1004 - Payments Pursuant to Contracts.

NY Priv Hous Fin L § 1004 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a) (i) The total unmerged corporation funding shall equal the current number of unmerged corporation contracts multiplied by the per group award.

(ii) The unmerged corporation funding shall equal the per group award.

(iii) The merged corporation funding shall equal the funding modification multiplied by the per group award.

(b) Merged corporation funding shall be determined on an individual basis for each not-for-profit corporation. The following tables show the funding modification to be used:

(i) In the case of two not-for-profit corporations merging, the following table shall be used: Years since Funding merger modification 1 200% 2 190% 3 180% 4 170% 5 160% 6 150%

(ii) In the case of three not-for-profit corporations merging, the following table shall be used: Years since Funding merger modification 1 300% 2 290% 3 280% 4 270% 5 260% 6 250% 7 240% 8 230% 9 220% 10 210% 11 200%

(iii) In the case of four or more not-for-profit corporations merging, the following table shall be used: Years since Funding merger modification 1 400% 2 390% 3 380% 4 370% 5 360% 6 350% 7 340% 8 330% 9 320% 10 310% 11 300% 12 290% 13 280% 14 270% 15 260% 16 250%

(c) If a not-for-profit corporation that has undergone a merger continues to renew their contract beyond the timeframes listed in the above tables, it shall have its funding determined using the last funding modification listed.

(d) The merged corporation savings shall be determined on an individual basis for each merged corporation. It shall be calculated by subtracting the amount of such corporation's merged corporation funding from the amount the merged corporations would have received if they had maintained separate contracts.

(e) The per group award shall equal the total funding available minus the amount for the contract with the rural preservation coalition which shall equal the total unmerged company funding plus the sum of the merged company funding.