New York Private Housing Finance Law Article 18-A - LOW INCOME TURNKEY/ENHANCED HOUSING TRUST FUND PROGRAM

• 1106 - Legislative Findings and Declarations.
  The legislature hereby finds and declares that there is a serious shortage of decent affordable housing in the state for persons of low income; that...
• 1106-a - Definitions.
  For purposes of this article, the following terms shall have the following meanings: 1. "Corporation" means the housing trust fund corporation established by section forty-five-a...
• 1106-b - Low Income Turnkey/enhanced Housing Trust Fund Program Established.
  There is hereby established within the housing trust fund corporation a low income turnkey/enhanced housing trust fund program. Within the limit of funds available for...
• 1106-c - Request for Proposals.
  The corporation, pursuant to a request for proposals, shall not provide grants or loans under this article except to an eligible applicant which has submitted...
• 1106-d - Selection of Eligible Applicants for Grants or Loans Under This Article.
  1. Prior to providing grants or loans to an eligible applicant pursuant to this article, the corporation shall determine that: (a) eligible applicants can demonstrate...
• 1106-e - Reserve Fund.
  There shall be a reserve fund for each project which in no event shall initially be less than five percent of the turnkey/enhanced rental project...
• 1106-f - Project Operation and Management; Rent Structure; Tenant Selection.
  The eligible owner shall enter into an agreement with the corporation which provides that the eligible owner of such project shall: 1. operate and manage...
• 1106-g - Adjustment of Rents; Income Verification.
  Notwithstanding any other provision of law, no grants or loans shall be provided pursuant to this article unless an eligible owner has agreed to require...
• 1106-h - Real Property Tax Exemption.
  1. The local legislative body of any city, town or village is hereby authorized and empowered to adopt and amend a local law to provide...
• 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...
• 1106-j - Liability on Obligations.
  1. Except for obligations which the corporation assumes by contract for the construction, rehabilitation and development period of any project, neither the corporation, the New...

Last modified: February 3, 2019