§ 41-10 Successors.
RCNY § 41-10
(a)A Successor who qualifies as an Eligible Buyer may own a Homeownership Affordable Housing Unit in accordance with the requirements of the Program.
(b)If a Successor either: (1) qualifies as an Eligible Buyer but does not want to own the Homeownership Affordable Housing Unit, or (2) does not qualify as an Eligible Buyer, the Homeownership Affordable Housing Unit must be sold to another Eligible Buyer and the net proceeds from such sale shall be given to such Successor.
(c)The Administering Agent shall determine whether a Successor is an Eligible Buyer.
(d)Within three (3) months of inheriting a Homeownership Affordable Housing Unit, the Successor who wants to qualify as an Eligible Buyer must provide the Administering Agent with a valid death certificate, a valid will, if any, and other such proof of succession and the Successor's Annual Household Income.
(e)If a Successor is not determined on a date on or before two years from a Homeowner's death, the Homeownership Affordable Housing Unit shall be sold to an Eligible Buyer and the proceeds deposited in the estate of the deceased Homeowner.
(f)A Successor need not have occupied the Homeownership Affordable Housing Unit with the Homeowner. Notwithstanding the foregoing, a person who had been occupying the Homeownership Affordable Housing Unit with the Homeowner and who claims to be a Successor may remain in occupancy in the Homeownership Affordable Housing Unit, so long as all obligations, including Monthly Fees, are current, for a period that ends on the earlier to occur of: (1) a date that is two years from the death of the Homeowner, or (2) the date upon which a Successor is determined.
(g)Once a Successor has qualified as an Eligible Buyer, the Successor shall, under the Administering Agent's supervision, assume the Homeowner's interest in and obligations towards the Homeownership Affordable Housing Unit under the terms of the legal documents pertaining to such unit that were executed at the previous Sale Date. All loan documents must also be amended, at the Successor's expense, to reflect any changes to the title documents for the Homeownership Affordable Housing Unit.
