§ 467-m. Exemption from local real property taxation of certain\nmultiple dwellings in a city having a population of one million or more.\n1. Definitions. For purposes of this section, the following terms shall\nhave the following meanings:\n a. "Affordable housing from commercial conversions tax incentive\nbenefits" hereinafter referred to as "AHCC program benefits", shall mean\nthe exemption from real property taxation authorized pursuant to this\nsection.\n b. "Affordability requirement" shall mean that within any eligible\nmultiple dwelling: (i) not less than twenty-five percent of the dwelling\nunits are affordable housing units; (ii) not less than five percent of\nthe dwelling units are affordable housing forty percent units; (iii) the\nweighted average of all income bands for all of the affordable housing\nunits does not exceed eighty percent of the area median income, adjusted\nfor family size; (iv) there are no more than three income bands for all\nof the affordable housing units; and (v) no income band for affordable\nhousing units exceeds one hundred percent of the area median income,\nadjusted for family size.\n c. "Affordable housing forty percent unit" shall mean a dwelling unit\nthat: (i) is situated within the eligible multiple dwelling for which\nAHCC program benefits are granted; and (ii) upon initial rental and upon\neach subsequent rental following a vacancy during the restriction\nperiod, is affordable to and restricted to occupancy by individuals or\nfamilies whose household income does not exceed forty percent of the\narea median income, adjusted for family size, at the time that such\nhousehold initially occupies such dwelling unit.\n d. "Affordable housing unit" shall mean, collectively and\nindividually: (i) an affordable housing forty percent unit; and (ii)\nany other unit that meets the affordability requirement upon initial\nrental and upon each subsequent rental following a vacancy during the\nrestriction period, and is affordable to and restricted to occupancy by\nindividuals or families whose household income does not exceed the\nincome bands established in conjunction with such affordability\nrequirement.\n e. "Agency" shall mean the New York city department of housing\npreservation and development.\n f. "Application" shall mean an application for AHCC program benefits.\n g. "Building service employee" shall mean any person who is regularly\nemployed at, and performs work in connection with the care or\nmaintenance of, an eligible multiple dwelling, including, but not\nlimited to, a watchman, guard, doorman, building cleaner, porter,\nhandyman, janitor, gardener, groundskeeper, elevator operator and\nstarter, and window cleaner, but not including persons regularly\nscheduled to work fewer than eight hours per week at such eligible\nmultiple dwelling.\n h. "Commencement date" shall mean, with respect to an eligible\nconversion, the date upon which a permit is issued by the local\ndepartment of buildings for alterations that require the issuance of a\nnew certificate of occupancy, provided that such alterations constitute\nan eligible conversion.\n i. "Completion date" shall mean the date upon which the local\ndepartment of buildings issues the first temporary or permanent\ncertificate of occupancy covering all residential areas of an eligible\nmultiple dwelling.\n j. "Construction period" shall mean, with respect to any eligible\nmultiple dwelling, a period: (i) beginning on the later of the\ncommencement date or three years before the completion date; and (ii)\nending on the day preceding the completion date.\n k. "Dwelling" or "dwellings" shall have the same meaning as set forth\nin subdivision four of section four of the multiple dwelling law.\n l. "Eligible conversion" shall mean the conversion of a\nnon-residential building, except a hotel or other class B multiple\ndwelling, to an eligible multiple dwelling.\n m. "Eligible multiple dwelling" shall mean a multiple dwelling wh
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