N.Y. Comp. Codes R. & Regs. Tit. 14 §§ 635-6.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 635-6.5 - Costs of co-operative (see glossary, Subpart 635-99 of this Part) ownership of real estate

(a) If an agreement to purchase membership or ownership interest in a co-operative, which agreement has been approved by OPWDD and the New York State Division of Budget, is between the provider or an individual and a party which is not a related party, allowable costs shall be the lesser of the actual purchase price or the price of a membership or ownership interest in a co-operative for real estate with similar functions in the same geographic area.

(b) If an agreement to purchase membership or ownership interest in a co-operative, which agreement has been approved by OPWDD and the New York State Division of Budget, is between the provider or an individual and a related party, allowable costs for such purchase shall be the least of:

(1) the actual purchase price;

(2) the price of membership or ownership interest in a co-operative with similar functions in the same geographic area; or

(3) the co-operative's costs attributable to the provider or individual.

(c) The allowable cost of purchasing membership or ownership interest in a co-operative shall be amortized over 15 years, or the term of the mortgage given by the provider or individual, whichever is greater.

N.Y. Comp. Codes R. & Regs. Tit. 14 §§ 635-6.5

Amended New York State Register October 28, 2015/Volume XXXVII, Issue 43, eff. 11/1/2015

Amended New York State Register April 20, 2016/Volume XXXVIII, Issue 16, eff. 4/20/2016

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