Legislation
SECTION 1106-I
General and administrative provisions of this article
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 18-A
§ 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.
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.