2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 27 - (1230 - 1232) RURAL AND URBAN COMMUNITY INVESTMENT FUND PROGRAM
1232 - Rural and urban community investment fund.

 
    §  1232.  Rural and urban community investment fund. 1. Within amounts
  appropriated or otherwise available therefor,  the  housing  trust  fund
  corporation  shall  develop  and  administer a rural and urban community
  investment fund program which shall provide assistance in  the  form  of
  payments,  grants and loans for reasonable and necessary expenses, to an
  eligible applicant for the  creation,  preservation  or  improvement  of
  affordable  housing; or the creation, preservation or improvement of the
  commercial, retail  or  community  facilities  component  of  mixed  use
  affordable  residential  developments,  in  rural and urban areas of the
  state.
    2.  Program  criteria.  The  corporation  shall  develop   procedures,
  criteria  and  requirements  related  to  the  application  and award of
  projects pursuant to this  section  which  shall  include:  eligibility,
  market   demand,   feasibility   and   funding   criteria;  the  funding
  determination  process;  supervision  and  evaluation   of   contracting
  applicants;   reporting,   budgeting  and  record-keeping  requirements;
  provisions for modification and termination of contracts; and such other
  matters not inconsistent  with  the  purposes  and  provisions  of  this
  article as the corporation shall deem necessary or appropriate.
    3.  Fund allocation. Sixty percent of the total funds awarded pursuant
  to this article in any  fiscal  year  shall  be  allocated  to  projects
  located  in  urban  areas of the state. Forty percent of the total funds
  awarded pursuant to this article in any fiscal year shall  be  allocated
  to projects located in rural areas of the state.
    4.  Funding  criteria. A one-third match requirement shall be required
  of any eligible applicant, which may include donated property, materials
  or labor and other resources, and  may  be  reduced  or  eliminated  for
  projects located within a declared disaster area.
    5.  Funding  and annual report. The corporation in its sole discretion
  shall authorize all funding decisions and make all award  announcements.
  The  corporation  shall, on or before December thirty-first in each year
  submit a report  to  the  legislature  on  the  implementation  of  this
  article.  Such  report  shall  include,  but not be limited to, for each
  award made to a grantee under this article: a description of such award;
  contract amount and cumulative total; the specific activities  in  rural
  and  urban  areas performed by such grantee; the amounts of match monies
  received by the grantee from sources other than payments  made  pursuant
  to  this  article;  and  such other information as the corporation deems
  pertinent.