As used in this chapter, the following terms have the following meanings:
City financial assistance. The term "city financial assistance" means any loans, grants, tax credits, tax exemptions, tax abatements, subsidies, mortgages, debt forgiveness or land conveyances for less than appraised value or other thing of value allocated, conveyed or expended by the city other than as-of-right assistance, tax abatements or benefits, including but not limited to, benefits approved in accordance with sections 421-a or 489 of the real property tax law, or any assistance provided to a developer for a housing development project, the amount of which is based on an evaluation of as-of-right assistance, tax abatement or benefits for which such developer would have been eligible.
Class A dwelling unit. The term "class A dwelling unit" means a dwelling unit in a class A multiple dwelling, as defined in section 4 of the multiple dwelling law.
Department. The term "department" means the department of housing preservation and development.
Developer. The term "developer" means an individual, sole proprietorship, partnership, joint venture, corporation or other entity that receives city financial assistance for a housing development project.
Dwelling unit offered for rent. The term "dwelling unit offered for rent" means a class A dwelling unit that is (i) occupied on a rental basis or (ii) required, pursuant to a regulatory agreement with a federal, state or local government agency, to be offered for occupancy on a rental basis, regardless of whether such unit has been constructed.
Housing development project. The term "housing development project" means construction of any multiple dwelling of no less than 41 new dwelling units offered for rent, provided that such multiple dwelling is subject to a regulatory agreement with a federal, state or local government agency, and provided, further, that the term "housing development project" shall not include any rehabilitation of a multiple dwelling, or any construction of (i) any multiple dwelling that is owned by a limited-profit housing company organized pursuant to article 2 of the private housing finance law, or (ii) any multiple dwelling located on HUD restricted land.
HUD restricted land. The term "HUD restricted land" means land that is subject to a declaration of trust or restrictive covenant in favor of the United States department of housing and urban development for the purpose of public housing.
Receives. The term "receives" means the execution of a written instrument that sets forth the provision of city financial assistance to a developer.
Universal design. The term "universal design" means the design of a class A dwelling unit that includes certain features such that the unit is, to the greatest extent possible, accessible to all individuals.
(L.L. 2023/030, 2/21/2023, eff. 10/19/2023)
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