Proposed Updates to 421-a Extended Affordability Program Rules

Proposed Rules: Closed to Comments

Comment By: 
Tuesday, March 20, 2018

New York State Real Property Tax Law § 421-a(17) provides provides that HPD may establish requirements for monitoring compliance with the statutory affordability requirements. HPD established such requirements in Chapter 49 of Title 28 of the Rules of the City of New York, including a provision for a “Marketing Monitor” that would be responsible for monitoring compliance with the Extended Affordability Program requirements relating to the leasing, subleasing, and occupancy of Affordable Housing Units. HPD is proposing an amendment to the definition of “Marketing Monitor” in the 421-a Extended Affordability Program Rules that would eliminate the payment requirement and authorize the use of in-house as well as third-party marketing monitors. This amendment is being proposed because many projects use in-house marketing agents, and the amendment would conform the Extended Affordability Program Rules to the recently adopted HPD rules for the Affordable New York Housing Program under Subdivision 16 of Real Property Tax Law §421-a. The amendment
would also clarify HPD’s practices concerning the marketing guidelines by which Affordable Housing Units must be leased and the verification of eligibility for tenancy of Affordable Housing Units. Furthermore, since these rules were originally adopted, HPD has created a form for the Monitoring Contract that can be executed and submitted with the application. The proposed rule amendments would also clarify other language in the existing rules to more precisely reflect HPD practices.

Public Hearing

Proposed Updates to 421-a Extended Affordability Program Rules.

Public Hearing Date: 
Tuesday, March 20, 2018 -
11:00am to 12:30pm

No contact

100 Gold Street Room 9-P10
New York, NY 10038