§ 63-06 Penalty Provisions.
RCNY § 63-06
On or after the expiration date of the Ten Year Benefit, Twenty Year Benefit, Thirty-Five Year Benefit or Forty-Year Benefit, as applicable, the Agency may, after providing notice and an opportunity to be heard in accordance with the procedures established pursuant to 28 RCNY Chapter 39, impose a penalty for any violations of the Rent Stabilization requirements or the affordability requirements established pursuant to subdivision eight of the Act, on the owner of such Eligible Site at the time of such violation, in accordance with the following method of calculation: A penalty imposed under this section shall be computed as a percentage of the capitalized value of all ANNY Program Benefits on the Eligible Site containing such Rental Project, calculated as of the first year that benefits were conferred, not to exceed one thousand percent. The Agency shall establish a schedule in accordance with this formula. (Added City Record 12/16/2024, eff. 1/15/2025)
