27-162 - Additional requirements for homeownership affordable housing

LAST AMENDED
12/5/2024

The additional requirements of this Section shall apply to #homeownership affordable housing# for the entire #regulatory
period#, except that #homeownership affordable housing# restricted pursuant to an #affordable housing regulatory agreement#
shall not be required to comply with this Section.

(a)   #Affordable housing application

      (1)    #An #affordable housing application# shall:

              (i)    include the building plans;

             (ii)    state the number and bedroom mix of the #homeownership affordable housing units# to be #developed#,
                     #converted#, or preserved and the #income band# applicable to each #homeownership affordable housing
                     unit#; and

             (iii)   include such additional information as #HPD# deems necessary to ensure the satisfaction of the
                     requirements of Section 27-10, inclusive.
       (2)    A copy of any #affordable housing application# shall be delivered, concurrently with its submission to #HPD#, to
              the affected Community Board.

(b)    #Homeownership affordable housing units# shall only be occupied by #eligible buyers#, and #HPD# shall establish the
       initial and resale prices based on the incomes of #households# in accordance with the #guidelines#. #Homeownership
       affordable housing# on an #MIH site# or #UAP site# shall comply with the additional requirements set forth in the
       #guidelines# for the entire #regulatory period#.

(c)    Special requirements for #homeownership preservation affordable housing#

       The additional requirements in this paragraph (g) shall apply to #homeownership preservation affordable housing#:

       (1)    on the #restrictive declaration date#, the #UAP site# shall be an existing #building# containing #residences#;

       (2)    on the #restrictive declaration date#, the average of the #legal regulated rents#, as such term is defined in Section
              27-112 (Definitions applying to rental affordable housing), for all #homeownership affordable housing units# in
              the #UAP site# that are occupied by #grandfathered tenants# shall not exceed 30 percent of 60 percent of the
              #income index# divided by 12;

       (3)    where #grandfathered tenants# continue in residence subsequent to the #restrictive declaration date#, any
              #affordable housing unit# that is occupied by a #grandfathered tenant# shall be operated subject to the restrictions
              of Section 27-161 (Additional requirements for rental affordable housing) until such #affordable housing unit# is
              purchased and occupied by an #eligible buyer#;

       (4)    on the #restrictive declaration date#, #HPD# shall have determined that the condition of the #UAP site# is
              sufficient, or will be sufficient after required improvements specified in the #affordable housing application# and
              the # restrictive declaration #, to ensure that, with normal maintenance and normal scheduled replacement of
              #capital elements#, the #affordable housing units# will provide a decent, safe and sanitary living environment for
              the entire #regulatory period#;

       (5)    on the #restrictive declaration date#, #HPD# shall have determined either that no #capital element# is likely to
              require replacement within 30 years from the #restrictive declaration date# or that, with regard to any #capital
              element# that is likely to require replacement within 30 years from the #restrictive declaration date#, a sufficient
              reserve has been established to fully fund the replacement of such #capital element#;

       (6)    proceeds from sales of offsite #affordable floor area# must be approved by #HPD# as set forth in the #guidelines#
              or #restrictive declaration; and

       (7)    such #affordable housing# shall comply with such additional criteria as may be specified by #HPD# in the
              #guidelines#.