N.Y. Private Housing Finance Law 1113 – General and administrative provisions
§ 1113. General and administrative provisions. 1. The corporation shall issue and promulgate rules and regulations for the administration of this article. The rules and regulations shall include provisions concerning eligibility of grantees for state financial assistance; funding criteria and the funding determination process; supervision and evaluation of the contracting grantees; reporting, budgeting and recordkeeping requirements; provisions for modification, termination, extension and renewal of contracts; and such other matters not inconsistent with the purposes and provisions of this article as the corporation shall deem necessary, proper or appropriate. Grantees shall deposit any funds received from the repayment of loans or interest received on loans into the affordable home ownership development account. The corporation may provide technical services and assistance or contract to provide technical services and assistance to grantees to comply with the provisions and intent of this article which services and assistance may include but shall not necessarily be limited to construction skills training, site selection, financial packaging and engineering and architectural services necessary for the preparation of proposals for entering into contracts or for the continued operation of projects.
Terms Used In N.Y. Private Housing Finance Law 1113
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. (a) The corporation shall provide the commissioner of housing and community renewal, on a timely basis, with the data and other information necessary to compile the report or reports required pursuant to § 20 of the public housing law.
(b) The corporation shall, on or before September fifteenth in each year, submit a proposed budget for the operation of the corporation for its next fiscal year to the director of the budget for his review. The chairman of the corporation shall also deliver a copy of such budget to the chairman of the senate finance committee and the chairman of the assembly ways and means committee at the same time that the budget is delivered to the director of the budget. The budget shall include the total amount needed for corporate purposes, including the funds required by the corporation for its general and administrative expenses, the source of all funds that the corporation expects to receive and such other information as the director of the budget shall require.
3. The corporation shall require the submission of 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.