N.Y. Comp. Codes R. & Regs. tit. 9 § 2656.2

Current through Register Vol. 46, No. 53, December 31, 2024

Section 2656.2 - Definitions

As used in this Part:

(a) Residential rental purposes shall mean all permitted uses on residential real property which has the same owner(s).

(b) Regulatory agreement shall mean any agreement, including but not limited to a contract or covenant, between the property owner(s) and the municipal, State or Federal government, or an instrumentality thereof, which requires the property owner(s) to rent at least 20 percent of the residential units to tenants who qualify in accordance with an income test.

(c) Income documentation shall mean the most recent financial statement, independent auditor's report and rent roll for the residential real property or, if the most recent financial statement does not reflect 12 months of occupancy, the most recent operating budget approved by the municipal, State, or Federal government, or instrumentality thereof, that is party to the regulatory agreement.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2656.2