N.Y. Private Housing Finance Law § 1262: Residential emergency services to offer home repairs to the elderly contracts

§ 1262. Residential emergency services to offer home repairs to the

elderly contracts. 1. Within the limit of funds available in the

residential emergency services to offer home repairs to the elderly

program, the corporation is hereby authorized to enter into contracts

with eligible applicants to provide financial assistance for the actual

costs of a residential emergency services to offer home repairs to the

elderly program. The financial assistance shall be either in the form of

grants or loans, as the corporation shall determine. Funds must be used

for one- to four-unit dwellings that are owned and occupied by eligible

households, and work undertaken cannot exceed twenty thousand dollars

per building. No more than fifty percent of the total amount awarded

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

residential emergency services to offer home repairs to the elderly

program located within any single municipality.

2. From the date of the emergency referral, all repairs must be

completed within sixty business days of the start of the repairs

provided, however, that the commissioner shall grant the eligible

applicant additional time for good cause.

3. 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 three years from its

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

contract for up to two additional one year periods for good cause shown

by the eligible applicant.

4. The corporation shall authorize the eligible applicant to spend ten

percent of the contract amount for approved planning and administrative

costs associated with administering the program.