Current through Register Vol. 46, No. 39, September 25, 2024
(a) For the
purposes of this section:
(1)
Development period is the period commencing as of the date of
the inception of a project receiving an HFA mortgage loan and terminating as of
the tentative occupancy date.
(2)
Operational period is the period commencing as of the
tentative occupancy date of the aforementioned project and terminating as of
the date the mortgage is paid or provision has been made for such
payment.
(3)
Occupancy
date means the occupancy date as such is defined in the HFA mortgage.
The occupancy date will be determined by the commissioner after an audit of the
development period accounts.
(4)
Tentative occupancy date is the first day of the first month
following the expiration of 90 days after the later of the following two
events:
(i) the issuance of a certificate of
occupancy or temporary certificate of occupancy by the appropriate agency of
local government; or
(ii) the
issuance of the certificate of substantial completion; provided, however, that
if the applicant is occupying the project and the commissioner determines that
the issuance of either of the aforementioned documents is unduly delayed, the
commissioner may declare a tentative occupancy date prior to the issuance of
such document; and provided further that a tentative occupancy date may not
predate the effective date of this Part.
(5)
Company shall mean a
company having received an HFA mortgage.
(b) An applicant who has obtained an HFA
mortgage loan pursuant to the provisions of article 75 of the Mental Hygiene
Law and article III of the Housing Finance Law to finance all or any part of a
community facility for persons with developmental disabilities shall pay the
charges due OPWDD in accordance with this Part promulgated pursuant to section
75.31 of said article 75 to cover the reasonable costs of services rendered by
OPWDD, including inspection, regulation, supervision and audit.
(1) The charge for services rendered during
the development period shall be 0.75 percent of the maximum mortgage commitment
as of the day of the mortgage closing. Such charge shall be payable to OPWDD by
the company upon requisition on or after the closing of the HFA
mortgage.
(2) The charge for
services rendered during the operational period shall be 0.05 percent per annum
of the amount of the then maximum mortgage commitment less any grants received
by HFA from the company as of the tentative occupancy date. Such charge shall
be payable monthly to OPWDD by the company on the first day of the month
following the aforesaid tentative occupancy date and on the first day of each
and every succeeding month until said mortgage is paid.
(c) Within 30 days after the declaration of
the tentative occupancy date of a project by the commissioner, the company
shall open an operating escrow account in a bank which is a member of the
Federal Reserve System or which is chartered by the State of New York pursuant
to a corporate resolution in a form approved by the commissioner. The company
shall furnish OPWDD with a certified copy of the resolution opening said
account together with a letter of acceptance from the bank addressed to OPWDD
in which it states that it is a member of the Federal Reserve System or that it
is chartered by the State of New York.
(1) On
the first day of the month following a notice of the declaration of the
tentative occupancy date and on the first day of each and every month
thereafter the company shall:
(i) pay to the
New York State Housing Finance Agency the fees and charges set forth in the HFA
mortgage;
(ii) pay to the OPWDD the
charge for services set forth in paragraph (b)(2) of this section;
(iii) deposit in the operating escrow account
a sufficient sum estimated by the commissioner, to cover one twelfth of the
payments for reserves for replacement which will be required as of the
tentative occupancy date;
(iv)
deposit in the operating escrow account a sufficient sum as estimated by the
commissioner to cover one twelfth of the annual interest charges on the HFA
mortgage; and
(v) deposit in the
operating escrow account a reserve for principal payments to become due after
the issuance of bonds by the New York State Housing Finance Agency; said
deposits to be one twelfth of 2.5 percent of the estimated net mortgage or such
lesser percentage as may be approved by the commissioner.
(2) When the occupancy date is fixed there
may be an adjustment made with respect to the payments and deposits made
pursuant to paragraph (2) of this subdivision in accordance with the
determination of the commissioner relating to said payments and
deposits.
