N.Y. Private Housing Finance Law § 1232: Rural and urban community investment fund

§ 1232. Rural and urban community investment fund. 1. Within amounts

appropriated or otherwise available therefor, the housing trust fund

corporation shall develop and administer a rural and urban community

investment fund program which shall provide assistance in the form of

payments, grants and loans for reasonable and necessary expenses, to an

eligible applicant for the creation, preservation or improvement of

affordable housing; or the creation, preservation or improvement of the

commercial, retail or community facilities component of mixed use

affordable residential developments, in rural and urban areas of the

state.

2. Program criteria. The corporation shall develop procedures,

criteria and requirements related to the application and award of

projects pursuant to this section which shall include: eligibility,

market demand, feasibility and funding criteria; the funding

determination process; supervision and evaluation of contracting

applicants; reporting, budgeting and record-keeping requirements;

provisions for modification and termination of contracts; and such other

matters not inconsistent with the purposes and provisions of this

article as the corporation shall deem necessary or appropriate.

3. Fund allocation. Sixty percent of the total funds awarded pursuant

to this article in any fiscal year shall be allocated to projects

located in urban areas of the state. Forty percent of the total funds

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

to projects located in rural areas of the state.

4. Funding criteria. A one-third match requirement shall be required

of any eligible applicant, which may include donated property, materials

or labor and other resources, and may be reduced or eliminated for

projects located within a declared disaster area.

5. Funding and annual report. The corporation in its sole discretion

shall authorize all funding decisions and make all award announcements.

The corporation shall, on or before December thirty-first in each year

submit a report to the legislature on the implementation of this

article. Such report shall include, but not be limited to, for each

award made to a grantee under this article: a description of such award;

contract amount and cumulative total; the specific activities in rural

and urban areas performed by such grantee; the amounts of match monies

received by the grantee from sources other than payments made pursuant

to this article; and such other information as the corporation deems

pertinent.