§ 26-604 Rent increase exemption funding requirement.
AC § 26-604
In the event that the real property of a housing company or applicable battery park city property containing one or more dwelling units shall be totally exempt from local and municipal real property taxes or PILOT as a result of the exemption from maximum rent credited pursuant to this chapter or otherwise, the supervising agency shall not issue any rent increase exemption order/tax abatement certificates unless there are monies in the rent increase exemption fund to provide reimbursement to the housing company or landlord for the total dollar amount of all exemptions from the payment of maximum rent accorded pursuant to this chapter to eligible heads of the household residing in dwelling units in such real property. (Am. L.L. 2023/109, 7/23/2023, retro. eff. 12/15/2022) Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2023/109.
