§ 5-07.1 New Eligibility Requirements for Conversions, Alterations or Improvements Completed On or After December 31, 2011.
RCNY § 5-07.1
(a)Definitions. For purposes of this 28 RCNY § 5-07.1, the following terms shall have the following meanings: Program for the Development of Affordable Housing. "Program for the Development of Affordable Housing" means housing that complies with the requirements of a grant, loan or subsidy from any federal, state or local agency or instrumentality and of the Act or these Rules to provide the requisite percentage of its units as units affordable to and available for occupancy by individuals whose incomes do not exceed a specified limit. Exempt Cooperatives and Condominiums. "Exempt Cooperatives and Condominiums" means multiple dwellings, Buildings and structures (a) owned and operated by Mutual Companies, (b) owned and operated by Mutual Redevelopment Companies, (c) developed as a planned community and owned as two separate Condominiums containing a total of ten thousand or more dwelling units, or (d) Cooperatives or Condominiums that have an average assessed value of less than thirty thousand dollars ($30,000) per dwelling unit. Inspection Fee. "Inspection Fee" means two times the actual cost of inspecting any Conversion, Alteration or Improvement claimed in an application for benefits pursuant to this chapter. Substantial Governmental Assistance. "Substantial Governmental Assistance" means (a) grants, loans or subsidies from any federal, state or local agency or instrumentality in furtherance of a program for the development of affordable housing approved by HPD, including, without limitation, financing or insurance provided by the state of New York mortgage agency or the New York city residential mortgage insurance corporation; or (b) a written agreement between an HDFC and HPD limiting the income of persons entitled to purchase shares or rent housing accommodation therein.
(b)With respect to Conversions, Alterations or Improvements completed on or after December 31, 2011: (1) any multiple dwelling, Building or structure that is owned as a Cooperative or Condominium other than Exempt Cooperatives and Condominiums shall only be eligible for benefits pursuant to these Rules if the Alterations or Improvements for which such multiple dwelling, Building or structure has applied for such benefits were carried out with Substantial Governmental Assistance; (2) no benefits shall be granted for the Conversion of a non-residential Building or structure into a Class A Multiple Dwelling unless such Conversion was carried out with Substantial Governmental Assistance; and (3) if such Conversions, Alterations or Improvements are not completed on the date upon which HPD inspects the items of work claimed in an application for benefits pursuant to these Rules, the applicant must pay the Inspection Fee for each additional inspection required to confirm that such Conversions, Alterations or Improvements have been completed.
(c)Except as otherwise provided in paragraph one of subdivision (b) of this 28 RCNY § 5-07.1, the provisions contained in subparagraphs (iv), (v) and (vi) of paragraph two of subdivision (g) of 28 RCNY § 5-03 shall apply to any multiple dwelling, Building or structure that is owned as a Cooperative or Condominium (other than Exempt Cooperatives and Condominiums) seeking benefits pursuant to the Act for Alterations or Improvements completed on or after December 31, 2011.
