N.Y. Comp. Codes R. & Regs. tit. 14 § 621.7

Current through Register Vol. 46, No. 50, December 11, 2024

Section 621.7 - Requirements for a Housing Finance Agency mortgage loan

(a) An applicant may apply for an HFA mortgage loan, for State aid or for both.

(b) A completed application must be submitted to the commissioner in the format and on forms prescribed by the commissioner.

(c) A certification of need application pursuant to the commissioner's regulations must be completed and approved prior to the payment of HFA mortgage loan funds.

(d) When applying for an HFA mortgage loan, the applicant shall prepare and submit a certificate of incorporation in a form satisfactory to the commissioner for the corporation to be formed which will acquire the site and construct the facility and receive the mortgage loan.

(e) The applicant for an HFA mortgage loan must have or will have, at the time the HFA mortgage is executed and delivered, a fee simple including necessary easements and rights-of-way free and clear of all covenants, restrictions, mortgages, easements and encumbrances, sufficient to assure undisturbed use and possession for the purpose of the facility except that the facility may be subject to the New York State Housing Finance Agency mortgage to be obtained pursuant to article 75 of the Mental Hygiene Law.

(f) All applicants receiving an HFA mortgage loan are required to establish and maintain accounting and fiscal records in a manner approved by the commissioner to reflect the receipt and expenditure of funds allotted and paid for capital costs. Similar suitable accounts shall be maintained to show receipt and disbursement of Federal, local or other finds used for matching purposes.

(g) The commissioner and the HFA shall have access to the books, records and physical site of any facility receiving an HFA mortgage loan.

N.Y. Comp. Codes R. & Regs. Tit. 14 § 621.7

Amended New York State Register September 21, 2016/Volume XXXVIII, Issue 38, eff. 9/21/2016