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Building. "Building" shall mean any residential building (including the land in the tax lot) which is owned by the City, managed by HPD and which, prior to entering City ownership, was either developed or rehabilitated through a City loan program.
City. "City" shall mean the City of New York.
Commissioner. "Commissioner" shall mean the Commissioner of HPD or his or her designee.
Disposition. "Disposition" shall mean the sale of a Building to a Permanent Owner.
Disposition Rent. "Disposition Rent" shall mean the rent established by HPD for a Building prior to its return to private ownership.
HPD. "HPD" shall mean the Department of Housing Preservation and Development of the City of New York.
Laws. "Laws" shall mean any and all applicable laws, ordinances, orders, rules and/or regulations.
Permanent Owner. "Permanent Owner" shall mean the person or entity which shall own a Building after Disposition.
Rules. "Rules" shall mean this subchapter.
Tenants. "Tenants" shall mean authorized residential tenants of record. Occupants such as squatters and licensees are not Tenants.
HPD may select a Permanent Owner for a Building by any appropriate method, including, but not a limited to sealed bid sale or auction, a request for qualifications process, a request for proposals process, a request for offers or, in the discretion of HPD, by a direct designation of an entity judged by HPD to be a suitable Permanent Owner. HPD, in selecting a Permanent Owner, may consider any relevant factors, including, but not limited to, the prospective Permanent Owner's prior record in other City housing programs as a property owner or manager or the Permanent Owner's status as an organization formed by the Tenants in the Building.
(a) Establishment of disposition rent. HPD may establish a Disposition Rent for each dwelling unit in a Building based upon the estimated cost of (i) operating the Building in private ownership, and (ii) the repayment of City investment in the Building, including, but not limited to, any City investments during City ownership and any City loan prior to City ownership. The Disposition Rent per dwelling unit shall reflect the expenses for the Building for the first year following disposition. Such expenses may include, but shall not be limited to: allowances for vacancies, debt service coverage, debt service, fuel, common space utilities, repair and maintenance, cleaning supplies, insurance, custodial services, management fees, professional services, operating reserve, capital replacement reserve, real estate taxes, return on equity, anticipated capital repairs and water and sewer charges. The expenses shall be projected by HPD based on its experience and knowledge of the operation of similar buildings.
(b) Notice of opportunity to comment. Prior to establishment of the Disposition Rent, HPD shall notify the Tenants of the proposed amount of the Disposition Rent and afford them a thirty (30) day opportunity to submit written comments to HPD.
(c) Notice of disposition rent. Once a Disposition Rent has been established, HPD shall send a written notice of the amount of the Disposition Rent to all Tenants at least thirty (30) days before the effective date of the new Disposition Rent. The notice of Disposition Rent may be combined with any notice of Disposition.
(a) Notice of disposition. HPD shall send a notice of Disposition to Tenants of a Building advising them of the contemplated sale to the Permanent Owner at least thirty (30) days prior to Disposition. The notice shall provide the Tenants with the name, address, telephone number and contact person for the Permanent Owner.
(b) Post-sale registration. Immediately following Disposition, the Permanent Owner shall register all units in a Building with the New York State Division of Housing and Community Renewal if required by applicable law.
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