N.Y. Private Housing Finance Law 1222 – Main street contracts
§ 1222. Main street contracts. 1. Within the limit of funds available in the main street program, the corporation is hereby authorized to enter into contracts with eligible applicants to provide financial assistance for the actual costs of a main street program. The financial assistance shall be either in the form of payments, grants or loans, as the corporation shall determine. No more than fifty percent of the total amount awarded pursuant to this article in any fiscal year shall be allocated to main street programs located within any single municipality.
Terms Used In N.Y. Private Housing Finance Law 1222
- 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.
- Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1221
- Eligible applicant: shall mean a unit of local government or not-for-profit corporation in existence for a period of one or more years prior to application, which is, or will be at the time of award, incorporated under the not-for-profit corporation law and has been engaged primarily in community development activities. See N.Y. Private Housing Finance Law 1221
- 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.
- Persons of low income: shall mean those persons and families whose incomes do not exceed ninety percent of the area median income for the county in which a project is located as calculated by the United States department of housing and urban development. See N.Y. Private Housing Finance Law 1221
- program: shall mean a proposal by an eligible applicant for a specific work or series of works for the revitalization and improvement of an eligible area through the creation, preservation or improvement of residential housing units; local commercial facilities; public facilities or other aspects of the area environment. See N.Y. Private Housing Finance Law 1221
2. The total payment pursuant to any one contract shall not exceed five hundred thousand dollars and the contract shall provide for completion of the program within a reasonable period, as specified therein which shall not in any event exceed two years from its commencement. Upon request, the corporation may extend the term of the contract for up to an additional two year period for good cause shown by the eligible applicant.
3. The corporation may authorize the eligible applicant to spend up to seven and one-half percent of the contract amount for approved planning and administrative costs of carrying out a program.
4. The corporation shall provide technical assistance and training to eligible applicants to help communities with their efforts to preserve and revitalize main street and downtown business districts consistent with the legislative findings and purpose of this article.
5. The corporation shall require that, in order to receive funds pursuant to this article, the eligible applicant must submit a plan which shall include but not be limited to program feasibility, leveraging of other resources, impact on the community, affirmative action and minority business participation.
6. If the eligible applicant is a not-for-profit corporation, its officers, directors and members must be representative of the residents and other legitimate interests of the community.
7. The owner of a property improved with funds made available under this article must agree for a minimum of five years to: maintain the property in good operating order and condition; to make available and maintain the affordability of residential housing units to persons of low income; and to obtain the consent of the corporation prior to making alterations to the property or changing its use.