HPD’s rule exempts motels and tourist cabins from the replacement ratio requirement. Thus, if there was a motel or tourist cabin on the eligible site three years prior to the commencement date, the motel rooms or tourist cabins that were demolished, removed or reconfigured would not each have to be replaced with an affordable housing unit.
Department of Housing Preservation and Development
Comment By:
Tuesday, July 24, 2018
Proposed Rules Content:
HPD’s proposed rule would exempt motels and tourist cabins from the Real Property Tax Law Section 421a(16) replacement ratio requirement so that if there was a motel or tourist cabin on the eligible site three years prior to the commencement date, the motel rooms or tourist cabins that were demolished, removed or reconfigured would not each have to be replaced with an affordable housing unit.