N.Y. Priv. Hous. Fin. Law § 1106-I

Current through 2024 NY Law Chapter 553

Section 1106-I - General and administrative provisions of this article

1. The corporation shall provide for the review, at periodic intervals at least annually, of the performance of eligible applicants to the extent applicable and eligible owners under contract pursuant to this article. Such review shall, among other things, be for the purposes of ascertaining conformity to contractual provisions and the financial condition of the project.

2. The provisions of section eleven hundred three of this chapter shall apply to this article.

3. Paragraph f of subdivision three of section eleven hundred two of this chapter shall apply to this article. For the purposes of said paragraph a turnkey/enhanced rental project shall be deemed to be a rental project.

4. The corporation shall deposit any recaptured funds or funds from the repayment of loans and interest received on loans into the turnkey/enhanced housing account.

5. Notwithstanding any other provision of law, payments, grants and loans may be deposited by the corporation directly with a lending institution at or before the time of initial loan closing pursuant to an escrow agreement satisfactory to the corporation.

6. In addition to the information contained in the report required pursuant to section twenty of the public housing law, the corporation shall, on or before October first in each year, submit a report to the governor, the temporary president of the senate, the speaker of the assembly and the minority leader of the senate and the minority leader of the assembly which shall include (i) the name of the eligible owner of the turnkey/enhanced housing trust fund project if such owner is not also the eligible applicant; (ii) the actual development schedule to date for each project; and (iii) a list of the number of units per project that upon initial occupancy were occupied by homeless families who previously resided in hotels, motels or shelters that are regulated under title eighteen of the official compilation of codes, rules and regulations of the state of New York, and a list of names and locations of such hotels, motels or shelters.

N.Y. Priv. Hous. Fin. Law § 1106-I