§ 26-615 Certain rent increases attributable to capital assessments and voluntary capital contributions.
AC § 26-615
Notwithstanding any inconsistent provision of law, whenever a rent increase exemption order/tax abatement certificate is issued to an eligible head of the household residing in a dwelling unit owned by a housing company which is subject to the provisions of article II, IV, V or XI of the private housing finance law entitling such eligible person to an exemption from an increase in maximum rent attributable to a capital assessment or voluntary capital contribution made prior to, on or after the effective date of this section and such person later transfers his shares in such housing company, such person shall be required to pay over to such housing company, or such housing company shall be entitled to deduct from the amount to be paid to such person for the sale of such shares, all amounts covered by such rent increase exemption order/tax abatement certificate which are attributable to such capital assessment or voluntary capital contribution. Such housing company shall not approve the transfer of shares unless it has received the payment required by the preceding sentence or made the deduction therein authorized. Such housing company shall remit such amount to the commissioner of finance within ninety days of the collection thereof. Payments due to the city in accordance with this section shall be deemed a tax lien and may be enforced in any manner authorized for the collection of delinquent taxes on real property.
