N.Y. Comp. Codes R. & Regs. tit. 9 § 1920.7

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

Section 1920.7 - Selection process

(a) Request for Proposals. The Corporation shall issue a request for proposals at such intervals as it deems necessary for the optimal selection of eligible applicants and eligible owners. The Corporation may incorporate into each request for proposals such terms and conditions as it deems, in its sole discretion, to be reasonable to a particular project.

(b) Proposals.

(1) Eligible applicants may submit proposals in response to a request for proposals issued by the Corporation.

(2) A proposal submitted by an eligible applicant shall include:

(i) A development timetable which shall include projected time schedules for:

(a) commencement and completion of regulatory and review processes and approvals;

(b) construction loan closing;

(c) commencement and completion of construction;

(d) occupancy availability and full occupancy dates; and

(e) any other information required in the request for proposals;

(ii) an operating and maintenance budget;

(iii) an estimate of total project costs which shall include the costs necessary for:

(a) construction or rehabilitation;

(b) the working capital fund and the reserve fund; and

(c) other reasonable costs necessary for completion of the project;

(iv) evidence that the municipality within which the project will be located is experiencing a shortage of affordable housing for persons of low income and that the project will contribute to reducing such shortage;

(v) the names, addresses and business backgrounds of the principals involved, including those of the eligible owner, the nature of their fiduciary relationship and their financial relationship, past, present and future, to the project and to each other;

(vi) the identity of the eligible owner if it is not the eligible applicant;

(vii) evidence of consultation with an eligible owner; and

(viii) any other information the Corporation may require in its request for proposals.

(3) A nonrefundable submission fee, not to exceed $1,000, may be may be charged by the Corporation, if stated in the request for proposals, which shall be submitted with the proposal. In determining the fee, the Corporation shall weigh the costs of administering the Act and the interest in encouraging complete and qualified proposals.

(c) Evaluation of proposals.

(1) The Corporation shall evaluate the proposals pursuant to the following criteria:

(i) readiness of project to proceed;

(ii) quality, experience and capacity of the proposed eligible applicant and eligible owner;

(iii) quality of design;

(iv) need and marketability;

(v) turnkey project costs; and

(vi) operational plan.

(2) The Corporation shall not select a proposal whose estimate of turnkey project costs for construction or rehabilitation exceeds a ceiling amount established by the Corporation consistent with the reasonable costs of constructing or rehabilitating projects in the municipality in which the project is located.

(3) The Corporation shall not select a proposal by a city with a population of one million or more if the project is expected to contain thirty percent or more permanent housing units occupied by eligible homeless families as defined in article 3-A of the Private Housing Finance Law unless the Corporation, in its discretion, determines that funding for the purpose of undertaking the project is unavailable for the project pursuant to article 3-A of the Private Housing Finance Law.

(4) The Corporation shall give preference to projects as required by section 1106-d of the Act.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1920.7