N.Y. Comp. Codes R. & Regs. tit. 21 § 2164.5

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2164.5 - Methodology proposed to meet the need

(a) A feasibility study and market analysis of the proposal, including but not limited to:

(1) estimated total development costs, including but not limited to direct and indirect construction costs, land costs, builders' or developers' profits, and legal, architectural and inspection fees, as applicable;

(2) the anticipated sales price, if applicable, and carrying costs of the homes to the homeowner; and

(3) the income levels to be targeted and the gap between such income levels and the income required to carry a home through conventional financing without any governmental assistance.

(b) A development plan which includes:

(1) the amount and method of assistance (payments, loans, grants);

(2) the location and number of housing units to be assisted and type (new construction, rehabilitation or home improvement), including the number of rental units, if any, to be made available in two- to four-unit buildings;

(3) the methods to be employed to ensure that, if there are existing tenants in two-to four- unit buildings, such tenants are not permanently displaced as a result of the proposal and in the event that temporary relocation is required, a plan for such temporary relocation;

(4) the methods to be employed to reduce construction costs and contain purchase prices and operating costs for home buyers, including innovative, cost effective design techniques and building materials, if any, which would reduce costs related to units treated under the proposal;

(5) the methods to be employed to outreach and market to low and moderate income individuals and families; and

(6) the methods to be employed to ensure fair and equitable access to assistance under the plan, including procedures for affirmative outreach to persons not otherwise likely to apply for assistance, advertizing plans, the system for selection of home buyers, and a description of any proposed preference or priority to be accorded to any person applying to participate in the project.

(c) A description of the method used to ensure that persons who purchase or improve homes which benefit from the project or program are persons who, through the ordinary, unaided operation of private enterprise, would be unable to purchase or improve homes, including but not limited to:

(1) the adoption of income limits or targeting to the lowest possible income segment in area;

(2) the method applicant intends to employ to assure that the homes continue to be affordable to individuals and families whose incomes are within the income limits established; and

(3) a description of any requirements beyond the minimum requirements set forth in section 2163.2(g) or (h) of this Title, whichever is applicable, and the method to be used to implement such requirements concerning the limitation of the resale price of homes or the recapture of the assistance provided under the act if the home buyer does not occupy the home as his/her principal place of residence for the minimum occupancy period required in accordance with such applicable section of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 2164.5