§ 1106-I — General and administrative provisions of this article

New York § 1106-I

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

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§ 1106-i. General and administrative provisions of this article. 1.\nThe corporation shall provide for the review, at periodic intervals at\nleast annually, of the performance of eligible applicants to the extent\napplicable and eligible owners under contract pursuant to this article.\nSuch review shall, among other things, be for the purposes of\nascertaining conformity to contractual provisions and the financial\ncondition of the project.\n 2. The provisions of section eleven hundred three of this chapter\nshall apply to this article.\n 3. Paragraph f of subdivision three of section eleven hundred two of\nthis chapter shall apply to this article. For the purposes of said\nparagraph a turnkey/enhanced rental project shall be deemed to be a\nrental project.\n 4. The corporation shall deposit any recaptured funds or funds from\nthe repayment of loans and interest received on loans into the\nturnkey/enhanced housing account.\n 5. Notwithstanding any other provision of law, payments, grants and\nloans may be deposited by the corporation directly with a lending\ninstitution at or before the time of initial loan closing pursuant to an\nescrow agreement satisfactory to the corporation.\n 6. In addition to the information contained in the report required\npursuant to section twenty of the public housing law, the corporation\nshall, on or before October first in each year, submit a report to the\ngovernor, the temporary president of the senate, the speaker of the\nassembly and the minority leader of the senate and the minority leader\nof the assembly which shall include (i) the name of the eligible owner\nof the turnkey/enhanced housing trust fund project if such owner is not\nalso the eligible applicant; (ii) the actual development schedule to\ndate for each project; and (iii) a list of the number of units per\nproject that upon initial occupancy were occupied by homeless families\nwho previously resided in hotels, motels or shelters that are regulated\nunder title eighteen of the official compilation of codes, rules and\nregulations of the state of New York, and a list of names and locations\nof such hotels, motels or shelters.\n