N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1727-6.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 1727-6.2 - Lease on commercial space

(a) Where stores or other commercial facilities are rented by a housing company, they may be leased without approval of the division where:

(1) the rent is not less than projected as part of the commercial income in the last approved budget;

(2) there is not an identity of interest or a contract or commitment in need of further supervision; and

(3) there is approval of the board of directors, housing company, and housing company counsel. The approval by the housing company counsel shall include review to assure that the division and any State mortgagee are additionally insured in amounts required by the division, and the division and such State mortgagee would be defended and indemnified.

(b) Commercial spaces may be rented to not-for-profit organizations for less than market rental if in the judgment of the board of directors such a rental will enhance the quality of life for its cooperators or tenants. A housing company must establish a uniform procedure for review of such rentals to assure their overall fairness. Any rental will require division approval where an officer or a member of such not-for-profit is a person who is identified in the identity of interest provisions of this Chapter, or a former principal, member or employee of the housing company or its managing agent.

(c) Any proposed lease involving the installation of roof top antennas, communication equipment, or other building appenditures are subject to prior division approval.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1727-6.2