document. "Allocation Document" shall mean a document issued by the Housing Credit Agency with respect to Real Property indicating either (i) that such Real Property has received a determination of credit eligibility, (ii) that such Real Property has received a binding reservation for tax credits or (iii) that such Real Property has been allocated tax credits pursuant to § 42 of the Code. Application Date. "Application Date" shall mean the date of submission to the Office of a completed application (including all required documentation), as determined by the Office, for benefits under 28 RCNY §§ 31-07 through 31-12. Certificate of Eligibility. "Certificate of Eligibility" shall mean the certificate issued by the Office pursuant to 28 RCNY § 31-10(d). Charitable Organization. "Charitable Organization" shall mean (i) an entity formed for purposes that include providing Housing Accommodations for Persons and Families of Low Income and that has received written recognition of exemption pursuant to section 501(c)(3) or section 501(c)(4) of the Code, from the United States Internal Revenue Service, or any successor agency, or (ii) a corporation, partnership or limited liability company wholly owned and wholly controlled by an entity formed for purposes that include providing Housing Accommodations for Persons and Families of Low Income and that has received written recognition of exemption pursuant to section 501(c)(3) or section 501(c)(4) of the Code, from the United States Internal Revenue Service, or any successor agency. City. "City" shall mean the City of New York. Code. "Code" shall mean the United States Internal Revenue Code of 1986, as amended, or any successor statute. Commissioner. "Commissioner" shall mean the commissioner of HPD or the commissioner of any successor agency or her or his designee. Department of Finance. "Department of Finance" shall mean the Department of Finance of the City or any successor agency. Eligible Entity. "Eligible Entity" shall mean a corporation, partnership or limited liability company at least fifty percent of the controlling interest of which is held by a Charitable Organization. Eligible Owner. "Eligible Owner" shall mean one or more Eligible Entities that holds (i) legal and beneficial title to Eligible Real Property, or (ii) a legal and beneficial leasehold interest with a term of not less than thirty years in Eligible Real Property. Eligible Real Property. "Eligible Real Property" shall mean Real Property that (i) provides Housing Accommodations for Persons and Families of Low Income, and (ii) participates in or has participated in the Tax Credit Program. If a portion of Real Property is not Eligible Real Property, tax exemption shall be apportioned in accordance with 28 RCNY § 31-09(b). Housing Accommodations. "Housing Accommodations" shall mean Real Property used for (i) residential purposes including dwelling units, common sanitary and cooking and dining facilities, common recreation areas including outdoor recreation areas and public areas such as cellars, basements, public halls and stairs and roofs; or (ii) ancillary residential purposes including management, administrative and, for projects with an Initial Filing Date on or after the effective date of the rule adding this section, community facility uses that are authorized under use groups 3 and 4 of the Zoning Resolution. Notwithstanding the foregoing, any portion of the combined floor area of such ancillary residential purposes which exceeds twenty-five percent (25%) of the Aggregate Floor Area of the Real Property shall not qualify as Housing Accommodations. Housing Credit Agency. "Housing Credit Agency" shall mean the State Division of Housing and Community Renewal or HPD or such other agency as shall be designated as a housing credit agency in the City by the State under § 42 of the Code. HPD. "HPD" shall mean the Department of Housing Preservation and Development of the City or any successor agency. Initial Filing Date. The term "Initial Filing Date" shall mean the date an initial application is submitted to the Office. Office. "Office" shall mean the Tax Incentive Programs Unit of HPD or any successor thereto authorized to administer these Rules. Persons and Families of Low Income. "Persons and Families of Low Income" shall mean persons or families who are in low income groups and who cannot afford to pay enough to cause private enterprise in their municipality to build a sufficient supply of adequate, safe and sanitary dwellings as set forth in § 2 of the Private Housing Finance Law. Real Property. "Real Property" shall mean the land, buildings and other improvements subject to taxation pursuant to § 102 of the Real Property Tax Law which are the subject of an application under 28 RCNY § 31-10. Regulatory Agreement. "Regulatory Agreement" shall mean a regulatory agreement with or approved by the City that requires the provision of Housing Accommodations for Persons and Families of Low Income; requires units currently or formerly assisted under the Tax Credit Program be rented in accordance with the income requirements of the Tax Credit Program; imposes the income and occupancy restrictions established by the Tax Credit Program on at least seventy percent (70%) of the dwelling units in such Eligible Real Property; provides that any of the dwelling units in such Eligible Real Property that are not subject to the income and occupancy restrictions established by the Tax Credit Program must be rented, upon vacancy, to persons and families whose incomes do not exceed one hundred sixty-five percent (165%) of area median income; and is recorded against the Eligible Real Property and binds all parties in interest to the Eligible Real Property and their respective successors and assigns. A regulatory agreement may include such other terms and conditions as the City shall determine, including, but not limited to, provisions requiring payments in lieu of taxes. Tax Credit Program. "Tax Credit Program" shall mean the federal low-income housing tax credit program established pursuant to § 42 of the Code. Rules. "Rules" shall mean 28 RCNY §§ 31-07 through 31-12. State. "State" shall mean the State of New York. Zoning Resolution. "Zoning Resolution" shall mean the Zoning Resolution of the City, as amended. (Added City Record 8/21/2015, eff. 9/19/2015)
