N.Y. Comp. Codes R. & Regs. tit. 9 § 1648-3.1

Current through Register Vol. 46, No. 25, June 18, 2024

Section 1648-3.1 - When submitted

(a) The actual and final amount of State subsidy due a project is not known until after the close of the fiscal year, and then after audit. The Public Housing Law, however, provides that portions of the State subsidy payable for any one year may be paid from time to time, as required. Advances of State subsidy against the operating deficit of a project may therefore be made at any time during the year. Local agencies need not wait until after the close of the year to apply for State subsidy for that year but should endeavor to anticipate their needs for funds and make timely application for State subsidy as required.

(b) The number of subsidy requisitions which may be submitted in a fiscal year and the dates for the submitting of requisitions are not fixed but are directly related to the need for funds. It will be found that, inasmuch as debt service payments for interest and amortization represent the largest single outlays of cash required over the year, the timing and frequency of subsidy requisitions will ordinarily be governed by the debt service dates. It should be understood, however, that subsidy requisitions may be submitted to meet cash needs for other than debt service payments. In general, subsidy requisitions should be submitted at least 45 days in advance of the need for the funds in order to allow the division sufficient time to examine the requisition and process the subsidy voucher through the other State departments concerned.

(c) The division will be glad to assist and advise local agencies in preparing subsidy requisitions, but the primary responsibility for making timely requests for subsidy to put the local agency in funds to meet all obligations when due rests with the local agency.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1648-3.1