§ 421-a. Affordable New York Housing Program. 1. The following terms,\nwhenever used or referred to in this section, shall have the following\nmeaning, unless a different meaning clearly appears in the context.\n a. "Adjusted Monthly Rent." The rent payable per month as provided in\nthe first effective lease or occupancy agreement upon initial occupancy\nof a rental dwelling unit of a multiple dwelling after construction\naided by exemption under this section less the cost of providing parking\nfacilities and electricity, gas, cooking fuel and other utilities other\nthan heat and hot water to occupants of such dwelling units.\n b. "Floor area." The horizontal areas of the several floors or any\nportion thereof of a dwelling or dwellings and accessory structures on a\nlot measured from the exterior faces of exterior walls or from the\ncenter line of party walls.\n c. "Multiple Dwelling." A dwelling which is to be occupied or is\noccupied as the residence or home of three or more families living\nindependently of one another, whether such dwelling is rented or owned\nas a cooperative or condominium. A new multiple dwelling shall include\nnew residential construction and the concurrent conversion, alteration\nor improvement of a pre-existing building or structure provided that (i)\nfor all tax lots now existing or hereafter created, no more than\nforty-nine percent of the floor area (as defined in paragraph b of this\nsubdivision) of the multiple dwelling consists of the pre-existing\nbuilding or structure that was converted, altered or improved, and (ii)\nfor tax lots in the city of New York now existing or hereafter created\nwithin the following area in the borough of Manhattan, the new\nresidential construction and/or the concurrent conversion, alteration or\nimprovement of the pre-existing building or structure is aided by a\ngrant, loan or subsidy from any federal, state or local agency or\ninstrumentality: beginning at the intersection of the United States\npierhead line in the Hudson river and the center line of Chambers street\nextended, thence easterly to the center line of Chambers street and\ncontinuing along the center line of Chambers street to the center line\nof Centre street, thence southerly along the center line of Centre\nstreet to the center line of the Brooklyn Bridge to the intersection of\nthe Brooklyn Bridge and the United States pierhead line in the East\nriver, thence northerly along the United States pierhead line in the\nEast river and the center line of one hundred tenth street extended,\nthence westerly to the center line of one hundred tenth street and\ncontinuing along the center line of one hundred tenth street to its\nwesterly terminus, thence westerly to the intersection of the center\nline of one hundred tenth street extended and the United States pierhead\nline in the Hudson river, thence southerly along the United States\npierhead line in the Hudson river to the point of beginning.\n d. "Room Count." Two and one-half rooms for each dwelling unit plus\none room for each bedroom plus one room for each additional room\nseparated by either walls or doors plus one-half room for a balcony,\nprovided that kitchens, bathrooms or corridors shall not count as such\nadditional rooms.\n 2. (a) (i) Within a city having a population of one million or more,\nnew multiple dwellings, except hotels, shall be exempt from taxation for\nlocal purposes, other than assessments for local improvements, for the\ntax year or years immediately following taxable status dates occurring\nsubsequent to the commencement and prior to the completion of\nconstruction, but not to exceed three such tax years, and shall continue\nto be exempt from such taxation in tax years immediately following the\ntaxable status date first occurring after the expiration of the\nexemption herein conferred during construction so long as used at the\ncompletion of construction for dwelling purposes for a period not to\nexceed ten years in the
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