{"data":{"id":"us-nyc/n.y.c.-admin.-code-26-3701","jurisdiction":"us-nyc","citation":"N.Y.C. Admin. Code § 26-3701","heading":"§ 26-3701 Definitions.*","body":"As used in this chapter, the following terms have the following meanings:\n\nArea median income. The term “area median income” means the income limits as defined annually by the department of housing and urban development for the New York, NY HUD Metro FMR Area.\n\nCity financial assistance. The term “city financial assistance” means any loans, grants, tax exemptions, or tax abatements conveyed or provided by the city other than as-of-right assistance.\n\nConverted homeownership unit. The term “converted homeownership unit” means a converted non-residential-to-homeownership unit or a converted rental-to-homeownership unit that qualifies as an income restricted unit.\n\nConverted non-residential-to-homeownership unit. The term “converted non-residential-to-homeownership unit” means a dwelling unit owned in the cooperative or condominium form of ownership that was converted from a previous non-residential use with city financial assistance.\n\nConverted rental-to-homeownership unit. The term “converted rental-to-homeownership unit” means a dwelling unit in an existing rental property that the department provided city financial assistance or otherwise provided consent to convert to a property owned in the cooperative or condominium form of ownership.\n\nDepartment. The term “department” means the department of housing preservation and development.\n\nDown payment assistance unit. The term “down payment assistance unit” means a homeownership unit for which the department has provided city financial assistance to a natural person for the partial or full payment of acquisition and closing costs for such natural person’s purchase of the unit.\n\nDwelling unit. The term “dwelling unit” shall have the same meaning as provided in subdivision (13) of section 27-2004.\n\nHomeownership opportunity unit. The term “homeownership opportunity unit” means a newly constructed homeownership unit for which the department has provided city financial assistance and which qualifies as an income restricted unit, converted homeownership unit, or down payment assistance unit.\n\nIncome restricted unit. The term “income restricted unit” means a homeownership unit with a maximum initial sales price affordable to a household earning no more than 165 percent of area median income.\n\nNew construction unit. The term “new construction unit” means either a newly constructed rental dwelling unit in a building that did not previously exist for which the department has provided city financial assistance or a homeownership opportunity unit.\n\n(L.L. 2026/057, 1/29/2026, eff. 1/29/2026)","path":["New York City Administrative Code","Title 26","Chapter 37: Creation of Homeownership Opportunity Units*"],"source_url":"https://files.amlegal.com/pdffiles/NewYorkCity/Admin/XML.zip","current_through":"Local Law 2026/135 (enacted August 31, 2026)","vintage":"","retrieved_at":"2026-09-06T02:48:57Z","sha256":"29feeef5d508af2659176a051d6da48e0ce85f561719d33724b554d384f8da0e","source_id":"us-nyc","stale":false,"prev":"us-nyc/n.y.c.-admin.-code-26-3602","next":"us-nyc/n.y.c.-admin.-code-26-3702"},"notice":"GroundRules: Original legal text. Not legal advice."}