New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter V - Urban Renewal › Subchapter B - Housing Trust Fund Corporation › Article 3 - Turnkey Program › Part 1920 - Turnkey Regulations › Section 1920.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All definitions
						set forth in 9 NYCRR section
						1900.3(a) shall be
						applicable to this Part unless otherwise defined herein.
(b)
(1)
						Demolition shall be the complete removal of the structure(s);
(2) Eligible applicant shall be:
(i) a housing development fund company
						incorporated pursuant to Article XI of the Private Housing Finance
						Law;
(ii) a not-for-profit
						corporation or a charitable organization, which has as one of its primary
						purposes the improvement or provision of housing for persons of low income (or
						a wholly owned subsidiary of such corporation or organization);
(iii) a municipality;
(iv) a municipal housing authority;
						or
(v) a person, firm, partnership
						or corporation which has agreed to limit profits or the rate of return of
						investors in accordance with a formula established by the
						Corporation.
(3)
						Eligible owner shall be:
(i) a housing
						development fund company incorporated pursuant to Article XI of the Private
						Housing Finance Law;
(ii) a
						not-for-profit corporation or charitable organization, which has as one of its
						primary purposes the improvement or provision of housing for persons of low
						income (or a wholly owned subsidiary of such a corporation or
						organization);
(iii) a
						municipality;
(iv) a municipal
						housing authority; or
(v) a
						partnership of which at least fifty percent of the controlling interest is held
						by a corporation or organization as defined in subparagraph (ii) of this
						paragraph and which has agreed to limit profits or the rate of return of
						investors in accordance with a formula established or approved by the
						Corporation.
(4) Project
						shall be:
(i) a vacant property converted or
						rehabilitated to residential rental use;
(ii) a newly constructed rental property;
						or
(iii) an existing state-aided
						public housing project where more than 30 percent of its units are
						vacant.
(5) Reserve fund
						shall be a fund or funds to be used in accordance with guidelines established
						by the Corporation for on-going operation and maintenance costs and replacement
						costs.
(6) Total project costs
						shall be the sum of all project costs from all funds, including site
						acquisition, development costs, staff costs, reserve costs and working
						capital.
(7) Turnkey project costs
						shall be those costs for which grants and loans made under the act may be
						used.
(8) Vacant property shall be
						an existing structure which is not occupied.
(9) Working capital fund shall be 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. Said approval shall be based on the
						demonstrated financial needs of the project.