§ 41-24 MIH Affordable Housing Fund Contribution.
RCNY § 41-24
(a)General Provisions For the Payment of the Affordable Housing Fund Contribution.
(1)Prior to the issuance of a Permit Notice for an MIH Development that is eligible and elects to make a contribution to the Affordable Housing Fund, the following must occur: (A) Approval of such MIH Development's MIH Application by HPD. (B) Recordation against the MIH Zoning Lot of a restrictive declaration setting forth the amount of the Affordable Housing Fund contribution and the amount of residential floor area to be constructed at the MIH Development. Such restrictive declaration must be approved in form and in substance by HPD. (C) Payment to HPD of the full amount of the MIH Development's contribution to the Affordable Housing Fund by a certified check or bank check payable to the New York City Housing Development Corporation.
(2)The Affordable Housing Fund contribution shall be held by HDC or such other depositary as HPD designates.
(b)Methodology For Determining the Affordable Housing Fund Contribution. The amount of the Affordable Housing Fund contribution as listed in the table below is based upon the cost of providing Affordable Floor Area in the community district in which the eligible MIH Development is located. This amount varies by community district to approximate the cost differentials in providing Affordable Floor Area throughout the City of New York, as well as to satisfy the requirements of Zoning Resolution § 23-154(d)(3)(v). HPD uses Department of Finance sales data ("DOF Data") for residential condominium units and, where necessary, for one- to four-unit residential buildings to group together community districts with similar market characteristics ("Fee Tiers"). Each Fee Tier is associated with a different Affordable Housing Fund contribution amount.
(3)Calculating Market Price. Market Price is an approximation of the market price per square foot for a residential development, enlargement or conversion. A Market Price is calculated for each Fee Tier using DOF Data for that Fee Tier. The Market Price for a Fee Tier is equal to the fortieth percentile sales price per square foot for units that are in developments meeting the unit count and maximum square footage eligibility criteria for the Affordable Housing Fund option.
(4)Calculating Affordable Price. Affordable Price is an approximation of the price per square foot of affordable residential floor area. One Affordable Price serves all Fee Tiers. The Affordable Price is equal to the price calculated to be affordable to the mean of the maximum weighted averages of Income Bands associated with each of the options set forth in Zoning Resolution §§ 23-154(d)(3)(i)-(ii) divided by the median size of units in the DOF Data used to determine Market Prices.
(c)Required Amount of Contribution to Affordable Housing Fund. The Affordable Housing Fund contribution made by an MIH Development equals the mean amount of Affordable Floor Area such MIH Development would have otherwise been required to provide under Zoning Resolution §§ 23-154(d)(3)(i)-(ii) multiplied by the applicable amount of contribution per square foot in effect at the time the MIH Application is submitted to HPD for the community district in which the MIH Development is located. The Affordable Housing Fund contribution per square foot of Affordable Floor Area for each community district shall be set forth in a schedule published on the HPD website that is updated no later than July 1st of each year. (Added City Record 6/19/2017, eff. 7/19/2017; amended City Record 6/29/2018, eff. 6/29/2018; amended City Record 5/31/2019, eff. 6/30/2019; amended City Record 6/30/2020, eff. 7/1/2020; amended City Record 5/28/2021, eff. 6/27/2021)
