ยง 1106-e. Reserve fund. There shall be a reserve fund for each project
which in no event shall initially be less than five percent of the
turnkey/enhanced rental project costs, exclusive of any reserve fund.
Such reserve fund may be provided by the corporation or any other source
and, if provided by another source, shall be provided in cash or the
payment of such cash shall be assured by deposit of adequate marketable
collateral prior to the payment by the corporation of any project costs,
excluding advances for planning costs.
Structure New York Laws
Article 18-A - Low Income Turnkey/enhanced Housing Trust Fund Program
1106 - Legislative Findings and Declarations.
1106-B - Low Income Turnkey/enhanced Housing Trust Fund Program Established.
1106-C - Request for Proposals.
1106-D - Selection of Eligible Applicants for Grants or Loans Under This Article.
1106-F - Project Operation and Management; Rent Structure; Tenant Selection.
1106-G - Adjustment of Rents; Income Verification.
1106-H - Real Property Tax Exemption.
1106-I - General and Administrative Provisions of This Article.