NY Pub Hsg L § 73 (2021)
2021 New York Laws PBG - Public Housing Article 4 - State Aid 73 - State Subsidies.

§  73.  State subsidies. The commissioner may in the name of the state   enter into contracts to make periodic subsidies (1) to an authority or a   municipality for one  or  more  projects  to  assist  in  achieving  and   maintaining  the  low  rent  character  of  a  project,  or,  (2)  to  a   municipality to assist in the clearance, replanning, reconstruction  and   rehabilitation  of  substandard  and insanitary areas pursuant to and in   accordance with the provisions of this chapter,  the  general  municipal   law and any other laws authorizing municipalities to establish and carry   out  a  federal  program  of  urban renewal with federal aid, payable in   either case only with moneys appropriated therefor from the general fund   of the state, provided, however, (a)  that  no  contracts  for  periodic   subsidies  shall  be entered into in any one year requiring payments for   both such purposes aggregating more than two million eight hundred sixty   thousand dollars in any one year, of which  amount  not  more  than  two   million five hundred thousand dollars shall be with respect to contracts   for  payments  to  assist  in  achieving  and  maintaining  the low rent   character of projects; (b) that there shall not be  outstanding  at  any   one  time  contracts for periodic subsidies requiring payments exceeding   an aggregate of forty-four million dollars in any  one  year,  of  which   amount  not  more than forty-two million fifty thousand dollars shall be   with respect to contracts  for  payments  to  assist  in  achieving  and   maintaining  the  low rent character of the projects. All such contracts   shall be subject to approval  by  the  state  comptroller,  and  by  the   attorney general as to form.The  periodic  subsidy  for  any project shall be payable on an annual   basis, in amounts which need not be uniform,  over  a  fixed  period  of   years not exceeding the life of the project assisted by such subsidy and   in  any  event  for  not more than fifty years. Portions of the periodic   subsidy payable for any one year may  be  paid  from  time  to  time  as   required. The period of years during which the periodic subsidy shall be   payable  shall  commence  on  the  date of substantial completion of the   project, as determined by the commissioner. The maximum subsidy  payable   in  any  one year on any one project shall not exceed a sum equal to the   largest annual interest charge on  funds  borrowed  from  the  state  to   finance  such  project  plus  one  per  centum  of  the project cost not   including, however, funds borrowed from the state for working capital.Where all or any part of the funds necessary to  finance  the  project   are borrowed from sources other than the state or federal government the   periodic  subsidy  may  equal  but  shall  not exceed the largest annual   interest charge on all borrowed funds plus one per centum of the project   cost. The periodic subsidies shall be further  limited  to  amounts  and   periods necessary in the determination of the commissioner to assure the   low-rent character of the project involved.The contract of the commissioner providing for such periodic subsidies   shall guarantee their payment over such fixed period of years. The faith   of  the  state  is  pledged  to  the  payment  of all periodic subsidies   contracted for by the commissioner. Such  periodic  subsidies  shall  be   paid  upon  the audit and warrant of the state comptroller upon vouchers   approved by the commissioner.No state subsidy shall be made available for any  project  unless  and   until:  (a)  the  municipality  in  which such project is situated shall   contract or have contracted to make subsidies  to  such  project  in  an   amount at least equal to the subsidy contracted to be made by the state,   all  or  any  part  of  which  municipal  subsidy  may be in the form of   exemption of the project from county, city, village,  town,  school  and   special  district  taxes  to the extent specified in subdivision four of   section fifty-two of this chapter; (b) the findings required by  section   seventy-one  of  this  chapter  have been made by the commissioner. Such    findings shall be conclusive evidence of  the  facts  therein  contained   except  upon  proof of fraud or willful misfeasance by the commissioner.   For the purpose of determining the amount of subsidy to  be  paid  by  a   municipality  in  any  year  pursuant to clause (a) of this paragraph, a   project shall be deemed to have been granted tax exemption for that year   for so much of the actual incurred development cost of  the  project  at   the close of the period for which state subsidy is payable as represents   an  increase over the assessed valuation of the real property, both land   and improvements, included in the project on the date  of  the  contract   for  a state subsidy, notwithstanding the fact that at the close of such   period tax assessments or assessment-rolls reflecting the  actual  value   of the project have not as yet been prepared, entered, or completed, nor   that  the due date for the payment of the taxes has not as yet occurred,   and provided further that whenever  there  has  been  a  change  in  the   overall level of assessment and the commissioner of taxation and finance   has certified a percentage change in the level of assessment pursuant to   the provisions of subdivision four of section fifty-two of this chapter,   the  value of the tax exemption shall be computed by multiplying the tax   rate which is to be applied to the  assessed  value  deemed  to  be  tax   exempt  under  this  paragraph  by the percentage change in the level of   assessment plus one hundred percent.