New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter VI - Neighborhood Park Land Acquisition Program › Subchapter B - Low-income Housing Tax Credit Program › Part 2040 - Low-income Housing Tax Credit Program › Section 2040.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, any term defined in the code shall
						have the same meaning herein unless a different meaning is provided
						herein.
(a)
Adjusted project
					 cost
shall mean the proportional amount of approved project costs
					 attributable to the LIHTC regulated portion of the project.
(b)
Code
shall mean the
					 Internal Revenue Code of 1986, as amended, and the Treasury Regulations,
					 Revenue Rulings and Procedures and other publications of the IRS with binding
					 authority applicable thereunder.
(c)
Commissioner
shall mean
					 the commissioner of the Division of Housing and Community Renewal of the State
					 of New York.
(d)
Cost
					 certification
shall mean an audited report by an independent third
					 party certified public accountant, with content and opinion in form and
					 substance satisfactory to the division, disclosing any amounts paid for
					 syndication fees or other fees or payments paid in connection with tax credits
					 or other sources of financing, verifying all project costs, the tax credit
					 eligible costs incurred and any other cost data required by the division for a
					 project as support for the amount of the project's allocation of LIHTCs or as
					 support for the project's eligibility for a IRS Form 8609 allocation.
(e)
Cost completion
					 guarantee
shall mean a commitment by the developer to provide
					 additional equity or a noninterest bearing loan in an amount sufficient to pay
					 for any increases in project cost which arise subsequent to the applicant's
					 request for a carryover allocation.
(f)
Cost of real estate
					 operations
shall mean the maintenance and operating cost of the
					 project, required reserves, and debt service. The cost of social services
					 provided to tenants shall not be included as a cost of real estate
					 operations.
(g)
Division,
					 DHCR
or
agency
shall mean the Division of Housing and
					 Community Renewal.
(h)
Feasibility
shall mean that the proposed project can be
					 financed, completed and operated in compliance with LIHTC regulatory
					 requirements based upon, but not limited to, the reasonableness of development
					 cost, the plan of financing, constructability of the proposed project, rents to
					 be charged, the income and expenses of the project and the market for the
					 units.
(i)
High acquisition
					 cost project
shall mean a preservation project in which acquisition
					 cost is 25 percent or more of total development cost. Notwithstanding any other
					 provision of this Part, the amount of the developer's fee for a high
					 acquisition cost project shall be based upon the division's assessment of risk
					 assumed by the project owner, considering factors including, but not limited
					 to, rent subsidies or other project operating support, location, financing
					 sources, occupancy level, project type, and identity of interest.
(j)
Historic building
shall
					 mean a structure that meets one of the following criteria:
(1) it is listed on the New York State or
					 National Register of Historic Places, either individually or as a contributing
					 building to a historic district; or
(2) it has been issued a Determination of
					 Eligibility by the Keeper of the National Register of Historic Places;
					 or
(3) it has been identified as a
					 contributing building to a Local Historic District that has been certified by
					 the Keeper of the National Register of Historic Places as substantially meeting
					 the National Register Criteria for Evaluation; or
(4) it has been issued a State Historic
					 Preservation Officer opinion or certification that the building is eligible to
					 be listed on the National Register of Historic Places, either individually or
					 as a contributing building to a historic district.