§ 33-06 Assistance.
RCNY § 33-06
(a)General. The Agency shall have the power and authority to provide, in connection with any Project, such Assistance, including, but not limited to, Loans and Subsidies, as are authorized to be provided by applicable Law.
(b)Loans. The Agency shall have the power and authority to provide, in connection with any Project, such Loans as are authorized to be provided by applicable Law.
(1)General Considerations. If the Agency Activities to be undertaken in connection with a Project include a Loan, then the Agency, in making determinations concerning Loan terms, shall act to protect the City's interests as a prudent mortgage lender, provide for a reasonable return (where such return is intended in accordance with the Project and applicable Laws) to the Sponsor, and meet the standards of other lenders, if any.
(2)Eligible Costs. Subject to the limitations set forth in these Rules and applicable Laws, a Loan may be made in such amounts as may be required for all Project Activities.
(3)Commitment Letter. The Agency may state Loan terms in a commitment letter signed by the Commissioner. Such commitment letter, if any, may contain such terms as the Agency may deem necessary or desirable in order to effectuate the purposes of these Rules and to protect the City's interests as a lender. The closing of the Loan shall be made subject to satisfaction of all the terms and conditions contained in such commitment. The commitment letter may require, among other things, that the Sponsor and its contractors and all of their respective principals obtain necessary City approvals and clearances as a condition precedent to the closing of the Loan.
(4)Financing. If a Project includes acquisition, purchase money, construction, or permanent financing to be provided by the City, the Loan for such purpose shall be evidenced by a note and may be secured by such security or collateral documents and by such collateral as the Agency may deem necessary or desirable in accordance with applicable Law. The Loan documents may contain such terms, consistent with these Rules, as the Agency may deem necessary or desirable in order to effectuate the purposes of these Rules and applicable Laws and to protect the City's interests as lender. The Loan documents may provide that the indebtedness evidenced or secured thereby shall evaporate in any manner permitted by applicable Law.
(c)Subsidies. The Agency shall have the power and authority to provide, in connection with any Project, such Subsidies as are authorized to be provided by applicable Law.
(d)Federal Benefits. Notwithstanding any provision of these Rules to the contrary, any allocation of federal benefits, including, but not limited to, rental subsidies and low income housing tax credits, shall be made in accordance with the federal laws and regulations concerning such benefits. Nothing in these Rules shall be deemed to impose any additional requirements regarding such allocation. The Agency may utilize such administrative procedures, consistent with such laws and regulations, as it deems appropriate to effectuate the purposes of the federal benefits and the City Housing Goals.
(e)Tax Benefits. Notwithstanding any provision of these Rules to the contrary, any exemption from or abatement of real property taxes pursuant to the PHFL, GML, RPTL, or Administrative Code, including, but not limited to, exemptions or abatements pursuant to Articles 2, 5, and 11 of the PHFL, Article 16 of the GML, Sections 420-a, 420-b, 420-c, 421-a, 421-b, 422, 488-a, and 489 of the RPTL, and §§ 11-243 and 11-244 of the Administrative Code and any successors thereto, shall be made in accordance with the Laws concerning such benefits. Nothing in these Rules shall be deemed to impose any additional requirements regarding such allocation. The Agency may utilize such administrative procedures, consistent with such Laws, as it deems appropriate to effectuate the purposes of such Laws and the City Housing Goals.
