N.Y. Private Housing Finance Law § 1272: Access to home for heroes contracts

§ 1272. Access to home for heroes contracts. 1. Within the limit of

funds available in the access to home for heroes program, the

corporation is hereby authorized to enter into contracts with eligible

applicants to provide financial assistance for the actual costs of an

access to home for heroes program. Such costs may include the costs of

repairs of eligible properties, provided that such repairs are related

to the adaptation or retrofitting of such eligible properties, that such

repairs are related to the habitability of such eligible properties, and

that the access to home for heroes funds provided to cover the cost of

such repairs does not exceed sixty percent of the access to home for

heroes program grant or loan. The financial assistance shall be in the

form of grants. No more than fifty percent of the total amount awarded

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

to home 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 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.

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

percent of the contract amount for approved administrative costs

associated with administering the program.

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

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

which shall include, but not be limited to, program feasibility, impact

on the community, budget for expenditure of program funds, a schedule

for completion of the program, affirmative action and minority business

participation.