Search OpenLegislation Statutes

This entry was published on 2015-08-14
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Request for proposals
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 18-A
§ 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

1. a development timetable acceptable to the corporation that shall
include the projected time schedule for (a) commencement and completion
of regulatory and review processes and approvals including procedures
for land use and disposition; (b) construction loan closing; and (c)
commencement and completion of construction. Such timetable shall also
include a projected date as to when the units will be available for
occupancy and when such units will be fully occupied and any other
information the corporation deems appropriate;

2. a proposed operating and maintenance budget;

3. an estimate of the total project costs which shall include (a) the
costs necessary for construction or rehabilitation which shall not
exceed a ceiling amount established by the corporation which is
consistent with the reasonable costs of constructing or rehabilitating
projects in the municipality in which the project shall be located, (b)
the costs necessary for working capital and a reserve fund and (c) such
other reasonable costs necessary for the completion of such project;

4. evidence that the municipality within which the turnkey/enhanced
rental project will be located is experiencing a shortage of affordable
housing for persons of low income and the proposed turnkey/enhanced
rental project will contribute to reducing such shortage;

5. 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

6. the identity of the eligible owner if the eligible owner is not the
eligible applicant; and

7. such other information as the corporation may require.