N.Y. Private Housing Finance Law § 1222: Main street contracts

§ 1222. Main street contracts. 1. Within the limit of funds available

in the main street program, the corporation is hereby authorized to

enter into contracts with eligible applicants to provide financial

assistance for the actual costs of a main street program. The financial

assistance shall be either in the form of payments, grants or loans, as

the corporation shall determine. No more than fifty percent of the total

amount awarded pursuant to this article in any fiscal year shall be

allocated to main street programs located within any single

municipality.

2. The total payment pursuant to any one contract shall not exceed

five hundred thousand dollars and the contract shall provide for

completion of the program within a reasonable period, as specified

therein which shall not in any event exceed two years from its

commencement. Upon request, the corporation may extend the term of the

contract for up to an additional two year period for good cause shown by

the eligible applicant.

3. The corporation may authorize the eligible applicant to spend up to

seven and one-half percent of the contract amount for approved planning

and administrative costs of carrying out a program.

4. The corporation shall provide technical assistance and training to

eligible applicants to help communities with their efforts to preserve

and revitalize main street and downtown business districts consistent

with the legislative findings and purpose of this article.

5. The corporation shall require that, in order to receive funds

pursuant to this article, the eligible applicant must submit a plan

which shall include but not be limited to program feasibility,

leveraging of other resources, impact on the community, affirmative

action and minority business participation.

6. If the eligible applicant is a not-for-profit corporation, its

officers, directors and members must be representative of the residents

and other legitimate interests of the community.

7. The owner of a property improved with funds made available under

this article must agree for a minimum of five years to: maintain the

property in good operating order and condition; to make available and

maintain the affordability of residential housing units to persons of

low income; and to obtain the consent of the corporation prior to making

alterations to the property or changing its use.