§ 1106-A — Definitions

New York § 1106-A

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 18-A: Low Income Turnkey/enhanced Housing Trust Fund Program

Text

§ 1106-a. Definitions. For purposes of this article, the following\nterms shall have the following meanings:\n 1. "Corporation" means the housing trust fund corporation established\nby section forty-five-a of this chapter.\n 2. "Turnkey/enhanced rental project" or "project" means a vacant\nproperty which is converted or rehabilitated to residential rental use,\na newly constructed rental project or projects or a state-aided public\nhousing project or projects where more than thirty percent of the units\nare vacant.\n 3. "Turnkey/enhanced rental project costs" means the reasonable and\nnecessary costs for planning, financing, acquisition of land or\nbuildings and construction of new buildings or the reconstruction,\nrehabilitation, repair or remodeling of existing buildings, provided\nhowever that not more than twenty percent of such costs may be used for\nacquisition of land or buildings. Such costs may also include all or any\nportion of the cost necessary for the creation of a reserve fund\nrequired pursuant to section eleven hundred six-e of this article, and\nall or a portion of a working capital fund. Such costs shall not include\nthe costs of nondwelling-related facilities, eligible applicant\nadministrative costs or, in cities with a population of one million or\nmore, the cost of demolition or acquisition of land or buildings.\n 4. "Eligible applicant" means a housing development fund company\nincorporated pursuant to article eleven of this chapter, a\nnot-for-profit corporation or charitable organization which has as one\nof its primary purposes the improvement of housing for persons of low\nincome, a wholly owned subsidiary of such a corporation or organization,\na municipality, a municipal housing authority created pursuant to the\npublic housing law or a person, firm, partnership or corporation which\nhas agreed to limit profits or rate of return of investors in accordance\nwith a formula established by the corporation. In the case of an\napplication by a city with a population of one million or more for\nfunding pursuant to this article for projects expected to contain thirty\npercent or more permanent housing units occupied by eligible homeless\nfamilies, as defined in article three-A of this chapter, such city shall\nbe an eligible applicant only if the corporation shall determine in its\nsole discretion that funding for the purpose of undertaking the project\nis unavailable for the project pursuant to article three-A of this\nchapter.\n 5. "Eligible owner" means a housing development fund company\nincorporated pursuant to article eleven of this chapter, a\nnot-for-profit corporation or charitable organization which has as one\nof its primary purposes the improvement of housing for persons of low\nincome, a wholly owned subsidiary of such a corporation or organization,\na partnership at least fifty percent of the controlling interest of\nwhich is held by such a corporation or organization and which has agreed\nto limit profits or rate of return of investors in accordance with a\nformula established or approved by the corporation, a municipality or a\nmunicipal housing authority created pursuant to the public housing law.\n 6. "Reserve fund" means a fund or funds to be used in accordance with\nguidelines established by the corporation for ongoing operation and\nmaintenance costs and replacement costs and may only be used after the\nfirst year of a project's operation, as measured from the date of\nsubstantial occupancy, except in the event of an imminent threat to the\nhealth and safety of the tenants. Such fund shall be deposited in a\nbanking institution whose principal place of business is located within\nthe state of New York and which has a proven record of investment in the\ncommunity in which the project is located.\n 7. "Working capital fund" shall mean a fund to be used for start-up\nexpenses including, but not limited to, liability insurance, fidelity\nbond premiums, utility hook-up deposits, maintenance equipment, movable\nfurnishings and equipment and other initial project related expenses, as\napproved by the corporation.\n