New York Codes, Rules and Regulations
Title 14 - DEPARTMENT OF MENTAL HYGIENE
Chapter XIV - Office for People With Developmental Disabilities
Part 621 - Financial Assistance for Capital Construction and Financing
Section 621.8 - Eligible capital costs for a Housing Finance Agency mortgage loan

Universal Citation: 14 NY Comp Codes Rules and Regs ยง 621.8

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Capital costs (referred to as "project costs" in section 75.05 of the Mental Hygiene Law) eligible for a HFA mortgage loan may only include costs incurred by the applicant pursuant to article 75 of the Mental Hygiene Law relating to:

(1) refinancing of existing indebtedness associated with the development of the project which constitutes a lien or other encumbrance upon the real property or assets of a company to be mortgaged or otherwise pledged to the agency;

(2) carrying charges during construction up to and including the occupancy date;

(3) working capital not exceeding three percent of the estimated total project cost or three percent of the actual total final project costs, whichever is larger;

(4) studies, surveys, plans and specifications;

(5) architectural engineering, legal or other special services;

(6) acquisition of land and any improvements thereon;

(7) site preparation and development;

(8) construction, reconstruction, rehabilitation and improvement;

(9) equipment, including fixtures and articles of personal property required for the operation of the facility;

(10) the reasonable cost of financing during the course of the development of the project up to and including the occupancy date;

(11) the fees imposed by the commissioner and the New York State Housing Finance Agency and other fees and necessary expenses incurred in connection with the initial occupancy of the project; and

(12) such other items as the commissioner may determine to be reasonable and necessary for the development of the project.

(b) The foregoing costs shall be reduced by:

(1) any and all rents and other net revenues from the operation of the real property, improvements or personal property on the site of the facility; and

(2) any portion of any State, Federal or municipal assistance grant which the commissioner, prior to the making of a mortgage loan, shall determine to be available to the applicant to meet the project costs prior to the initial occupancy of the project.

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