2023 New York Laws › PVH - Private Housing Finance › Article 32 - New York Housing for the Future Homeownership and Rental Housing Programs › 1291 - New York Housing for the Future Rental Housing Program.

§  1291.  New  York  housing for the future rental housing program. 1.
  Program  establishment.  Within  amounts   appropriated   or   otherwise
  available  therefor,  the division of housing and community renewal, the
  housing trust fund corporation, or  the  housing  finance  agency  shall
  develop  and  administer a program which shall provide assistance in the
  form of payments, grants and loans for the formation  of  income-limited
  rental housing utilizing funding appropriated for such a purpose as well
  as  any  other  funding  source  or  sources  which the commissioner may
  determine is suitable to  support  such  a  program.  Such  program  may
  utilize any appropriate site, including, but not limited to, state owned
  sites,  municipally  owned  sites,  or  sites  owned by a not-for-profit
  corporation or community land trust for the purpose of providing housing
  pursuant  to  this  section.  Real  property  may  be  acquired   by   a
  municipality  for  the purpose of such program as authorized pursuant to
  section five hundred seventy-six-a of this chapter,  provided,  however,
  that  any  acquisitions  or transfers undertaken to further the goals of
  this article pursuant to such  section  shall  not  be  required  to  be
  transferred  to  a  housing  development  fund  company incorporated and
  organized  pursuant  to  section  five  hundred  seventy-three  of  this
  chapter.  Such  program shall provide (a) housing for households with an
  income up to one hundred and thirty percent of area median income at the
  time such household initially occupies a  unit,  provided  further  that
  households  that are initially eligible for the program at the time such
  household initially occupies a unit but realize income gains  subsequent
  to  occupying such unit may be required to pay a surcharge as determined
  by the division of housing and community renewal  or  other  supervising
  agency,  as the case may be, and (b) that housing units created pursuant
  to this section remain affordable in perpetuity.
2. Additional responsibilities. The division of housing and  community
  renewal,  the  housing  trust  fund  corporation, or the housing finance
  agency shall have  the  power  to  issue  regulations,  plans,  guidance
  documents,  or  set  terms  in  regulatory  agreements to implement such
  program and the process for: (a) renters  leasing  a  unit  which  shall
  include  both  confirming income qualifications as well as a restriction
  on the maximum amount of assets  any  qualified  renter  may  have;  (b)
  selecting new households eligible to rent housing which has been vacated
  by  a  previous  renter; and (c) the creation of boards of directors for
  such  income-limited  rental  housing  companies  established  by   this
  chapter,  provided however that such boards shall have the powers and be
  subject to the limitations contained in the  not-for-profit  corporation
  law  in  the same manner and subject to the same exceptions as set forth
  in section thirteen-a of this chapter.
3. Management. All such income-limited rental housing  projects  shall
  be   managed  independently  of  the  residents  of  the  project  by  a
  corporation or not-for-profit corporation determined  qualified  by  the
  division  of  housing and community renewal or other supervising agency,
  as the case may be, in accordance with standards or  guidelines  set  by
  the  division  of  housing  and  community  renewal or other supervising
  agency, as the case may be. Any regulatory agreement  that  is  executed
  for  such  program  shall  include  a  requirement  that  resident  rent
  increases by a minimum percentage annually to ensure that  such  housing
  continues to be in good repair.
4.  Tax exemptions. Housing for such program shall be eligible for tax
  exemptions in the same manner as projects under article eleven  of  this
  chapter.
5.  Wage requirements. Notwithstanding any law, rule, or regulation to
  the contrary, any project constructed pursuant to this section shall  be
  subject  to prevailing wage requirements in accordance with sections two

  hundred twenty and two hundred twenty-b  of  the  labor  law;  provided,
  however,   such  requirements  shall  not  apply  to  construction  work
  performed under a pre-hire collective bargaining  agreement  between  an
  owner or developer and a bona fide building and construction trade labor
  organization  which  has established itself and/or its affiliates as the
  collective bargaining representative for all persons  who  will  perform
  work  on  such  a  project, and which provides that only contractors and
  subcontractors who  sign  a  pre-negotiated  agreement  with  the  labor
  organization can perform work on such a project.