(a) Definitions.
Action. "Action" shall mean the Agency's selection of a community group, approval of a project, or execution of an EDA.
Agency. "Agency" shall mean the city's Department of Housing Preservation and Development and any successor agency, or its designee.
Agreements. "Agreements" shall mean escrow agreements, syndication agreements, NSA syndication agreements and any other agreements through which developers are obligated to provide syndication funds.
Applicant. "Applicant" shall mean any entity applying for designation as a community group.
CAPA. "CAPA" shall mean the City Administrative Procedure Act set forth in Sections 1041 et seq. of the Charter, as amended from time to time.
City. "City" shall mean city of New York.
Commissioner. "Commissioner" shall mean the commissioner of the agency or his or her designee.
Community Group. "Community Group" shall mean a locally-based not-for-profit corporation formed pursuant to the not-for-profit corporation law of the State of New York which has been selected by the agency to receive syndication funds to perform a project.
Comptroller. "Comptroller" shall mean the comptroller of the city.
Developer. "Developer" shall mean the business entity which received certain tax benefits as general partner of the business entity which developed a development.
Development. "Development" shall mean a housing development in New York City funded pursuant to § 8 of the United States Housing Act of 1937 (42 U.S.C. § 1437f) and rules promulgated pursuant thereto by the United States Department of Housing and Urban Development.
EDA. "EDA" shall mean an escrow disbursement agreement by which syndication funds are distributed to a community group in order to fund eligible improvements as approved by the agency.
Eligible Activities. "Eligible Activities" shall mean those improvements or services approved by the agency to be performed by community groups with syndication funds, as set forth more fully in the scope of work of the EDA for each such project.
Encumbered Funds. "Encumbered funds" shall mean syndication funds which have been appropriated or otherwise set aside to be used for a project pursuant to a currently valid and binding EDA.
EO Clearance. "EO clearance" shall mean that (i) the community group and, if required by the agency, its principals (and, where the agency deems such additional review to be appropriate, the contractors retained by such community group and all of their respective principals) have completed, executed, and submitted the required forms to and attended any required meetings with the agency's office of equal opportunity, and (ii) the agency's office of equal opportunity, after review of such information and any other available information, has made no finding of noncompliance with the applicable laws regarding equal opportunity, labor compensation, locally based enterprises, and other matters monitored by the agency's office of equal opportunity.
Escrow Account. "Escrow account" shall mean one or more escrow accounts administered by the city to retain the syndication funds until distribution.
Escrow Agreement. "Escrow agreement" shall mean an instrument by which some developers were required to provide syndication funds.
Guidelines. "Guidelines" shall mean the § 8 syndication sharing program guidelines governing the program, which were approved by the city's board of estimate on September 19, 1985 (Cal. No. 644) and thereafter annually renewed until 1990. These rules replace and supersede the guidelines, which expired by their own terms on December 31, 1990.
IG Clearance. "IG clearance" shall mean that (i) the community group and, if required by the agency, its principals (and, where the agency deems such additional review to be appropriate, the contractors retained by such community group and all of their respective principals) have completed, executed, and submitted the required forms to and attended any required meetings with the agency and/or the department of investigation's office of the inspector general, and (ii) the agency and/or the department of investigation's office of the inspector general, after review of such information and any other available information, has made no findings of derogatory information, which indicates that the city should not do business with the community group, or if applicable, its contractors.
Laws. "Laws" shall mean any applicable laws, ordinances, orders, rules, and regulations promulgated by any local, state, or federal authority having jurisdiction over the subject matter thereof, as amended from time to time.
NSA Syndication Agreement. "NSA syndication agreement" shall mean an instrument by which some developers were required to provide syndication funds.
Program. "Program" shall mean the tax syndication sharing program governed by these rules.
Project. "Project" shall mean the activities set forth in the scope of work of an EDA which are to be undertaken by a community group using syndication funds.
Public Hearing. "Public hearing" shall mean a meeting convened by the agency in accordance with 28 RCNY § 28-06(c) at which interested persons shall be afforded the opportunity to comment upon the community group(s), project(s), and EDA(s) which are the subject of one or more actions proposed by the agency. A public hearing shall be held only if the agency determines, based upon the written comments received by it in accordance with 28 RCNY § 28-06(b) that further consideration of the proposed action(s) is required.
RFP. "RFP" shall mean a request for proposals.
Rules. "Rules" shall mean these rules, which replace and supersede the guidelines.
Syndication Agreement. "Syndication agreement" shall mean an instrument by which some developers were required to provide syndication funds.
Syndication Funds. "Syndication funds" shall mean the funds which the agreements required developers to provide from either (i) shares of the proceeds of the sale or syndication of the developments, or (ii) any equivalent amounts (where developers elected to retain rather than sell or syndicate development equity).
Unencumbered Funds. "Unencumbered funds" shall mean syndication funds in an escrow account which have not been appropriated or otherwise set aside to be used for a project pursuant to a currently valid and binding EDA, including, but not limited to, funds which never were the subject of an EDA and funds which were the subject of an EDA which has been terminated.
(b) Program. Under the program, the city administers the syndication funds paid into the escrow account by developers pursuant to syndication agreements and disburses such syndication funds to groups for projects pursuant to these rules.
(c) Purpose of rules. These rules set forth the standards for, inter alia, selection of community groups, approvals of projects, execution of EDA's, and disbursements of syndication funds.
(d) Purpose of tax syndication sharing program. The agency may undertake actions for any public purpose, provided that all actions undertaken in connection with the tax syndication sharing program are authorized by applicable laws. Such public purposes shall include, but shall not be limited to:
(1) promoting the preservation and rehabilitation of existing residential housing,
(2) eliminating conditions in existing residential housing which are unsafe or detrimental to health,
(3) facilitating the creation and maintenance of open spaces, parks, playgrounds, and trees in neighborhoods,
(4) providing technical assistance and support to community groups in creating and implementing projects,
(5) furthering neighborhood preservation,
(6) administering and maximizing revenue upon the accounts containing syndication funds,
(7) minimizing city expenses, and
(8) otherwise furthering the best interest of the city.
(e) General authority.
(1) General. The agency may take actions and otherwise act for the purposes of an in accordance with the procedures described in these rules.
(2) Escrow account. The agency or the city may retain syndication funds in an escrow account pending disbursement. The provisions regarding the escrow account are contained in 28 RCNY § 28-02.
(3) Selection of community groups. The agency may from time to time select community groups to receive syndication funds through any competitive or non-competitive process authorized by these rules or applicable laws which the agency deems to be in the best interest of the city. The provisions regarding the selection of community groups are contained in 28 RCNY § 28-03.
(4) Conditional designation. The agency may conditionally designate applicants as community groups, and may subsequently terminate such conditional designations. The provisions regarding the conditional designation of community groups are contained in 28 RCNY § 28-04.
(5) Projects. The agency may negotiate with any conditionally designated community group concerning the terms of the EDA pursuant to which such community group will perform one or more projects. The provisions regarding such projects are contained in 28 RCNY § 28-05.
(6) Disbursement. The agency may disburse syndication funds pursuant to EDA's, these rules, and applicable laws. The provisions regarding disbursement procedures are contained in 28 RCNY § 28-06.
(7) Project administration. The agency shall require community groups to utilize syndication funds in accordance with these rules, the agreements, the EDA's and applicable laws. The provisions regarding project administration are contained in 28 RCNY § 28-07.
(f) Other rules. With respect to this program, these rules shall preempt and supersede any other rules promulgated by the agency (unless such other rules specifically refer to, and state that they apply to, the program). These rules replace and supersede the guidelines.
(g) Borough president consultation. With respect to any proposed action pursuant to these rules, the commissioner may consult with the borough president for the borough in which the development which generated the syndication funds and/or the project for which such syndication funds will be used are located and with such other parties as the commissioner shall deem appropriate.
(a) General. The city or the agency shall establish an interest-bearing escrow account into which syndication funds received from developers shall be deposited and held until such syndication funds are disbursed pursuant to these rules.
(b) Trust and agency account. Syndication funds received by the agency shall be deposited into:
(1) The trust and agency account administered by the comptroller pursuant to the resolution adopted by the city's board of estimate on September 19, 1985 (Cal. No. 644), as renewed and/or amended on February 6, 1986 (Cal. No. 33), April 30, 1987 (Cal. No. 55), February 25, 1988 (Cal. No. 325), March 9, 1989 (Cal. No. 35), and March 8, 1990 (Cal. No. 245), or
(2) Any other interest bearing escrow account established and administered pursuant to these rules and applicable laws.
(c) Interest. Any interest accruing from the syndication funds deposited into the escrow account shall become, and shall remain, the property of the city. The city shall retain or utilize such interest for any lawful purpose determined by the city to be in the best interests of the city.
(d) Principal. Encumbered funds shall be disbursed from the escrow account in accordance with the applicable EDA, these rules, and all applicable laws. Unencumbered funds shall be disbursed from the escrow account in accordance with these rules and all applicable laws.
(e) Beneficiaries. The syndication funds have been provided by developers for the benefit of the citizens of New York City, who are the sole intended beneficiaries of the syndication funds, the program, and these rules. The agency shall determine, in its sole discretion, whether to apply syndication funds for the benefit of any geographical area in New York City or for the benefit of the citizens of the city as a whole. Notwithstanding any provision of these rules or any agreement or EDA to the contrary, the agency may require, in connection with any selection pursuant to 28 RCNY § 28-03 or any designation pursuant to 28 RCNY § 28-04, that any applicant or community group sign an agreement or other statement acknowledging that the syndication funds are for the benefit of the citizens of New York city and not for the benefit of any other individual or group (or any subset of such group).
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