§ 1106. Legislative findings and declarations. The legislature hereby finds and declares that there is a serious shortage of decent affordable housing in the state for persons of low income; that the cost of providing such housing without public participation and assistance is prohibitively high; that programs operated by municipal housing authorities and municipalities have […]
§ 1106-a. Definitions. For purposes of this article, the following terms shall have the following meanings: 1. “Corporation” means the housing trust fund corporation established by section forty-five-a of this chapter. 2. “Turnkey/enhanced rental project” or “project” means a vacant property which is converted or rehabilitated to residential rental use, a newly constructed rental project […]
§ 1106-b. Low income turnkey/enhanced housing trust fund program established. There is hereby established within the housing trust fund corporation a low income turnkey/enhanced housing trust fund program. Within the limit of funds available for this purpose in the turnkey/enhanced housing account, the corporation is hereby authorized to enter into contracts to provide grants or […]
§ 1106-c. Request for proposals. The corporation, pursuant to a request for proposals, shall not provide grants or loans under this article except to an eligible applicant which has submitted an application in consultation with the eligible owner or owners, which contains: 1. a development timetable acceptable to the corporation that shall include the projected […]
§ 1106-d. Selection of eligible applicants for grants or loans under this article. 1. Prior to providing grants or loans to an eligible applicant pursuant to this article, the corporation shall determine that: (a) eligible applicants can demonstrate by their past performance or other objective factors, that they are able to complete a turnkey/enhanced rental […]
§ 1106-e. Reserve fund. There shall be a reserve fund for each project which in no event shall initially be less than five percent of the turnkey/enhanced rental project costs, exclusive of any reserve fund. Such reserve fund may be provided by the corporation or any other source and, if provided by another source, shall […]
§ 1106-f. Project operation and management; rent structure; tenant selection. The eligible owner shall enter into an agreement with the corporation which provides that the eligible owner of such project shall: 1. operate and manage such project as a rental building which is used for other than transient occupancy; 2. structure rent levels in such […]
§ 1106-g. Adjustment of rents; income verification. Notwithstanding any other provision of law, no grants or loans shall be provided pursuant to this article unless an eligible owner has agreed to require the tenants and occupants residing in the housing project or projects to submit an annual income affidavit as prescribed by the corporation, together […]
§ 1106-h. Real property tax exemption. 1. The local legislative body of any city, town or village is hereby authorized and empowered to adopt and amend a local law to provide that all or any portion of the value of the property included in a turnkey/enhanced rental project which represents an increase over the assessed […]
§ 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 […]
§ 1106-j. Liability on obligations. 1. Except for obligations which the corporation assumes by contract for the construction, rehabilitation and development period of any project, neither the corporation, the New York state housing finance agency nor the state shall have any responsibility or liability as to construction, rehabilation, operation, maintenance, repair or use of projects […]
