N.Y. Comp. Codes R. & Regs. tit. 18 § 352.4

Current through Register Vol. 46, No. 16, April 17, 2024

Section 352.4 - Shelter costs for applicant/recipient-owned property

(a) Purchase of interest in low cost housing development.

(1) A social services official may approve a grant, not to exceed $2,500 toward the purchase of an interest in a cooperative unit in a low cost housing development.

(2) The social services official must require assignment of applicant's/recipient's equity in such cooperative housing.

(b) Carrying charges. On applicant/recipient-owned property used as a home, carrying charges must be met in the amount actually paid by the applicant/recipient, but not in excess of the appropriate maximum of the rent schedule, for the items of taxes; interest on mortgage; fire insurance; and garbage disposal, sewer and water assessments.

(c) Amortization. The amounts required to amortize a mortgage on the applicant's/recipient's property must be included in the carrying charges when property is income-producing and the resulting carrying charges do not exceed the property income by an amount in excess of the maximum of the established rent schedule or when property is not income-producing but it is essential to retain the home of the applicant/recipient and the resulting carrying charges do not exceed the appropriate maximum of the established rent schedule.

(d) Property repairs. The cost of property repairs must be met when:

(1) the property is income-producing and the repairs are essential to retain that status; or

(2) the repairs are essential to the health or safety of the applicant/recipient.

(e) Repealed and Reserved

N.Y. Comp. Codes R. & Regs. Tit. 18 § 352.4

Amended New York State Register March 8, 2023/Volume XLV, Issue 10, eff. 3/8/2023