As used in this chapter, the following terms shall have the following meanings. Capitalized terms not specifically defined in this chapter shall have the meanings set forth in the Zoning Resolution.
Administering Agent Agreement. "Administering Agent Agreement" means an agreement between HPD and an Administering Agent concerning the rights, responsibilities and compensation of such Administering Agent.
Administering Agent Reserve Account. "Administering Agent Reserve Account" means an account that is separate from a Building's reserve accounts and is held as determined by HPD, and which shall be used, with HPD approval, to pay the Building's Administering Agent for services rendered in accordance with the Program.
Annual Household Income. "Annual Household Income" means the total income as specified by HUD in 24 C.F.R. § 5.609, including all net income from Assets with a cash value in excess of $5,000, to be received by the Household, from all sources for the twelve month period prior to the Income Qualification Date.
Application Deadline. "Application Deadline" means the date by which HPD must receive an application to purchase a Homeownership Affordable Housing Unit.
Appreciation Index At Resale. "Appreciation Index At Resale" means the quotient of the Appreciation Index on the Contract Date and the Appreciation Index on the previous Sale Date.
Asset. "Asset" means property real or personal, tangible or intangible, which may produce financial gain.
Assisted Affordable Unit. "Assisted Affordable Unit" has the meaning set forth for "Affordable Housing Unit" in Section 421-a(16)(a)(xv) of the Real Property Tax Law.
Capital Reserve Account. "Capital Reserve Account" means an account that is separate from a Building's capital reserve account(s) and held as determined by HPD and shall be used, with HPD approval, to pay for all or part of a Homeownership Affordable Housing Unit's proportionate share of such Building's capital expenses.
Commissioner. "Commissioner" means the Commissioner of HPD or his or her designee.
Common Expenses. "Common Expenses" means and include for a Condominium Association, all expenses of operation thereof and all sums designated common expenses in accordance with Article 9-B, Section 339-e of the Real Property Law and for a Cooperative Corporation all expenses of operation thereof and all sums designated common expenses pursuant to the provisions of the by-laws and proprietary lease for such Cooperative Corporation.
Community Board. "Community Board" means a local district advisory board created pursuant to Section 2800 of the New York City Charter that, in part, consults, assists and advises legislative bodies or borough presidents with respect to any matter relating to the welfare of the district and its residents.
Contract Date. "Contract Date" means the date a contract to purchase a Homeownership Affordable Housing Unit is executed.
Council Member. "Council Member" means an elected member of the New York City Council.
CPI. "CPI" means the Consumer Price Index for all urban consumers, as defined by the United States Bureau of Labor Statistics, for the twelve months ended on June 30th.
Department of Finance or DOF. "Department of Finance" or "DOF" means the Department of Finance of the City of New York or any successor agency or department thereto.
DHCR. "DHCR" means the Division of Housing and Community Renewal of the State of New York or any successor agency.
Family Member. "Family Member" has the meaning set forth by DHCR in 9 NYCRR § 2520.6.
First Time Homebuyer Preference. "First Time Homebuyer Preference" means a priority to purchase a Homeownership Affordable Housing Unit which is provided to an Eligible Buyer who is purchasing a Dwelling Unit for the first time.
Flip Tax. "Flip Tax" means 7% of net profits from the sale of a Homeownership Affordable Housing Unit.
HAP Contract. "HAP Contract" means any project-based Section 8 housing assistance payments contract, as may be amended or renewed, that covers all rental Affordable Housing Units in a Building.
HAP Contract Rents. "HAP Contract Rents" means the rent approved by HUD for a Dwelling Unit in an MIH Site with a HAP Contract.
HDC. "HDC" means the New York City Housing Development Corporation.
HHF. "HHF" means the Household Factor established by HPD, based on the family size adjustment percentages established by HUD.
Homeless Regulatory Agreement. "Homeless Regulatory Agreement" means an agreement with a federal, state or local governmental agency or instrumentality requiring a number or percentage of Dwelling Units to be rented to homeless households at initial occupancy and/or upon re-rental at vacancy.
HUD. "HUD" means the United States Department of Housing and Urban Development or any successor agency.
Income Marketing Band. "Income Marketing Band" means that, except as permitted in the Zoning Resolution, the Monthly Housing Costs of a particular Homeownership Affordable Housing Unit represents not less than 25% and not more than 35% of such Household's Annual Household Income.
Income Qualification Date. "Income Qualification Date" means the date upon which the Administering Agent verifies that a potential Homeowner's Annual Household Income complies with the Eligible Buyer requirements for a particular Homeownership Affordable Housing Unit.
Internal Transfer Preference. "Internal Transfer Preference" means a priority to purchase a Homeownership Affordable Housing Unit which is provided to an Eligible Buyer who (i) already owns a Homeownership Affordable Housing Unit in the same Building or in the development containing such Building, and (ii) agrees to sell his or her existing Homeownership Affordable Housing Unit on or before the date upon which he or she acquires the new Homeownership Affordable Housing Unit.
Minimum Quality Standards. "Minimum Quality Standards" means livability standards that are in compliance with 24 C.F.R. § 982.401 or any superseding regulations established by HUD.
Monthly Housing Costs. "Monthly Housing Costs" means, for a Household, the sum of Monthly Fees, monthly utility allowances, Mortgage Payments and monthly property taxes, if applicable.
Operating Reserve Account. "Operating Reserve Account" means an account that is separate from a Building's operating account(s) and is held as determined by HPD, and which shall be used, with HPD approval, to pay for all or part of a Homeownership Affordable Housing Unit's proportionate share of such Building's Common Expenses, in the form of Monthly Fees.
Partial Inclusionary Building. "Partial Inclusionary Building" means a Building that consists of both Affordable Housing and Dwelling Units that are not restricted, in accordance with the Program, to occupancy by Low Income Households, Moderate Income Households or Middle Income Households.
Prevailing Interest Rate. "Prevailing Interest Rate" means the single family mortgage rate for a thirty-year fixed rate loan established by the Federal Home Loan Mortgage Association and the Federal National Mortgage Association that is quoted, for Sale or Resale, in the month that the Homeownership Affordable Housing Unit is marketed for Sale or Resale.
Program. "Program" means the Zoning Resolution, Regulatory Agreement and this Chapter.
Public Funding. "Public Funding" has the meaning set forth in Section 23-90 of the Zoning Resolution, except that, in accordance with the authority granted therein with respect to these guidelines, for Regulatory Agreements executed on or after December 1, 2011, "Public Funding" shall not include an exemption of real property taxes pursuant to Article II of the Private Housing Finance Law.
Rent Guidelines Board. "Rent Guidelines Board" means the New York City Rent Guidelines Board established pursuant to Chapter 4 of Title 26 of the New York City Administrative Code.
Reserve Accounts. "Reserve Accounts" means, for Generating Sites containing at least one Homeownership Affordable Housing Unit, an Operating Reserve Account, a Capital Reserve Account and an Administering Agent Reserve Account.
Section 8 assistance. "Section 8 assistance" means a federal rental subsidy pursuant to the Section 8 project-based rental assistance program, or any successor programs, under the United States Housing Act of 1937, as amended.
Successor. "Successor" means a Family Member that inherits, by either intestate succession or testamentary disposition, a Homeownership Affordable Housing Unit.
Zoning Resolution. "Zoning Resolution" means the Zoning Resolution of the City of New York.
(Amended City Record 6/19/2017, eff. 7/19/2017; amended City Record 9/13/2017, eff. 10/13/2017; amended City Record 11/19/2021, eff. 12/19/2021)
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