N.Y. Private Housing Finance Law § 209: Determination of development cost

§ 209. Determination of development cost. 1. Upon the completion of a

development a redevelopment corporation shall, or upon the completion of

a principal part of a development a redevelopment corporation may, file

with the supervising agency an audited statement of the development cost

thereof. Within a reasonable time after the filing of such statement,

the supervising agency shall determine the development cost applicable

to the development or such portion thereof and shall issue to the

redevelopment corporation a certificate stating the amount thereof as so

determined.

2. A redevelopment corporation may, at any time, whether prior or

subsequent to the undertaking of any contract or expense, apply to the

supervising agency for a ruling as to whether any particular item of

cost therein may be included in development cost when finally determined

by the supervising agency, and the amount thereof. The supervising

agency shall, within a reasonable time after such application, render a

ruling thereon, and in the event that it shall be ruled that any item of

cost may be included in development cost, the amount thereof as so

determined shall be so included in development cost when finally

determined.