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1122 - Manufactured Home Cooperative Fund Contracts.

NY Priv Hous Fin L § 1122 (2019) (N/A)
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(a) the extent to which park residents are threatened with displacement by the projected sale or closing of the existing park;

(b) the scarcity of affordable alternate sites in the immediate area for relocation of park residents;

(c) the extent to which manufactured home parks, subsequent to receiving assistance under this article, will be owned as a cooperative by shareholders or owners or holders of membership interests or certificate of membership in such cooperative whose average incomes do not exceed (i) the greater of one hundred percent of the median income for the metropolitan statistical area in which a project is located or one hundred percent of the median income for the state, or (ii) if the project is located outside such an area, the greater of one hundred percent of the median income for the county in which the project is located or one hundred percent of the median income for the state;

(d) the extent to which the proposed resident ownership structure provides long-term security and tenure;

(e) the extent to which the proposed project will be undertaken and completed in a timely fashion; and

(f) the extent to which the homes in a park are occupied by the manufactured home owners or members of their families. 6. The agency shall provide for the review, at periodic intervals not less than annually, of the performance of applicants receiving financial assistance pursuant to this article. Such review shall, among other things, be for the purposes of ascertaining conformity to contractual provisions, the financial integrity and efficiency of applicants and the evaluation of the applicants' activities. Contracts entered into pursuant to this article may be terminated, funds may be withheld and unspent funds recaptured by the agency upon a finding of substantial nonperformance or breach by the applicant of its obligations under its contract.

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1122 - Manufactured Home Cooperative Fund Contracts.