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 Act.
Act. "Act" means subdivision seventeen of section four hundred-twenty-one-a of the real property tax law, as amended.
Area Median Income. "Area Median Income" means the area median income for the primary metropolitan statistical area as determined by the United States Department of Housing and Urban Development or its successors from time to time for a family of four, as adjusted for family size.
Department of Finance. "Department of Finance" means the Department of Finance of the City of New York or any successor agency or department thereto.
Final Certificate of Eligibility. "Final Certificate of Eligibility" means the document issued by the Agency in accordance with chapter six of this title that provides for Post-Construction Benefits.
HDC. "HDC" means the New York City Housing Development Corporation.
HFA. "HFA" means the New York State Housing Finance Agency.
Housing Connect. "Housing Connect' means the New York City Housing Connect lottery system or any successor program administered by the Agency to market vacant affordable dwelling units.
Hotel. "Hotel" means (i) any Class B multiple dwelling, as such term is defined in the Multiple Dwelling Law, (ii) any structure or part thereof containing living or sleeping accommodations which is used or intended to be used for transient occupancy, (iii) any apartment hotel or transient hotel as defined in the Zoning Resolution, or (iv) any structure or part thereof which is used to provide short term rentals or owned or leased by an entity engaged in the business of providing short term rentals. For purposes of this definition, a lease, sublease, license or any other form of rental agreement for a period of less than one year shall be deemed to be a short term rental. Notwithstanding the foregoing. Market Units owned or leased by a not-for-profit corporation for the purpose of providing governmentally funded emergency housing shall not be considered a hotel for purposes of this chapter.
Legal Rent. "Legal Rent" means the maximum rent permitted under Rent Stabilization; provided, however, that no exemption or exclusion from any requirement of Rent Stabilization shall be applied to any Affordable Housing Unit during the Extended Affordability Period including, but not limited to, any exemption or exclusion from the rent limits, renewal lease requirements, registration requirements, or other provisions of Rent Stabilization due to the vacancy of an Affordable Housing Unit where the rent exceeds a prescribed maximum amount, the fact that tenant income and/or unit rent exceed prescribed maximum amounts, the nature of the tenant, or any other factor.
Market Units. "Market Units" means any dwelling units in an Extended Affordability Property other than Affordable Housing Units.
Marketing Monitor. "Marketing Monitor" means an organization approved by the Agency and retained by the applicant to monitor compliance with the requirements, established by the Act and this chapter, relating to the leasing, subleasing and occupancy of Affordable Housing Units, including, but not limited to, ensuring that each Affordable Housing Unit is leased at a rent not exceeding the Permitted Rent and is occupied by a household approved by the Agency whose income at the time of initial occupancy of 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. Such Marketing Monitor may be an in-house department of the applicant, a subsidiary or affiliate of the applicant, or a third-party marketing, leasing, managing, or monitoring administering agent.
Monitoring Contract. "Monitoring Contract" means a contract between the applicant and the Marketing Monitor in form and substance approved by the Agency. Such Monitoring Contract shall, at a minimum:
(i) require the fee owner to provide monthly rent rolls to the Marketing Monitor and to notify the Marketing Monitor no more than seven business days after an Affordable Housing Unit becomes vacant;
(ii) require the Marketing Monitor to ensure that any Affordable Housing Unit which becomes vacant during the Extended Afford ability Period (a) is not held off the market for a period that is longer than is reasonably necessary to perform needed repairs, (b) is promptly marketed pursuant to such requirements as are established by the Agency, (c) is rented to a household identified on the log established pursuant to Housing Connect, or where applicable, on an HFA or HDC waiting list, that meets the applicable income and occupancy requirements for such Affordable Housing Unit and that has been approved by the Agency prior to execution of a lease, (d) is not offered to or rented by a corporation, partnership or other entity, and (e) is offered for occupancy pursuant to a rent stabilized lease for a term of one or two years, at the option of the tenant; and
(iii) require the Marketing Monitor to submit quarterly rent rolls for all Affordable Housing Units in the Extended Affordability Property to the Agency.
Permitted Rent. "Permitted Rent" means a rent that does not exceed, for any lease or renewal thereof at any time during the Extended Affordability Period, the lesser of (i) thirty percent of the applicable Area Median Income minus the amount of any applicable Utility Allowance, provided, however, that solely for purposes of establishing the initial rent for each Affordable Housing One Hundred Thirty Percent Unit, the Area Median Income in effect as of the date of filing of a notice of intent to begin marketing with the Agency shall be utilized, or (ii) the Legal Rent.
Post-Construction Benefits. "Post-Construction Benefits" means benefits pursuant to Real Property Tax Law Section 421-a for the period after which a Twenty Year Benefit Property or Twenty-five Year Benefit Property was issued either a permanent certificate of occupancy for the entire building or a temporary certificate of occupancy for all of the residential areas contained therein.
Rent Stabilization. "Rent Stabilization'' means, collectively, the rent stabilization law of nineteen hundred sixty-nine, the rent stabilization code, and the emergency tenant protection act of nineteen seventy-four, all as in effect on June 15, 2015 or as amended thereafter, together with any successor statutes or regulations addressing substantially the same subject matter.
Utility Allowance. "Utility Allowance" means an allowance established by the Agency for the payment of utilities wl1ere the tenant of an Affordable Housing Unit is required to pay all or a portion of the utility costs with respect to such unit in addition to any payments of rent.
(Added City Record 5/11/2016, eff. 6/10/2016; amended City Record 4/3/2018, eff. 5/3/2018)
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