Environmental
Under New York's Brownfield Cleanup Program, a 'Certificate of Completion' issued by the DEC provides a developer with:
AGuaranteed title insurance
BLiability protection from state environmental claims and eligibility for brownfield tax credits✓ Correct
CAn exemption from local zoning requirements
DAutomatic landmark preservation status
Explanation
A Certificate of Completion from the DEC under the Brownfield Cleanup Program provides the participant with liability protection from state environmental claims related to the cleanup and makes them eligible for brownfield redevelopment tax credits.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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