N.Y. Comp. Codes R. & Regs. tit. 9 § 440.3

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

Section 440.3 - 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) except with respect to property owned by the State, 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 which establishes to the satisfaction of the commissioner that the project sponsor's interest in the property is of sufficient duration and stability to assure that the project sponsor will be able to comply with this Subchapter.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 440.3