2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 18-A - (1106 - 1106-J) LOW INCOME TURNKEY/ENHANCED HOUSING TRUST FUND PROGRAM
1106-I - General and administrative provisions of this article.

 
    §  1106-i.  General  and administrative provisions of this article. 1.
  The corporation shall provide for the review, at periodic  intervals  at
  least  annually, of the performance of eligible applicants to the extent
  applicable and eligible owners under contract pursuant to this  article.
  Such   review  shall,  among  other  things,  be  for  the  purposes  of
  ascertaining conformity to  contractual  provisions  and  the  financial
  condition of the project.
    2.  The  provisions  of  section  eleven hundred three of this chapter
  shall apply to this article.
    3. Paragraph f of subdivision three of section eleven hundred  two  of
  this  chapter  shall  apply  to  this  article. For the purposes of said
  paragraph a turnkey/enhanced rental project shall  be  deemed  to  be  a
  rental project.
    4.  The  corporation  shall deposit any recaptured funds or funds from
  the  repayment  of  loans  and  interest  received  on  loans  into  the
  turnkey/enhanced housing account.
    5.  Notwithstanding  any  other provision of law, payments, grants and
  loans may be deposited  by  the  corporation  directly  with  a  lending
  institution at or before the time of initial loan closing pursuant to an
  escrow agreement satisfactory to the corporation.
    6.  In  addition  to  the information contained in the report required
  pursuant to section twenty of the public housing  law,  the  corporation
  shall,  on  or before October first in each year, submit a report to the
  governor, the temporary president of the  senate,  the  speaker  of  the
  assembly  and  the minority leader of the senate and the minority leader
  of the assembly which shall include (i) the name of the  eligible  owner
  of  the turnkey/enhanced housing trust fund project if such owner is not
  also the eligible applicant; (ii) the  actual  development  schedule  to
  date  for  each  project;  and  (iii)  a list of the number of units per
  project that upon initial occupancy were occupied by  homeless  families
  who  previously resided in hotels, motels or shelters that are regulated
  under title eighteen of the official compilation  of  codes,  rules  and
  regulations  of the state of New York, and a list of names and locations
  of such hotels, motels or shelters.