§ 1172. The New York state HOME program. 1. Agreements. (a) Within\nthe limit of HOME program funds, the division is hereby authorized to\ntake administrative actions necessary to comply with HUD requirements\nand consistent with the provisions of this article in order to enter\ninto agreements with applicants to provide grants and loans which such\napplicants shall use to finance projects that qualify under HOME\nregulations as eligible activities.\n (b) The division shall not enter into an agreement under this article\nexcept with an eligible applicant which has submitted an application\npursuant to a notification of fund availability and a request for\nproposals issued by the division.\n (c) The division and the applicant shall execute a grant or loan\nagreement which shall set forth the terms and conditions under which the\ngrant or loan will be provided.\n 2. Notice of fund availability. The division shall issue its initial\nnotice of fund availability and request for proposals within forty-five\nworking days of the effective date of this article. No more than sixty\npercent of the HOME funds shall be available for reservation in such\ninitial funding cycle. No later than sixteen months from the effective\ndate of this article, the division shall issue a second request for\nproposals and make available those funds not committed during the\ninitial request for proposals, including funds recaptured by or\notherwise made available to the division by the federal government under\nthe HOME program. Additional requests for proposals shall be issued at\nthe discretion of the division but in any event no later than sixty days\nfollowing the availability of additional federal funds.\n 3. Application procedures. (a) Documentation determining eligibility.\nThe division shall provide each applicant with a list of documents that\nmust be included in the application before the application can be\nentered into the competitive process for the awarding of grants and\nloans. The division shall also include with such list of documents a\ndetailed description of the review and selection procedures criteria\nutilized by the division pursuant to paragraph (b) of this subdivision.\nWithin ten working days after the last day for receipt of applications,\nthe division shall notify applicants if and how the application is\nincomplete and provide ten working days to complete such application.\nDocumentation requirements shall include but not necessarily be limited\nto: (1) a feasibility study and market analysis of the proposal; (2) a\nproposed project financing and leveraging plan; (3) a schedule, with\nspecific dates, of the expected project commencement date, expected\ncompletion date, and if appropriate, the anticipated schedule for\nclosing and occupancy of units; (4) a description of the applicant's\nqualifications and previous experience; (5) a statement by the applicant\nas to the status of all public approvals and clearances required to\nundertake the project; (6) a plan as to how applicants will ensure\ncompliance with all federally mandated regulations throughout the\nregulatory term; (7) a statement describing the amount of and source of\nany matching contributions required for the proposed project and an\nopinion of counsel that funds proposed to be used as matching\ncontributions are legally available to be used as proposed; and (8) a\nstatement of need and how the project will further goals delineated\nwithin the state CHAS.\n (b) The review and selection procedure. Within forty-five working days\nof the effective date of this article, the division shall develop,\nconsistent with federal law and regulations, a review procedure and\nselection criteria for evaluating applications, which shall include\ndesign, underwriting, legal and program requirements. Such procedure and\nselection criteria shall be provided to applicants with the application.\nSuch selection criteria shall include but not be limited to the\nfollowing factors:
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