§ 485-x. Affordable neighborhoods for New Yorkers tax incentive. 1.\nDefinitions. For purposes of this section:\n (a) "Affordability option A" shall mean:\n (i) for a large rental project, that, within any eligible site: (A)\nnot less than twenty-five percent of the dwelling units are affordable\nhousing units; (B) the weighted average of all income bands for all of\nthe affordable housing units does not exceed eighty percent of the area\nmedian income, adjusted for family size; (C) there are no more than\nthree income bands for all of the affordable housing units; and (D) no\nincome band for affordable housing units exceeds one hundred percent of\nthe area median income, adjusted for family size;\n (ii) for a very large rental project, that, within any eligible site:\n(A) not less than twenty-five percent of the dwelling units are\naffordable housing units; (B) the weighted average of all income bands\nfor all of the affordable housing units does not exceed sixty percent of\nthe area median income, adjusted for family size; (C) there are no more\nthan three income bands for all of the affordable housing units; and (D)\nno income band for affordable housing units exceeds one hundred percent\nof the area median income, adjusted for family size.\n (b) "Affordability option B" shall mean that, within any eligible\nsite: (i) not less than twenty percent of the dwelling units are\naffordable housing units; (ii) the weighted average of all income bands\nfor all of the affordable housing units does not exceed eighty percent\nof the area median income, adjusted for family size; (iii) there are no\nmore than three income bands for all of the affordable housing units;\nand (iv) no income band for affordable housing units exceeds one hundred\npercent of the area median income, adjusted for family size.\n (c) "Affordability option C" shall mean that, within any eligible\nsite, not less than fifty percent of the dwelling units are subject to\nrent stabilization for the restriction period.\n (d) "Affordability option D" shall mean a homeownership project in\nwhich one hundred percent of the units shall have an average assessed\nvalue per square foot that does not exceed eighty-nine dollars upon the\nfirst assessment following the completion date and where each owner of\nany such unit shall agree, in writing, to maintain such unit as their\nprimary residence for no less than five years from the acquisition of\nsuch unit.\n (e) "Affordability percentage" shall mean a fraction, the numerator of\nwhich is the number of affordable housing units in an eligible site and\nthe denominator of which is the total number of dwelling units in such\neligible site.\n (f) "Affordable neighborhoods for New Yorkers tax incentive benefits\n(hereinafter referred to as "ANNY Program benefits")" shall mean the\nexemption from real property taxation pursuant to this section.\n (g) "Affordable housing unit" shall mean a dwelling unit that: (i) is\nsituated within the eligible site for which ANNY Program benefits are\ngranted; and (ii) upon initial rental and upon each subsequent rental\nfollowing a vacancy during the applicable restriction period, is\naffordable to and restricted to occupancy by a household whose income\ndoes not exceed a prescribed percentage of the area median income,\nadjusted for family size, at the time that such household initially\noccupies such dwelling unit.\n (h) "Agency" shall mean the department of housing preservation and\ndevelopment.\n (i) "Application" shall mean an application for ANNY Program benefits.\n (j) "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 site, including, but not limited to, a\nwatchperson, guard, doorperson, building cleaner, porter, handyperson,\njanitor, gardener, groundskeeper, elevator operator and starter, and\nwindow cleaner, but not including persons regularly scheduled to work\nfewer
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