N.Y. Private Housing Finance Law 1262 – Residential emergency services to offer home repairs to the elderly contracts
§ 1262. Residential emergency services to offer home repairs to the elderly contracts. 1. Within the limit of funds available in the residential emergency services to offer home repairs to the elderly program, the corporation is hereby authorized to enter into contracts with eligible applicants to provide financial assistance for the actual costs of a residential emergency services to offer home repairs to the elderly program. The financial assistance shall be either in the form of grants or loans, as the corporation shall determine. Funds must be used for one- to four-unit dwellings that are owned and occupied by eligible households, and work undertaken cannot exceed twenty thousand dollars per building. No more than fifty percent of the total amount awarded pursuant to this article in any fiscal year shall be allocated to any residential emergency services to offer home repairs to the elderly program located within any single municipality.
Terms Used In N.Y. Private Housing Finance Law 1262
- 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 1261
- 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 housing and community development activities. See N.Y. Private Housing Finance Law 1261
- 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. From the date of the emergency referral, all repairs must be completed within sixty business days of the start of the repairs provided, however, that the commissioner shall grant the eligible applicant additional time for good cause.
3. 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.
4. The corporation shall authorize the eligible applicant to spend ten percent of the contract amount for approved planning and administrative costs associated with administering the program.