§ 1004 — Payments pursuant to contracts

New York § 1004

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 17: Housing and Community Preservation In Rural Areas

Text

§ 1004. Payments pursuant to contracts. 1. Each contract entered into\npursuant to this article shall provide for payment to the corporation\nfor the housing preservation and community renewal activities to be\nperformed by it.\n 2. Payments pursuant to this section shall be restricted to sums\nrequired for the compensation of persons employed by, and consultants\nretained by, the corporation for the performance of the activities\ncovered by the contract and other costs and expenses directly related to\nsuch employees and consultants.\n 3. No part of any such payment shall be used to defray in whole or in\npart the cost of acquisition, improvement, rehabilitation, operation or\ndemolition of any building or other structure, but this provision shall\nnot prohibit the use of such funds for planning any such activity or for\nthe expenses of providing office and related facilities for the\ncorporation for use in carrying out its activities pursuant to the\ncontract. Payments shall be made by the division to the corporation at\nsuch periods, not less frequently than semi-annually, as shall be\nprovided in the contract. Such payments shall be made at or prior to the\ncommencement of each such time period, to compensate the corporation for\nthe activities which are to be carried out during such time period\nprovided, that with respect to contracts entered into on or after June\nthirtieth, nineteen hundred ninety-seven the first such payment shall be\nmade by the division beginning on or after July first of the fiscal year\nfor which an appropriation in support of such payment was made and\nprovided further that the final such payment to the corporation shall be\nmade no later than March thirty-first of such fiscal year, unless such\npayment has been withheld pursuant to subdivision eight of section one\nthousand three of this article.\n 4. In negotiating each contract, the division shall consider and take\ninto account any and all other sums available or anticipated to be made\navailable to the corporation from any and all sources which may be used\nto defray the costs of the housing preservation and community renewal\nactivities set forth in the contract, including, without limitation,\nfees generated by the management of housing accommodations,\ncontributions from private foundations, corporations, firms and\nindividuals and funds received under grants and contracts pursuant to\nany program or programs operated or administered by any governmental\nagency or instrumentality and shall make a determination that the sums\navailable or anticipated to be made available for the corporation from\nsuch other sources, together with the value of services to be rendered\nfor the benefit of the corporation for which payment is not required to\nbe made by such corporation, amount to at least thirty-three and\none-third percent of the amount of such contract.\n 5. When disbursing funds for contracts with not-for-profit\ncorporations, pursuant to section one thousand three of this article,\nthe division shall use the following criteria, formulas and tables to\ndetermine the distribution of funds:\n (a) (i) The total unmerged corporation funding shall equal the current\nnumber of unmerged corporation contracts multiplied by the per group\naward.\n (ii) The unmerged corporation funding shall equal the per group award.\n (iii) The merged corporation funding shall equal the funding\nmodification multiplied by the per group award.\n (b) Merged corporation funding shall be determined on an individual\nbasis for each not-for-profit corporation. The following tables show the\nfunding modification to be used:\n (i) In the case of two not-for-profit corporations merging, the\nfollowing table shall be used:\n Years since Funding\n merger modification\n 1 200%\n 2 190%\n 3 180%\n 4 170%\n 5 160%\n 6 150%\n (ii) In the case of three not-for-profit corporations merging, the\nfollowing table shall be used:\n Years since Funding\n merger modification\n 1 300%\n 2 290%\n 3 280%\n 4 270%\n 5 260%\n 6 250%\n 7 240%\n 8 230%\n 9 220%\n 10 210%\n 11 200%\n (iii) In the case of four or more not-for-profit corporations merging,\nthe following table shall be used:\n Years since Funding\n merger modification\n 1 400%\n 2 390%\n 3 380%\n 4 370%\n 5 360%\n 6 350%\n 7 340%\n 8 330%\n 9 320%\n 10 310%\n 11 300%\n 12 290%\n 13 280%\n 14 270%\n 15 260%\n 16 250%\n (c) If a not-for-profit corporation that has undergone a merger\ncontinues to renew their contract beyond the timeframes listed in the\nabove tables, it shall have its funding determined using the last\nfunding modification listed.\n (d) The merged corporation savings shall be determined on an\nindividual basis for each merged corporation. It shall be calculated by\nsubtracting the amount of such corporation's merged corporation funding\nfrom the amount the merged corporations would have received if they had\nmaintained separate contracts.\n (e) The per group award shall equal the total funding available minus\nthe amount for the contract with the rural preservation coalition which\nshall equal the total unmerged company funding plus the sum of the\nmerged company funding.\n