This section is applicable to covered buildings:
1. That are owned by a limited-profit housing company organized under article 2 of the New York state private housing finance law, and
2. That contain one or more dwelling units for which occupancy or initial occupancy is restricted based upon the income of the occupant or prospective occupant thereof as a condition of a loan, grant, tax exemption, tax abatement, or conveyance of property from any state or local governmental agency or instrumentality pursuant to the private housing finance law, the general municipal law, or section 420-c of the New York state real property tax law.
Such covered buildings are exempted from the annual building emissions limits set forth in section 28-320.3.1 and 28-320.3.2 of this code and from any applicable reporting requirements. Commencing January 1, 2035, such covered buildings shall be subject to the annual building emissions limits established pursuant to sections 28-320.3.4 and 28-320.3.5 of this code and any applicable reporting requirements.
(L.L. 2019/097, 5/19/2019, eff. 11/15/2019; Am. L.L. 2019/147, 7/27/2019, eff. 11/15/2019; Am. L.L. 2021/126, 11/7/2021, eff. 11/7/2022)
Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2021/126.