N.Y. Private Housing Finance Law § 1106-c: Request for proposals

§ 1106-c. Request for proposals. The corporation, pursuant to a

request for proposals, shall not provide grants or loans under this

article except to an eligible applicant which has submitted an

application in consultation with the eligible owner or owners, which

contains:

1. a development timetable acceptable to the corporation that shall

include the projected time schedule for (a) commencement and completion

of regulatory and review processes and approvals including procedures

for land use and disposition; (b) construction loan closing; and (c)

commencement and completion of construction. Such timetable shall also

include a projected date as to when the units will be available for

occupancy and when such units will be fully occupied and any other

information the corporation deems appropriate;

2. a proposed operating and maintenance budget;

3. an estimate of the total project costs which shall include (a) the

costs necessary for construction or rehabilitation which shall not

exceed a ceiling amount established by the corporation which is

consistent with the reasonable costs of constructing or rehabilitating

projects in the municipality in which the project shall be located, (b)

the costs necessary for working capital and a reserve fund and (c) such

other reasonable costs necessary for the completion of such project;

4. evidence that the municipality within which the turnkey/enhanced

rental project will be located is experiencing a shortage of affordable

housing for persons of low income and the proposed turnkey/enhanced

rental project will contribute to reducing such shortage;

5. the names, addresses and business background of the principals

involved, the nature of their fiduciary relationship and their financial

relationship, past, present and future, to the project and to each

other;

6. the identity of the eligible owner if the eligible owner is not the

eligible applicant; and

7. such other information as the corporation may require.