New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter IV - State-assisted Housing Constructed By Private Enterprise › Subchapter C - Housing Company Management › Part 1728 - Budget And Fiscal › Subpart 1728-1 - Budget/rent Determination Procedure › Section 1728-1.2 - Procedure and time schedules

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						Preparation and approval of biennial budget.
(1) The company shall submit a proposed
						budget for the two succeeding one-year periods, in a format prescribed by the
						division, at least 165 days prior to the commencement of the applicable
						two-year period. The division shall issue to the housing company a directive
						requiring such submission, together with necessary forms and instructions, at
						least 45 days prior to such deadline.
(2) If, based on the analysis of the proposed
						budget, the division finds that projected revenues for the two-year period will
						be sufficient to fund all housing company obligations, both current and
						arrears, without a rental adjustment, it shall grant approval to the housing
						company of the two one-year budgets. Such approved budget may be as submitted
						by the company, as modified by the division, or as prepared by the division, as
						the case may be.
(3) If the
						division finds that projected revenues for the applicable two-year period do
						not appear to be sufficient to fund all obligations without a rental
						adjustment, or if the company has applied for such an adjustment in connection
						with its budget submission, then:
(i) final
						approval of the budget shall take place upon conclusion of the rent
						determination procedure as set forth in subdivision (b) of this section;
						and
(ii) rental housing companies'
						tenants' associations, whose certification by the housing company has been
						approved by the division, will receive advance notification from the division
						of such pending procedure and be advised to implement the established procedure
						for retaining the services of an accountant.
(4) Were none of the factors listed in
						paragraphs (j)(1) through (8) of this section are present, the projections by a
						housing company, other than a mutual housing company, do not result in an
						increase in rent or carrying charges that exceed the percentage increase, as
						indicated by the change in the regional consumer price index for all urban
						consumers, New York-Northern New Jersey-Long Island, NY-NJ-CT-PA, under the
						sub-category of "Rent of primary resident," as established the preceding
						October ("CPI-U, New York-Northern New Jersey-Long Island, NY-NJ-CT-PA, Rent of
						Primary Residence, Not Seasonally Adjusted, 12 month percentage change for the
						12 months ending October"), the division shall limit its independent
						projections of the proposed budget to utilities and insurance and those other
						budget items which in the experience of the division with such housing company:
(i) are most susceptible to significant
						variations within the period covered by the proposed budget; and
(ii) would have a significant effect on any
						adjustment to rent or carrying charges.