N.Y. Private Housing Finance Law 1202 – Access to home contracts
§ 1202. Access to home contracts. 1. Within the limit of funds available in the access to home program, the corporation is hereby authorized to enter into contracts with eligible applicants to provide financial assistance for the actual costs of an access to home program. The financial assistance shall be either in the form of 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 access to home programs located within any single municipality.
Terms Used In N.Y. Private Housing Finance Law 1202
- 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 1201
- Eligible applicant: shall mean a city, town, village 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 substantial experience in adapting or retrofitting homes for persons with disabilities. See N.Y. Private Housing Finance Law 1201
- 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.
- programs: shall mean a series of activities by an eligible applicant to administer funds to provide either loans or grants to homeowners and renters and to oversee the adaptation or retrofitting of eligible properties. See N.Y. Private Housing Finance Law 1201
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 three years from its commencement. Upon request, the corporation may extend the term of the contract for up to two additional one year periods for good cause shown by the eligible applicant.
3. The corporation may authorize the eligible applicant to spend up to seven and a half percent of the contract amount for approved administrative costs associated with administering the program.
4. The corporation shall require that, in order to receive funds pursuant to this article, the eligible applicant shall submit a plan which shall include, but not be limited to, program feasibility, impact on the community, budget for expenditure of program funds, a schedule for completion of the program, affirmative action and minority business participation.