9 NYCRR Part 1932 - Executive Department

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Source version current through Sep 15, 2021

All 6 displayed sections in this Part carry the same compiled date. Status and warnings stay on each section.

9 NYCRR 1932.1 - Regulatory agreements

Later State Register activity may affect this section.

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

(a)The corporation shall enter into a regulatory agreement with each eligible applicant who has been accepted, provided that the conditions set forth in the award have been satisfied.

(b)The regulatory agreement shall provide that the restrictions on the use of the eligible property are real covenants that shall run with the land until the termination of the regulatory period.

9 NYCRR 1932.2 - Disbursements

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

(a)The corporation shall make payments for eligible acquisition, reconstruction, or rehabilitation costs on a project basis, conditioned upon the compliance with policies and procedures of the corporation and submission of satisfactory information by the eligible applicant. Where an eligible applicant has transferred ownership of a project and assigned the regulatory agreement with approval of the corporation, disbursements may be made directly to the assignee.

(b)The corporation may provide for the deposit of any payment or grant directly with a lending institution pursuant to an escrow agreement satisfactory to the corporation. The corporation shall take into consideration such factors as compliance with its investment policy and the needs of the project.

9 NYCRR 1932.3 - Performance supervision

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

(a)The corporation shall review at periodic intervals at least annually the performance of eligible applicants under their respective regulatory agreements with the corporation.

(b)The corporation, and the regulatory agreement and any other agreement shall provide that the corporation, reserves the right to recapture from an eligible applicant all funds awarded to that eligible applicant if the project ceases to be used in the manner specified in the regulatory agreement in the period commencing on the date the regulatory agreement is executed and seven years thereafter.

(c)Eligible applicants shall provide such periodic reports as the corporation may require. The reports shall include, but shall not be limited to, the following items:

(1)progress of proposed acquisition, reconstruction, or rehabilitation;

(2)the status of project operations; and

(3)annual audited financial statements in accordance with generally accepted auditing standards or such other financial reports as the corporation may require.

9 NYCRR 1932.4 - Defaults on mortgages not made by the corporation

Later State Register activity may affect this section.

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

In cases of projects subject to mortgages made by any lender, except as to loans made by the corporation:

(a)the lender must give notice to the corporation of any default in payment of principal or interest on such mortgage by the owner;

(b)the corporation shall have 60 days upon receipt of such notice to assist the owner in curing the default; and

(c)the provisions of this section shall be made part of the regulatory agreement or other instrument.

9 NYCRR 1932.5 - Reserve requirements

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

The corporation may require that the following reserves be created by the eligible applicant, including:

(a)working capital fund;

(b)replacement reserve; and

(c)operating reserve.

9 NYCRR 1932.6 - Participation by minority group members and women-contract requirements

Later State Register activity may affect this section.

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Dates and status

NYCRR title agency: Executive Department
Section status: Section source receipt
Source version current through: Sep 15, 2021

The regulatory agreement shall contain such provisions as are necessary to effectuate the provisions of article 15-A of the Executive Law and the regulations promulgated thereby. These provisions include, but are not limited by, the following provisions:

(a)a good faith effort to solicit active participation by enterprises identified in the directory of certified businesses maintained by the Governor's Office of Minority and Women's Business Development;

(b)agreement to be bound by the provisions of section 316 of the Executive Law; and

(c)requirement that any subcontractor comply with subdivisions (a) and (b) of this section.

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