§ 41-17 Commencement Date for New Construction Homeownership Affordable Housing.
RCNY § 41-17
"Commencement Date" shall mean for a Generating Site that is New Construction Homeownership Affordable Housing, the date upon which (a) written contracts to purchase at least fifty percent (50%) of the Homeownership Affordable Housing Units in such Generating Site have been signed with separate Households of Eligible Buyers, and (b) a bona fide Eligible Buyer who is not purchasing a Homeownership Affordable Housing Unit as an accommodation to the Generating Site has closed on the purchase of such Homeownership Affordable Housing Unit.
