US Laws, Codes, Statutes & Cases

 
    §  11-245 Area eligibility limitations on benefits pursuant to section
  four hundred twenty-one-a of the real property tax law.  (a) No benefits
  under section four hundred twenty-one-a of the  real  property  tax  law
  shall  be  conferred for any construction commenced on or after November
  twenty-ninth,  nineteen  hundred  eighty-five  and  prior  to   December
  thirty-first,  two  thousand  seven  for  any  tax  lots now existing or
  hereafter created which are located entirely within the geographic  area
  in the borough of Manhattan bounded and described as follows:  BEGINNING
  at  the  intersection  of the bulkhead line in the Hudson River and 96th
  street extended; thence easterly to 96th  street  and  continuing  along
  96th   street   to   its  easterly  terminus;  thence  easterly  to  the
  intersection of 96th street extended and the bulkhead line in  the  East
  River;  thence southerly along said bulkhead line to the intersection of
  said bulkhead line and 14th street extended;  thence  westerly  to  14th
  street  and  continuing  along 14th street to Broadway; thence southerly
  along Broadway to Houston street; thence westerly along  Houston  street
  to  Thompson  street;  thence  southerly along Thompson street to Spring
  street; thence westerly along Spring street to Avenue of  the  Americas;
  thence  northerly  along Avenue of the Americas to Vandam street; thence
  westerly along Vandam street to Varick street;  thence  northerly  along
  Varick  street  to  Houston street; thence westerly along Houston street
  and  continuing  to  its  westerly  terminus;  thence  westerly  to  the
  intersection  of  Houston  street  extended and the bulkhead line in the
  Hudson  River;  thence  northerly  along  said  bulkhead  line  to   the
  intersection  of  said  bulkhead  line  and 11th avenue extended; thence
  northerly to 11th avenue  and  continuing  along  11th  avenue  to  14th
  street;  thence  easterly  along  14th  street  to  10th  avenue; thence
  northerly along 10th avenue to 30th street; thence westerly  along  30th
  street  to  11th  avenue;  thence  northerly  along  11th avenue to 41st
  street; thence westerly along 41st street and continuing to its westerly
  terminus; thence westerly to the intersection of  41st  street  extended
  and  the  bulkhead line in the Hudson River; thence northerly along said
  bulkhead line to the place of beginning.
    (b) The limitations contained in subdivision (a) of this section shall
  not be applicable to:
    (1) construction carried out with substantial  assistance  of  grants,
  loans   or  subsidies  from  any  federal,  state  or  local  agency  or
  instrumentality, or
    (2)  projects  where  the  department  of  housing  preservation   and
  development  has  imposed  a  requirement  or  has certified that twenty
  percent of the units be affordable to households  of  low  and  moderate
  income, or
    (3)  construction  carried  out  pursuant  to  an  agreement  with the
  department  of  housing  preservation  and  development  to  create   or
  substantially   rehabilitate   housing   units   offsite  affordable  to
  households of low and moderate income provided that:
    (i) the number of  any  such  low  income  units  which  may  be  made
  available  to  homeless  households must be equal to a ratio of at least
  one low income unit for every six units in  the  building  or  buildings
  located  in  the area described in subdivision (a) of this section which
  receive benefits pursuant to section four hundred  twenty-one-a  of  the
  real property tax law; or
    (ii)  the  number  of  any  such  low  income  units which may be made
  available must be equal to at least twenty per cent  of  the  number  of
  units  in  the  building  or  buildings located in the area described in
  subdivision (a) of this  section  which  receive  benefits  pursuant  to
  section four hundred twenty-one-a of the real property tax law; or

    (iii)  the  number of any such moderate income units which may be made
  available must be equal to at least twenty-five per cent of  the  number
  of  units  in the building or buildings located in the area described in
  subdivision (a) of this  section  which  receive  benefits  pursuant  to
  section four hundred twenty-one-a of the real property tax law; and
    (iv)  in any building containing more than one hundred thirty units of
  low and moderate income housing created or  substantially  rehabilitated
  pursuant  to  this  paragraph, two of every three units in excess of one
  hundred thirty  units  shall  at  initial  occupancy  be  affordable  to
  moderate income households; and
    (v)  upon,  initial  occupancy,  all  such housing units affordable to
  households of low and moderate income must be registered  with  the  New
  York  state  division  of housing and community renewal. Such units must
  remain rent stabilized for the entire period  during  which  such  units
  receive  real  estate  tax benefits under any New York state or city tax
  abatement and/or exemption programs, or for twenty years,  whichever  is
  longer;  future  rent increases may not exceed the increases established
  by the rent guidelines board; upon vacancy, units must be rerented at no
  more than the legal  stabilized  rent.  All  units  must  be  rented  to
  households  earning no more than four times such annual rent at the time
  of initial occupancy; the lease for the  tenants  in  occupancy  of  all
  units  created  pursuant to this paragraph at the expiration of the rent
  stabilization period pursuant to this sub-paragraph  shall  include  the
  right  to  remain  as  rent stabilized tenants for the duration of their
  occupancy. Once units become  vacant  after  termination  of  such  rent
  stabilization  period,  the owner of such units shall have the option to
  de-stabilize such rents; and
    (vi) the provisions of sub-paragraph (v) shall not apply to  any  unit
  owned as a cooperative or condominium and occupied by the shareholder or
  owner; and
    (vii)  nothing  contained  in this paragraph shall preclude a grant of
  benefits under section four hundred twenty-one-a of  the  real  property
  tax  law  for any building or buildings located in the area described in
  subdivision (a) of this section if carried out pursuant to an  agreement
  entered  into  prior to January first, nineteen hundred ninety-one, with
  the department of housing preservation  and  development  to  create  or
  substantially rehabilitate housing units affordable to households of low
  and  moderate  income  in  a  geographic  area or areas outside the area
  described in subdivision (a) of this section, provided that  the  number
  of  such  low and moderate income units must be equal to at least twenty
  per cent of the number of units in the building or buildings located  in
  the  area  described  in  subdivision  (a) of this section which receive
  benefits pursuant to section  four  hundred  twenty-one-a  of  the  real
  property tax law.
    (c)  No  benefits  under section four hundred twenty-one-a of the real
  property tax law shall be conferred for any construction commenced on or
  after  November  twenty-ninth,  nineteen  hundred  eighty-five  of   any
  multiple  dwelling,  or  portion  thereof,  which  is located within any
  district in the county of New York  where  a  maximum  base  floor  area
  ratio,  as  that term is defined in the zoning resolution, of fifteen or
  greater was permitted as of right by provisions of  such  resolution  in
  effect  on  April  fourteenth,  nineteen  hundred  eighty-two; provided,
  however, that this limitation on benefits shall not apply  to  any  such
  construction  commenced  on  or  after  October  first, nineteen hundred
  ninety-three and before December thirty-first, two thousand seven.
    (d) For  purposes  of  subdivisions  (a)  and  (c)  of  this  section,
  construction  shall  be deemed to have commenced on the date immediately
  following the issuance by the department of buildings of a new  building

  permit  for  an  entire new building (based upon architectural, plumbing
  and  structural  plans  approved  by  such  department)  on  which   the
  excavation  and  the  construction  of  initial footings and foundations
  commences in good faith, on vacant land and for the entire project site,
  as  certified  by  an architect or professional engineer licensed in the
  state,  provided  that  installation  of  footings  and  foundations  is
  similarly certified by such architect or engineer to have been completed
  without undue delay.
    (e)  The  department  of  housing  preservation  and  development  may
  promulgate rules and regulations for the effectuation of the purposes of
  this section.
    (f) The limitations on eligibility  for  benefits  contained  in  this
  section  shall  be  in  addition  to those contained in any other law or
  regulation.