§ 66. Authorized courses of action. For each project, the agency will review and approve or disapprove a final project description containing the information specified in section sixty-five-a of this article. The final project description shall include the identity of the project owner. After consultation with the city and review of responses to requests for proposals and within the limit of funds available in the permanent housing for homeless families fund, the agency shall award such contracts as it deems appropriate to developers in order to provide one or more projects for which it has approved a final project description. In proceeding with a project, the agency is authorized to take such courses of action, including, but not limited to, the following, as may be necessary or useful in enabling the agency to accomplish its purposes:

Terms Used In N.Y. Private Housing Finance Law 66

  • 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.

1. The developer may hold title to the project during development, construction and rehabilitation;

2. In order to facilitate project development, the agency may enter into a license agreement with the holder of the title to the project;

3. Upon completion of construction or rehabilitation of the project by a developer who has taken title to the project, title shall be conveyed in accordance with the approved final project description, or, in the absence of a not-for-profit corporation or housing development fund company designated by the city to receive title to the project, title shall be conveyed to the city.

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