N.Y. Comp. Codes R. & Regs. tit. 9 § 2811.4

Current through Register Vol. 46, No. 53, December 31, 2024

Section 2811.4 - One-third match

(a) In negotiating each contract, the applicant must demonstrate its access to matching support, available or anticipated to be made available, equal to at least one-third of the amount of such contract.

(b) The required match may be cash and/or in-kind contributions and must be used for housing preservation and community renewal activities.

(c) In-kind contributions must be verifiable, quantifiable, reasonable and relevant to the company's activities.

(1) In-kind services may not include:

(i) routine board functions and responsibilities; but may include, with division approval, services from board members for which the company ordinarily would have to pay;

(ii) overtime by executive and full-time administrative staff paid with rural preservation funds;

(iii) technical assistance provided by division staff; or

(iv) any other category determined by the division.

(d) Documentation of in-kind services must be available for review by division staff.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2811.4