N.Y. Comp. Codes R. & Regs. tit. 9 § 1903.3

Current through Register Vol. 46, No. 36, September 4, 2024

Section 1903.3 - Application evaluation

(a) The corporation shall select proposals for funding from among complete applications from eligible applicants based upon its evaluation of the proposal's consistency with the purposes and policies of the act. Funding shall be awarded in general based upon the following criteria:

(1) degree of benefit to persons of low and very low income;

(2) low-income housing needs in the area proposed for rehabilitation;

(3) project financial feasibility;

(4) overall project design;

(5) administrative plan;

(6) project or program readiness;

(7) the extent to which the project takes advantage of available cost containment measures, including but not limited to project design features, construction technologies and local property tax exemption/abatement;

(8) expertise of the applicant in designing and managing housing rehabilitation; and

(9) the extent to which a Housing Trust Fund award will result in commitment of funds from other sources, including private, nonprofit and governmental sources.

(b) Preference in awarding grants and loans within each project category shall be given to cost effective and economically feasible projects which will provide housing to a substantial number of persons of very low income.

(c) The corporation shall distribute funds so as to address housing needs in all areas of the State where needs exist.

(d) Preference in awarding grants or loans shall be given to applicants who demonstrate a high degree of community involvement and cooperation between community organizations, municipalities and recipients.

(e) In order to obtain the most efficient use of the Housing Trust Fund, the corporation reserves the right to restructure the applicant's proposed terms and conditions of a payment, grant or loan and may award an amount more or less than that requested. The corporation may impose such other conditions in an award as it deems necessary and appropriate.

(f) If the corporation has recaptured funds during the term of a regulatory agreement, it reserves the right to reallocate the funds to other eligible applicants.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1903.3