§ 60. Housing project repair fund. 1. As used in this section, (a) the\nterm "current economic rent" shall mean the rent or carrying charges\ndetermined by the commissioner to be sufficient, together with monies\navailable to the company from the state, the federal government, or any\nother source, to provide for the payment of (i) all current mortgage\ninterest, fees, charges, and amortization, (ii) all current real\nproperty taxes and water and sewer charges, or payments in lieu thereof,\n(iii) all other current operating expenses of the project, and (iv) all\ncurrent payments into reserve funds required by the commissioner;\nprovided, however, that any payments required for reserves for\nreplacements shall be in an amount which on an aggregate annual basis is\nnot less than six-tenths of one percent of the cost for constructing\nsuch project as determined by the commissioner, except that in the case\nof a project receiving payments pursuant to this section which otherwise\nwould be made from such reserve for replacements, the commissioner shall\ntake such payments into account in determining the necessary amount of\npayments to reserves for replacements; and\n (b) the term "total economic rent" shall mean the sum of the current\neconomic rent, as defined in paragraph (a) of this subdivision, plus an\namount sufficient to amortize all mortgage repayment arrearages,\nincluding fees and charges, and all real property tax arrearages,\nincluding applicable interest, if any, and all water and sewer charge\narrearages, including applicable interest, if any, of the company.\n 2. The agency shall create and establish a special fund, to be known\nas the housing project repair fund and shall pay into such fund all\nmonies appropriated and made available to the agency by the state for\nthe purposes of such fund and any other monies which may be made\navailable to the agency for the purposes of such fund from any other\nsource or sources.\n 3. Monies held in the housing project repair fund may be used by the\nagency to provide for the correction of construction-related problems in\nhousing projects financed by the agency by means of the necessary\nrepair, reconstruction or replacement of any of the facilities or site\nconditions, the cost of which was included in the project cost and which\nform an integral part of the project, and for such other purposes which\nmay be necessary to effectuate the provisions of this section. A\nconstruction-related problem shall mean any deficiency or defect in the\ndesign, construction or site preparation of a project, its buildings,\nutilities and grounds; provided, however, a deficiency which results\nfrom conformance to design and construction standards in effect at the\ntime of such construction shall not constitute such a construction\nrelated problem. The agency shall not expend monies from the fund as\npayment to any housing company for the correction of a\nconstruction-related problem unless the following conditions have been\nmet:\n a. The agency has either (1) received a certification by an\nindependent consultant with appropriate qualifications engaged by the\nagency certifying (i) the scope and total cost of the corrective work\nrequired to be performed at the project after taking into consideration\nemergency conditions, if any, which may exist, and such other factors as\nmay be appropriate; (ii) the cost effectiveness of alternative methods\nof performing the corrective work; and (iii) the extent to which the\ncorrective work to be performed results from a construction-related\nproblem, or (2) equivalent findings have been made in arbitration or\nother fact finding procedures established by agreement between a housing\ncompany, the commissioner and the agency; and\n b. The agency has found and determined that (i) the projected annual\naggregate rent revenues for the project and any other monies available\nto the company from the state or federal government or any other source\nas cert
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