Section 65-A - Permanent housing projects for homeless families1. Site identification; initial project description. For each proposed permanent housing project for homeless families, the city will identify a site or sites for development of permanent housing for homeless families. If the site or sites are proposed to the board for rehabilitation, any building or buildings on the site must be vacant. Prior to any action by the board, the city must submit to the board an initial project description which sets forth, to the extent known, (a) a detailed physical description of the property and the number of eligible homeless families estimated to be served by the project; (b) the tenant population that will be served by the project and how the project will address the needs of these tenants; (c) a description of other funding sources that will be used to develop the project, if any; (d) the category of permanent housing proposed to be established; (e) a plan which provides that the units for eligible homeless families provided under this article will to the maximum extent practicable be occupied by eligible homeless families referred from hotels, motels or shelters that are regulated by title eighteen of the official compilation of codes, rules and regulations of the state of New York; (f) where relevant, information stating whether the city intends to convey the project to a not-for-profit corporation or housing development fund company, and, unless stated otherwise, it will be assumed that the city will hold title to the project once completed; (g) a proposed development timetable; (h) the names, addresses and business background of the principals involved, the nature of their fiduciary relationship and their financial relationship, past, present and future, to the project and to each other; (i) information regarding the operation of such project and the affordability of such project for eligible homeless families; and (j) such other information as the board may require. The board will also require in the project description that the costs associated with the construction or rehabilitation of those portions of projects that are not designed for occupancy by eligible homeless families are paid for by other funding programs or sources, and that completed projects must meet all applicable city or state codes governing such construction or rehabilitation. With the approval of the city, a not-for-profit corporation, housing development fund company or a person, firm or corporation that will agree to limit its profits or rate of return of investors in accordance with a formula established or approved by the agency, may submit to the board one or more sites along with a project description in the form prescribed above. 2. After receipt of the initial project description described above, the board will review each proposed site and identify those sites that the board finds suitable for construction or rehabilitation for permanent housing for eligible homeless families. No site may be considered by the board unless the project proposed for the site will carry out the objectives of the homeless families plan most recently submitted to the council of the city by the New York city human resources administration. In its review, the board will give preference to those projects that will result in the lowest costs per unit, can be completed in the least amount of time, serve the greatest need for such housing and also provide housing for occupants who are not eligible homeless families.3. After it has completed its review, the board shall advise the mayor of the city of its recommendations concerning the suitability of proposed sites for development as permanent housing for the homeless. No project shall be undertaken by the agency pursuant to this article unless the project site has been approved by the advisory board.N.Y. Priv. Hous. Fin. Law § 65-A