N.Y. Comp. Codes R. & Regs. tit. 9 § 1920.6

Current through Register Vol. 46, No. 36, September 4, 2024

Section 1920.6 - Turnkey project costs

(a) Turnkey project costs shall be the reasonable and necessary costs for planning, financing, acquiring land or buildings and constructing new buildings or rehabilitating existing buildings.

(b) Acquisition costs shall account for no more than 20 percent of turnkey project costs.

(c) Turnkey project costs may also include:

(1) all or a portion of the reserve fund and the working capital fund; and

(2) interest incurred on construction financing.

(d) Turnkey project costs may not include:

(1) costs of nondwelling related facilities;

(2) eligible applicant's administrative costs; and

(3) the costs of demolition or acquisition of land and buildings if the project is located in a city with a population of one million or more.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1920.6