1. The Laws of New York
  2. Consolidated Laws
  3. Private Housing Finance
  4. Article 18: Low Income Housing Trust Fund Program


Section 1103 General and administrative provisions

Private Housing Finance (PVH)

1. The corporation shall issue and promulgate rules and regulations for the administration of this article. The rules and regulations shall include provisions concerning the eligibility of applicants for payments, grants and loans under this article; funding criteria and the funding determination process; supervision and evaluation of contracting applicants; reporting, budgeting and record-keeping requirements; provisions for modification and termination of contracts; and such other matters not inconsistent with the purposes and provisions of this article as the corporation shall deem necessary or appropriate.

  2. The corporation may provide technical services and assistance or contract to provide technical services and assistance to eligible applicants to comply with the provisions and intent of this article which services and assistance may include but shall not necessarily be limited to rehabilitation skills training, site selection, financial packaging and engineering and architectural services necessary for the preparation of proposals for entering into contracts or for the continued operation of cooperative or condominium, homesteading or rental rehabilitation projects.

  3. The corporation shall, on or before September fifteenth in each year, submit a proposed budget for the operation of the corporation for its next fiscal year to the director of the budget for his review. The chairman of the corporation shall also deliver a copy of such budget to the chairman of the senate finance committee and the chairman of the assembly ways and means committee at the same time that the budget is delivered to the director of the budget. The budget shall include the total amount needed for corporate purposes, including the funds required by the corporation for its general and administrative expenses, the source of all funds that the corporation expects to receive and such other information as the director of the budget shall require.

  4. The corporation shall require the submission of the names, addresses and business background of the principals involved, the nature of their fiduciary relationship and their financial relationship, past, present and future, to the project and to each other.