Provides that up to ten percent of the program or project cost may be used for the qualified applicant's operating expenses, including expenses related to organization operating support and administration of the contracts for rural area revitalization projects.
STATE OF NEW YORK ________________________________________________________________________ 8081 2011-2012 Regular Sessions IN ASSEMBLY May 31, 2011 ___________Introduced by M. of A. RUSSELL -- read once and referred to the Commit- tee on Housing 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: Section 1. Subdivision 3 of section 1053 of the private housing finance law, as amended by chapter 166 of the laws of 1991, is amended to read as follows: 3. Each contract pursuant to this section shall provide for payment by the corporation for the activities to be carried out pursuant to the contract. Such payment shall be based on the projected costs of such activities and the other sources of funding which may be available to the applicant (including, if applicable, funding pursuant to article seventeen of this chapter) from any source. UP TO TEN PERCENT OF THE PROGRAM OR PROJECT COST MAY BE USED FOR THE QUALIFIED APPLICANT'S OPER- ATING EXPENSES INCLUDING EXPENSES RELATED TO ORGANIZATION OPERATING SUPPORT AND ADMINISTRATION OF THE CONTRACT. The total state payment pursuant to any one contract shall not exceed two hundred thousand dollars. 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