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THIS REGULATORY AGREEMENT (“Agreement”), entered into as of the ____ day of __________,
20__, by and between ___________________________ Housing Development Fund [Company, Inc.]
[Corporation] (“HDFC”), a corporation formed pursuant to the Business Corporation Law and Article XI
of the Private Housing Finance Law, having an address at ________________, and the City of New
York (“City”), acting by and through its Department of Housing Preservation and Development
(“HPD”), having an office at 100 Gold Street, New York, New York 10038.
WHEREAS, the HDFC is the fee owner of real property located in the Borough of _________, City
and State of New York, identified as Block ____, Lot[s] _____ on the Tax Map of the City, and known
by the street address _______________________, New York (“Property”), as more particularly
described in Exhibit A annexed hereto and made a part hereof; and
WHEREAS, the City is conveying real property, [making a loan,] [making a grant,] [providing a tax
exemption] to the HDFC and providing other good and valuable consideration;
WHEREAS, this Agreement sets forth the terms under which the Property shall be preserved and
used as affordable housing providing cooperative homeownership opportunities for low-income
households.
NOW THEREFORE, the parties hereto, on behalf of themselves and their successors and assigns, in
consideration of the mutual promises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree as follows:
1. Definitions
“Annual Household Income” shall mean the total income from all sources received for the prior
calendar year by all members of the Household, including, but not limited to, all gross income
from full-time employment, part-time employment, self-employment, babysitting/caretaking,
public assistance, social security, supplemental security income, pension, disability
compensation, unemployment compensation, alimony, child support and interest derived from
all assets wherever located throughout the world. Annual Household Income shall not include
any rental assistance or food stamp payments. Such income shall be evidenced by the
Household's federal tax return for such year and such other evidence as the Board or Monitor
may require.
“Apartment” shall mean a dwelling unit within the Property.
“Asset Limit” shall mean one hundred seventy-five percent (175%) of Median.
"Board" shall mean the board of directors of the HDFC.
“Books And Records” shall mean any physical or electronic books, records, accounts, reports,
materials, documentation, and/or information of or relating to the HDFC and/or the
management, operations, assets, liabilities, and activities of the HDFC, including, but not
limited to, any Required Reports or other items specified in Section 11 and any journals,
ledgers, account statements, checkbooks, vouchers, contracts, correspondence, stock books, or
minute books.
“By-Laws” shall mean the corporate by-laws of the HDFC.
“Carrying Cost” shall mean, with respect to any Apartment, the sum of (i) the monthly
Maintenance for such Apartment, (ii) the monthly cost of
any special assessment, other than a
Prohibited Event Fee, with respect to such Apartment, (iii) the monthly amortization payment
on any Cooperative Loan with respect to such Apartment, and (iv) the actual or estimated