N.Y. Comp. Codes R. & Regs. tit. 9 § 431.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 431.3 - Project sponsor's interest in real property for development projects

If the project sponsor is not the sole owner of the unencumbered fee of land on which a development project will be undertaken, the following documents will be required to qualify the project sponsor's interest in the property for State assistance:

(a) the agreement of the owner to execute the project agreement and public benefit agreement as guarantor; and

(b) a copy of a lease, easement, contract or memorandum of understanding establishing the project sponsor's interest in the property. Such document shall:

(1) be of sufficient duration and stability to assure that the project sponsor will be able to comply with this Subchapter; and

(2) contain terms and conditions sufficient to ensure a period of public use of at least 23 years from the date on which the final payment on the project is issued by the State Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 431.3