N.Y. Private Housing Finance Law § 1106-d: Selection of eligible applicants for grants or loans under this article

§ 1106-d. Selection of eligible applicants for grants or loans under

this article. 1. Prior to providing grants or loans to an eligible

applicant pursuant to this article, the corporation shall determine

that:

(a) eligible applicants can demonstrate by their past performance or

other objective factors, that they are able to complete a

turnkey/enhanced rental project in a timely, efficient and cost

effective manner;

(b) the turnkey/enhanced rental project will be managed by an eligible

owner or other entity who can demonstrate by its past performance or

other objective factors that it is capable of effectively managing such

a project for the benefit of persons of low income; and

(c) the eligible applicant shall not borrow any funds for the project

without the prior approval of the corporation.

2. In selecting eligible applicants who will obtain grants or loans

pursuant to this article, the corporation shall give preference to

proposals for turnkey/enhanced rental projects which:

(a) will be located in an area which is experiencing a severe shortage

of affordable housing for persons of low income;

(b) will be located in a municipality which will utilize steps to

simplify or expedite processing, where applicable;

(c) will result in the greatest number of quality units and the lowest

costs per unit; and

(d) will rehabilitate or construct small scale, low rise buildings.