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(a) If a Story in an Eligible Multiple Dwelling contains one or more Affordable Housing Units, not less than thirty percent of the dwelling units on such Story shall be Market Units, provided, however, that the Agency may waive such requirement where either:
(1) the Affordable Housing Units comprise more than fifty percent of the units in such Eligible Multiple Dwelling; or
(2) there is only one dwelling unit on such Story.
(b) Each Building Segment in an Eligible Multiple Dwelling in a Modest Rental Project, Large Rental Project or Very Large Rental Project must contain one or more Affordable Housing Units and have the same or similar proportion of Affordable Housing Units to Market Units.
(c) All Common Areas in an Eligible Multiple Dwelling in a Rental Project shall be open and accessible to the residents of all of the rental dwelling units in such Eligible Multiple Dwelling, including the residents of any Affordable Housing Units.
(d) Notwithstanding any inconsistent provision of this chapter, for the purpose of paragraph (a) of subdivision eight of the Act and subdivisions (a) through (c) of this section, a Building comprised of two or more Residential Condominium Units constitutes one Eligible Multiple Dwelling.
(e) The Agency may disapprove any Building configuration that would frustrate the intent and purpose of paragraph (a) of subdivision eight of the Act and subdivisions (a) through (c) of this section by segregating Affordable Housing Units or limiting the ability of residents of Affordable Housing Units to access an Eligible Multiple Dwelling’s Common Areas.
(Added City Record 12/16/2024, eff. 1/15/2025)
(a) The rent for an Affordable Housing Unit shall not exceed the Permitted Rent;
(b) Pursuant to paragraph (j) of subdivision 8 of the Act, the Marketing Band for the initial rents of Affordable Housing Units shall be established by deducting three percentage points from the applicable Area Median Income, adjusted by unit size and the applicable Utility Allowance;
(c) Each Affordable Housing Unit shall be occupied by a household whose income at the time that such household initially occupies such Affordable Housing Unit is not more than the maximum percentage of the Area Median Income specified for such Affordable Housing Unit pursuant to the Act;
(d) An Affordable Housing Unit shall be leased, both upon initial rent-up and upon any subsequent vacancy, pursuant to such marketing guidelines as may be published by the Agency;
(e) No Affordable Housing Unit shall be held off the market for a period that is longer than reasonably necessary;
(f) No Affordable Housing Unit shall be offered to a corporation, partnership or other entity;
(g) No lease for an Affordable Housing Unit can be executed until the Agency verifies the eligibility of the proposed tenants; and
(h) Each tenant of an Affordable Housing Unit shall be offered a rent stabilized lease for a term of either one or two years, at such tenant’s option.
(Added City Record 12/16/2024, eff. 1/15/2025)
(a) Eligible Sites located on land that contained dwelling units designated as Motel rooms or as Tourist Cabins on the certificate of occupancy in effect three years prior to the Commencement Date shall not be subject to subdivision ten of the Act with respect to any dwelling units in such Motel or Tourist Cabin that existed on such date and that were thereafter demolished, removed or reconfigured.
(b) No Eligible Multiple Dwelling that is operated as a Hotel shall be eligible for ANNY Program Benefits.
(Added City Record 12/16/2024, eff. 1/15/2025)
On or after the expiration date of the Ten Year Benefit, Twenty Year Benefit, Thirty-Five Year Benefit or Forty-Year Benefit, as applicable, the Agency may, after providing notice and an opportunity to be heard in accordance with the procedures established pursuant to 28 RCNY Chapter 39, impose a penalty for any violations of the Rent Stabilization requirements or the affordability requirements established pursuant to subdivision eight of the Act, on the owner of such Eligible Site at the time of such violation, in accordance with the following method of calculation: A penalty imposed under this section shall be computed as a percentage of the capitalized value of all ANNY Program Benefits on the Eligible Site containing such Rental Project, calculated as of the first year that benefits were conferred, not to exceed one thousand percent. The Agency shall establish a schedule in accordance with this formula.
(Added City Record 12/16/2024, eff. 1/15/2025)