NY Priv Hous Fin L § 1106-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 18-A - Low Income Turnkey/enhanced Housing Trust Fund Program 1106-A - Definitions.

§  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 of this chapter.2.  "Turnkey/enhanced  rental  project"  or  "project"  means a vacant   property which is converted or rehabilitated to residential rental  use,   a  newly  constructed rental project or projects or a state-aided public   housing project or projects where more than thirty percent of the  units   are vacant.3.  "Turnkey/enhanced  rental  project costs" means the reasonable and   necessary  costs  for  planning,  financing,  acquisition  of  land   or   buildings  and  construction  of  new  buildings  or the reconstruction,   rehabilitation, repair or remodeling  of  existing  buildings,  provided   however  that not more than twenty percent of such costs may be used for   acquisition of land or buildings. Such costs may also include all or any   portion of the cost  necessary  for  the  creation  of  a  reserve  fund   required  pursuant  to section eleven hundred six-e of this article, and   all or a portion of a working capital fund. Such costs shall not include   the  costs  of  nondwelling-related   facilities,   eligible   applicant   administrative  costs  or, in cities with a population of one million or   more, the cost of demolition or acquisition of land or buildings.4. "Eligible applicant"  means  a  housing  development  fund  company   incorporated   pursuant   to   article   eleven   of   this  chapter,  a   not-for-profit corporation or charitable organization which has  as  one   of  its  primary  purposes the improvement of housing for persons of low   income, a wholly owned subsidiary of such a corporation or organization,   a municipality, a municipal housing authority created  pursuant  to  the   public  housing  law or a person, firm, partnership or corporation which   has agreed to limit profits or rate of return of investors in accordance   with a formula established  by  the  corporation.  In  the  case  of  an   application  by  a  city  with  a  population of one million or more for   funding pursuant to this article for projects expected to contain thirty   percent or more permanent housing units occupied  by  eligible  homeless   families, as defined in article three-A of this chapter, such city shall   be  an eligible applicant only if the corporation shall determine in its   sole discretion that funding for the purpose of undertaking the  project   is  unavailable  for  the  project  pursuant  to article three-A of this   chapter.5.  "Eligible  owner"  means  a  housing  development   fund   company   incorporated   pursuant   to   article   eleven   of   this  chapter,  a   not-for-profit corporation or charitable organization which has  as  one   of  its  primary  purposes the improvement of housing for persons of low   income, a wholly owned subsidiary of such a corporation or organization,   a partnership at least fifty percent  of  the  controlling  interest  of   which is held by such a corporation or organization and which has agreed   to  limit  profits  or  rate of return of investors in accordance with a   formula established or approved by the corporation, a municipality or  a   municipal housing authority created pursuant to the public housing law.6.  "Reserve fund" means a fund or funds to be used in accordance with   guidelines established by the  corporation  for  ongoing  operation  and   maintenance  costs  and replacement costs and may only be used after the   first year of a project's  operation,  as  measured  from  the  date  of   substantial  occupancy, except in the event of an imminent threat to the   health and safety of the tenants. Such fund  shall  be  deposited  in  a   banking  institution whose principal place of business is located within   the state of New York and which has a proven record of investment in the   community in which the project is located. 7. "Working capital fund" shall mean a fund to be  used  for  start-up   expenses  including,  but  not limited to, liability insurance, fidelity   bond premiums, utility hook-up deposits, maintenance equipment,  movable   furnishings and equipment and other initial project related expenses, as   approved by the corporation.