§ 489-dddd. Eligibility for benefits. 1. A recipient of a certificate\nof eligibility with an effective date of June thirtieth, nineteen\nhundred ninety-two or before must make one-half the minimum required\nexpenditure within eighteen months of the effective date of such\nrecipient's certificate of eligibility, and make the minimum required\nexpenditure within thirty-six months of the effective date of such\ncertificate to be eligible to receive the benefits of this title. A\nrecipient of a certificate of eligibility with an effective date of July\nfirst, nineteen hundred ninety-two or after must make one-half the\nminimum required expenditure within thirty months of the effective date\nof such recipient's certificate of eligibility, and make the minimum\nrequired expenditure within sixty months of the effective date of such\ncertificate to be eligible to receive the benefits of this title;\nprovided, however, that a recipient of a certificate of eligibility for\nrenovation construction work for property located in the renovation\nexemption area specified in subparagraph (ii) of paragraph (d) of\nsubdivision five of section four hundred eighty-nine-cccc of this title\nmust make one-half the minimum required expenditure within eighteen\nmonths of the effective date of such recipient's certificate of\neligibility, or by December thirty-first, nineteen hundred ninety-four,\nwhichever is earlier, and make the minimum required expenditure within\nthirty-six months of the effective date of such certificate, or by\nDecember thirty-first, nineteen hundred ninety-five, whichever is\nearlier, to be eligible to receive the benefits of this title; provided,\nfurther, however, that a recipient who filed an application for a\ncertificate of eligibility for renovation construction work for property\nlocated in the renovation exemption area specified in subparagraph (ii)\nof paragraph (d) of subdivision five of section four hundred\neighty-nine-cccc of this title on or after July first, nineteen hundred\nninety-four, but before February first, nineteen hundred ninety-five,\nmust make one-half the minimum required expenditure within eighteen\nmonths of the effective date of such certificate, or by July\nthirty-first, nineteen hundred ninety-five, whichever is earlier, and\nmake the minimum required expenditure within thirty-six months of the\neffective date of such certificate, or by July thirty-first, nineteen\nhundred ninety-six, whichever is earlier, to be eligible to receive the\nbenefits of this title provided, further, however, that a recipient who\nfiled an application for a certificate of eligibility for renovation\nconstruction work for property located in the renovation exemption area\nspecified in subparagraph (i) or (iii) of paragraph (d) of subdivision\nfive of section four hundred eighty-nine-cccc of this title on or after\nJuly first, nineteen hundred ninety-five, must make one-half the minimum\nrequired expenditure within eighteen months of the effective date of\nsuch certificate, and make the minimum required expenditure within\nthirty-six months of the effective date of such certificate, to be\neligible to receive the benefits of this title. Any recipient who shall\nfail to make such expenditures shall become ineligible and shall pay,\nwith interest, any taxes for which an exemption or deferral was claimed\npursuant to this section. This subdivision shall not apply to the\nrecipient of a certificate of eligibility for construction of a new\nbuilding or structure that meets the requirements set forth in\nsubdivision nine of section four hundred eighty-nine-dddd of this title\nin a new construction exemption area.\n 2. No benefits pursuant to this title shall be granted for\nconstruction work on any condominium unit unless such unit is in a\nbuilding or structure which, if viewed as a whole and as if it were\nunder single ownership, would qualify as commercial or industrial\nproperty. The minimum required expenditure applicab
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