N.Y. Private Housing Finance Law § 66: Authorized courses of action

§ 66. Authorized courses of action. For each project, the agency will

review and approve or disapprove a final project description containing

the information specified in section sixty-five-a of this article. The

final project description shall include the identity of the project

owner. After consultation with the city and review of responses to

requests for proposals and within the limit of funds available in the

permanent housing for homeless families fund, the agency shall award

such contracts as it deems appropriate to developers in order to provide

one or more projects for which it has approved a final project

description. In proceeding with a project, the agency is authorized to

take such courses of action, including, but not limited to, the

following, as may be necessary or useful in enabling the agency to

accomplish its purposes:

1. The developer may hold title to the project during development,

construction and rehabilitation;

2. In order to facilitate project development, the agency may enter

into a license agreement with the holder of the title to the project;

3. Upon completion of construction or rehabilitation of the project by

a developer who has taken title to the project, title shall be conveyed

in accordance with the approved final project description, or, in the

absence of a not-for-profit corporation or housing development fund

company designated by the city to receive title to the project, title

shall be conveyed to the city.