New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXV - New York State Housing Finance Agency
Subchapter B - Affordable Home Ownership Development Program
Part 2162 - Grants
Section 2162.1 - Grant limits

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 2162.1

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

(a) 60 percent of the project cost, or when such rehabilitation project does not involve an acquisition component, 100 percent of the project cost; or

(b) the following per dwelling unit limitations:

(1) $50,000 for projects except as provided hereinafter; or

(2) $75,000 for a high cost project or a project which will receive a loan from the Federal Farmers Home Administration.

No more than 50 percent of the appropriated funds shall be allocated to homes within a single municipality in any fiscal year. A project may be deemed to be a high cost project if the project is located within a high cost area, or it is demonstrated to the satisfaction of the corporation that the additional subsidy of as much as $25,000 per dwelling unit available to high cost projects would make housing in such project affordable to households with incomes at or below 80 percent of the applicable area median income.

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