N.Y. Private Housing Finance Law § 1106-d

§ 1106-d. Selection of eligible applicants for grants or loans under\nthis article. 1. Prior to providing grants or loans to an eligible\napplicant pursuant to this article, the corporation shall determine\nthat:\n (a) eligible applicants can demonstrate by their past performance or\nother objective factors, that they are able to complete a\nturnkey/enhanced rental project in a timely, efficient and cost\neffective manner;\n (b) the turnkey/enhanced rental project will be managed by an eligible\nowner or other entity who can demonstrate by its past performance or\nother objective factors that it is capable of effectively managing such\na project for the benefit of persons of low income; and\n (c) the eligible applicant shall not borrow any funds for the project\nwithout the prior approval of the corporation.\n 2. In selecting eligible applicants who will obtain grants or loans\npursuant to this article, the corporation shall give preference to\nproposals for turnkey/enhanced rental projects which:\n (a) will be located in an area which is experiencing a severe shortage\nof affordable housing for persons of low income;\n (b) will be located in a municipality which will utilize steps to\nsimplify or expedite processing, where applicable;\n (c) will result in the greatest number of quality units and the lowest\ncosts per unit; and\n (d) will rehabilitate or construct small scale, low rise buildings.\n