§ 63-04 Rent and Income During the Restriction Period.
RCNY § 63-04
(a)The rent for an Affordable Housing Unit shall not exceed the Permitted Rent; (b) Pursuant to paragraph (j) of subdivision 8 of the Act, the Marketing Band for the initial rents of Affordable Housing Units shall be established by deducting three percentage points from the applicable Area Median Income, adjusted by unit size and the applicable Utility Allowance; (c) Each Affordable Housing Unit shall be occupied by a household whose income at the time that such household initially occupies such Affordable Housing Unit is not more than the maximum percentage of the Area Median Income specified for such Affordable Housing Unit pursuant to the Act; (d) An Affordable Housing Unit shall be leased, both upon initial rent-up and upon any subsequent vacancy, pursuant to such marketing guidelines as may be published by the Agency; (e) No Affordable Housing Unit shall be held off the market for a period that is longer than reasonably necessary; (f) No Affordable Housing Unit shall be offered to a corporation, partnership or other entity; (g) No lease for an Affordable Housing Unit can be executed until the Agency verifies the eligibility of the proposed tenants; and (h) Each tenant of an Affordable Housing Unit shall be offered a rent stabilized lease for a term of either one or two years, at such tenant’s option. (Added City Record 12/16/2024, eff. 1/15/2025)
