§ 31-08 — Eligibility Requirements

§ 31-08 Eligibility Requirements.

(a) Eligibility. Real Property may be eligible for an exemption from real property taxes as set forth in 28 RCNY § 31-11 if: (1) It is bound by a Regulatory Agreement; and (2) An Allocation Document has been issued for the Real Property; and (3) It is owned, at the Application Date and for the duration of such exemption, by an Eligible Owner; and (4) It constitutes Housing Accommodations for Persons and Families of Low Income as set forth in the Regulatory Agreement or Allocation Document; and (5) It participates in or has participated in the Tax Credit Program. (b) Time Requirements. (1) An application for a Certificate of Eligibility must contain all documentation required by 28 RCNY § 31-10(b) and be completed within twenty-four months of the Initial Filing Date with the Office or the application may be deemed withdrawn. (2) If the Allocation Document submitted with the application for the Certificate of Eligibility was either a determination of credit eligibility or a binding reservation for tax credits, then a United States Treasury Form 8609, Part I of which is to be completed by a Housing Credit Agency, must be submitted for the Real Property to the Office within thirty-six months of the Initial Filing Date of the application. (Added City Record 8/21/2015, eff. 9/19/2015)