reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-8 - Periodical Financial Reports-operating Period › Section 1647-8.1 - Quarterly financial reports

Current through Register Vol. 46, No. 28, July 10, 2024
Unless the division shall otherwise request, the
						  requirement to submit monthly financial reports consisting of a uniform balance
						  sheet and a schedule of investments (see §
												1646-7.1) shall cease when the
						  project has been declared substantially completed. The requirement to submit
						  quarterly financial reports (see §
												1646-7.2) within 15 days after the
						  end of each calendar quarter shall, however, continue beyond the date of
						  substantial completion into the operating period. Each quarterly financial
						  report submitted subsequent to the date of substantial completion shall
						  include, in addition to the data and schedules prescribed in Table I of section
						  1646-7.2 and such supplementary
						  schedules listed in Table II of section
						  1646-7.2 as are required by the
						  division to be submitted, a statement of income and expense of the project
						  proper on form DH-621, Income and Expense--Budget Control Statement, in an
						  original and a duplicate, form DH-621 shall be numbered schedule No. 13 of the
						  quarterly financial report. Quarterly financial reports for the quarter ending
						  March 31, beginning with the year in which the date of substantial completion
						  falls, shall further include, in an original and duplicate, a reconciliation of
						  reserve fund and reserve accounts (see §
												1647-5.5) and a schedule of
						  replacement reserve transactions (see §
												1647-4.9) which shall be numbered
						  schedules no. 14 and no. 15, respectively of the report.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-8 - Periodical Financial Reports-operating Period › Section 1647-8.3 - Reconciliation of reserve fund and reserve accounts

Current through Register Vol. 46, No. 28, July 10, 2024
This schedule shall be submitted, in an original and
						  duplicate, with the financial report submitting [sic] during the operating
						  period for the last quarter of the fiscal year, ending on March 31. The
						  preparation of this schedule is described in section
						  1647-5.5.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-8 - Periodical Financial Reports-operating Period › Section 1647-8.4 - Schedule of replacement reserve transactions

Current through Register Vol. 46, No. 28, July 10, 2024
This schedule shall be submitted, in an original and
						  duplicate, with the financial report submitted during the operating period for
						  the last quarter of the fiscal year, ending on March 31. The preparation of
						  this schedule is described on[FN*] section
						  1647-4.9.
[FN*] So in original. Apparently should read
						  "in".
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-1 - State Subsidies › Section 1648-1.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of the periodic subsidies paid by the State
						  to a local agency under a contract for State aid is to assist in achieving and
						  maintaining the low rent character of a project, in accordance with the Public
						  Housing Law. The State subsidy is therefore paid against the operating deficit
						  of a project incurred subsequent to the date of substantial
						  completion.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-1 - State Subsidies › Section 1648-1.2 - Statutory limitations

Current through Register Vol. 46, No. 28, July 10, 2024
The Public Housing Law places the following limitations
						  on the payment of State subsidies:
(a)
						Maximum State subsidy. The State subsidies actually paid will vary each year
						with the operating deficit of a project, but no State subsidy may be paid in
						excess of the maximum amount stipulated in the Public Housing Law. The maximum
						amount of State subsidy payable in any one year on any one project cannot
						exceed a sum equal to the largest annual interest charge on funds borrowed from
						the State to finance such project, exclusive of funds borrowed for working
						capital, plus one per cent of the project cost. However, 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 State subsidy may equal but cannot
						exceed the largest annual interest charge on all borrowed funds, plus one per
						cent of the project cost or three and one-half per cent of the project cost
						whichever is less.
(b) Matching
						local subsidy. The law provides that no State subsidy shall be available for
						any project unless and until the municipality in which such project is situated
						shall contract to make subsidies to such project in an amount at least equal to
						subsidy contracted to be made by the State. However, all or any part of such
						municipal subsidy may be in the form of exemption from local or municipal taxes
						to the extent specified in section 73 of the law. In practice, these provisions
						mean that the local subsidy, including the tax exemption subsidy, must at all
						times match the State subsidy but may at times exceed it.
(c) Appropriations for State subsidies. State
						subsidies are payable on an annual basis out of moneys appropriated therefor by
						the State legislature. Time is of the essence in submitting requisitions for
						State subsidies (see Subpart 1648-3), particularly where such subsidies are
						required in connection with debt service.
(d) Fixed period of years. State subsidies
						are payable over a fixed period of years not exceeding the life of the project,
						but in any event not exceeding 50 years. The period of years over which the
						State subsidy is payable will, ordinarily, be stated in the contract for State
						aid. The fixed period of years over which the State subsidy is payable
						commences on the date of substantial completion of the project, as determined
						by the commissioner.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-2 - Local Subsidies › Section 1648-2.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of local subsidies, like that of State
						  subsidies, is to assist in achieving and maintaining the low rent character of
						  a project. All or part of a local subsidy may be in the form of tax exemption
						  (see §
												1648-2.2, below) but the aggregate
						  local subsidy for a given year, whether in the form of tax exemption or cash,
						  or both, must at least equal the State subsidy, as where the value of tax
						  exemption is in excess of the amount required to match the State subsidy or
						  where the operating deficit is in excess of the maximum State subsidy, or where
						  the municipality is bound by special provisions of the loan and subsidy
						  contract, to pay a minimum annual cash subsidy.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-2 - Local Subsidies › Section 1648-2.2 - Tax exemption subsidy

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subdivision
						4 of section
						52 of the
						Public Housing Law states that the property included in a project may not, in
						any event, be assessed in excess of the actual cost of the project and further
						exempts from taxation that portion of the assessed valuation of the real
						property, both land and improvements, and still retained, in excess of the
						assessed valuation as of the date of the loan and subsidy contract. Section 73
						of the Law states further that all or part of such exemption from local taxes
						may be applied by a municipality as a credit against the local periodic subsidy
						it has contracted to make to match the State subsidy.
(b) The value of the tax exemption subsidy is
						computed by applying the current rates of tax to the difference between the
						current assessed valuation of the project and the assessed valuation of the
						retained land, and improvements thereon, as of the date of the loan and subsidy
						contract. The word "retained" refers to the situation where a local agency,
						subsequent to the acquisition of the site of the project proper, may have ceded
						some land to the municipality for park, playground or street-widening purposes,
						etc., or may have sold some of the land originally acquired. For the purpose of
						computing the value of the tax exemption subsidy for the first year of project
						operations, however, project development cost may, under certain circumstances,
						be substituted for current assessed valuation. The division should be consulted
						in this connection as well as in connection with other special cases which may
						arise, particularly during the first year of project operations. Further
						instructions for computing the value of the tax exemption subsidy are contained
						in section 1648-3.7 in connection with the
						preparation of the subsidy schedule. See also subdivision (b) of section
						1640-6.3 for a fuller discussion of
						the application of sections
						52 and
						73 of the
						Public Housing Law.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-2 - Local Subsidies › Section 1648-2.3 - Local cash subsidy

Current through Register Vol. 46, No. 28, July 10, 2024
Where a loan and subsidy contract specifically so
						  provides, a municipality will be required to pay a local cash subsidy, in the
						  minimum amount specified in the contract, regardless of the value of the tax
						  exemption subsidy. Local cash subsidies may also be required under other
						  circumstances, as where the value of the tax exemption is not sufficient to
						  match the State subsidy, or where the operating deficit is in excess of the
						  maximum State subsidy.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.1 - When submitted

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
						actual and final amount of State subsidy due a project is not known until after
						the close of the fiscal year, and then after audit. The Public Housing Law,
						however, provides that portions of the State subsidy payable for any one year
						may be paid from time to time, as required. Advances of State subsidy against
						the operating deficit of a project may therefore be made at any time during the
						year. Local agencies need not wait until after the close of the year to apply
						for State subsidy for that year but should endeavor to anticipate their needs
						for funds and make timely application for State subsidy as required.
(b) The number of subsidy requisitions which
						may be submitted in a fiscal year and the dates for the submitting of
						requisitions are not fixed but are directly related to the need for funds. It
						will be found that, inasmuch as debt service payments for interest and
						amortization represent the largest single outlays of cash required over the
						year, the timing and frequency of subsidy requisitions will ordinarily be
						governed by the debt service dates. It should be understood, however, that
						subsidy requisitions may be submitted to meet cash needs for other than debt
						service payments. In general, subsidy requisitions should be submitted at least
						45 days in advance of the need for the funds in order to allow the division
						sufficient time to examine the requisition and process the subsidy voucher
						through the other State departments concerned.
(c) The division will be glad to assist and
						advise local agencies in preparing subsidy requisitions, but the primary
						responsibility for making timely requests for subsidy to put the local agency
						in funds to meet all obligations when due rests with the local
						agency.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.2 - Types of subsidy requisitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						Subsidy requisitions may take the following forms:
(1) Requisition for advance of subsidy to
						meet a debt service payment, or other requirements for cash, other than for an
						operating deficit.
(2) Requisition
						for advance of subsidy to meet an operating deficit, actual or
						estimated.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.3 - Subsidy requisition-debt service

Current through Register Vol. 46, No. 28, July 10, 2024
Requisitions for advance of subsidy to meet a debt
						  service payment shall be submitted to the division at least 45 days prior to
						  the date the debt service payment is due to be made to the Comptroller. Each
						  subsidy requisition for debt service shall consist of the following documents
						  and schedules in the indicated number of copies:
Item
..
Number
....................................................................................................
Housing Subsidy Voucher, form HSV.. 1 original and 2
						  conformed
						  copies...............................................................................................................................................................................................................
Forecast of Cash Requirements
...................................................................................................
original and 2 copies
...................................................................................................
Subsidy schedule, form DH-910, sheet
						  ...................................................................................................
1 only
.................................................................................................................................................................................................
original only
..................................................................................................................................................................................
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.4 - Subsidy requisition-operating deficit

Current through Register Vol. 46, No. 28, July 10, 2024
Requisitions for advance of subsidy to meet an
						  operating deficit, which advance may also simultaneously anticipate a need for
						  funds to meet a debt service payment, shall consist of the following schedules
						  and documents in the indicated number of copies:
Item
..
Number
..................................................................................................................................................
Housing Subsidy Voucher, form HSV.. 1 original and 2
						  conformed
						  copies............................................................................
Subsidy Schedule, form
						  DH-910,........................................................................................................................................................
sheets 1 and 2
....................................................................................................................................................................................................................................
Original only
....................................................................................................................................................................................................................................
Uniform Balance Sheet, as at the end
						  ............................................................................
of the most recent calendar quarter
....................................................................................................................................................................................................................................
Original and duplicate
....................................................................................................................................................................................................................................
Statement of Income and Expense for
						  ............................................................................
the fiscal year on form DH-621
....................................................................................................................................................................................................................................
Original and 2 copies
....................................................................................................................................................................................................................................
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.5 - Housing subsidy voucher

Current through Register Vol. 46, No. 28, July 10, 2024
The housing subsidy voucher is a printed form supplied
						  by the division and is shown as Exhibit 1 of Appendix S-13. Each subsidy
						  requisition submitted shall include a housing subsidy voucher, in an original
						  and two conformed copies, executed by the duly authorized officer of the local
						  agency. Housing subsidy vouchers shall be numbered consecutively in the order
						  that subsidy requisitions are made. The amount of the subsidy installment
						  requested shall agree with the forecast of cash requirements (see §
												1648-3.6) if the subsidy
						  requisition is to meet a debt service payment and with item 38, column (1) of
						  the subsidy schedule (see §
												1648-3.7) if the subsidy
						  requisition is to meet an operating deficit.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.6 - Forecast of cash requirement

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						Each subsidy requisition submitted to anticipate a debt service payment, or
						other requirements for cash, other than for an operating deficit shall include,
						in an original and two copies, a forecast of cash requirements. No standard
						form is prescribed for the forecast of cash requirements, inasmuch as
						individual situations will vary widely. A typical forecast of cash requirements
						is, however, shown as Exhibit 2 of Appendix S-13. A study of the exhibited form
						will show that each forecast will consist of two parts, viz: a section in which
						the cash available as of the debt service date is built up from the
						administration fund bank balance as of the close of the most recent calendar
						quarter and the estimated net revenue, from the latter date to the debt service
						date, after deducting from the estimated expenses for the period, the charges
						for debt service and other major items accrued for the period, and a section
						listing the requirements for cash for debt service and other major expenditures
						falling due near the debt service date.
(b) The forecast of a cash requirements is
						supplemented, in a requisition for subsidy for debt service, by sheet 1 of the
						subsidy schedule (see Exhibit 3 of Appendix S-13) in order to indicate that the
						subsidy requested is within the amounts of the maximum State subsidy and the
						value of the tax exemption subsidy, respectively. The amount requested must, of
						course, also be within the anticipated deficit reflected in the approved
						operating budget.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.7 - Subsidy Schedule, form DH-910

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Subsidy Schedule, form DH-910, is a
						printed form, consisting of two sheets, supplied by the division and is shown
						as Exhibits 3 and 4 of Appendix S-13. The subsidy schedule is designed to apply
						the statutory limitations with respect to the maximum amount of State subsidy
						and the matching local subsidy and to compute the amounts of State and local
						subsidies payable for a given fiscal year.
(b) The subsidy schedule has six main
						sections, as follows:
(1) Section A (sheet
						1)--maximum State subsidy. In this section, the maximum amount of State subsidy
						payable for any one year is computed.
(2) Section B (sheet 1)--value of tax
						exemption subsidy. In this section, the tax exemption subsidy which the
						municipality may use to match the State subsidy is computed.
(3) Section C (sheet 2)--net loss for fiscal
						year. In this section, the net loss for the fiscal year, is stated. The net
						loss, against which the State subsidy in being advanced, is reduced by the
						amount of the minimum annual local cash subsidy, if any, stipulated in the
						contract for State aid.
(4) Section
						D (sheet 2)--computation of State subsidy. In this section, the amount of State
						subsidy payable within the statutory limitations on maximum State subsidy and
						matching local subsidy is computed.
(5) Section E (sheet 2)--computation of local
						(city) subsidy. In this section, the amount of local cash subsidy, if any, and
						the local subsidy including the value of tax exemption is computed.
(6) Section F (sheet 2)--summary of subsidy
						requirements. In this section, the requirements for State and local cash
						subsidies, as computed in sections D and E, are adjusted for prepaid and
						accrued subsidies as of the end of the previous fiscal year, and for subsidies
						previously advanced during the current fiscal year. The final amount with
						respect to State subsidy will be in agreement with the State subsidy requested
						on the housing subsidy voucher, where the subsidy requisition is being
						submitted for an advance of State subsidy to meet an operating
						deficit.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-3 - Requisitions For State Subsidies › Section 1648-3.8 - Subsidy requisitions-short fiscal year

Current through Register Vol. 46, No. 28, July 10, 2024
Local agencies are advised to consult with the division
						  before preparing or submitting subsidy requisitions applicable to the year in
						  which the project is declared substantially completed. Special problems may
						  arise in connection with such requisitions, inasmuch as the first fiscal year
						  of operations will ordinarily be a short year of less than 12
						  months.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-4 - Accounting Entries For Subsidies › Section 1648-4.1 - Recording receipt of subsidies

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						All subsidies shall be deposited in the administration fund and credited to
						account 2250, Prepaid State of New York Subsidies, if a State subsidy, and to
						account 2260, Other Prepaid Cash Subsidies, if a local cash subsidy. The entry,
						through the cash receipt register, for a State subsidy would be as follows:
Entry (1):
Debit: Account 1112, Administration fund $XXX
Credit: Account 2250, Prepaid State of New York
						  Subsidies $XXX
(b) The
						credits to accounts 2250 and 2260 shall remain undisturbed therein until the
						close of the fiscal year when the amount of subsidy to be taken into revenue is
						recorded (see §
												1648-4.2, below) unless subsidies
						due as of the end of the previous fiscal year have been accrued, as per section
						1648-4.2. In this event, the
						accrued subsidy shall be transferred by journal entry, as the subsidies become
						available and are received, as follows:
Entry (2):
Debit: Account 2250, Prepaid State of New York
						  Subsidies $XXX
Credit: Account 1141, Accrued Subsidies, State of New
						  York $XXX
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-4 - Accounting Entries For Subsidies › Section 1648-4.2 - Recording subsidy revenue

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
						entry taking subsidy into revenue shall be made at the close of the fiscal
						year, after all adjusting entries have been made and the books are about to be
						closed. At this point, the amount of State subsidy computed as being payable
						against the operating deficit of the project for the fiscal year (see §
												1648-3.7) shall be taken into
						project revenue, to the extent of the credit balance available in account 2250,
						by the following journal entry:
Entry (3):
Debit: Account 2250, Prepaid State of New York
						  Subsidies $XXX
Credit: Account 3810, State of New York Subsidy
						  $XXX
(b) The local cash
						subsidy, if any, payable against the operating deficit for the fiscal year, is
						recorded in a similar manner.
(c)
						If the balances in the prepaid subsidies accounts (account 2250 and 2260) are
						less than the amounts of subsidies computed to be taken into project revenue
						for the fiscal year, or if there are no balances available, the following
						typical journal entry accruing the subsidy, to the extent that the balances in
						the respective prepaid subsidies accounts are not available, shall be made:
Entry (4):
Debit: Account 1141, Accrued Subsidies, State of
New York $XXX
Credit: Account 3810, State of New York Subsidy
						  $XXX
(d) The entries
						closing the books for the fiscal year may then be made (see §
												1647-7.5) local agencies should,
						however, bear in mind that subsidies taken into revenue by them may be subject
						to adjustment as a result of the division's audit and that the final amount of
						subsidy for a given fiscal year will not be definitively determined except
						after such audit.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1648 - Subsidies › Subpart 1648-4 - Accounting Entries For Subsidies › Section 1648-4.3 - Recording tax exemption subsidy

Current through Register Vol. 46, No. 28, July 10, 2024
Simultaneously with the entries recording the State and
						  local cash subsidies (if any) taken into revenue for the fiscal year, the value
						  of the tax exemption subsidy for the year (see §
												1648-3.6) shall be recorded by a
						  journal entry, as follows:
Debit: Memo Account, Subsidies-Tax Exemption..
						  (Cumulative)..
						  $XXX............................................................................
Credit: 3830, Local Tax Exemption Subsidy (Annual)..
						  $XXX............................................................................
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
These rules and regulations relate to the initiation,
						development and operation of limited profit and limited dividend housing
						companies organized under articles 2 and 4 of the Private Housing Finance Law
						and which are subject to the supervision of the Commissioner of Housing and
						Community Renewal of the State of New York. These rules and regulations also
						relate to the limited supervision given to the Commissioner of Housing and
						Community Renewal over limited profit housing companies which are supervised by
						municipalities.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.3 - Separability clause

Current through Register Vol. 46, No. 28, July 10, 2024
If any clause, sentence, paragraph, section or Part of
						these rules and regulations shall be adjudged by any court of competent
						jurisdiction to be invalid, such judgment shall not affect, impair or
						invalidate the remainder thereof, but shall be confined in its operation to the
						clause, sentence, paragraph, section or Part thereof directly involved in the
						controversy in which such judgment shall have been rendered.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.4 - Pending proceedings

Current through Register Vol. 46, No. 28, July 10, 2024
Unless the division directs otherwise, proceedings
						commenced prior to any revisions to this Chapter be continued under the
						regulations under which they were commenced.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.5 - Waiver of requirements of this Chapter and use of alternative procedures

Current through Register Vol. 46, No. 28, July 10, 2024
The requirements of this Chapter may be waived if, in the
						opinion of the commissioner, their application may be shown to effect undue
						hardship or the waiver of such requirements of the use of alternative
						procedures are appropriate to the interests of the housing company, the public,
						the lien holders, the cooperators, or the tenants.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.6 - Duplicative supervisory functions

Current through Register Vol. 46, No. 28, July 10, 2024
The division may modify supervision of a company upon
						finding that duplicative supervisory functions may impose an undue regulatory
						burden or unnecessary expenditure of agency resources, by taking such actions
						as are deemed appropriate, including consolidating supervisory functions
						associated with different programs, and entering into memoranda of
						understanding with other agencies for the allocation of supervisory
						functions.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.7 - Consideration of equities

Current through Register Vol. 46, No. 28, July 10, 2024
In issuing orders under these regulations, the division
						may take into consideration all factors bearing upon the equities involved,
						with due regard for preservation of the subject housing, the rights of the
						tenants and the public interest.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.8 - Modification or revocation of orders

Current through Register Vol. 46, No. 28, July 10, 2024
The division, on application of either party, or on its
						own initiative, and upon notice to all parties affected, my issue a superseding
						determination modifying or revoking any determination issued by it under these
						regulations where the division finds that such determination was the result of
						illegality, irregularity in vital matters or fraud.
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 A - General Provisions › Part 1700 - Scope And Definitions › Section 1700.9 - Prohibition against discrimination

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to section
						602
						of the Private Housing Finance Law, in addition to any and all applicable
						Federal, State and local fair housing and non-discrimination laws and
						regulations, no person shall, because of race, creed, color or national origin,
						or any protected classification under such law or regulations, be subjected to
						any discrimination by any limited profit or limited dividend housing company or
						the private sponsor of such company. The term discrimination shall be deemed to
						include segregation or separation.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.1 - Private Housing Finance Law

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						The basic reference governing the general administration of housing companies
						is the Private Housing Finance Law, effective March 1, 1962. Prior to that
						date, the provisions of the law concerning housing companies were contained in
						articles IX and XII of the Public Housing Law.
(b) Housing companies organized pursuant to
						article II of the Private Housing Finance Law (formerly Public Housing Law,
						article XII) are defined as limited-profit housing companies.
(c) Housing companies organized pursuant to
						article IV of the Private Housing Finance Law (formerly Public Housing Law,
						article IX) are defined as limited-dividend housing companies.
(d) Projects under both programs may be
						available for occupancy on either a rental or a cooperative basis.
(e) Officers of the corporation, members of
						the board of directors, counsel and all other responsible employees should be
						familiar with:
(1) particular law or laws
						under which the company was organized; and
(2) the provisions of the certificate of
						incorporation.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.2 - Loan contract

Current through Register Vol. 46, No. 28, July 10, 2024
The basic references regarding the financing of a
						  housing company are:
(a) building
						loan agreement;
(b) mortgage; and
(c) mortgage note. These documents
						are executed by and between the housing company and the lending agency or
						banking institution.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.3 - Management of housing companies

Current through Register Vol. 46, No. 28, July 10, 2024
This Chapter provides program, policy and technical
						  data and has as its prime objective the adoption and maintenance of proper
						  management standards for housing developments.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.4 - Accounting for limited-profit housing companies

Current through Register Vol. 46, No. 28, July 10, 2024
Operating personnel should utilize the uniform systems
						  of accounts as prescribed by the division.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.5 - Certificate of incorporation

Current through Register Vol. 46, No. 28, July 10, 2024
Members of the board of directors cannot exceed the
						  authority granted in the certificate of incorporation, nor can they perform
						  acts other than those expressed or implied in such
						  certificate.
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 1725 - General Administration › Subpart 1725-1 - Basic References › Section 1725-1.6 - Bylaws

Current through Register Vol. 46, No. 28, July 10, 2024
The housing company must establish bylaws subject to
						  review and approval by the division. Any amendment or alteration to the bylaws
						  is subject to approval by the division. Where the division does not disapprove
						  such bylaws as submitted to it, it shall be considered approved 90 days after
						  full submission of the bylaws and all additional and supporting documentation
						  that might be requested by the division as part of that
						  review.
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 1725 - General Administration › Subpart 1725-2 - Responsibilities Of Board Of Directors › Section 1725-2.1 - Responsibility to public

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Members
						of the board of directors of the housing company, whether rental or
						cooperative, bear a significant public responsibility, since they operate under
						a State-aided program and effectuate public policy by encouraging the building
						and operating of housing projects for families of moderate income.
(b) Board members are entrusted with the
						custody of assets and the administrative control of expenditures representing
						hundreds of thousands of dollars. The custody and control of such sums require
						each member to ensure that buildings, grounds and other assets are kept up to
						high standards so that their value is not impaired and that the annual
						operating expenditures are spent effectively and economically.
(c) Members must exercise judicious control
						of the premises entrusted in their care, including community rooms and public
						spaces.
(d) The board shall adopt,
						and ensure the full implementation of, equal opportunity policies relating to
						employment and housing in accordance with its responsibility to all of the
						people of the State of New York.
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 1725 - General Administration › Subpart 1725-2 - Responsibilities Of Board Of Directors › Section 1725-2.2 - Responsibility to local community

Current through Register Vol. 46, No. 28, July 10, 2024
Board members also have a responsibility to the local
						  community. They help provide one of the means by which the community meets the
						  challenge of adequate housing for its citizens. Through their intelligent
						  administration, they also serve to alert the community to practical solutions
						  of housing problems. These solutions have combined legislative encouragement
						  with the incentive and initiative of private enterprise. Housing companies may
						  obtain division's approval to rent dwelling units to organizations for group
						  homes for homeless children.
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 1725 - General Administration › Subpart 1725-2 - Responsibilities Of Board Of Directors › Section 1725-2.3 - Responsibility to tenants

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						Further, members of the board of directors have an obligation to tenants of
						their projects. Tenants or cooperators will seek and demand the most economical
						operation of the development in order to obtain the lowest possible rent or
						carrying charge. The board must meet this demand without endangering the
						long-term interest of the project, minimizing its essential services or
						impairing proper maintenance.
(b)
						Board members should also involve themselves in tenant activities as these
						afford opportunities for learning about tenant concerns as well as explaining
						the board's position on matters of mutual interest. The board should seek
						integration of the housing project and its activities with those of the
						surrounding neighborhood or community.
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 1725 - General Administration › Subpart 1725-2 - Responsibilities Of Board Of Directors › Section 1725-2.4 - Disclosure of information

Current through Register Vol. 46, No. 28, July 10, 2024
Members of the board of directors have access to a
						  considerable amount of personal information concerning tenants or cooperators.
						  Such information should be held in the strictest confidence and should not be
						  disclosed to any person except insofar as it has a direct bearing on:
(a) the business of the company, or
(b) the division's efforts to
						deter fraud in developments under its supervision, and except to persons duly
						authorized to receive such information.
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 1725 - General Administration › Subpart 1725-2 - Responsibilities Of Board Of Directors › Section 1725-2.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024