Loading...
(a) Eligibility. Real Property may be eligible for an exemption from real property taxes as set forth in
28 RCNY § 31-11 if:
(1) It is bound by a Regulatory Agreement; and
(2) An Allocation Document has been issued for the Real Property; and
(3) It is owned, at the Application Date and for the duration of such exemption, by an Eligible Owner; and
(4) It constitutes Housing Accommodations for Persons and Families of Low Income as set forth in the Regulatory Agreement or Allocation Document; and
(5) It participates in or has participated in the Tax Credit Program.
(b) Time Requirements.
(1) An application for a Certificate of Eligibility must contain all documentation required by
28 RCNY § 31-10(b) and be completed within twenty-four months of the Initial Filing Date with the Office or the application may be deemed withdrawn.
(2) If the Allocation Document submitted with the application for the Certificate of Eligibility was either a determination of credit eligibility or a binding reservation for tax credits, then a United States Treasury Form 8609, Part I of which is to be completed by a Housing Credit Agency, must be submitted for the Real Property to the Office within thirty-six months of the Initial Filing Date of the application.
(Added City Record 8/21/2015, eff. 9/19/2015)
(a) Application forms and filing for Certificate of Eligibility. Prescribed forms and applications are available from the Office. All applications must be submitted to the Office on forms approved by the Office.
(b) Documentation required of all applicants. All completed applications for tax exemption must include the following documentation:
(1) Original fully completed application form;
(2) Copy of the deed for the Real Property;
(3) Copy of any former and current Regulatory Agreements binding the Real Property to the Tax Credit Program income and other restrictions;
(4) Copy of the Allocation Document for the Real Property;
(5) Copy of the filed Certificate(s) of Incorporation, stock certificates, filed Certificate(s) of Limited Partnership and Limited Liability Companies, and partnership agreements, as applicable, evidencing that the applicant is an Eligible Owner;
(6) Schematic drawings of all proposed or completed buildings or improvements to the Real Property, including all floors thereof, that identify those portions of the Real Property which are not dwelling units and clearly specify (i) areas used for common residential or ancillary residential purposes which qualify as Housing Accommodations for Persons and Families of Low Income and (ii) all areas used for commercial and otherwise ineligible purposes which do not qualify as Housing Accommodations; indicate the square footage of each such space, all drawn to a scale acceptable to the Office which scale is clearly indicated on each drawing, provided, however, that the Office may waive schematics if there is no space not used for dwelling units or other residential purposes;
(7) A copy of the Temporary or Permanent Certificate of Occupancy, if issued;
(8) Written recognition of exemption for the applicable Charitable Organization pursuant to Section 501(c)(3) or Section 501(c)(4) of the Code, from the United States Internal Revenue Service, or any successor agency; and
(9) Any such additional documentation which the Office may require.
(c) An application may concern more than one building provided that each such building is part of a project, and is specified in the Regulatory Agreement(s) for such project; and provided further that there is a United States Treasury Form 8609, Part I of which has been completed by the Housing Credit Agency, for each such building.
(d) Completion of application. An application for a Certificate of Eligibility must contain all documentation required by subdivision (b) of this section and be completed within twenty-four months of the Initial Filing Date with the Office or the application may be deemed withdrawn. An application for a Certificate of Eligibility shall be deemed complete if the application includes all the documentation required in subdivision (b) of this section. Applicants must notify the Office of any change of address and/or change of ownership of the premises and any change in the designated filing agent.
(e) Issuance of a Certificate of Eligibility.
(1) The Office shall issue a Certificate of Eligibility for all approved applications.
(2) Failure to produce documentation satisfactory to the Office or failure to comply with these Rules may result in the denial of a Certificate of Eligibility, and rejection of the application.
(3) Notwithstanding the issuance of a Certificate of Eligibility, the tax exemption may be revoked or revised pursuant to 28 RCNY Chapter 39.
(f) Implementation of benefit. Upon issuance of a 420-c Certificate of Eligibility and payment of outstanding fees, the Office will transmit the Certificate of Eligibility to the Department of Finance.
(Added City Record 8/21/2015, eff. 9/19/2015)
(a) Effective date of exemption. Tax exemption under 28 RCNY §§ 31-07 through 31-12
shall commence on the latter of: (i) the date of acquisition of the Eligible Real Property by the Eligible Owner or, (ii) the effective date of a Regulatory Agreement, or (iii) the date of issuance of an Allocation Document, except as follows:
(1) Where Eligible Real Property acquired after January 5 was exempt from Real Property taxation on the date of such transfer, the property shall remain exempt for the balance of the tax year in progress and for the next full tax year.
(2) Where dwelling units in the Real Property were formerly assisted under the Tax Credit Program and the Eligible Owner has agreed to continue to rent such units in accordance with the income and other requirements of the Tax Credit Program, the tax exemption under 28 RCNY §§ 3-07 through 3-12 shall commence on the latter of: (i) the date of acquisition of the Eligible Real Property by the Eligible Owner or, (ii) the effective date of a Regulatory Agreement in which such Eligible Owner has agreed to continue to subject the dwelling units in such Real Property to the restrictions of the Tax Credit Program.
(b) Duration of exemption. The exemption shall expire upon the expiration or termination of the Regulatory Agreement but in no event shall exceed sixty years.
(c) Amount of tax exemption. With respect to the portions of Real Property which are not Eligible Real Property, the Department of Finance will apportion assessed value between exempt portions of Real Property and non-exempt portions thereof (both as determined by the Office) based upon each portion's relative percentage of the entire parcel's full market value.
(Added City Record 8/21/2015, eff. 9/19/2015)
(a) The Office shall charge a filing fee of one hundred dollars ($100) per Application. In addition, there shall be a charge of eighty dollars ($80) per Class A dwelling unit and sixty dollars ($60) per Class B dwelling unit, as applicable, due at the time of issuance of the Certificate of Eligibility. Such fees shall be non-refundable under any circumstances, including, but not limited to, the subsequent revocation or revision of a Certificate of Eligibility.
(b) A declaratory ruling with respect to an analysis of a specific fact pattern, document or organizational structure or an interpretation of the applicability of a specific provision of Real Property Tax Law Section 420-c or the Rules to an actual or hypothetical site, project, fact pattern, document or organizational structure or any other issue related to eligibility may be given by the Office upon payment of a non-refundable fee of two hundred fifty dollars ($250) payable at the time such declaratory ruling is requested in writing. In no event shall a prior ruling bind the Office as to the overall eligibility of a project for Real Property Tax Law Section 420-c benefits.
(Added City Record 8/21/2015, eff. 9/19/2015)