NY Priv Hous Fin L § 1004 (2021)
2021 New York Laws PVH - Private Housing Finance Article 17 - Housing and Community Preservation in Rural Areas 1004 - Payments Pursuant to Contracts.

§  1004. Payments pursuant to contracts. 1. Each contract entered into pursuant to this article shall provide for payment  to  the  corporation for  the  housing  preservation  and  community renewal activities to be performed by it.   2. Payments pursuant to this  section  shall  be  restricted  to  sums required  for  the  compensation of persons employed by, and consultants retained by, the corporation  for  the  performance  of  the  activities covered by the contract and other costs and expenses directly related to such employees and consultants.   3.  No part of any such payment shall be used to defray in whole or in part the cost of acquisition, improvement, rehabilitation, operation  or demolition  of any building or other structure, but this provision shall not prohibit the use of such funds for planning any such activity or for the  expenses  of  providing  office  and  related  facilities  for  the corporation  for  use  in  carrying  out  its activities pursuant to the contract. Payments shall be made by the division to the  corporation  at such  periods,  not  less  frequently  than  semi-annually,  as shall be provided in the contract. Such payments shall be made at or prior to the commencement of each such time period, to compensate the corporation for the activities which are to be  carried  out  during  such  time  period provided,  that  with respect to contracts entered into on or after June thirtieth, nineteen hundred ninety-seven the first such payment shall be made by the division beginning on or after July first of the fiscal year for which an appropriation in support  of  such  payment  was  made  and provided further that the final such payment to the corporation shall be made  no  later than March thirty-first of such fiscal year, unless such payment has been withheld pursuant to subdivision eight of  section  one thousand three of this article.   4.  In negotiating each contract, the division shall consider and take into account any and all other sums available or anticipated to be  made available  to the corporation from any and all sources which may be used to defray the costs of the housing preservation  and  community  renewal activities  set  forth  in  the contract, including, without limitation, fees  generated   by   the   management   of   housing   accommodations, contributions   from   private   foundations,  corporations,  firms  and individuals and funds received under grants and  contracts  pursuant  to any  program  or  programs  operated or administered by any governmental agency or instrumentality and shall make a determination that  the  sums available  or  anticipated to be made available for the corporation from such other sources, together with the value of services to  be  rendered for  the benefit of the corporation for which payment is not required to be made by  such  corporation,  amount  to  at  least  thirty-three  and one-third percent of the amount of such contract.   5.   When   disbursing   funds   for   contracts  with  not-for-profit corporations, pursuant to section one thousand three  of  this  article, the  division  shall  use the following criteria, formulas and tables to determine the distribution of funds:  (a) (i) The total unmerged corporation funding shall equal the current number of unmerged corporation contracts multiplied  by  the  per  group award.  (ii) The unmerged corporation funding shall equal the per group award.  (iii)   The   merged  corporation  funding  shall  equal  the  funding modification multiplied by the per group award.  (b) Merged corporation funding shall be determined  on  an  individual basis for each not-for-profit corporation. The following tables show the funding modification to be used:  (i)  In  the  case  of  two  not-for-profit  corporations merging, the following table shall be used:            Years since      Funding             merger       modification               1              200%               2              190%               3              180%               4              170%               5              160%               6              150%  (ii)  In  the  case  of three not-for-profit corporations merging, the following table shall be used:           Years since      Funding              merger      modification               1             300%               2             290%               3             280%               4             270%               5             260%               6             250%               7             240%               8             230%               9             220%              10             210%              11             200%  (iii) In the case of four or more not-for-profit corporations merging, the following table shall be used:           Years since      Funding              merger      modification               1             400%               2             390%               3             380%               4             370%               5             360%               6             350%               7             340%               8             330%               9             320%              10             310%              11             300%              12             290%              13             280%              14             270%              15             260%              16             250%  (c) If a  not-for-profit  corporation  that  has  undergone  a  merger continues  to  renew  their contract beyond the timeframes listed in the above tables, it shall  have  its  funding  determined  using  the  last funding modification listed.  (d)   The  merged  corporation  savings  shall  be  determined  on  an individual basis for each merged corporation. It shall be calculated  by subtracting  the amount of such corporation's merged corporation funding from the amount the merged corporations would have received if they  had maintained separate contracts.  (e)  The per group award shall equal the total funding available minus the amount for the contract with the rural preservation coalition  which shall  equal  the  total  unmerged  company  funding plus the sum of the merged company funding.