N.Y. Private Housing Finance Law § 1053: Contracts for rural area revitalization projects

§ 1053. Contracts for rural area revitalization projects. 1. The

corporation may, in the name of the state, enter into contracts with

qualified applicants for the performance of rural area revitalization

projects.

2. The corporation may enter into a contract pursuant to this section

only if he determines that:

(a) the region to be served is a portion of the rural area of the

state which is in need of revitalization and can benefit from a program

carried out by one or more locally based groups.

(b) the applicant organization, or any predecessor organization, has

had appropriate experience in community preservation activities; that it

has, or shows that it can acquire, the capability and expertise to

undertake successfully the proposed project; and that it is managed and

directed by persons representative of the region within which it

operates.

(c) the project or projects, alone or in combination with other

proposed activities of the applicant or others, will be likely to

contribute in a significant way towards the revitalization and general

community renewal of the region.

3. Each contract pursuant to this section shall provide for payment by

the corporation for the activities to be carried out pursuant to the

contract. Such payment shall be based on the projected costs of such

activities and the other sources of funding which may be available to

the applicant (including, if applicable, funding pursuant to article

seventeen of this chapter) from any source. Up to ten percent of the

program or project cost may be used for the qualified applicant's

operating expenses including expenses related to organization operating

support and administration of the contract. The total state payment

pursuant to any one contract shall not exceed two hundred thousand

dollars.

4. The contract shall provide for completion of the project within a

reasonable period, as specified therein, which shall not in any event

exceed two years from its commencement.

5. For any application for such a contract under this article, the

corporation shall provide the applicant with a list of conditions that

must be met prior to entering into a contract pursuant to this article.

Within fifteen working days of receipt by the corporation of all

documents in satisfaction of the list, the corporation shall notify the

applicant of the sufficiency or insufficiency of the documents. After

satisfaction by the applicant of all conditions required by the

corporation prior to entering into a contract the corporation shall

enter into the contract within forty-five working days of satisfaction

of such conditions.