oard meetings hursday july 23, 2020 9:00 a. · 2020. 7. 16. · new york state housing finance...

NEW YORK STATE HOUSING FINANCE AGENCY

STATE OF NEW YORK MORTGAGE AGENCY

NEW YORK STATE AFFORDABLE HOUSING CORPORATION

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE

COMMITTEE

641 LEXINGTON AVENUE, NEW YORK, NY 10022

(212) 688-4000 - FAX (212) 872-0789

BOARD MEETINGS

THURSDAY, JULY 23, 2020

9:00 A. M.

ANDREW M. CUOMO Governor

RUTHANNE VISNAUSKAS Commissioner/CEO

641 Lexington Avenue • New York, NY 10022 • nyshcr.org

F:\LEGAL\LV\2020\Board book July 23\Member listing\Member Listing.docx

BOARD OF DIRECTORS

HFA/AHC MEMBERS SONYMA DIRECTORS

Kenneth G. Adams, Chairman Kenneth G. Adams, Chairman

RuthAnne Visnauskas , Vice Chair RuthAnne Visnauskas, Vice Chair

Michael R. Schmidt Jonathan A. Ballan

Joyce L. Miller David E. Kapell

Robert Mujica Joyce L. Miller

Robert Mujica

Maria T. Vullo

Bethaida Gonzalez

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE

COMMITTEE

Kenneth G. Adams, Chairman

Jonathan A. Ballan

David E. Kapell

Robert Mujica

RuthAnne Visnauskas

1


NEW YORK STATE AFFORDABLE HOUSING CORPORATION


STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE

INSURANCE COMMITTEE

JULY 23, 2020 ______________________________________________________________________________

SHARED ACTION ITEMS:

1. Approval of the transcript of the Board and Committee meetings held via telephone on

June 11, 2020.

2. Authorization to amend (i) the Budget for the BAM project (ii) the not to exceed amount

paid under IT Temporary Staffing Consultant Services Contracts (“IT Contracts”) and

(iii) the not to exceed amount paid under HFA’s Hosting Technology Agreement with

ProLink.

CONSENT ITEMS:

3. Approval of the contract with Gary Weinstock for consultant services.

(HFA/SONYMA/AHC)

4. Approval to amend the architect services agreement with The Switzer Group

(HFA/SONYMA).

INFORMATION ITEM

5. Conifer Realty LLC request to change their majority ownership (HFA).

ITEM REQUIRING MORTGAGE INSURANCE COMMITTEE ACTION:

6. Resolution of the SONYMA Mortgage Insurance Committee approving 100% mortgage

insurance on a $2,002,300 CPC permanent first mortgage loan for 943-947 Teller

Avenue, Bronx County.

ITEMS REQUIRING HFA AND SONYMA ACTION:

7. Independent Auditor’s Report relating to the audit of the Schedule of Expenditures of

Federal Awards.

8. Approval to extend term of Panel of Underwriting Firms for the Agencies’ Bond Issues.

AHC CONSENT ITEM:

2

9. Resolution authorizing award of grant funds for certain projects:

a. (2R01) – Home Improvement Program—Monroe County

b. (3R58)—Home Improvement Program – Onondaga County

c. (3R64)—Purchase Rehabilitation—Onondaga County

d. (7R37) 2019-2020 HAPEC A/R Program – Clinton & Essex Counties

e. (9Q03)—New Construction Program --Suffolk County

f. (9R30)—CDDCLI HIP—Nassau and Suffolk Counties

SHARED ACTION ITEMS:

ITEM 1:



641 Lexington Avenue • New York, NY 10022 • nyshcr.org

July 16, 2020

FROM: Secretary to the Boards TO: HFA, AHC, SONYMA

Members and Directors

SUBJECT: Adoption of Board meeting transcript.

As a result of the COVID crisis, and in accordance with the Governor’s

Executive Order amending Article 7 of the Public Officers Law, the regularly

scheduled Board meetings of the Agencies was held on June 11, 2020 via telephone

conference, with the public having access to a telephone number through which they

could listen to the meetings.

The Executive Order provided that the public have the ability to listen to the

meeting, and that the meetings be transcribed.

In lieu of the usual Board minutes, attached is the transcript of the meetings,

which include all the materials normally included in the minutes. The transcript is

presented for your review. If there are no corrections, the transcript stands approved as

read, and will be used as the Agencies’ records of proceeding.

TRANSCRIPT OF THE JUNE 11, 2020 BOARD MEETINGS OF THE STATE OF NEW YORK

MORTGAGE AGENCY, THE NEW YORK STATE HOUSING FINANCE AGENCY, THE

AFFORDABLE HOUSING CORPORATION, THE STATE OF NEW YORK MUNICIPAL BOND BANK

AGENCY, THE TOBACCO SETTLEMENT FINANCING CORPORATION, THE STATE OF NEW

YORK MORTGAGE AGENCY MORTGAGE INSURANCE COMMITTEE AND THE NEW YORK

STATE HOUSING FINANCE AGENCY FINANCE AND PROGRAM COMMITTEE.

Linda Manley, Senior Vice President and Counsel to the Agencies, stated that she will now open the June 11,

2020 meeting of the Boards of the New York State Housing Finance Agency, the State of New York

Mortgage Agency, the Affordable Housing Corporation, the State of New York Municipal Bond Bank

Agency, the Tobacco Settlement Financing Corporation, and of the State of New York Mortgage Agency

Mortgage Insurance Committee and the New York State Housing Finance Agency Finance and Program

Committee and noted that because of the novel corona virus emergency in the State, and Federal bans on

large meetings or gathering and pursuant to Governor Cuomo’s executive order 220.1 issued on March 12,

2020, which order was extended on April 9, 2020 certain provision of the open meetings law have been

suspended.

Ms. Manley also stated that the Board meeting would be held by conference call instead of as a public

meeting open for the public to attend in person, and that a call-in number was made public for the public to

listen to the proceedings.

Ms. Manley noted that because of these special features a change in voting procedures would be put in place

for this meeting and she would be asking each Board member to record their votes individually.

Ms. Manley asked for a motion to call the meeting of the HFA and AHC Boards to order. Chairman Adams

made the motions and Mr. Curtis seconded. Mr. Olczak voted aye; Ms. Visnauskas voted aye. Ms. Manley

noted the presence of a quorum for HFA and AHC.

Ms. Manley asked for a motion to call the meeting of the HFA Finance and Program Committee to order.

Chairman Adams made the motion and Mr. Olczak seconded the motion. Ms. Visnauskas voted aye. Ms.

Manley noted the presence of a quorum for the HFA Finance and Program Committee.

Ms. Manley asked for a motion to call the meeting of the SONYMA Board to order. Chairman Adams made

the motion and Mr. Kapell seconded. Mr. Ballan voted aye, Ms. Vullo voted aye; Ms. Visnauskas voted aye,

Mr. Olczak voted aye; and Ms. Gonzalez voted aye. Ms. Manley noted the presence of a quorum for

SONYMA.

Ms. Manley asked for a motion to call the meeting of the SONYMA Mortgage Insurance Committee to order.

Chairman Adams made the motion and Mr. Ballan seconded the motion. Mr. Kapell voted aye; Mr. Olczak

voted aye; and Ms. Visnauskas voted aye. Ms. Manley noted the presence of a quorum for the MIF.

Ms. Manley asked for a motion to call the meeting of the MBBA and TSFC Boards to order. Chairman

Adams made the motion and Mr. Olczak seconded the motion. Ms. Baldwin voted aye and Mr. SanFilippo

voted aye. Ms. Manley noted the presence of a quorum for the MBBA and TSFC.

Chairman Adams stated that Ms. Visnauskas would make her monthly President’s report.

Ms. Visnauskas thanked everyone for participating by telephone at this Board meeting and summarized the

list of items to be considered by the Boards and their committees. Ms. Visnauskas started with a status update

of the HFA and SONYMA portfolios, geared towards providing the respective Boards with information on

the impact of the COVID-19 situation on the Agencies’ programs. She stated that the HFA Multi-Family loan

portfolio had less than 2% in arrears during April and May; rent collection decreased approximately 4% in

April and 4.3% in May; and that 42 out of 356 Property Owners with HFA loans have requested financial

relief.

On SONYMA, she stated that SONYMA had 2.98% of delinquent loans in the HMB portfolio at the end of

March 2020 and 3.04% in the MRB portfolio; she noted that this was only ½ a percent greater than the

similar delinquency statistics for the two resolutions as of the same dates in 2019; she stated that in April

delinquent loans in the HMB portfolio were at 6.56% and 5.59% in the MRB, which compared to 4.26% and

3.47% for the same period in 2019; she stated that out of the 836 delinquent borrowers in March, 613 made

their March payment in April.

Ms. Visnauskas noted that HCR staff continued to perform work duties from home throughout this crisis to

support our housing partners and residents of all housing that the Agency finances and regulates. She also

updated the Boards on the Agencies of Syracuse, Buffalo and Hampton Plaza in Albany soft re-openings.

Ms. Manley reported on the committee actions that took place prior to the Board meetings.

With respect to the Audit Committees:

- The Committees adopted minutes.

- The AHC Committee adopted a resolution recommending approval of the AHC March 31, 2020 Financial

Statements.

- The Committees extended the contract with Ernst & Young for external auditing services.

- The Committees approved the results of the annual evaluation.

- The Committees approved the Internal Audit Department’s annual work plan.

With respect to the Governance Committees:

- The Committees adopted minutes.

- The SONYMA Committee approved the continuation of the Radian contract and the Conduent Contract.

- The HFA Committee approved the CQ Roll contract.

- The HFA/SONYMA and AHC Committees approved the continuation of certain facilities department

contracts and an actuarial contract.

- The HFA and SONYMA Committees approved certain IT contracts.

Chairman Adams proceeded to present the various board transcripts of the May Board meetings and, noting

that there were no comments from Board members, he stated that the transcript was deemed approved. The

transcripts, until the Boards commence their regular Board meetings, would be adopted in lieu of Minutes.

Chairman Adams asked Ms. Manley to take the necessary steps required to go into Executive Session.

Ms. Manley asked for motions and second to go into Executive Session pursuant to Section 105 (f) of the

Open Meeting Law to discuss the financial, credit or employment history of a particular corporation.

For HFA and AHC, Ms. Manley asked for a motion and second. Chairman Adams made the motions and Mr.

Curtis seconded Mr. Olczak voted aye; Ms. Visnauskas voted aye.

For HFA Finance and Program Committee, Ms. Manley asked for a motion and second. Chairman Adams

made the motion and Mr. Olczak seconded the motion. Ms. Visnauskas voted aye.

For SONYMA, Ms. Manley asked for a motion and second. Chairman Adams made the motion and Mr.

Kapell seconded. Mr. Ballan voted aye, Ms. Vullo voted aye; Ms. Visnauskas voted aye, Mr. Olczak voted

aye; and Ms. Gonzalez voted aye.

For SONYMA Mortgage Insurance Committee, Ms. Manley asked for a motion and second. Chairman

Adams made the motion and Mr. Ballan seconded the motion. Mr. Kapell voted aye; Mr. Olczak voted aye;

and Ms. Visnauskas voted aye.

For MBBA and TSFC, Ms. Manley asked for a motion and second. Chairman Adams made the motion and

Mr. Olczak seconded the motion. Ms. Baldwin voted aye and Mr. SanFilippo voted aye.

Ms. Manley reminded the Board members and staff that a separate call-in number was circulated for the

Executive Session via email.

All Board members entered Executive Session at 10:00 a.m.

Ms. Manley asked the motion and second to go back to public session at 10:30 a.m.



For HFA Finance and Program Committee, Ms. Manley asked for a motion and second. Chairman Adams

made the motion and Mr. Olczak seconded the motion. Ms. Visnauskas voted aye.









Ms. Manley noted that the Boards were back in public session and that no votes were taken in executive

session.

Chairman Adams noted that materials in connection with the next item on the Agenda were sent to the

Boards member by separate cover. He stated that the first item for actions was a resolution authorizing the

amendment of (i) the Budget for the BAM project (ii) the not to exceed amount paid under IT Temporary

Staffing Consultant Services Contracts (“IT Contracts”) and (iii) the not to exceed amount paid under HFA’s

Hosting Technology Agreement with ProLink.

Ms. Mallow presented the item.

Ms. Manley moved for adoption of:

A RESOLUTION OF THE NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW

YORK MORTGAGE AGENCY AND NEW YORK STATE AFFORDABLE HOUSING CORPORATION

APPROVING AN AMENDMENT TO THE BUDGET FOR THE BUSINESS APPLICATION

MODERNIZATION PROJECT, AN AMENDMENT TO THE AMOUNT PAID UNDER INFORMATION

TECHNOLOGY TEMPORARY STAFFING CONSULTANT SERVICES CONTRACTS, AND AN

AMENDMENT TO THE HOSTED TECHNOLOGY SERVICES AGREEMENT WITH PROLINK

SOLUTIONS, INC.


Curtis seconded. Mr. Olczak voted aye; Ms. Visnauskas voted aye.





Mr. Olczak seconded the motion. Ms. Baldwin voted aye and Mr. SanFilippo voted nay. Ms. Manley noted

that the item was approved by MBBA and TSFC by a vote of three to one.

Chairman Adams proceeded to item three which he noted was a consent item: a resolution approving the

continuation of the Agencies’ contract with Ernst & Young for Independent audit services.


A RESOLUTION OF THE NEW YORK STATE HOUSING FINANCE AGENCY, STATE OF NEW

YORK MORTGAGE AGENCY, NEW YORK STATE AFFORDABLE HOUSING CORPORATION,

STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY AND TOBACCO SETTLEMENT

FINANCING CORPORATION APPROVING THE CONTINUED RETENTION OF ERNST & YOUNG

LLP FOR INDEPENDENT AUDITOR SERVICES








Chairman Adams noted no further items for the MBBA and TSFC Board and asked Ms. Manley to adjourn

the meetings.

Ms. Manley asked for a motion and second to adjourn the meetings. Chairman Adams made the motion and

Mr. Olczak seconded the motion. Ms. Baldwin and Mr. SanFilippo voted to adjourn. The motions were

carried and the resolution adopted.

Ms. Manley informed about next MBBA and TSFC Board meeting scheduled for Thursday September 10,

2020 at 9:00 a.m.

Chairman Adams then asked the HFA Board members to ratify the affirmative votes taken on May 14, 2020

because he had to leave the meeting early due to last minute conflict. He asked HFA Board members to re-

vote on the items to ensure that there would be no questions as to the existence of a quorum at the times of

the respective May votes. He did note that prior to departing the May meeting he cast his votes on the various

items in the presence of the HFA Board members.

Ms. Manley asked HFA Members to ratify their vote of May 14, 2020 on an amendment (i) to the Budget for

the BAM project (ii) the not to exceed amount paid under IT Temporary Staffing Consultant Services

Contracts and (iii) the not to exceed amount paid under HFA’s Hosting Technology Agreement with

ProLink.

Ms. Manley asked for a motion and second. Chairman Adams made the motion and Mr. Curtis seconded Mr.

Olczak voted aye; Ms. Visnauskas voted aye.

Ms. Manley asked HFA Members to ratify their vote of May 14, 2020 on the adoption of the resolution

authorizing an amendment to the Agencies’ contract with Gartner.



Ms. Manley asked HFA Members to ratify their vote of May 14, 2020 on the Bond sale reports for quarters

ending January 31, 2020 and April 30, 2020.



Ms. Manley asked HFA Members to ratify their vote of May 14, 2020 on the adoption of a resolution

extending HFA/SONYMA contract with TierPoint for leasing of space in connection with disaster recovery

data center operations.



Ms. Manley asked HFA Members to ratify their vote of May 14, 2020 on the adoption of a resolution

authoring a $100,500,000 unrated, private placement financing for Dock Street apartments, Brooklyn, Kings

County.



Chairman Adams proceeded to item four on the Agenda which is a SONYMA Mortgage Insurance

Committee action item: a resolution approving 100% mortgage insurance on a $5,500,000 CPC permanent

first mortgage loan for Crannell Square 35 Catharine Street, Poughkeepsie, Dutchess County.

Mr. Friedman presented the item.

Ms. Manley moved for the adoption of:

A RESOLUTION OF THE MORTGAGE INSURANCE COMMITTEE OF THE STATE OF NEW YORK

MORTGAGE AGENCY APPROVING MORTGAGE INSURANCE AND A COMMITMENT FOR THE

PROVISION THEREOF FOR CRANNELL SQUARE, 35 CATHARINE STREET, POUGHKEEPSIE,

DUTCHESS COUNTY




Chairman Adams continued to the next item on the Agenda: an HFA Finance and Program Committee and

HFA Board action item; a resolution authorizing the issuance of refunding bonds for the purpose of

refinancing outstanding tax-exempt debt obligations in an estimated amount of $80,000,000 for 15 Hudson

Yards, City of New York, New York County.

Ms. Ng presented the item.

Ms. Manley moved for adoption of a:

RESOLUTION OF THE FINANCE COMMITTEE OF THE NEW YORK STATE HOUSING FINANCE

AGENCY RECOMMENDING THE ISSUANCE OF CERTAIN BONDS

For HFA Finance and Program Committee, Ms. Manley asked for a motion and second. Ms. Visnauskas

made the motion and Mr. Olczak seconded the motion. Chairman Adams voted aye.


AN OMNIBUS RESOLUTION OF THE NEW YORK STATE HOUSING FINANCE AGENCY

AUTHORIZING AND APPROVING CERTAIN MATTERS IN CONNECTION WITH THE FINANCING

OF THE PROJECT KNOWN AS 15 HUDSON YARDS APARTMENTS

For HFA Ms. Manley asked for a motion and second. Chairman Adams made the motion and Mr. Curtis

seconded Mr. Olczak voted aye; Ms. Visnauskas voted aye.

Chairman Adams moved to item six: resolutions of the HFA Finance and Program Committee and HFA

Board recommending and approving the extension of the Initial Private Placement Mode End Date for 810

Fulton Street, Brooklyn, Kings County.

Ms. Ng. presented the item.









OF THE PROJECT KNOWN AS 810 FULTON STREET APARTMENTS

For HFA Ms. Manley asked for a motion and second. Chairman Adams made the motios and Mr. Curtis


Chairman Adams then noted a change to the order of the Agenda as he asked the various Boards and

Committees to take action on certain projects before the SONYMA Mortgage Insurance Committee, the

SONYMA Board, the HFA Board and the HFA Finance and Program Committee. Materials in connection

with these items were sent by separate cover as part of a supplemental board book.

Chairman Adams started with the SONYMA Mortgage Insurance Committee and SONYMA Board:

resolutions approving 100% mortgage insurance on a $8,890,000 HFA permanent first mortgage loan for 645

Main Street, City of Peekskill, Westchester County.




MORTGAGE AGENCY RECOMMENDING APPROVAL OF MORTGAGE INSURANCE AND A

COMMITMENT FOR THE PROVISION THEREOF FOR 645 MAIN STREET, CITY OF PEEKSKILL,

WESTCHESTER COUNTY





A RESOLUTION OF THE STATE OF NEW YORK MORTGAGE AGENCY APPROVING MORTGAGE

INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR 645 MAIN STREET,

CITY OF PEEKSKILL, WESTCHESTER COUNTY




Chairman Adams continued with the HFA Finance and Program Committee and the HFA Members:

resolutions recommending and approving the financing of $24,080,000 of maximum fixed-rate and/or

variable-rate, tax-exempt and/or taxable bonds, and an estimated amount of $12,307,338 in HFA subsidy

funds, for 645 Main Street, City of Peekskill, Westchester County.

Ms. Crimmins presented the item.









OF THE PROJECT KNOWN AS 645 MAIN STREET APARTMENTS


seconded. Mr. Olczak voted aye; Ms. Visnauskas voted aye.

Chairman Adams then asked for action by the SONYMA Mortgage Insurance Committee and SONYMA

Board: resolutions recommending and approving 100% mortgage insurance on a $15,400,000 HFA

permanent first mortgage loan for St. Philip Neri 3054 Villa Avenue and 3069 Villa Avenue, Bronx, Bronx

County.




MORTGAGE AGENCY RECOMMENDING APPROVAL OF MORTGAGE INSURANCE AND A

COMMITMENT FOR THE PROVISION THEREOF FOR ST. PHILIP NERI, 3054 VILLA AVENUE

AND 3069 VILLA AVENUE, BRONX, BRONX COUNTY






INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR ST. PHILIP NERI, 3054

VILLA AVENUE AND 3069 VILLA AVENUE, BRONX, BRONX COUNTY




Chairman Adams then asked for action by the HFA Finance and Program Committee and the HFA Members:

resolutions recommending and approving the financing approval of $60,730,000 of maximum fixed-rate

and/or variable-rate, tax-exempt and/or taxable bonds and mortgage loan, and an estimated amount of

$37,200,000 in SHOP subsidy funds, for St. Philip Neri 3054 Villa Avenue and 3069 Villa Avenue, Bronx,

Bronx County.










OF THE PROJECT KNOWN AS THE ST. PHILIP NERI APARTMENTS




Board: a resolution recommending and approving 100% mortgage insurance on a $11,700,000 HFA

permanent first mortgage loan for National Urban League 125th Street; 121 W. 125th St. New York County.



A RESOLUTION OF THE STATE OF NEW YORK MORTGAGE AGENCY RECOMMENDING

MORTGAGE INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR

NATIONAL URBAN LEAGUE 125TH STREET, 121 WEST 125TH STREET, MANHATTAN, NEW

YORK CITY






INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR NATIONAL URBAN

LEAGUE 125TH STREET, 121 WEST 125TH STREET, MANHATTAN, NEW YORK CITY





resolutions recommending and authorizing the issuance of fixed-rate and/or variable rate bonds in a

maximum amount $79,420,000, and the making of an HFA subsidy loan in an amount not to exceed

$31,141,062, and the making of a Federal Housing Trust Funds Subsidy loan in an amount not to exceed

$3,058,938, for National Urban League 125th Street; 121 W. 125th St. New York County.










OF NATIONAL URBAN LEAGUE – 121 W 125th STREET




Board: resolutions approving 100% mortgage insurance on a $5,050,000 HFA permanent first mortgage loan

for 70 Delaware Avenue, Cohoes, Albany County.

Mr. Friedman presented for SONYMA.



MORTGAGE AGENCY RECOMMENDING MORTGAGE INSURANCE AND A COMMITMENT FOR

THE PROVISION THEREOF FOR 70 DELAWARE AVENUE, COHOES, ALBANY COUNTY






INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR 70 DELAWARE

AVENUE, COHOES, ALBANY COUNTY





resolutions recommending and approving the financing of $11,655,000 of maximum fixed-rate and/or

variable-rate, tax-exempt and/or taxable bonds, and an amount not to exceed $10,224,890 in HFA subsidy

funds, for 70 Delaware Avenue Apartments, Cohoes, Albany County.

Ms. Murillo presented the item.









OF THE PROJECT KNOWN AS 70 DELAWARE AVENUE APARTMENTS



Chairman Adams asked for action by the SONYMA Mortgage Insurance Committee and SONYMA Board:

resolutions approving 100% mortgage insurance on a $4,570,000 HFA permanent first mortgage loan for

Island Hollow II; 7800 Lunar Drive, Cicero, Onondaga County.



RESOLUTION OF THE MORTGAGE INSURANCE COMMITTEE OF THE STATE OF NEW YORK

MORTGAGE AGENCY RECOMMENDING MORTGAGE INSURANCE AND A COMMITMENT FOR

THE PROVISION THEREOF FOR ISLAND HOLLOW APARTMENTS II, 7800 LUNAR DRIVE,

CICERO, ONONDAGA COUNTY





RESOLUTION OF THE STATE OF NEW YORK MORTGAGE AGENCY APPROVING MORTGAGE

INSURANCE AND A COMMITMENT FOR THE PROVISION THEREOF FOR ISLAND HOLLOW

APARTMENTS II, 7800 LUNAR DRIVE, CICERO, ONONDAGA COUNTY





resolutions recommending and approving $15,000,000 of maximum fixed-rate and/or variable-rate, tax-

exempt and/or taxable bonds and mortgage loan, and an estimated amount of $9,500,000 in HFA subsidy

funds, for Island Hollow II; 7800 Lunar Drive, Cicero, Onondaga County.










OF ISLAND HOLLOW 2




resolutions recommending and authorizing the financing of $13,728,000 of fixed-rate and/or variable-rate,

tax-exempt and/or taxable bonds, and an amount not to exceed $6,293,374 in subsidy funds, for Pueblo

Nuevo I, City of Rochester, Monroe County.










OF THE PROJECT KNOWN AS THE PUEBLO NUEVO I APARTMENTS



Chairman Adams then asked Board members to go back to the items in the agenda in the original the Board

book the next item being the approval of the Annual AHC PARIS Procurement Report for the fiscal year

ending 3/31/2020.

Ms. Manley moved to the AHC Board for adoption of:

A RESOLUTION OF THE NEW YORK STATE AFFORDABLE HOUSING CORPORATION

APPROVING THE ANNUAL PROCUREMENT REPORT



Chairman Adams continued to the next item; the approval of AHC Annual Investment report for the period

ending March 31, 2020.



APPROVING A REPORT OF INVESTMENTS



Chairman Adams proceeded to the next item; a resolution approving AHC’s March 31, 2020 Audited

Financial Statements.

He noted that this item had been the subject of a presentation by the AHC external auditors at the Audit

Committee meeting that preceded the Board meeting.



REVIEWING AND APPROVING AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR 2019-20



Chairman Adams announced the next item; the approval of Public Authorities Information System (PARIS)

Annual Report Filing for AHC.

Commissioner Visnauskas noted that despite the challenges involved in working from remote locations, staff

was able to complete all the items needed for the AHC PARIS filing in time. She commended staff,

particularly since the Authorities Budget Office, in recognition of the current challenges, has published

guidance that grants authorities additional time to complete their required filings.



ACCEPTING A FILING UNDER THE PUBLIC AUTHORITIES REPORTING INFORMATION SYSTEM



Chairman Adams asked Ms. Manley to adjourn the meeting.

Ms. Manley asked for motions and seconds to adjourn the meeting. Chairman Adams made the motions and

Mr. Olczak seconded. Mr. Olczak, Mr. Curtis, Ms. Gonzalez, Ms. Vullo, Mr. Ballan and Mr. Kapell each

voted to adjourn. The motions were carried and the resolutions adopted.

Ms. Manley informed about next HFA, AHC and SONYMA Board meetings are scheduled for Thursday

September 10, 2020 at 9:00 a.m.

ITEM 2:

641 Lexington Ave, New York, NY 10022 │www.nyshcr.org



July 16, 2020

FROM: Betsy Mallow, SVP/COO TO: HFA, SONYMA, AHC

SUBJECT: Agenda Item 2 – Resolution Authorizing to amend (i) the Budget for the BAM project (ii) the

not to exceed amount paid under IT Temporary Staffing Consultant Services Contracts (“IT Contracts”) and

(iii) the not to exceed amount paid under HFA’s Hosting Technology Agreement with ProLink.

__________________________________________________________________________________________

Materials in connection with the above- mentioned subject item will be forwarded under separate cover.

CONSENT ITEMS:

ITEM 3:

F:\LEGAL\LV\2020\Board book July 23\Weinstock contract\Gary Weinstock__MEMO_July-23-2020_FINAL.docx


1

July 16, 2020

FROM: Marc Franzoni TO: HFA Members

Director Strategy Operations/

Change Management

SUBJECT: Approval of the consultant services agreement with Gary Weinstock

Reason Before the Members

The consultant services contract with Gary Weinstock is before the Members for approval

pursuant to Section 2879 of the Public Authorities Law and the Agency’s Procurement and Contract

Guidelines (“Guidelines”) that require procurement contracts exceeding one year in duration or

$100,000 in amount to be authorized by the Agency’s Members.

Criteria for Use of Contractors for Personal Services

In accordance with the provisions of Article III of the Agency’s Guidelines, the Agency has

made a determination that it is appropriate that consulting services be performed under a personal

contract as: (a) such services are necessary to the performance of the Agency’s responsibilities; and (b)

that such service is not available from Agency personnel. Such services are appropriately determined

to be personal services proper for "contracting out" as they are listed in Article III of the Guidelines.

Description of Vendor Selection & Personal Services to be Performed

On June 17, 2019, the Agency requested approval from the Joint Commission on Public Ethics

(“JCOPE”) to procure consultant services from Gary Weinstock, a former employee. The terms of this

sole source consultant services contract were for a six-month period, at $85 per hour, in an amount not

to exceed $30,000 for the period that commenced on August 1, 2019 and terminated on January 31,

2020. As the former Vice President and Comptroller of the Agencies, Mr. Weinstock’s expertise,

knowledge and experience with respect to particular matters meet the needs of the Agency and is

otherwise unavailable at a comparable cost. Due to high daily operational job obligations of the

accounting and finance staff coupled with increased demands on staff’s time to support the BAM project

through the critical data validation and testing cycles, Mr. Weinstock’s involvement and support in BAM





2

project testing as a dedicated business resource was critical to the success in meeting target deadlines

for the BAM project in the areas of accounting and finance. Mr. Weinstock’s knowledge and

understanding of the many manual processes developed over a period of more than 25 years, that are

specific to the Agency, together with complexities in business processes, made him uniquely qualified

to serve as a dedicated resource for accounting and finance. In response to the Agency’s request, we

received a letter from JCOPE dated July 25, 2019 authorizing a contract with Mr. Weinstock for a six-

month period at an hourly rate of $85 for the period that commenced August 1, 2019 and terminated

January 31, 2020. The Agency subsequently entered into a sole source agreement with Gary Weinstock

dated August 1, 2019, for a six-month period, at an hourly rate $85 and in an amount not to exceed

$30,000.

On February 10, 2020, the Agency requested authorization by JCOPE to extend the term of the

contract for a six-month period in a total contract amount not to exceed $35,000. HFA received a letter

from JCOPE dated February 26, 2020 authorizing the six-month extension. Subsequently, the Agency

amended its contract with Mr. Weinstock by extending the term of the agreement to July 31, 2020,

increasing the hourly rate to $95 in a total contract amount not to exceed $35,000.

Given some delays in the BAM project schedule due to COVID-19, on June 16, 2020, the

Agency requested authorization by JCOPE to extend the term of the contract for a five-month period

(i.e., from August 1, 2020 to December 31, 2020). HFA received a letter from JCOPE dated June 24,

2020 authorizing the five-month extension. At this time, the contract with Gary Weinstock has exceeded

the $35,000 not to exceed amount in the contract.

The consultant services contract between HFA and Gary Weinstock is being presented to the

Members for approval for the period August 1, 2019 to December 31, 2020 in a total contract amount

not to exceed $70,000.

Recommendation with respect to Length of Contract Terms

Agency staff has been satisfied with the services performed by Mr. Weinstock and wishes to

continue to retain Mr. Weinstock’s services for a five-month period. During the next five-months, staff

will: (a) continually evaluate the contract and the performance of the contractor; and (b) continually give

consideration to whether the further use of the contractor’s services and the continuation of the

agreement are desirable.

Contracting Agencies, Allocation of Costs Between Agencies & Other Contracts

As of May 31, 2020, total expenditures paid to Gary Weinstock under the contract totaled

$43.308. These costs are not allocated to any of the Affiliated Agencies.



3

Recommendation and Required Action by Committees

Authorization of the consultant services agreement with Gary Weinstock is being submitted to

the Members for approval. In consideration of the recommendations of staff, it is respectfully requested

that the transmitted resolution be adopted by the Members approving and authorizing the Agency’s

Consultant Services Agreement with Gary Weinstock, an individual, for the period August 1, 2019 to

December 31, 2020 in a not to exceed amount of $70,000 for total expenditures under the contract.

F:\LEGAL\LV\2020\Board book July 23\Weinstock contract\Gary Weinstock__RESO_July-23-2020_FINAL.docx

A RESOLUTION OF THE


APPROVING A CONTRACT WITH GARY WEINSTOCK

FOR CONSULTANT SERVICES

WHEREAS, Section 2879 of the Public Authorities Law and the Procurement and Contract

Guidelines of the New York State Housing Finance Agency (“Agency”) (the “Guidelines”) require

the Members to review and approve all procurement contracts that exceed one year in duration or

$100,000 in amount; and

WHEREAS, the Agency entered into a consultant services contract with Gary Weinstock

for a six-month period in the amount of $30,000 for the period August 1, 2019 to January 31, 2020;

and

WHEREAS, the Agency extended the term of its contract with Gary Weinstock to July 31,

2020 in a total contract amount not to exceed $35,000; and

WHEREAS, the Agency is satisfied with the consultant services performed by Gary

Weinstock and wishes to extend the term of the contract for a five-month period with total

expenditures under the contract capped at $70,000; now, therefore be it

RESOLVED, by the Agency’s Members as follows:

Section 1. Authorization of the consultant services contract with Gary Weinstock is hereby

approved by the Agency’s Members for the period August 1, 2019 to December 31, 2020 in a total

contract amount not to exceed $70,000.

Section 2. The President and Chief Executive Officer, or another designated officer of the

Agency, is hereby authorized and directed, subject to the provisions of this resolution, to execute

any and all documents which may be necessary and appropriate to effectuate the purpose of this

resolution in accordance with the provisions set forth in the memorandum accompanying this

resolution.

Section 3. This resolution shall take effect immediately.

Dated: July 23, 2020

ITEM 4:


F:\LEGAL\LV\2020\Board book July 23\Switzer\Architect_Switzer_MEMO_July-23-2020_FINAL.docx

1



July 16, 2020

FROM: Betsy Mallow TO: HFA and SONYMA

Senior Vice President, Executive Deputy

Commissioner and Chief Operating Officer

Diana Nebiolo

Senior Vice President/Deputy Commissioner

Office of Finance and Administration

Jose Dilan

Vice President

Office of Facilities and Telecommunications

SUBJECT: Authorization to amend the Architect Services Agreement with The Switzer Group

Reason before the Members and Directors

Authorization to amend the Agencies’ Architect Services Agreement with The Switzer Group

(“Switzer”) is before the Members and Directors for approval in accordance with Section 2879 of the

Public Authorities Law and the Agencies’ Procurement and Contract Guidelines (“Guidelines”) that

require the Members/Directors to approve procurement contracts that exceed one year in duration or

$100,000 in amount. (Unless otherwise defined herein, capitalized terms appearing in this memorandum

adhere to their respective definitions in the Guidelines.)

Criteria for Use of Contractors for Personal Services

In accordance with the provisions of Article III of the Agencies’ Guidelines, the Agencies have

made a determination that it is appropriate that architect services be performed under a personal services

contract as (a) such services are necessary to the performance of the Agencies’ responsibilities and (b)

such services are not available from Employees. Architect services are appropriately determined to be

personal services proper for "contracting out" as they are listed in Article III of the Guidelines.



2

Description of the Solicitation Process

As a result of a request for proposals (“RFP”) issued on March 14, 2017 for an architect for

commercial interior architectural and engineering design services (“Architect Services”) for an office

build-out project in NYC of the Agencies’ (i) existing office space at 641 Lexington Avenue in NYC

(“641 Lex”) or (ii) a new space at 641 Lex or (iii) another NYC building (the “Project”), the Agencies

awarded a contract to Switzer in an amount not to exceed $800,000 for a two-year term with one optional

renewal.

In the first year of the contract, The Switzer Group worked on completing the requested tasks as

outlined in the architectural service agreement and provided programming, test-fits and building

evaluation.

Additionally, Switzer developed four scenarios for potential build out at 641 Lexington and

provided preliminary test-fit analysis on temporary swing space at 415 Madison Avenue and 345 Park

Avenue (collectively, the “Swing Space”) which could potentially accommodate up to 306 employees and

IT consultants.

In the second year of the contract, Switzer finalized Construction Drawings for the space at 641

Lexington Avenue in accordance with the terms of the Agreement. Switzer also prepared Architectural

Drawings including mechanical, electrical, HVAC, data and security specifications for the work that will

fit out the Swing Space for the Agencies’ temporary occupancy needs which was essential to the Agencies

temporary occupancy needs and ultimately to the successful completion of the build-out at 641 Lexington

Avenue. Switzer provided construction monitoring on behalf of the Agencies throughout the construction

phase and has provided design services related to the selection of fixtures and furnishing and the selection

of art work for the space.

Switzer also consulted on the architectural design for the adjacent space at 641 Lexington leased

by OGS on behalf of DHCR. Ensuring that Switzer was engaged to do the architectural design for all of

the space at 641 Lexington was necessary to achieve the uniform design, appearance and standard of finish

across all of the HCR space at 641 Lexington. That uniformity is critical to the success of the co-location

and further integration of HCR. It was anticipated that coordinating the design and build-out of the space

leased by HFA and SONYMA with the design and build-out of the space leased by OGS on behalf of

DHCR, would contribute to the increase of the fees for architectural services over the term of the

Agreement.



3

Project Status Update

The Agencies moved back to 641 Lexington Avenue in Fall 2019. The goal of achieving a

uniform design, appearance and standard of finish across the space has been accomplished. As anticipated,

the coordination of the work across the two leased spaces resulted in increased costs - some directly related

to the coordination and some related to final selection of finishes. The timing of payment authorization

from OGS and HFA/SONYMA resulted in the Agencies laying out funds for certain Switzer bills

remaining outstanding over an extended period of time.

Due to costs attributed to change orders that were required to rectify field conditions (including

design relocation of Lighting fixtures and sprinkler heads) that were not discoverable prior to demolition

and construction commencement, the Agencies are requesting an increase in the amount of $35,500 to

cover these expenses.

The HFA Members and SONYMA Directors approved an architectural services contract with The

Switzer Group at their meetings on May 11, 2017, for a two-year period, with an option to extend the term

of the Agreement for a one-year period, in an amount not to exceed $800,000. The Agencies’ Governance

Committees annually reviewed the Agencies’ contract with The Switzer Group at their May 11, 2018

meetings. On November 8, 2018, the HFA Members and SONYMA Directors approved an amendment

to the Agreement to (i) amend the scope of services under the Agreement, (ii) cover the Swing Space,

and (iii) to increase the cap under the Agreement by an amount not to exceed $550,000 for an aggregate

amount not to exceed $1,350,000.The Members and Directors also authorized and extension of the term

of the Agreement for a one-year period to be exercised prior to May 11, 2019. On October 10, 2019, the

Members and Directors authorized an amendment to the Agreement to increase the cap under the

Agreement by $200,000 in order to cover (i) additional architectural costs associated with the coordination

of the work across the space in the approximate amount of $165,000, and (ii) $35,000 in additional

unbilled services largely associated with final finishes in the space. Agency staff is requesting

authorization to amend the Agreement to increase the cap under the Agreement by $35,500 to cover

additional architectural costs to rectify field conditions. However, the overall cost of the project incurred

by HFA/SONYMA remains under budget.

Record of Expenditures under Contract; Contracting Agencies, Allocation of Costs Among Agencies and

Other Contracts

The Agencies paid Switzer: (i) $98,800 in fiscal year 2017; (ii) $659,394 in fiscal year 2018; (iii)

$590,954 in fiscal year 2019; and (iv) $236,194 in fiscal year 2020. Switzer does not have any other

contracts with the Agencies or its Affiliates.



4

Promoted and Prohibited Contracts & Contracts Subject to Other Limitations

Article VIII of the Agencies’ Guidelines provides for consideration to be given to certain kinds of

contracts that may be promoted, prohibited or subjected to certain limitations which include, but are not

limited to, contracts with MWBEs, SDVOBs, New York State Business Enterprises (“NYSBEs”) and

enterprises from “Discriminatory Jurisdictions.” The Switzer Group and Outsource are MBEs and Cerami

is a WBE. Cerami, Syska, Outsource, Silman and Loring are NYSBEs. This Project is anticipated to

achieve 63% in overall MWBE participation.

Recommendation

Authorization to amend the architect services agreement with The Switzer Group is being

submitted to the HFA Members and SONYMA Directors for approval. In consideration of the

recommendations of staff, it is respectfully requested that the transmitted resolution be adopted by the

Members/Directors approving and authorizing the Agencies to amend the Agreement with The Switzer

Group by increasing compensation by an amount not to exceed $35,500 for a total not to exceed contract

amount of $1,585,500.

F:\LEGAL\LV\2020\Board book July 23\Switzer\Architect_Switzer_RESO_July-23-2020_FINAL.docx

A RESOLUTION OF THE

NEW YORK STATE HOUSING FINANCE AGENCY AND


APPROVING AN AMENDMENT TO THE

ARCHITECT SERVICES CONTRACT WITH THE SWITZER GROUP

WHEREAS, pursuant to Section 2879 of the Public Authorities Law and the Procurement and

Contract Guidelines of the New York State Housing Finance Agency and State of New York Mortgage

Agency (collectively, the “Agencies”) (the “Guidelines”), the Agencies’ Members and Directors must

approve all procurement contracts that exceed one year in duration or $100,000 in amount; and

WHEREAS, on March 14, 2017, the Agencies issued a request for proposals (“RFP”) for the

selection of an architect to provide commercial interior architectural and engineering design services

(“Architect Services”) for an office build-out project in New York City (“NYC”) of the Agencies’ (i)

existing office space at 641 Lexington Avenue in NYC (“641 Lex”); or (ii) a new space at 641 Lex or

(iii) another NYC building (the “Project”); and

WHEREAS, as a result of the RFP process, the Agencies’ Members and Directors authorized

a contract with The Switzer Group for the provision of Architect Services for the Project for a two-

year period, with an option to extend the term of the contract for a one-year period, in an amount not

to exceed $800,000; and

WHEREAS, on November 8, 2018, the Agencies’ Members and Directors authorized an

amendment to their contract with The Switzer Group to (i) expand the scope of services in the contract

to include Architect Services for the swing spaces at 415 Madison Avenue, NYC and 345 Park

Avenue, NYC, as well as certain additional architectural and engineering work involved with

managing the information technology needs of the Agencies, (ii) increasing the compensation in the

contract by $550,000, and (iii) extending the term of the contract for a one-year period; and

WHEREAS, on October 10, 2019, the Agencies’ Members and Directors authorized an

amendment to the contract with The Switzer Group to increase the compensation in the contract by

$200,000; and

WHEREAS, Agency staff is requesting an amendment to the contract with The Switzer Group

to increase the compensation by $35,500; now, therefore, be it;

RESOLVED, by the Members and Directors as follows:

F:\LEGAL\LV\2020\Board book July 23\Switzer\Architect_Switzer_RESO_July-23-2020_FINAL.docx

Section 1. Authorization to amend the Architect Services contract with The Switzer Group for

the Agencies’ Project by increasing compensation by $35,500 for a total not to exceed contract amount

of $1,585,500, is hereby approved.

Section 2. The President and Chief Executive Officer, or her designee, is hereby authorized

and directed, subject to the provisions of this resolution to execute any and all documents which may

be necessary and appropriate to effectuate the purposes of this resolution in accordance with the

provisions set forth in the memorandum accompanying this resolution.



INFORMATION ITEM:

ITEM 5:

ANDREW M. CUOMO

Governor

RUTHANNE VISNAUSKAS

Commissioner/CEO

July 16, 2020

FROM: Kathryn Marnell TO: HFA Members

Vice President, Asset Management

SUBJECT: Conifer Realty LLC request to change their majority ownership

_____________________________________________________________________________

INFORMATION ITEM:

This is an information item concerning a proposed change in the majority ownership of

Conifer Realty LLC (“Conifer”), a large developer in upstate New York that owns and controls a

large portfolio of Projects financed by HFA and DHCR. Specifically, the current owners of

Conifer intend to sell a majority interest in Conifer to Belveron Real Estate Partners LLC

(“Belveron”).

SUMMARY OF TRANSACTION:

On March 11, 2020, the Agency was notified in writing of Belveron’s intent to purchase a

majority interest in Conifer and its portfolio. Conifer’s portfolio consists of 86 properties, of which

twenty-six (26) projects have been financed by HFA, a list of which is attached (the “Portfolio”).

Conifer’s managing agent entity will continue to manage all the Conifer projects despite the

change in ownership. In accordance with the terms of the numerous Regulatory Agreements

between the Agency and the Conifer entities that own and operate the various Projects, Conifer

requested HFA approval for the transfers of Project ownership interests. The transaction is

expected to close by August 14, 2020.

In connection with granting the requested consent, HFA has received consent from

SONYMA and the portfolio’s numerous investors, including for example: Red Stone Equity

Partners LLC, Bank of America, M&T Bank, NEF Assignment Corporation, and First Sterling

Financial.

Approval from DHCR for projects financed under its 9% tax credit program is not required

under the terms of the DHCR Regulatory Agreements. Nevertheless, DHCR is aware of the steps

being taken by HFA Asset Management in granting approval to the transfer.

Board Memo, Information Item

Acquisition of Conifer Realty LLC

- 2 -

CONDITIONS TO HFA CONSENT:

As noted above, the Conifer portfolio includes twenty-six (26) projects financed by HFA

and subject to HFA Regulatory Agreements. HFA has determined that all HFA Regulatory

Agreements in the Portfolio will be amended post-closing to (1) memorialize the new Principals

of Conifer in each HFA Regulatory Agreement, and (2) expressly require HFA consent to a change

in the direct or indirect control of any Project’s Managing Member.

Of the twenty-six (26) HFA projects, five (5) will require a transfer or assumption fee,

totaling approximately $70,000. The remaining transfers do not require a transfer fee due to the

structures of those transactions. Going forward, because of the amendment set forth in (1)

above, transfer fees will be required in all cases where control changes. In addition, because

HFA has determined that all the Projects’ Regulatory Agreements must be amended, HFA will

also collect due diligence fee of $5,000 per project, or $130,000.

As a condition of granting consent to this transaction, HFA will also prohibit Belveron

from selling the Portfolio within the next five years, otherwise, HFA will impose a special transfer

fee of $250,000. In exchange, HFA has agreed to waive all transfer fees should Belveron sell the

Portfolio in a single transaction after five years, provided the purchaser of the Portfolio is not a

Prohibited Person, as such term is defined in the applicable HFA Regulatory Agreements.

Should Belveron wish to sell any single Project in the portfolio at any time, the provisions

of that Project’s individual Regulatory Agreement will apply to and govern the proposed

transaction.

HFA’s approval to the ownership transfers is contingent on receipt of all fees due to the

Agency, and to Lexis Nexis review and approval.

Based and conditioned on the foregoing, HFA’s Asset Management has approved this

proposed ownership transfer.

of 4

NYS HFA

Property Name Entity Name SHARS ID Abraham Lincoln Apartments Abraham Lincoln Preservation, LLC 2169 Blue Heron Trail I Blue Heron Trail I, LLC 190-2359 Brookside Apartments Old Brookside I Associates, LLC 1529 Brookside Apartments II Brookside Associates II, LLC 20080003 Conifer Village at Cayuga Meadows CV at Cayuga Meadows, LLC 2275 Conifer Village at Patchogue Senior Apartments I Patchogue Senior Apartments, LLC

1430

Copiague Commons Copiague Commons, LLC 2291 Erie Harbor Erie Harbor, LLC 1980 FIGHT Village Apartments Ward Street Redevelopment, LLC 1900 Fort Hill Apartments Fort Hill Preservation, LLC 9300108 Harris Park Preservation Harris Park Preservation, LLC 2259 Kasson Place Apartments James Street Apartments, LLC 2038 Keeler Park Apartments Keeler Park Housing Associates, LLC 1538 Lake View Apartments & Townhomes/Barkley Gardens Woodlands Barkley, LLC 20080348

North Country 8 North Country Rural Preservation Associates, L.P. (FORMER Carthage Housing Co.)

2019

NY Rural Preservation New York Rural Preservation Associates, L.P.

Adam Lawrence Apartments 2019 Black Brook Senior Housing 2104 Circle Drive Apartments II 2104 Cynthia Meadows Apartments 2104 Orchard Park at Central Square II 2104 Orchard Park at Central Square I 2104 Roderick Rock Senior Housing 2104

Southeast Towers Preserve SET, LLC TBD St. Joseph's Apartments St. Joseph Preservation, LLC 2200 The Hamilton Apartments Genesee Hamilton, L.P. 1864 Towpath Manor Apartments Towpath III Limited Partnership 2060 Twin Oaks Apartments Conifer Twin Oaks, LLC 1962 Village Square Senior Apts Village Square Senior, LLC 2061 VOA Cobblestone Place Apartments VOA Cobblestone Place Apartments, LLC 2202 Westfall Heights Westfall Heights, LLC 20096176 Wincoram Commons II Wincoram Commons Phase II, LLC 20126110

WNY Rural Preservation WNY Rural Preservation, L.P.

19910436 (Arcade) 19930583 (Canisteo) 19910169 (Carrollton) 19920745 (Cattaraugus) 19940673 (Little Valley) 19910168 (Maple Leaf)

ITEM REQUIRING MORTGAGE INSURANCE COMMITTEE ACTION:

ITEM 6:



MEMORANDUM

July 16, 2020

FROM: Michael A. Friedman TO: Mortgage Insurance Committee Members

SUBJECT: Approval of Permanent Mortgage Insurance for 943-947 Teller Avenue, Bronx

County, Certificate No. 10-2126

Executive Summary

Insured Mortgage/ $2,002,300 / 5.25% / 29 years

Mortgagee: The Community Preservation Corporation/NYCERS

Project Description: Rehabilitation of 36 cooperative apartments.

Public Purpose: The Project will preserve moderate income home ownership

opportunities.

Income Restrictions/ All unit sales are restricted to buyers with incomes up to 120% of

Affordability: AMI. Maintenance charges range from 40% to 51% of AMI and will

be regulated by HPD through a regulatory agreement. See page

three of the Project Summary for the schedule of initial rents and

affordability levels.

Subsidy: $6,340,559 HPD PLP loan

$35,520 NYSERDA grant

$1,240,000 AHC grant

40-year full Article XI real estate tax exemption with 29 years

remaining at the time of insurance effectiveness.

Project Ownership: 943-947 Teller Avenue Housing Development Fund Corporation, a

limited equity cooperative corporation.

Project Information

Project Background: The Project involves the moderate rehabilitation of this five-story,

36-unit, walk-up building built circa 1920.

Neighborhood(s): The Project is located on Teller Avenue, in the Concourse section of

Cert # 10-2126 (Gary Schuldenfrei)

June 29, 2020 (8:38PM) 2

the Bronx. (See Location Map-Exhibit D.) The neighborhood is

primarily residential, improved with mid-rise apartment buildings.

Retail stores, restaurants and other local services are scattered

throughout the area. The Project is well served by mass

transportation with City bus service accessible one block west and

two blocks south of the Project. The Melrose station of the Metro-

North Railroad is one block east of the Project and the 4, B & D

subway stations are around ½ mile west of the Project.

Description of Rehabilitation

Rehabilitation: Installation of a new boiler, domestic water and gas piping and roof;

upgrades to kitchens and bathrooms, facade restoration and other

work-related items.

Hard Cost Estimate PSF: $226+

Hard Cost

Per Dwelling Unit: $207,327

+

Total Project Cost: $9,820,674

Environmental Report: A remedial action plan requires the sealing of cracks in the basement

floor and installation of a sub-slab depressurization system. See

Special Conditions.

Project Maintenance Charge Rental Structure

Unit Type

Affordability

% of AMI

# Units

Monthly

Maintenance

One-bedroom 44% 11 $799

Two-bedroom 46% 9 $1,027

Three-bedroom 49% 10 $1,255

Four-bedroom 51% 5 $1,483

Total 35

Schedule excludes one non-revenue one-bedroom superintendent’s unit. Residents pay for electric

and cooking gas.

Other Income: None.


June 29, 2020 (8:38PM) 3

Proposed Project Financing

Insured Loan

Payment Schedule: $11,057/month for 29 years.

Borrower

Equity Contribution: $202,295 equity.

Percent of Total

Project Costs: 2%

Ins. Effective Date: At permanent loan closing.

Underwriting

Loan to Value Ratio: 63%.

Liability to Value Ratio: 63%.

Projected Income/Expense Ratio: 1.07:1

NOI/DS: 1.20:1

(See Exhibits A-C for further details)

______________________________________________________________________________

Appraisal Summary

Ownership Rights Appraised: Fee.

Valuation: $3,180,000

Valuation Methodology: Income Approach using market financing, below market

maintenance charges and an Article XI real estate tax

exemption.

Capitalization Rate: 6.50%.

Developer Description/Management Capacity

Developer History: This limited equity cooperative corporation was formed in

1984 to own and operate the Project.

Management Experience: The Project is managed by Finger Management Corp. which

currently manages more than 70 properties throughout the


June 30, 2020 (3:03PM) 4

metropolitan area.

SONYMA Commitments

and/or PIFs: None.

Risk Analysis

● The loan amount is $55,619 per unit and equals 20% of the Project’s total

development cost of $267,599 per unit.

● The Project has satisfactory loan to value and liability to value ratios of 63% and a

satisfactory income to expense ratio (1.07:1) and debt-service coverage ratio (1.20:1).

● The Project will break even with an 11% vacancy and collection loss or an 11%

increase in operating expenses.

● Four units are vacant as a result of tenant shareholder eviction and abandonment.

The cooperative corporation has possession of the units but is in legal proceedings to recover the associated shares which is required for sale of the units to proceed. The legal proceedings have been delayed due to court closings. The 12% vacancy loss in the Project’s underwriting reflects the vacancy loss from these units.

● The Project is currently in arrears on its water and sewer charges which will be brought current with loan proceeds prior to insurance effectiveness.

● UHAB is providing financial monitoring services and the coop is implementing

annual 2% maintenance charge increases to assure stable project operations. Special Conditions: Mortgage insurance is expected to become effective at permanent

loan closing subject to the following:

● SONYMA required rent achievement level of $392,851 (@ 1.05:1).

● Submission of an engineer’s report. ● Article XI real estate tax exemption with at least 30 years remaining at the time of

conversion. ● HPD regulatory agreement.

● Funding of a capitalized operating/DS reserve at the time of conversion with

$187,100. ● Municipal sign-off on the satisfactory implementation of the remedial action plan.


June 30, 2020 (3:03PM) 5

● Operation and Maintenance Plan for asbestos and/or lead-based paint if either

remains post rehabilitation. ● The Project must be current with its water & sewer bills.

Conclusion: It is recommended that the Mortgage Insurance Committee approve issuance of a

Commitment to Insure covering 100% mortgage insurance for the Project on a loan amount of $2,002,300.

_____________________________________________________________________________

Attachments

Exhibit A Sources and Uses of Loan Proceeds

Exhibit B Income and Expense Analysis Exhibit C Maintenance and Operating Expenses Exhibit D Location Map(s) Exhibit E Project Photo(s)

Exhibit A

943 Teller Avenue

Bronx, Bronx County

Certificate # 10-2126

PROJECT FINANCIAL STRUCTURE

Sources of Funds

lst Mortgage, CPC $2,002,300

HPD-PLP Loan $6,340,559

AHC Loan $1,240,000 No repayment scheduled

NYSERDA Grant $35,520

Equity $202,295

Total Sources $9,820,674

Uses of Funds

Per SF. Per Unit

Total Cost (33,055) (36)

Repayment of HPD and DEP Arrears $555,077 $17 $15,419

Hard Costs $7,463,764 $226 $207,327

Soft Costs $1,614,733 $49 $44,854

6 Months Capitalized Reserve (M&O +DS) $187,100 $6 $5,197

Total Uses $9,820,674 $292 $267,599

30-year term; 5.25% interest rate (rate

includes mortgage insurance premium).

Monthly payments: $11,057 (6.72% constant)

30-year term with interest accruing at 1%,

$8,557,844 balance end of year 30.

12:09 PM Prepared by SONYMA Mortgage Insurance Fund 7/15/2020 GBS

Exhibit B

943 Teller Avenue

Bronx, Bronx County


PROJECTED INCOME AND EXPENSE ANALYSIS

Mortgagee's

Projection

2021

Gross Potential Income

Residential Income $455,964

Total Gross Potential Income $455,964

Less Vacancy & Collection Loss

Residential (12%) * ($54,716)

Total Vacancy & Collection Loss ($54,716)

Effective Gross Income (EGI) $401,248

Less: M & O ($241,463)

Net Operating Income $159,785

Less: Debt Service

1st Mortgage, CPC @ 5.25% ($132,681)

Total Debt Service ($132,681)

Cash Flow $27,104

Total Operating Expenses (TOE) ($374,144)

EGI/TOE 1.07

NOI/DS 1.20

SONYMA Effective Gross Income @ 1.05:1 $392,851

Total Operating Expenses ($374,144)

Cash Flow $18,707

* The coop is in litigation to gain ownership of 4 vacant units.


Exhibit C

943 Teller Avenue

Bronx, Bronx County


MAINTENANCE & OPERATING EXPENSES

Underwriting

Projections Per Room Per Unit

2021 152 36

Water & Sewer $30,096 $198 $836

Insurance $22,680 $149 $630

Cleaning / Exterminating $15,200 $100 $422

Misc. Administrative Expenses $12,788 $84 $355

Heat (gas) $38,304 $252 $1,064

Management $26,419 $174 $734

Payroll $17,000 $112 $472

Repairs & Maintenance $27,000 $178 $750

Legal and Accounting $26,560 $175 $738

Electric (common area) $16,416 $108 $456

Building Reserve $9,000 $59 $250

Total Expenses $241,463 $1,589 $6,707


EXHIBIT D 943 TELLER AVENUE

BRONX, BRONX COUNTY CERTIFICATE # 10-2126

PROJECT LOCATION

EXHIBIT E 943 TELLER AVENUE

BRONX, BRONX COUNTY CERTIFICATE # 10-2126

PROJECT PHOTO

A RESOLUTION OF THE

MORTGAGE INSURANCE COMMITTEE OF THE


APPROVING MORTGAGE INSURANCE AND A

COMMITMENT FOR THE PROVISION THEREOF FOR

943–947 TELLER AVENUE, BRONX, BRONX COUNTY

WHEREAS, pursuant to Public Authorities Law Section 2425 et seq., the State of

New York Mortgage Agency (the “Agency”), among other things, is authorized to issue

commitments to insure and to contract to insure mortgage loans eligible for insurance

thereunder; and

WHEREAS, an application for mortgage insurance was submitted to the Agency;

and

WHEREAS, the Agency staff has reviewed such application and recommends

that the project be approved for mortgage insurance; now, therefore be it

RESOLVED, by the Mortgage Insurance Committee of the Agency, as follows:

Section 1. Pursuant to Section 2425 et seq., of the Public Authorities Law and

conditions to be set forth in the Commitment to Insure and Certificate of Insurance of

mortgage loans eligible for insurance thereunder (the “Commitment”), the Mortgage

Insurance Committee hereby authorizes the issuance of a Commitment for 100%

mortgage insurance of the Community Preservation Corporation permanent mortgage

loan in the approximate amount of $2,002,300 for 943-947 Teller Avenue, Bronx, Bronx

County, Certificate #10-2126, utilizing the New York City Employees’ Retirement

System.

Section 2. The President and Chief Executive Officer, or another Senior Officer

of the Agency designated by her, is hereby authorized, subject to the provisions of this

resolution and her approval of the form and content of any documents and agreements

necessary to effectuate this transaction, to execute a Commitment for the Project on

behalf of the Agency.


ITEMS REQUIRING HFA AND SONYMA ACTION:

ITEM 7:

641 Lexington Ave, New York, NY 10022 │ 212-688-4000 │www.nyshcr.org



July 16, 2020

FROM: Sonya Kinckle TO: HFA Members

VP/Comptroller

SUBJECT: Resolution approving the audited Schedule Expenditures of Federal Awards

(the Single Audit) for the fiscal year ended October 31, 2019

The Single Audit is a rigorous, organization-wide audit of an entity that expends $750,000

or more of Federal assistance. For the fiscal year ended October 31, 2019, HFA distributed more

than $750,000 in federal assistance, and is therefore required to have this audit performed. The

Single Audit’s objective is to provide assurance to the U.S. Federal government as to the

management and use of such funds. The attached audit, the New York State Housing Finance

Agency’s (“HFA”) Schedule of Federal Expenditures and Federal Awards for the Year Ended

October 31, 2019, was performed by Ernst & Young LLP encompassing both financial and

compliance components. This report shows that there were no findings in 2019.

It is respectfully recommended that the Members adopt the resolution presented approving

the HFA Schedule of Federal Expenditures of Federal Awards for the year ending October 31,

2019, and recommend the approval by the Members.

At the Audit Committee (“Committee”) meeting scheduled in advance of the September 10th,

2020 Members’ meeting, the Committee will be asked to review and approve the report.

PRELIMINARY AND TENTATIVE FOR DISCUSSION ONLY

#1 NOT Proofed Draft—7/6/2020 5:28 PM

F I N A N C I A L S T A T E M E N T S , S U P P L E M E N T A R Y

I N F O R M A T I O N I N C L U D I N G E X P E N D I T U R E S O F

F E D E R A L A W A R D S A N D R E P O R T S A N D S C H E D U L E

R E Q U I R E D B Y T H E U N I F O R M G U I D A N C E

New York State Housing Finance Agency

Year Ended October 31, 2019

With Report of Independent Auditors


2007-3539593


Financial Statements, Supplementary Information including

Expenditures of Federal Awards and Reports and

Schedule Required by the Uniform Guidance


Contents

Report of Independent Auditors. ................................................................................................. 1

Basic Financial Statements

Management’s Discussion and Analysis ...................................................................................... 4

Basic Financial Statements:

Statements of Net Position...................................................................................................... 21

Statements of Revenues, Expenses and Changes in Net Position............................................. 22

Statements of Cash Flows ....................................................................................................... 23

Notes to Financial Statements ................................................................................................... 24

Required Supplementary Information

Schedule of Changes in Total OPEB Liability and Related Ratios ............................................. 53

Schedule of Contributions to the NYSLRS ................................................................................ 54

Schedule of the New York State Housing Finance Agency’s Proportionate Share of

the NYSLRS Net Pension Liability ........................................................................................ 55

Supplementary Information

Supplemental Schedule I – Schedule of Net Position ................................................................. 56

Supplemental Schedule II – Schedule of Program Revenue, Expenses and Changes in

Net Position ........................................................................................................................... 58

Supplemental Schedule III – Schedule of Program Cash Flows ................................................. 60

Supplemental Schedule IV – Bond Indebtedness and Other Debt Obligations ........................... 62

Schedule of Expenditures of Federal Awards ............................................................................ 83

Notes to Schedule of Expenditures of Federal Awards .............................................................. 84

Reports and Schedule Required by the Uniform Guidance

Report of Independent Auditors on Internal Control Over Financial Reporting and on

Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards ............................................. 85

Report of Independent Auditors on Compliance for Each Major Federal Program and

Report on Internal Control over Compliance Required by the Uniform Guidance ................... 87

Schedule of Findings and Questioned Costs .............................................................................. 90


2007-3539593 1

Report of Independent Auditors

Management and Members of the Board


New York, New York

Report on the Financial Statements

We have audited the accompanying financial statements of the New York State Housing Finance

Agency (the Agency), a component unit of the State of New York, as of and for the years ended

October 31, 2019 and 2018, and the related notes to the financial statements, which collectively

comprise the Agency’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements

in conformity with U.S. generally accepted accounting principles; this includes the design,

implementation, and maintenance of internal control relevant to the preparation and fair

presentation of financial statements that are free of material misstatement, whether due to fraud or

error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We

conducted our audits in accordance with auditing standards generally accepted in the United States

and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and

perform the audits to obtain reasonable assurance about whether the financial statements are free

of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,

including the assessment of the risks of material misstatement of the financial statements, whether

due to fraud or error. In making those risk assessments, the auditor considers internal control

relevant to the entity’s preparation and fair presentation of the financial statements in order to

design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express

no such opinion. An audit also includes evaluating the appropriateness of accounting policies used

and the reasonableness of significant accounting estimates made by management, as well as

evaluating the overall presentation of the financial statements.

1


2007-3539593

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects,

the financial position of the Agency as of October 31, 2019 and 2018, and the changes in its

financial position and its cash flows for the years then ended in conformity with U.S. generally

accepted accounting principles.

Required Supplementary Information

U.S. generally accepted accounting principles require that Management’s Discussion and

Analysis, the Schedule of Changes in Total OPEB Liability and Related Ratios, the Schedule of

Contributions to the NYSLRS, and the Schedule of the New York State Housing Finance Agency’s

Proportionate Share of the NYSLRS Net Pension Liability, as listed in the table of contents, be

presented to supplement the basic financial statements. Such information, although not a part of

the basic financial statements, is required by the Governmental Accounting Standards Board which

considers it to be an essential part of financial reporting for placing the basic financial statements

in an appropriate operational, economic or historical context. We have applied certain limited

procedures to the required supplementary information in accordance with auditing standards

generally accepted in the United States, which consisted of inquiries of management about the

methods of preparing the information and comparing the information for consistency with

management’s responses to our inquiries, the basic financial statements, and other knowledge we

obtained during our audits of the basic financial statements. We do not express an opinion or

provide any assurance on the information because the limited procedures do not provide us with

sufficient evidence to express an opinion or provide any assurance.


Our audits were conducted for the purpose of forming an opinion on the financial statements that

collectively comprise the Agency’s basic financial statements. The Supplementary Section is

presented for purposes of additional analysis and is not a required part of the basic financial

statements.

The Supplementary Section is the responsibility of management and was derived from and relates

directly to the underlying accounting and other records used to prepare the basic financial

statements. The information has been subjected to the auditing procedures applied in the audit of

the basic financial statements and certain additional procedures, including comparing and

reconciling such information directly to the underlying accounting and other records used to

prepare the basic financial statements or to the basic financial statements themselves, and other

additional procedures in accordance with auditing standards generally accepted in the United

States. In our opinion, the Supplementary Section is fairly stated, in all material respects, in relation

2


2007-3539593

to the basic financial statements as a whole. The Introductory Section has not been subjected to

the auditing procedures applied in the audit of the basic financial statements, and, accordingly, we

do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated

January 29, 2020 on our consideration of the Agency’s internal control over financial reporting and

on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant

agreements and other matters. The purpose of that report is solely to describe the scope of our

testing of internal control over financial reporting and compliance and the results of that testing,

and not to provide an opinion on the effectiveness of the Agency’s internal control over financial

reporting or on compliance. That report is an integral part of an audit performed in accordance

with Government Auditing Standards in considering the Agency’s internal control over financial

reporting and compliance.

January 29, 2020, except for the schedule of

expenditures of federal awards for which the

date is July 24, 2020

3


2007-3539593

Basic Financial Statements


2007-3539593



2007-3539593


Schedule of Expenditures of Federal Awards


Federal Grantor/Program Title/Projector Cluster Title

FederalCFDA No.

PassedThrough

to Subrecipients

TotalFederal

Expenditures

U.S. Department of Housing and Urban DevelopmentDirect Programs:

Interest Reduction Payments – Rental and Cooperative Housingfor Lower Income Families 14.103 $ – $ 4,992,763

National Foreclosure Mitigation Counseling Program 21.000 236,700 236,700

Housing Counseling Assistance Program 14.169 583,854 583,854

Section 8 Project–Based Cluster:Section 8 New Construction and Substantial Rehabilitation 14.182 2,099,665 2,099,665Lower Income Housing Assistance Program – Section 8

Moderate Rehabilitation 14.856 1,925,204 1,925,204

Total Section 8 Project Based Cluster 4,024,869 4,024,869

Total U.S. Department of Housing and Urban Development 4,845,423 9,838,186

Total Expenditures of Federal Awards $ 4,845,423 $ 9,838,186

See notes to schedules of expenditures of federal awards.

83


2007-3539593


Notes to Schedules of Expenditures of Federal Awards


1. Basis of Presentation

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the

federal grant award of the New York State Housing Finance Agency under programs of the federal

government for the year ended October 31, 2019. The information in this Schedule is presented in

accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the

Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the

Agency, it is not intended to and does not present the financial position, changes in net position,

or cash flows of the Agency.

2. Summary of Significant Accounting Policies

Expenditures reported on the Schedule are presented using the accrual basis of accounting. Such

expenditures are recognized following, as applicable, either the cost principles of OMB Circular

A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in

the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as

to reimbursement. The Agency has not elected to use the 10-percent de minimis indirect cost rate

allowed under the Uniform Guidance.

84


2007-3539593

Reports and Schedule Required

by the Uniform Guidance


2007-3539593 87

Report of Independent Auditors on Internal Control Over Financial Reporting and

on Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards

Management and the Members of the Board


New York, New York

We have audited, in accordance with auditing standards generally accepted in the United States

and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States, the financial statements of New York State

Housing Finance Agency (the Agency), a component unit of the State of New York, which

comprise the statement of net position as of October 31, 2019, and the related statements of

revenues and expenses and changes in net position, and cash flows for the year then ended, and

the related notes to the financial statements, and have issued our report thereon dated January 29,

2020.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Agency’s

internal control over financial reporting (internal control) to determine the audit procedures that

are appropriate in the circumstances for the purpose of expressing our opinion on the financial

statements, but not for the purpose of expressing an opinion on the effectiveness the Agency’s

internal control. Accordingly, we do not express an opinion on the effectiveness of the Agency’s

internal control.

A deficiency in internal control exists when the design or operation of a control does not allow

management or employees, in the normal course of performing their assigned functions, to prevent,

or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or

combination of deficiencies, in internal control, such that there is a reasonable possibility that a

material misstatement of the entity’s financial statements will not be prevented, or detected and

corrected on a timely basis. A significant deficiency is a deficiency, or a combination of

deficiencies, in internal control that is less severe than a material weakness, yet important enough

to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph

of this section and was not designed to identify all deficiencies in internal control that might be

material weaknesses or significant deficiencies. Given these limitations, during our audit we did

not identify any deficiencies in internal control that we consider to be material weaknesses.

However, material weaknesses may exist that have not been identified.

85


2007-3539593

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Agency’s financial statements are

free of material misstatement, we performed tests of its compliance with certain provisions of laws,

regulations, contracts and grant agreements, noncompliance with which could have a direct and

material effect on the determination of financial statement amounts. However, providing an

opinion on compliance with those provisions was not an objective of our audit, and accordingly,

we do not express such an opinion. The results of our tests disclosed no instances of noncompliance

or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and

compliance and the results of that testing, and not to provide an opinion on the effectiveness of the

entity’s internal control or on compliance. This report is an integral part of an audit performed in

accordance with Government Auditing Standards in considering the entity’s internal control and

compliance. Accordingly, this communication is not suitable for any other purpose.

January 29, 2020

86


2007-3539593

Report of Independent Auditors on Compliance for Each

Major Federal Program and Report on Internal Control

Over Compliance Required by the Uniform Guidance

Management and the Members of the Board


New York, New York

Report on Compliance for Each Major Federal Program

We have audited New York State Housing Finance Agency’s (the Agency) compliance with the

types of compliance requirements described in the US Office of Management and Budget (OMB)

Compliance Supplement that could have a direct and material effect on each of the Agency’s major

federal programs for the year ended October 31, 2019. The Agency’s major federal program is

identified in the summary of auditor’s results section of the accompanying schedule of findings

and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of federal statutes, regulations

and the terms and conditions of its federal awards applicable to its federal programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for the Agency’s major federal program

based on our audit of the types of compliance requirements referred to above. We conducted our

audit of compliance in accordance with auditing standards generally accepted in the United States;

the standards applicable to financial audits contained in Government Auditing Standards, issued

by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform

Guidance require that we plan and perform the audit to obtain reasonable assurance about whether

noncompliance with the types of compliance requirements referred to above that could have a

direct and material effect on a major federal program occurred. An audit includes examining, on a

test basis, evidence about the Agency’s compliance with those requirements and performing such

other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for the major

federal program. However, our audit does not provide a legal determination on the Agency’s

compliance.

87


2007-3539593

Opinion on Each Major Federal Program

In our opinion, the Agency complied, in all material respects, with the types of compliance

requirements referred to above that could have a direct and material effect on its major federal

program for the year ended October 31, 2019.

Report on Internal Control Over Compliance

Management of the Agency is responsible for establishing and maintaining effective internal

control over compliance with the types of compliance requirements referred to above. In planning

and performing our audit of compliance, we considered the Agency’s internal control over

compliance with the types of requirements that could have a direct and material effect on the major

federal program to determine the auditing procedures that are appropriate in the circumstances for

the purpose of expressing an opinion on compliance for the major federal program and to test and

report on internal control over compliance in accordance with the Uniform Guidance, but not for

the purpose of expressing an opinion on the effectiveness of internal control over compliance.

Accordingly, we do not express an opinion on the effectiveness of the Agency’s internal control

over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control

over compliance does not allow management or employees, in the normal course of performing

their assigned functions, to prevent, or detect and correct, noncompliance with a type of

compliance requirement of a federal program on a timely basis. A material weakness in internalcontrol over compliance is a deficiency, or combination of deficiencies, in internal control over

compliance, such that there is a reasonable possibility that material noncompliance with a type of

compliance requirement of a federal program will not be prevented, or detected and corrected, on

a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a

combination of deficiencies, in internal control over compliance with a type of compliance

requirement of a federal program that is less severe than a material weakness in internal control

over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the

first paragraph of this section and was not designed to identify all deficiencies in internal control

over compliance that might be material weaknesses or significant deficiencies and therefore,

material weaknesses or significant deficiencies may exist that have not been identified. We did not

identify any deficiencies in internal control over compliance that we consider to be material

weaknesses. However, material weaknesses may exist that have not been identified.

88


2007-3539593

The purpose of this report on internal control over compliance is solely to describe the scope of

our testing of internal control over compliance and the results of that testing based on the

requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other

purpose.

July 24, 2020

89


2007-3539593


Schedule of Findings and Questioned Costs


Section I – Summary of Auditors’ Results

Financial Statements

Type of auditors’ report issued on whether the financial

statements audited were prepared in accordance with

GAAP: Unmodified

Internal control over financial reporting:

Material weakness(es) identified? Yes p No

Significant deficiency(ies) identified? Yes p None reported

Noncompliance material to financial statements noted? Yes p No

Federal Awards

Internal control over major federal programs:

Material weakness(es) identified? Yes p No

Significant deficiency(ies) identified? Yes p None reported

Type of auditor’s report issued on compliance for major

federal programs: Unmodified

Any audit findings disclosed that are required to be

reported in accordance with 2 CFR 200.516(a)? Yes p No

Identification of major federal programs:

CFDA Numbers Name of Federal Program or Cluster

14.103

Interest Reduction Payments – Rental and

Cooperative Housing for Lower Income Families

Dollar threshold used to distinguish between

Type A and Type B programs: $750,000

Auditee qualified as low–risk auditee? p Yes No

90


Schedule of Findings and Questioned Costs (continued)


2007-3539593 93

Section II –Financial Statement Findings Section

No matters reported.

Section III –Federal Awards Findings and Questioned Costs

No matters reported.

91

F:\LEGAL\LV\2020\Board book July 23\Single Audit\Resolution-FederalExpenditures-SingleAuditReport.docx

A RESOLUTION OF THE


REVIEWING AND APPROVING AUDITED SCHEDULE OF

EXPENDITURES - SINGLE AUDIT REPORT

FOR FISCAL YEAR ENDED OCTOBER 31, 2019

WHEREAS, the New York State Housing Finance Agency (the “Agency”) has

received an Audited Schedule of Expenditures (“Single Audit Report”) for the Fiscal Year

ended October 31, 2019 (“Single Audit Report”); and

WHEREAS, the Single Audit Report has been issued by the Agency’s Independent

Auditor and is intended to provide assurance to the United States government as to the

Agency’s management and use of federal funds; now therefore, be it:

RESOLVED, by the Directors as follows:

Section 1. The Single Audit Report is hereby reviewed and approved.


ITEM 8:


F:\LEGAL\LV\2020\Board book July 23\Underwriter\Underwriter Extension_HFA-SONYMA_MEMO_7-23-2020_FINAL.docx



July 16, 2020

FROM: James McIntyre TO: HFA and SONYMA

Vice President, Debt Issuance

Director, Capital Markets

Subject: Resolution to extend the Panels of Underwriters

As you know, HFA, SONYMA, MBBA and TSFC (the “Agencies”) have the country’s most

active bond issuance program for credits ranging from multifamily housing, single-family housing and

tobacco bonds. To obtain the best execution, the Agencies have utilized a variety of investment firms

to structure, market and sell these bond issues. Access to a diverse team of underwriters with

experience in the Agencies’ many lines of business has proven critical to our ability to work with the

best talent for any given situation.

In February 2016, the Agencies issued a request for proposal to establish a new underwriter

panel, in keeping with the Governor’s MWBE Task Force Underwriter Recommendations to review

panels on a regular cycle. The results of that process were presented to the Members and Directors for

consideration and approval. At the June, 2016 meetings for HFA and SONYMA and at the Septenber,

2016 meetings for MBBA and TSFC, the various Boards approved new Senior Manager and Co-

Manager Panels.

The use of these underwriters from the prequalified panels was authorized for two years, with

two optional six month extensions. The Agencies anticipate conducting another competitive process

early in 2021 to establish a new panel of underwriters. In the interim, Agency staff is requesting

authorization to continue to utilize the existing underwriters’ panels for another one-year period.

-REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY-


F:\LEGAL\LV\2020\Board book July 23\Underwriter\Underwriter Extension_HFA-SONYMA_MEMO_7-23-2020_FINAL.docx

Recommendation and Required Action by Members and Directors

In consideration of the recommendations of staff, it is requested that the Members and Directors

adopt the attached resolution approving the continued use of the panels of underwriters consisting of

the following firms for a further one-year period:

Senior Manager Panel

Bank of America/Merrill Lynch

Barclays Capital Inc.

Citigroup Global Markets

Goldman Sachs Group Inc

Jefferies & Company, Inc.

J.P. Morgan Securities, Inc.

Loop Capital Markets, an MBE

Morgan Stanley & Co.

RBC Capital Markets

Samuel A. Ramirez & Co., an MBE

Siebert, Williams & Shank & Co. LLC

Wells Fargo Securities

Co-Manager Panel

Academy Securities, MBE & SDVOB

Blaylock Van, LLC, an MBE

Drexel Hamilton, LLC, SDVOB

Fidelity Investments (a/k/a FMR LLC)

Janney Montgomery Scott LLC

Raymond James & Associates

Rice Financial Services, Inc., an MBE

Roosevelt & Cross Inc.

Stern Brothers & Co., a WBE

Stifel Financial Corp.

The Williams Capital Group, L.P., an MBE

USB Financial Services Inc.

641 Lexington Avenue, 4th Floor, New York, NY 10022

nyshcr.org

F:\LEGAL\LV\2020\Board book July 23\Underwriter\Underwriter Extension_HFA-SONYMA_RESO_7-23-2020_FINAL.docx

A RESOLUTION OF THE

NEW YORK STATE HOUSING FINANCE AGENCY AND

STATE OF NEW YORK MORTGAGE AGENCY,

EXTENDING THE PERIOD FOR THE USE OF A PANEL OF UNDERWRITING FIRMS

WHEREAS, on February 19, 2016, the New York State Housing Finance Agency and State of

New York Mortgage Agency (collectively, the "Agencies") issued a request for proposals to select a

panel of qualified firms to act as underwriters for the Agencies’ various bond issues; and

WHEREAS, the Agencies’ respective Bond Sales Guidelines require that the qualified panel of

underwriters be reviewed and approved by the Members and Directors; and

WHEREAS, in June 2016, the Agencies selected two panels of firms to serve as underwriters on

Agency bond issues; and

WHEREAS, the use of these underwriters from the prequalified panels was authorized for two

years, with two optional six month extensions; and

WHEREAS, the Agencies anticipate conducting another competitive process in 2021 to establish

a new panel of underwriters; and

WHEREAS, in the interim, Agency staff is requesting authorization to continue to utilize the

existing underwriters’ panels for a further one year period; now, therefore, be it

RESOLVED, by the Members and Directors of the Agencies, as follows:

Section 1. The Senior Manager panel consisting of Bank of America/Merrill Lynch, Barclays

Capital Inc., Citigroup Global Markets, Goldman Sachs Group Inc, Jefferies & Company, Inc., J.P.

Morgan Securities, Inc., Loop Capital Markets, an MBE, Morgan Stanley & Co., RBC Capital Markets,

Samuel A. Ramirez & Co. (an MBE), Siebert, Williams & Shank & Co. LLC and Wells Fargo Securities

is hereby extended to July 2021.

Section 2. The Co-Manager Panel consisting of Academy Securities (an MBE and SDVOB),

Blaylock Van, LLC (an MBE), Drexel Hamilton, LLC (a SDVOB), Fidelity Investments (a/k/a FMR

LLC), Janney Montgomery Scott LLC, Raymond James & Associates, Rice Financial Services, Inc. (an

MBE), Roosevelt & Cross Inc., Stern Brothers & Co. (a WBE), Stifel Financial Corp., The Williams

Capital Group, L.P. (an MBE) and USB Financial Services Inc.is hereby extended to July, 2021.



AHC CONSENT ITEM:

ITEM 9:

tl

Hf,y_Yu*ffi I ffim*rsx*m mmd*Fponrlrl,riry i f*& f

tryrffir$?esffi$&W ffimramwm$ANDREW M. CUOMOGovernor

FROM:

RUTHANNE VISNAUSKASCommissioner/CEO

Dominic A. MartellcrVice President

July 16.2020

TO: AHC Members

SUBJECT: Resolution autho rizingawards of grant funds for certain projects located outsideof the City of New york

The attached resolution is presented to authorize funding of certain applications fbr newawards' The attached Status of Funds Report and Schedule of projects (,,Schedule,,). as well asthe Project Data forms attached to this memorandunr. provide background about the applicantsand important details with respect to tl-re key fbatures oflthe respcctive pro.jects fbr which aw,ardsare sought.

AHODP PROGRAM AWARDS

The total amount of the,A.ffbrdable Home ownership Development program (..AHoDp',)awards being sought pursuant to the resolution is $5.575,000 fbr the new constructio,.rehabilitation, or improvement of'an estim ated,272units, all located outside the clity of New york.Such awards and the further implementation of AI{ODP are discussed below in this memorandumand in the Status of Fund Report and Schedure attached hereto.

The AHoDP recommendation expressed herein is based on the procedures and criteriaoutlined in the Notices of Fundi,g Availability a,d Review criteria. copies of which have bee,furnished to applicants and past grantees, and to the Members.

Funding of the awards' if approved by the Members, will be derived from funds legallyavailable to the corporation for sruch purposes. to the extent thereof . upon authorization of theawards recommended under the resolution, the total amount of AHoDp grant funds awarded toprojects in the city of New York will remain below Lhe 5oYo annual cumulativc cap set fbrth i,the statute.

SEQRA STATUS OF PROJECTS

with the exception of the project known as country Pointe Meadows at yaphank (AHC II)# 9Q03) ("Yaphank") which is dis;cussed below. all of the projects which are being recommended1.

c\[-rsers\Abba\Downroads\AlJCAwar(irrrer]r-i\renrorandun\l-20:rl-7ri-AIr\orrNyc.rt.inding&r'pc,sdoc\

fbr AIIoDP awards under the attached resolution are classif-ied as..fype II,,actions fbr StateEnvironmental Quality Revielrz Act ("SEQRA") purposes. and as such require no action by theMembers' with respect to each such Type tt prolect, AFIC,s Environmentul s"rui.es Unit hasconducted a review and issued a State Environmental euality Review (,,sEeR,') Determinationwith respect thereto' pursuant to Part 617 ofthe SEQR regulations, pertaini,g to Article g o1. theEnvironmental conservation Law. with regard to each such project. AHC has determined that theproposed action is classified as a T'ype II SEQR Action. T'herefore such projects wip not have asignificant adverse effect on the environment and do not require any SEQR determination orprocedure under 6 NYCRR part.617.

with respect to the Yaphank projecl which is being recommended fbr an award under theattached resolution, the Membr:rs of AI{c are respectfully requested to concur in a FindingsStatement ("Findings") regarding such project which was adopted and issued by the Town Boardof the'fown of Brookhaven ("Town") as SEQR lead agency. as cliscussed in the project Data fbrmpertaining to such project. fhe llindings indicate that the Town, acting as SEeR lead agency in acoordinated review' has deterrnined that the proposed actions minimize or avoid adverseenvironmental impacts to the maximum extent practicable, and that the project will r-rot have asignificant adverse elfect on the environment. Pursuant to the resolution transmitted herewith, itis recommended that the Membtlrs concur with. adopt, and approve such Findings issued by theTown.

Copies of the SEQR F'ind;ings regarding the Yaphank project and additional documenralionwith respect thereto are maintained by staff in the corporation's files and are available uponrequest fbr the Members' inspection.

All other necessary sEQRA requirements have been met prior to the awarding of any funds.

SMART GROWTH

Certain types of AHC projccts are categorically not subject to the New york State SmafiGrowth Public Infrastructure Policy Act ("Smart Growth Act"). fhose projects that aredetermined by staff to be subject to the Smart Growth Act are reviewed by rhe NysHCR SmaftGrowth Advisory committee ("Smart Growth committee"). Any AI{c award 1br such a projeclis subject to such a compliance review by the Smart Growth committee.

RECOMMENDATION

Transmitted and recommended fbr your approval is a resolution dclegating to the presidentand chief Executive ofrlcer or the designee theieof. authority to make arnl.ds to the applicantsfbr the projects described in the attached Schedule, Project Data 1brms, and other materials. If theresolution is adopted, notice will be given to cach applicant that its application has been approved,and that the award will be fbrthcoming provided ihat there is compliance with all necessaryrequirements.

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New 'fork State Affordable l{ousing CorporationMembers' Meeting, ,Iuly 23, 2020 Resoiution

Fiscat year 2020 _ 2021Status of F.unds Report

Fiscal Year l8-19 FundsAllocation

Awarded to DateReallocation of Funcls

Current BalanceAwards Expected - This Meeting

Rerlaining Balance

Recantured FundsBalance as of I ll30lt9

Additional Funds Recaptured 3ll 120

through 6130120

Reallocation of FundsArvards Expected - This Meeting

New Balance

Total Available for Awards

Repayment FundsAllocationReallocation ol Funds

Awarded to DateCurrent Balance

Awards Expected - This MeetingRemaining Balance

Lake Ontario Flood Allocation

Remaining Balance

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Balanced Available

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Balanced Available

SAM Lake Ontario Flootl AllocationAwards to date

Balanced Available

Total Available for Lake Ontario

NYC PrqLesE

$ 13,000,000.00

$ (s.673.901 .00)$ ( 4.074. 049 .461:$ 3,252,049.54$

3,252,049.54

1,349.000.00

75,254.94(1,424,254.94)

3,252,049.51

NYC Projects

$ 15,000,000.00

$ (8,000,000.00)

$

$ 7,000,000.00

$

$ 7,000,000.00

$ (7.000,000.00 )

$-

7,000,000.00(7,000,000.00)

8,000,000.00(8,000,000.00)

58,000,000.00

Non-NYC Ptqiects

13,000,000.00

(12.923.789.10\

4,014,049.461,150,260.06

(4,I s0.260.06)

485.001,424,254.94

(1,424,739.94)

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PROJECT DAiA: M IIA t t onrc-l m p-.o"";;t I,r, g;;;.(2R0 D_--- REqUESTED ACTION,

-4!t_lp!24!9l119 gryelq gery rr,!q_!t_the q9!!l9l$7s0.000Project Description

' l;hff.'":'S:ffT?iil:"J;T'* orapproximaterv 25 units to be rocated on scatrered sites

Public purposeo l-his Pro'iect will target households at or bclow 80%, ofthe Area Median Income, witli amaximum AI{C allowable inconre Iimit of 112%of }{tJD's ro* mcome Limits. adjustedfbr family size. for Monroe County.

Financing Structure

' New York State Affordable^ Housing corporation ("AFIC,') funds in the amount ol$750'000' or an average of $30.000 peiunit, will be provided as permanent financing.o Total home improvement cos1, 1'

ffjg'l 9l afproxi,rarely $7i0,000, or an average of$30,000 per unit, wilr be lunded fv AHC'1tooi[i,rr-HIC).o An administrative fbe in the amount of $75,000. or an average of $3"000 per unit. will be

Subsidy

' There are no other subsicries associated with this pro.iect.

Grantee and Development l.earno Marketview Heights Association, Inc., ("MHA") was Ibunde din 1976to preserve. maintainand develop decent alforrjable housing. MIIA has been awarded I I previous AHC grants.o Contractors wiil be serecled through acompetitive bidding process.

Environmentalo AHC has determined thart tl"re proposed action is classified as a Type II sEeR Action.Therefore' the Project will not have a significant adverse effbct on the environment and doesnot require any other determination or piocedure under 6 NYCRR part 617.

Background Reviewo A background review of MHA. and its Executive Director, Francisco Rivera. has beenconducted. the results of which are satisfactory.

Economic Opportunity & partnership Developmento This project is anticipated to nteet the Agency's Minority and women-owned BusinessEnterprise ("MwBE") and Service-Disabled veteran-owned Business (..sDVoll.,)participation goals' Prior 1o the execution of a grant agreement, a cost analysis will becompleted to set the final Icvels of participation

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PROJECT DA'TA. Home lfeaAquarters fr".iJ*tior iilp (3RsO

Project Descriptiono 'fhe proposed home impro'vement of approxiniately 98 units located on scattered sites i, theCity of Syracuse in Onondaga County in.gior:).-,Public Purpose

' The grants will be limited to houseliolds earning no morc than I l2y, ofHlJD's Low IncomeLimits, adiusted for family size, fbr Ononaugu C'ornW.

Financing Structureo New York State Affbrdable Housing corporation ("AI{c") funds of $1,000,000. or anaverage of $10"204 per unirt, will be plovided u, f..,rrn.nt financing.o Total development cost ("T'DC") of approximatety $2,000.000, o. u,., Iu..uge of $20.40g perunit' will be funded by Al]lc (50.0%- of 1-DC),iJ*.o*n.. equity (2.5% of TDC), Home

I:.?lqf*trs ("HHQ") Revolving Loan nund (i 0.oi/o ofT'DC)^uni *n.r subsidy (37'%

Subsidyo community Development BlLock Grant funds ("CDBG") in the amount of $750.000, or anaverage of $7,653 per unit, wilr be funded uy ine city of Syracuse.

Grantee and Development Tearn

' HHQ is a private, not-fbr-prrcflt 50_l(cX3) organization established in 1996 to improve thequality of local housing and neighbo.hoods.-HHq lr* served as construction monitor onseveral AHC funded projects .nd has been awardea)i previous AIJC grants.o contractors wiil be serected through a compctitive bidding process.

Environmentalo AHC has determined that thrc proposed action is classified as a 'fype II sEeR Action.Therefore' the Project will norl hive a signi{icant adverse effect on the environment and doesnot require an1' other SEQR determination or procedure under 6 NyCRR part 617.

Background Review

' A background review of FIH{] and its Executive Director, Kerry p. euaglia, including aLexisNexis search, has been conducted, the results of which are satislbctorv.

Economic Opportunity & partnr:rship Developmento This project is anticipated to meet the Agency's Minority and Women-owned BusinessEnterprise ("MWBE") and Serr,'ice-DisaLled Veteran-owned Business (,,SDVOB,,)participation goals' Prior to the execution of a grant agreement. a cost analysis w,ill becompleted to set the final levels of participatioi.

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PRO.IECT DATA: Sy ra cuse p u.ct a, oR.tr a n-p ro g,", f: n O4)----REQUI'STED ACTION: 4q]pffZqlgl rg iynqgant fiurds in the arroLrnr of $875.000

Project Description

' The proposed acquisition and rehabilitation of approxi,atery 35 units located on scatteredsites in the City of Syracuse, ononoaja C;r;ili[egion 3).

Public PurposeI The grants will be limited to ltouseholds earning r1o more than I l2u/o ofHUD.s I-owIncome Limits, adjustecl fbr famiry size, for o,roniugu Cou,ty.

Financing Structure

' New York State Affordable Housing corporation ("AHC,') funds i, the amount of$875'000' or an average of $25,000 pei unit,'will be provided as permanent fi,ancing.o Total developmenr cost ("TDq)^ol.r:.p.9l]!rutety $:.:20,500, or an average of $94.g7rper unit' will be funded by AHC 96 4%"lTta). ilom.eowner mortgages (6g.6%of .fDC).homeowner equity (2.30/o of TDC), and another.s'ubsidy (2.7%of I-DC).o An administrative fee in the amount of $87.500. or an average of $2.500 per unit, wi[ befunded by AHC.

Subsidy

' closing cost and Lead Abatement funds in the amount of $90"000, or an average of $2.571per unit, provided by Home IJeadquarters and the city of Syracuse.

Grantee and Development Team

' Empire Housing and Dei"elop-"^1t corporation ("Empire") is a not-for-profit corporation,established in 1993 to develop affbrdable t ousi,rg i, the State of New t'"rk. E;pi;;;;.';wide range of experien';e in housing developirent, acting as owner. developer, andconsultant. l,mpire has been awarded i7 p.euior. AHC grants.o contractors wilr be selected through a competitive bidding process.

Environmentalo AHC has determined that the proposed action is classif-ied as a Type II sEeR Action.Therefbre' the Project will not have a significant adverse effect on',h. environment anddoes not requirc any other SEQR determi-natio; ;;;;o..dure under 6 NycRR part 617 .

Background Review

' A background review of Empire and its Principals" Robert Sekowski and william DeMarle"has been conducted. the results of which are under review.

Economic Opportunify & partmership Developmento This Project is anticipatecl to meet the Agency's Minority and women-owned BusinessEnterprise ("MWBE") aLnd Service-DiJablei veteran-ow,ned Business (..sDVoB,,)participation goals' Prior to the execution of a grant agreement. a cost analysis will becompleted to set the final levels of participation.

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PRO-JECfD{I ^-. 2ot9-2oro HiiEil/R p.,,s*rn Orwr

REQUESTED ACTION: _ AuthorizatiorUqq _

Project Description

' 3ffi,::"3:'r',,i,::l[.Jl3}j:ment ol approximat etv t4 unirs rocated on scatrered sites in Esscx and

Public Purpose

' This Pro'iect will target hoLrseholds at 8oo/oof the Area M:liT Income (..AMI'.). with a maxirrurn AIJC3i;ijffj|crome

limit of I lltYoof HUD's Low-lnconre r-irnits, aa;usteo lbr la,ily size, fbr Essex and

Financing Structure

' New York State Aflbrdable lHousing corporation ("AFIC") Iunds in the amount of $3 10,000, or an

;::Tff,;Ti',iiiii:i"Xil:::,.i:X,::;|:l "' pennanent rinancing and $e0,000, o. u*.ug. orso.+zqr Total home '

A;1y"li+jdf,#:il",iiJ;tij83,,,l]ii,ll,lo;,\irfi:i,"T:1";:i#:f;:ffi,j:illl,To An adrninistrative fbe in the amount of $40,000. or an aye1age of $2,g57 per unit, will be funded by AHCand $4.500, oran average of$32r per unit, wi, be lunded bv Rpc.

Subsidyo GDBG f unds in the amount of l$300,000, or an average of $2 I ,429 perunit. provided by the Nysl1-f FC.Grantee and Development Teamo Housing Assistance Progratn of Essex county, Inc. ("HAPEC") has been providing affbrdable housingassistance for over 20 years in Essex county. HAPEC has been awarded i5 preuiors AHC gra,ts.o contractors wiil be serected through a cornpetitive bidding process.

Environmentalo AHC has determined that the proposed action is classified as a Type II sEeR Action. Thereflore. thePro.iect will not have a signifir:ant adverse effect on the.nriron,r.,.nt and does not require any otherSEQR determination or procedure under 6 NycRR part 617.

Background Reviewo I background reviewof HAPEC. and its Executive Dircctor. Bruce Misarski. includinga [,exis/Nexissearch, has been conducted, the resurts of which are under review.

Economic Opportunity & partnership Developmentr This Project is anticipated to mect the Agency's Minority and women-owned Business Enterprise("MWBE") and Service-Disablerl Veterin-owned Business ("SDVoB") participation goals. prior to theexecution ola grant agreement, it cost analysis will be cornpleted to setihe final levels of par-ticipatio,.

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PROJECI'DATA:Clo u ntry pointe tvl"o,@

REOUESTED ACTIOIL t\q!la!ZArro-! to arvard grarrt f.unds in_!r9g!1a!Ut_of SE00,0g!_Project Descriptionr The proposed nerv construction of 20 units in a condominium to be located in the l-lamlet of yaphank,Township of Brookhaven, Sulfolk County (l{egion 9).

Public Purposeo This Pro-iect will target households at or below 80% of the Area Median lnconre (..AMI,.). rvith a

l,r]}:iilS;|,lrlc allowable i,corne of I t2%oof FlUDls t,oru-tn.or.," r,irnirs, adjusted for famity size, tbr

Financing Structureo New York State^Affordable l{ousing c.orporation ("AIIC") funds in the anrount of $g00,000. or ar.raverage of $40'000 per unit, t. be provid"i u, p..nrunerrrfinancing.o Total development cost ("TDC") of

.approxirnatery $5,565,000, or an average of $27g.250 per Lrnit.constructiotr financing ivill be piovided- !r^M&-r'grrklJooz of 'fDC). p"r,'run"nt firrancirg wi1 be

ru;:i::i+#f , t4A% orI'DC), IrEt,Prirnds (5.4%o ot:roc;, and honrcow,,L. ,ronguges & eqr.rity

Subsidyo HELP funds in the arnount of xi300,000, or $15,000 per unit, provided by New york State.

Grantee and Development Teamr The Long lsland Housing Partnership. Inc. (*Paftnership") and its affiliates have rcceived 56 previousAHC grant awards' I-IHP acts as'a developcr but also provides techrrical assista,ce, mortgagecounseling, homebuyer educatiott and lendirg programs- t-illp u,ra its various affiliates have developednumerous phases of affordabre housing in NasiaL,"a,rd Sutfork.o Beechlvood Hornes will serve ars Developer/Contractor.

Environmental

' fhe Town Board of the Town of Brookhaven ("Town"). acting as lead agency, has conducteda coordinated review for a Strate Environmental Quality Review (',sEeR,,) action pursuant to 6NYCRR Part 617. pertaining to Article 8 of the Environmental Conservation Law (,,ECI-,,).The l'own has adopted a Finding.s Statenient ("F'indings") regarding the project whichconcluded that the proposed action is one which minimizes o. uroid, uJr.rr. environmentalimpacts to the maximum e>ltent practicable, and that there will be no significant adverseenvironmental impacts as a result of this Project" including impacts disclosed in the Findingsand related environmental impact statements and SEQR assessment forms and documentatior.Staff accordingly recommends that the members "on.i. with the Findings adopted by the lownas lead agency' In addition to the requirements of 6 NycRR parl 617, tire project must conrplywith the State Historic Preservation Act: Ncw York State Floodprairr Ma,agement rcgulations at 6NYCRR Parl 502: New York State coastalZoneregulations at l9 NycRR part 600; New york StateAgriculture and Markets Law., Sectiorr 305(4): and the New york state smaft Growth pLrblic

Infrastructure Policy Act at ECL Article 6: as weli as with fcderal and state lead based paint and asbestoscontaining materials laws and regulations. staff has clcternrinecl the pro-ject cornplies with theserequirements.

Background Review

' Backgroutld searclres of the LIIIID ancl its President arrd cEo. peter J. Elkou,itz, Jr.. has bcen conducted,the findings of which are under rcview.

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Economic Opportunity & partnership Developmentt This Pro'iect is anticipated to 'ntet

the Agency's- Minority and wonrer-owned Business Enterprise("MwBE") and Service-Disabled veteran-owned Busines, 1"sovoa,,) participation goals. prior to theexecutiotl of a grant agreemellt, a cost analysis will t" "o,rp)"t"d

to set tt.," nrui levers of par.ticipation.

PROJECT DATA: (3DCLI Flome Im provement progra*lq-m0)

ESTED ACTION; Authoriza nt funds in t unt of 1.7 5

Project Description

' Ihi,[t"T,Li::'l;J;:|";;"nt orapproxinratelv 80 units rocatecr on scartered sites in Nassau and

Public Purposeo The award will be limited to hor-rseholds earning no more than I I 2oh oflJUD,s r_ow Irrcorne Limits,adjusted for family size, for f.Jassau and SuftbliCounti"r.

Financing Structureo New york State Affbrdable Housing Corporation (.,AHC,,) funds of $1,750,000, or an average of$21,875 per unit, will be provided as penranent financing.o 'fotal home inrproverrrerrt cost (..THIC,,]l.f.1nnro*inratei1,Sl.925,000. or an average ol $24,063 perunit, wiil be funded by AHC (,90.g%of 1'HIC)'ana ,,.,oirr",. subsidy (g.r%of l.rJrc).o An administrative fee of $175,000, or ar.l average of $2,lgg per horle, will be funded bv AHC.Subsidyo Weatherization Assistance program (,,WAp,,) funds in the antount of $150.000, or an average of$l'875 per unit. will be providel by the NyS ;";;il;;,,; conrrnuniry Renewar (.,HCR,,).o AccesstoHomefirndsirrtheamountof$25,000,orrl

ur.rrgeof$313perunit,will beprovidedbvthe Housing 'frust Fund Corporation (,,HTFC,'). 6w \/r \r'J I r P.,r urrrt'

Grantee antl Development Teamo The Comrnunity Development corporation of Long Island, Inc ("cDCLI,') will administer the lor.v tomoderate income eligible Home Irnprovernert Pro[ram. cbclr has been arvarded 2g previous A[{cgrants; l5 of which have been Flome Intprovement grants.o contractors rviil be serected through a competitive b-idding process.

Environmental

' AHC has delerrnirred that the prroposecl action is classified as a T'ype II sEeR Action.'fherefore, theProject will not have a significani adverse effect on the enviro.rnent and cltes rrot require any otherSEQR deterrninatiorr or procedure under 6 NYCRR paft 6ll.Background Reviewo { background review of cDCLI, ancl its President and cEo. Gwen o'Shea, has been conducted. theresults of lvhich are under reviielv.

Economic Opportunity & partnerrship Developmento This Project is anticipated to meet the Agency's Minoritv and women-owned Business E,nterprise("MwBE") and Service-Disabled veterarr-owned Business ("SDVoB") participation goals. prior tothe execution of a grant agreement, a cost analysis will be cornplcted to set the final levels o1.parlicipation.

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NEW yoRK r rorf,frH'iffi il ;5Jlii,G coRpoRArroNAUI.HORIZING AWARDS oF GRANT FT]I\TDS

I--O R CER'|AIN PRO.TECTSLOCATED OUTSIDE

THI] CITY OF NEW YORK

WHEREAS, the New 'fork state Affordable Ilousing Corporation (..crorporation,,) hasbeen established pursuant to Section 45-b of the Private Housing Financc Law (,,Law,,). and theAflordable Home ownership Devclopment Program ("program,.) has been created and establishedpursuant to Article 19 of the La.w; ancl

wHEREAS, the corporation has created and established tlie Affordable HousingDevelopment Account ("Account") pursuant to Section 59-b of the r,aw; and

WHEREAS, within the timit of funds available tbr the program pursuant to the l,aw, thecorporation is authorized to entr:r into contracts with eligible applicants to provide grants to suchapplicants to finance affordabler home ownership deveiopment program pro.fects subject to theterms and conditions of Article .t 9 of the I_aw; and

WHEREAS, the Corporation has rcceived several applications (each an .,Application,.)from certain applicants (each an "Applicant") fbr awards oi gralt funds under the program tocertain pro.iects (each a "Project'"), as set fbrth in the anncxed Schedule of projects (,,Schedule,.)and other materials accompanying this resolution; and

WHEREAS, such Applications have been reviewed in accordance with the requirementsof Section I I l2 of the Law and fiunds have been determined to be available tiom the Account: and

WHEREAS, pursLlant to the requirements of the State Environmental euality Review("SEQR") Act, with the excepti,ch of the Application for the project known as Country pointeMeadows at Yaphank (Alrc ID # 9Q03) ("Yaphank"), such Applications concern pro.iects eachof which has been classified as a Type II sEQIi. Action not having a significant adverse effect onthe environment, and not requiring an

-environmental impact statement or any determination orfurther procedure under the applicable SEeR regulations; and

WHEREAS. the Tor'vn Board of the J'own of Brookhaven ("Town,,), acting as lead agencyfbr review of the Yaphank Projer;t under the SEQR Act. has determined that. as proposed. suchProject will meet applicable SEQR requiremenrs. and has adopted ;il;ril; a SEeR lrindingsStatement ("Findings") with respect to iuch pro.ject; and

WHEREAS' the Town. as SEQR lead agency, has certified i, its Findings that theapplicable SEQR requirements o1'have been met,iitn...p..t to the project. that the project will

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minimize or avoid adverse cnvironmental efl'ccts 1o the maximur, extent practicable, and achievea balance between the protection of the environnr.n, urd trre ,eed to accommodate sociar a,deconontic considerations, and

WHEREAS, pursuant to the requirements of the sEeR Act. the corporation herebyconcurs in, approves, and adopls the Findings of the ro;; with respect to the project; ar-rd

WI{EREAS, the corporation's staff has reviewed the proposals fbr awards presentedherewith and believes that the Projects will promote homc ownership for persons of low andmoderate income" and in turn, promote the derelopment. stabilizatior. und preservation ofneighborhoods and communities, and, therefbre. siafrrccommends authorization of'awards to theApplicants for the respective Pr'c.iss15 and respectfully recommends that the Members adopt theattached resolution; and

wHEREAS. the CorporaLtion desires to authorize the President and chief Executive officerto make awards of grant funds to the Applicants; now, therefore. be it

RESOLVF.D. by tlie Members of the corporation. as fbilows:

Section 1' The Corptlration hereby finds that the Applications submitted by rheApplicants conform to the requirements of Section I112(l) of the Law and that certain of suchApplications are for high cost pr<tjects or lor projects whicl'r will receive federal rural developmentservice (or other successors to the fbrmer farmers home administration) financing, as set fbrth inthe annexed Project Data forms lbr the respective pro.f ects.

Section 2' The Corporation further finds that each of the Applications contains a planwhich meets the requircments of Sectio, r1r2(2) of the Law.

Section 3' The Corporation furtlier finds that pref-erence has been givep to thcApplications set forth on the antrexed schedule in accordanie with the requirements of SectionI I l2(3) of the Law.

Section 4. The Corporation further hnds that thereinvestment in the Applicants' pr,ojects would not be madethat the grants will not substitute for private funds whichProjects.

is a strong probability that the privatewithor-rt the rccommended grants andotherwise would be available to the

Section 5' with respect to the Yaphank Project, the Corporation concurs in the Findingsmade by Town as SEQR lead agency in relation to such Project, and hereby concurs withBrookhaven's issuance of its Findings under the SEQR Act with regard to such pro.ject. and adoptssuch Findings and approves thereof-.

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Section 6' 1'he corporation hereby delegates authority to the president and ChiefExecutive olficer and the designee thereof to make iwands of grant funds and to issue co,ditionalaward letters to the Applicants, upolt tlie cornpletio, or processing and compliance with allnecessary requirements, for grants in amounts not to excced the respective amounts set fbrth in theannexed Schedule for the projer:ts referred to therein.

Section 7' The obligation of the corporalion to make such awards shall be conditionedupon the respective Applicant's complia.nce with all applicable laws. the conditions contained i,the conditional award letters to the Applicant. and the ..qri."-"nts of the contract to be enteredinto with the Applicant.

Section 8' In thc event that an Applicant's Pro.iect fails to meet the requirements of allapplicable laws and regulations. the co,diiional award letter, and the contract to be entered into.then the Corporation hereby determines that any funds which become available a;;;i;il;reduction' cancellation, or termination of such Applicant's award will be used only upon thefurther determination- of the corporation as follows: (a) to increase the amount available fbrsubsequent requests. for proposals; (b) to fund, until the remaining funds are exhausted. otherproposals duly received under tlhe tern.rs and conditions of the progiarn: or (c) where eligibleapplicants have been awarded less than the amounts originally requcsted. to incrcase the amountsawarded to them.

Section 9' The President and chief llxecutive officer and the designee thereof are herebvauthorized, subject to the provisions of this resolution. 1o do all things n..Irrury J;.;;;ffi;limplemenl the Program including but not limited to the making of determinations. the eflbcting ofstandards' and the giving of approvals which the regulations of the Corporation specify thecorporation shall or may make and. furtlier. to cletcrmiie the fbrm and content of any documentsor agreements necessary to effecrt the transactions contemplated under the program. iiicluding butlot limited to any reduction. cancellation, or termination of assistancJ pursuant to thecorporation's regulations. Such documents shall provide, among other things, that the awardswill be reduced, canceled, or tenninated and the Corporation will be under no-further obligationof any kind to any.Applicant if the Applicant fails io satisfy the conditions contained in suchdocuments within ninety days of the date that a contract with such Applicant is entered into withrespect to such award" unless the Applicant can demonstrate good .u6. why the award should notbe canceled or terminated.

Section 10. This resolution shall take eflect immediately.

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oard meetings hursday july 23, 2020 9:00 a. · 2020. 7. 16. · new york state housing finance...

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