N.Y. Comp. Codes R. & Regs. tit. 9 § 1648-3.7
Item 1--project development cost. Enter in column (1) the actual project development cost, per the books as of the end of the most recent calendar quarter, inserting the closing date of the quarter in the space provided.
Item 2--one per cent of project development cost. Enter in column (3) one per cent of the amount entered as item I.
Item 3--computation of largest annual interest charge.
Item 3a. Largest annual interest charge on funds borrowed to finance the project, before deduction for interest on working capital. This item means the largest charge that has accrued or will accrue (based on the facts regarding the authority's indebtedness as of the end of the fiscal year for which the subsidy is applicable) during any consecutive 12 month period, going back to the date of the loan and subsidy contract, if necessary, and regardless of whether the 12 month period lies partly in the development period and partly in the operating period or wholly in either period or whether the 12 month period includes parts of two fiscal years. The largest annual interest charge means the gross interest charge before any credit for interest received on investments. Interest on temporary loan notes is taken into account, but interest on overlapping issues of temporary loan notes and bonds is ruled out. The largest annual interest charge on a bond issue is most readily ascertained by inspection of the debt service schedule supplied by the State Comptroller through the Division of Housing. This charge should be converted into the largest annual interest rate by dividing the largest annual interest charge by the total amount of the bond issue, for subsequent use in computing item 3b and item 4. If there is more than one bond issue, the largest annual interest charge is the sum of the largest annual interest charge for each bond issue. The largest annual interest charge, once determined, is carried forward from year to year unless subsequent financing intervenes.
Item 3b. Interest charge on loan funds borrowed for working capital. Working capital obtained from loan funds will be set up when the project has been declared physically completed and ordinarily will absorb the difference, if any, between the amount of the loan and the actual final development cost, subject to the statutory limitations on the maximum amount which may be loaned for working capital. Until the project is declared physically completed, it will be presumed that all loan funds have been borrowed against the estimated final development cost and that none has been borrowed for working capital. If the project has not been declared physically completed, enter the word "none" for item 3b. If there is more than one bond issue and the project has been declared physically completed, the rate to be applied to the amount of loan funds borrowed for working capital is an effective composite interest rate as computed for item 4.
Item 3c. Self-explanatory.
Item 4--interest computed on development cost. The interest on development cost is computed by applying the largest annual interest rate to the development cost (item 1). If the indebtedness of the project during the 12 month period in which the largest annual interest charge occurs (see item 3a) consists of a single bond issue, the interest rate to be used for item 4 will be the same as the interest rate for the 12 month period in which the largest annual interest charge occurs. If more than one bond issue is outstanding, it will be necessary to compute an effective composite interest rate as follows:
Item 5--largest annual interest charge for subsidy purposes. Enter in column (3) the largest annual interest charge, after deduction for interest on working capital (item 3c) or the interest computed on development cost (item 4), whichever is less.
Item 6--maximum State subsidy. The maximum State subsidy is the sum of one per cent of project development cost (item 2) and the largest annual interest charge for subsidy purposes (item 5).
Item 7--project development cost. Enter on this line, in the appropriate columns, the development cost entered in item 1. The multiple columns are provided because in some localities where real estate, school and special district taxes are levied separately, there may be as many as three combined tax rates applicable to the fiscal year.
Item 8--assessed valuation.
Item 8a--present assessed valuation of project land and improvements. The word project as used here, means the project proper, exclusive of land and improvements acquired for related programs, as tax exemption does not apply to these. The assessed valuations to be entered here should be those which are, or will be, in effect during the tax year in which the last day of the fiscal year for which subsidy is applicable falls and the date to be entered in item 8a will, of course, be March 31 of the year in question. If in preparing a requisition for an advance of subsidy, the assessed valuation as of the last day of the fiscal year for which the subsidy is applicable has not been established then the last available assessed valuation shall be used, and the appropriate dates entered.
Item 8b--date tax year begins.Self-explanatory.
Item 8c--date assessed valuations were established. Enter the date on which the public assessment records for the tax year in question first becomes available, officially, for inspection by the tax paying public.
Item 9, 10, 11. Self-explanatory.
Item 12--assessed value of property not retained. Enter in appropriate columns, the assessed value, as of the date of the loan and subsidy contract, of property ceded to a municipality for street-widening, parks, playgrounds, etc., or sold. The amount entered on this line should be checked against the application for financial assistance and particularly against the preliminary rent summary forming a part thereof.
Item 13--taxable assessment. Enter on this line, in the appropriate columns, the difference between item 11 and item 12.
Item 14--assessed valuation of property exempt from taxation. Enter on this line, in the appropriate columns, the difference between item 10 and item 13.
Items 15, 16, 17. Self-explanatory.
Item 18--net loss for fiscal year. Enter in columns [sic] (3) the net loss for the current fiscal year, before cash subsidies, as per form DH-621, Income and Expense--Budget Control Statement, attached. Form DH-621 should be adapted for this purpose as follows:
If the subsidy requisition is being submitted prior to the close of the fiscal year, the actual income and expense to the close of the most recent calendar quarter (unless later figures are available) shall be listed in column (1) of form DH-621, the estimated income and expense for the balance of the fiscal year in column (2) and the total of columns (1) and (2) shall be listed in column (3). In column (4) of form DH-621 shall be listed the budgeted income and expense for the period for which these items were estimated in column (2). The column headings on form DH-621 shall be modified accordingly.
If the subsidy requisition is being submitted subsequent to the close of the fiscal year, the actual income and expense for the fiscal year shall be listed in column (4) of form DH-621. It is presumed, of course, that the year-end adjusting and closing entries will have already been made. If specifically requested, budget figures for the fiscal year should be shown in column (4).
Item 19--minimum local cash subsidy. Enter in column (3) the minimum local cash subsidy stipulated to be made by the municipality in the loan and subsidy contract. If no such minimum local cash subsidy is stipulated in the contract, enter the word "none".
Item 20 and 21--net loss, after minimum local cash subsidy. Enter in the appropriate columns the difference between item 18 and item 19.
Item 22. Enter in columns (2) and (3) the maximum State subsidy (item 6), the value of the tax exemption subsidy (item 17), or the net loss, after minimum local cash subsidy (item 20), whichever is least. In the event a loan and subsidy contract calls for a minimum local cash subsidy, however, the local agency should first consult with the division as to the credit for matching purposes.
Item 23--balance of net loss. Enter in column (2), the difference between item 21 and item 22.
Item 24. Enter in column (3) 50 per cent of item 23.
Item 25--total. Enter in column (3) the sum of item 22 and item 24.
Item 26--State subsidy. Enter in column (4) the maximum State subsidy (item 6), or item 25 whichever is less. This figure is the State subsidy payable, within the limitations of the Public Housing Law, against the operating deficit of a project for the current fiscal year, and is adjusted in section F for accrued and prepaid subsidies, and subsidies previously advanced during the fiscal year to give the State subsidy currently being requisitioned.
Item 27. Enter in column (3) the net loss, before minimum local cash subsidy (if any) appearing as item 18.
Item 28. Enter in column (3) the State subsidy appearing as item 26.
Item 29--local cash subsidy. Enter in columns (3) and (4) the difference between item 27 and item 28. If item 27 is equal to item 28, enter the word "none".
Item 30. Enter in column (3) the value of the tax exemption subsidy appearing as item 17.
Item 31--local subsidy. Enter in column (3) the sum of the local cash subsidy, if any, (item 29) and the value of the tax exemption subsidy (item 30).
Item 32--cash subsidies required for operations. Enter in column (1) the State subsidy appearing as item 26, in column (2) the local cash subsidy appearing as item 29, and in column (3), the sum of columns (1) and (2).
Item 33--prepaid subsidies. Enter in the appropriate columns the balances of account 2250, Prepaid State Subsidy, and account 2260, Other Prepaid Cash Subsidies, as of the end of the previous fiscal year, after the books have been closed for that fiscal year (see Subpart 1648-4).
Item 34--balance. Enter in the appropriate columns the difference between item 32 and item 33.
Item 35--accrued subsidies. Enter in the appropriate columns cash subsidies due, but not received, as of the end of the previous fiscal year. The accounting entry recording this accrual will be made at the end of the fiscal year in accordance with Subpart 1648-4.
Item 36--total subsidy, requirements--operations. Enter in the appropriate columns the sum of item 34 and item 35.
Item 37--subsidies advanced during the fiscal year. List in the item column, the cash subsidies advanced for operations during the fiscal year to date, whether or not such subsidies applied to the previous fiscal year. Enter in the appropriate columns the total cash subsidies advanced to date.
Item 38--net subsidy requirements--operations. Enter in the appropriate columns the difference between item 36 and item 37. The amount entered in column (1) of this item for the net State subsidy requirement shall agree with the amount of the subsidy installment requested on the housing subsidy voucher. Simultaneous applications should be made to the appropriate municipal body or officer for payment of the local cash subsidy, if any.
Item 39--notes. This section is reserved for such notes and comments as the local agency may choose to make in connection with the previous items.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 1648-3.7