§ 49-02 Application Procedure and Documentation.
RCNY § 49-02
a. No application for Extended Benefits shall be filed with respect to any Twenty Year Benefit Property or Twenty-five Year Benefit Property (i) before the date upon which such property is in compliance with the Extended Affordability Requirement, or (ii) on or after the later to occur of December 31, 2016 or eighteen months after the Expiration Date. b. No Twenty Year Benefit Property or Twenty-five Year Benefit Property shall be eligible for Extended Benefits unless it was issued a Final Certificate of Eligibility and such Final Certificate of Eligibility was delivered to the Department of Finance together with an application to the Department of Finance for partial tax exemption. c. Each application for Extended Benefits must include: (1) Evidence satisfactory to the Agency that the Restrictive Declaration in a form satisfactory to the Agency (A) has been executed by the fee owner and any ground lessee of the Extended Affordability Property, (B) has been recorded against the real property containing the Extended Affordability Property, (C) identifies each Affordable Housing Unit in the Extended Affordability Property, the number of bedrooms in such Affordable Housing Unit, whether such Affordable Housing Unit is an Affordable Housing Eighty Percent Unit or an Affordable Housing One Hundred Thirty Percent Unit, and provides that the rents to be charged to the tenants of each such Affordable Housing Unit shall be established pursuant to this chapter, (D) provides that the Affordable Housing Units in such Extended Affordability Property shall, for the Extended Affordability Period, be (i) rented to eligible tenants at or below the Permitted Rent, and (ii) subject to Rent Stabilization, allowing tenants holding a lease and in occupancy at the expiration of such Extended Affordability Period to continue to be protected by Rent Stabilization for the duration of their occupancy, and (E) provides that such Extended Affordability Property must comply with the Extended Affordability Requirement and all applicable provisions of Section 504 of the Rehabilitation Act during the Extended Affordability Period; (2) Evidence satisfactory to the Agency that (A) from the commencement of Post-Construction Benefits up to and including the Commencement Date, each Affordable Housing Eighty Percent Unit was occupied by a household whose income at the time of initial occupancy of such Affordable Housing Eighty Percent Unit did not exceed one hundred percent (100%) of Area Median Income, and that all of the Affordable Housing Eighty Percent Units in such Twenty Year Benefit Property or Twenty-five Year Benefit Property, respectively, were collectively affordable and restricted to occupancy to households whose income at the time of initial occupancy, did not exceed an average of eighty percent (80%) of Area Median Income, and (B) that, prior to the Commencement Date, an additional five percent (5%) of the dwelling units in such Twenty Year Benefit Property or Twenty-five Year Benefit Property, respectively, were designated as Affordable Housing One Hundred Thirty Percent Units and have each been occupied by a household that was identified on the log established pursuant to Housing Connect and whose income at the time of initial occupancy of such Affordable Housing One Hundred Thirty Percent Unit did not exceed one hundred thirty percent (130%) of Area Median Income; (3) An executed Monitoring Contract; and (4) A copy of the notice of intent to begin marketing the Affordable Housing Units through Housing Connect and satisfactory evidence that such notice of intent to begin marketing and the name of the proposed Marketing Monitor was filed with the Agency at least sixty days prior to the date upon which the first lease for an Affordable Housing One Hundred Thirty Percent Unit will be executed. Notwithstanding the foregoing, at the request of HDC or HFA, the Agency may allow the exhaustion of a waiting list for the Affordable Housing Eighty Percent Units maintained pursuant to a regulatory agreement with either HDC or HFA, respectively, prior to commencing the marketing procedures prescribed hereunder; provided, however, that no such waiting list shall be replenished or expanded on or after May 11, 2016. (Added City Record 5/11/2016, eff. 6/10/2016; amended City Record 4/3/2018, eff. 5/3/2018)
