S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6553
                                   I N  S E N A T E
                                   February 27, 2012
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       AN  ACT to amend the private housing finance law, in relation to certain
         contracts for rural area revitalization projects
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision  3  of  section  1053  of the private housing
    2  finance law, as amended by chapter 166 of the laws of 1991,  is  amended
    3  to read as follows:
    4    3. Each contract pursuant to this section shall provide for payment by
    5  the  corporation  for  the  activities to be carried out pursuant to the
    6  contract. Such payment shall be based on the  projected  costs  of  such
    7  activities  and  the  other sources of funding which may be available to
    8  the applicant (including, if applicable,  funding  pursuant  to  article
    9  seventeen  of  this  chapter)  from any source. UP TO TEN PERCENT OF THE
   10  PROGRAM OR PROJECT COST MAY BE USED FOR THE QUALIFIED APPLICANT'S  OPER-
   11  ATING  EXPENSES  INCLUDING  EXPENSES  RELATED  TO ORGANIZATION OPERATING
   12  SUPPORT AND ADMINISTRATION OF THE  CONTRACT.  The  total  state  payment
   13  pursuant  to  any  one  contract  shall  not exceed two hundred thousand
   14  dollars.
   15    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11704-01-1