§ 41-03 Calculating the Maximum Resale Price for Homeownership Affordable Housing Units.
RCNY § 41-03
(a)The Maximum Resale Price for a Homeownership Affordable Housing Unit is the lesser of the Appreciated Price or Appreciation Cap.
(b)Except as otherwise provided in Section 23-962(f) of the Zoning Resolution, the Appreciated Price is calculated by multiplying the Resale price of a Homeownership Affordable Housing Unit on the previous Sale Date by the Appreciation Index At Resale.
(c)Only full calendar years from the previous Sale Date will be considered in calculating the Appreciated Price of a Homeownership Affordable Housing Unit. Notwithstanding the foregoing, if a Homeowner submits a notice of intent to sell form to the Administering Agent on a date that is no more than three (3) months prior to the anniversary of the previous Sale Date, a full calendar year may be utilized in calculating the Appreciation Index At Resale for such Affordable Housing Unit's Appreciated Price. (Amended City Record 11/19/2021, eff. 12/19/2021)
