N.Y. Comp. Codes R. & Regs. tit. 10 § 900.10

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

Section 900.10 - Authorization to begin construction

(a) Upon issuance of a certificate of authority, the operator may begin construction of the model units and a sales office.

(b) Construction of the community may begin upon written authorization of the commissioner. Such authorization shall be granted upon:

(1) proof of execution of contracts for at least 50 percent of all living units or approved phase of living units accompanied by a deposit of at least 10 percent of the entrance fee. Such proof shall consist of a listing certified by the operator which includes the names, addresses and phone numbers of prospective residents and amounts of the deposits paid;

(2) obtaining all applicable permits and approvals; and

(3) satisfaction of all certificate of authority contingencies.

N.Y. Comp. Codes R. & Regs. Tit. 10 § 900.10