§ 1106-F — Project operation and management; rent structure; tenant selection

§ 1106-f. Project operation and management; rent structure; tenant\nselection. The eligible owner shall enter into an agreement with the\ncorporation which provides that the eligible owner of such project\nshall:\n 1. operate and manage such project as a rental building which is used\nfor other than transient occupancy;\n 2. structure rent levels in such project to be: (a) affordable to the\ntenants as specified in subdivision four of this section to the extent\neconomically feasible and (b) when added to any other sources of funds\navailable for the project's operation not in excess of the costs of\noperating and maintaining the project including a reserve fund;\n 3. not borrow any funds for the project without the prior approval of\nthe corporation;\n 4. to the extent economically feasible, select tenants who move into\nsuch project and maintain a mix of tenants so that (a) at least thirty\npercent and no more than seventy percent of such tenants are receiving\nbenefits pursuant to section one hundred thirty-one-a of the social\nservices law or could only afford rents no greater than those paid by\npersons receiving benefits pursuant to such section, provided, however,\nthat of such tenants preference shall be given to persons who have been\nreferred from hotels, motels or shelters operated by a social services\ndistrict or receiving payment directly or indirectly from such district,\nor any other philanthropic or charitable facility providing such\naccommodations; and (b) the remaining tenants have incomes which do not\nexceed eighty percent of the median income for the metropolitan\nstatistical area in which such project is located or if a project is\nlocated outside such area, those persons or families whose incomes do\nnot exceed eighty percent of the median income for the county in which a\nproject is located; and\n 5. provide such other information as may be necessary to carry out the\nprovisions of this article.\n