N.Y. Private Housing Finance Law 1106-G – Adjustment of rents; income verification
§ 1106-g. Adjustment of rents; income verification. Notwithstanding any other provision of law, no grants or loans shall be provided pursuant to this article unless an eligible owner has agreed to require the tenants and occupants residing in the housing project or projects to submit an annual income affidavit as prescribed by the corporation, together with proper documentation as and if prescribed by the corporation, as the case may be. Upon submission of such affidavit and documentation, if any, the eligible owner shall adjust the rent of a tenant pursuant to a procedure established by the corporation by regulation which procedure shall, to the extent economically feasible, maintain the affordability of such project to such tenants. If the tenant or occupant shall fail to submit such affidavit and documentation, or if such verification as prescribed by the corporation shall result in a disagreement caused by understatement of income and the tenant shall have failed to correct such original affidavit and documentation on forms specified by the corporation within sixty days of notification by certified mail by the eligible owner addressed to the tenant, the eligible owner shall in addition to the last rent assess such tenant or occupant a surcharge which shall equal the difference between the tenant's last rent and the rent the tenant would otherwise have to pay had the grant or loan provided under this article been made as a loan at the prevailing market rate of interest and requiring thirty year amortization at the time the grant or loan was made. The provisions of any other law to the contrary notwithstanding, solely for the purpose of verification of income, the corporation may contract with the department of taxation and finance for services performed by such department in verifying income information forwarded by the corporation or the eligible owner to such department. Nothing contained herein shall be construed to authorize the corporation to contract with such department to provide any income information whatsoever and such agreement shall be limited solely to the verification of income information. No officer or employee of the corporation, the New York state housing finance agency, the division of housing and community renewal or the eligible owner shall be subject to any civil or criminal liability by reason of his forwarding to the department of taxation and finance of any income information pursuant to this section, unless (i) such information is knowingly and willfully materially misrepresented by such officer or employee or (ii) such information is knowingly and willfully divulged to any person, except in the discharge of such officer's or employee's duties solely for the purpose of verification of income, for any reason whatsoever. The corporation shall promulgate rules and regulations to effect the provisions of this section provided however that the corporation need not promulgate rules and regulations in the event the corporation adopts procedures which are substantially similar to the rules and regulations adopted by the commissioner pursuant to section sixty of this chapter. The provisions of the state freedom of information act shall not apply to any income information obtained by an eligible owner, division of housing and community renewal, New York state housing finance agency or the corporation, pursuant to the provisions of this section.
Terms Used In N.Y. Private Housing Finance Law 1106-G
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Amortization: Paying off a loan by regular installments.
- 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.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC