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What is NYC AC § 26-1502?

Quick Answer

This section mandates the department to conduct audits on at least 20 percent of buildings that have completed construction and are receiving benefits under section 421-a of the real property tax law. The audits assess compliance with affordability requirements. Applies to building owners benefiting from the 421-a program.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 26-1502 Audits.

AC § 26-1502

The department shall audit no fewer than 20 percent of all buildings that have completed construction and are receiving benefits under section 421-a of the real property tax law annually to determine whether the owners of such buildings are in compliance with all applicable 421-a affordability requirements. (L.L. 2017/193, 10/16/2017, eff. 10/16/2018)

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