§ 64-09 Penalties for violations of affordability requirements.
RCNY § 64-09
(a)On or after the expiration date of the AHCC Program Benefits provided pursuant to the Act, the Agency may impose, after notice and an opportunity to be heard in accordance with the procedures established pursuant to 28 RCNY Chapter 39, a penalty for any violation by an Eligible Multiple Dwelling of the affordability requirements of subdivision six of the Act.
(b)The Agency shall compute the penalties under this section as a percentage of the capitalized value of all AHCC Program Benefits on the Eligible Multiple Dwelling, calculated as of the first year that benefits were granted, not to exceed one thousand percent.
(c)The Agency shall establish a schedule of penalties imposed in connection with violations of the affordability requirements of subdivision six of the Act, in accordance with the methodology provided for in subdivision b above. (Added City Record 12/16/2024, eff. 1/15/2025)
