§ 2-03 Application Procedure.
RCNY § 2-03
(a)Application forms. Application forms may be obtained from the Department, 100 Gold Street, New York, N.Y. 10038, Attention: Article VIII-A Loan Program. All applications shall be submitted to the Department for review and approval.
(b)Eligible applicants. Loan applications may be submitted by an owner or his duly authorized agent or by a contract vendee who becomes an owner prior to or simultaneously with the loan closing.
(c)Application submission. The application, in form specified by the Department, shall include the following: (1) A description of the rehabilitation or improvement and the estimated cost thereof.
(2)The name, address and telephone number of the applicant, the owner, the managing agent and the holders of existing mortgages and other liens against the multiple dwelling.
(3)A statement of income and expenses for a period of time to be determined by the Department.
(4)A statement of the current monthly rent or carrying charges of each residential and commercial unit, the name of each residential tenant, the number of rooms in each residential unit, and the rent controlled or rent stabilized status of each residential unit.
(5)A statement of the current non-publicly assisted, rent stabilized market rents of residential units in the building and, if known, a similar statement for comparable apartments in adjacent buildings or buildings in the immediate vicinity.
(6)Such additional information as the Department may require.
(d)Consultation. The staff of the Department will be available for preapplication consultation.
(e)Certification of inability to obtain financing. With the application, the owner shall submit an affidavit certifying that within the prior six months attempts to obtain financing for the rehabilitation or improvement at prevailing interest rates with the premises as security, from at least two (2) lending institutions which normally provide this type of financing were not successful, and, if known, the reasons for such failure or other factors indicating an inability of the private sector to provide unaided financing. If the multiple dwelling is encumbered by a mortgage held by a lending institution whose deposits are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or their successors, such mortgagee shall be one of the lending institutions to which the applicant made an attempt to obtain such financing.
(f)Application fee. The owner shall pay an application fee in the amount of seventy-five ($75) dollars for each building for which application is made. Payment shall be made no later than the date of the Department's loan closing. The fee shall not be refundable and shall be used to help defray the expenses of the City in administering the Program. In the case of applications covering two or more adjacent buildings the application fee shall be seventy-five ($75) dollars for the first building and fifty ($50) for each additional building.
(g)Loan commitment. No commitment for a loan shall be deemed to have been made unless and until a written letter of commitment shall have been issued by the Department. Any commitment issued shall be conditioned upon full and timely compliance with the requirements of these Rules and Regulations, the availability of funds to make the loan and such other terms and conditions as the Department may require. The acceptance or processing of a loan application by the Department may not be construed to be a commitment for a loan. A commitment may only be issued in writing and no owner, applicant or other party may rely upon any statement or representation made by any official, employee or agent of the Department regarding the loan application.
