N.Y. Private Housing Finance Law § 1106-i: General and administrative provisions of this article

§ 1106-i. General and administrative provisions of this article. 1.

The corporation shall provide for the review, at periodic intervals at

least annually, of the performance of eligible applicants to the extent

applicable and eligible owners under contract pursuant to this article.

Such review shall, among other things, be for the purposes of

ascertaining conformity to contractual provisions and the financial

condition of the project.

2. The provisions of section eleven hundred three of this chapter

shall apply to this article.

3. Paragraph f of subdivision three of section eleven hundred two of

this chapter shall apply to this article. For the purposes of said

paragraph a turnkey/enhanced rental project shall be deemed to be a

rental project.

4. The corporation shall deposit any recaptured funds or funds from

the repayment of loans and interest received on loans into the

turnkey/enhanced housing account.

5. Notwithstanding any other provision of law, payments, grants and

loans may be deposited by the corporation directly with a lending

institution at or before the time of initial loan closing pursuant to an

escrow agreement satisfactory to the corporation.

6. In addition to the information contained in the report required

pursuant to section twenty of the public housing law, the corporation

shall, on or before October first in each year, submit a report to the

governor, the temporary president of the senate, the speaker of the

assembly and the minority leader of the senate and the minority leader

of the assembly which shall include (i) the name of the eligible owner

of the turnkey/enhanced housing trust fund project if such owner is not

also the eligible applicant; (ii) the actual development schedule to

date for each project; and (iii) a list of the number of units per

project that upon initial occupancy were occupied by homeless families

who previously resided in hotels, motels or shelters that are regulated

under title eighteen of the official compilation of codes, rules and

regulations of the state of New York, and a list of names and locations

of such hotels, motels or shelters.