N.Y. Comp. Codes R. & Regs. tit. 21 § 2605.11

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2605.11 - Remedies

(a) If a recipient has received fund assistance for work which is not an allowable cost of an eligible project, the recipient may be required to reimburse the fund for the amount of misapplied fund assistance received (reimbursed amounts may be applied to allowable project costs or to bond redemption) and until the full amount of such misapplied funds has been reimbursed, the corporation may apply any interest subsidy to such reimbursement or reduce any future interest rate subsidy for purposes of reimbursing the fund in addition to any other remedy permitted pursuant to this section.

(b) If the corporation determines that the eligible project or the recipient is not in compliance with Federal or State laws or the terms of the PFLA, and, following written notice to the recipient, the eligible project or recipient is not brought into compliance, the corporation may, on its own initiative, refuse to approve disbursement requests until the eligible project or recipient is brought into compliance.

(c) Nothing in this section shall be construed to limit the rights of the corporation to take actions including, but not limited to, administrative enforcement actions and actions for breach of contract against a recipient that fails to carry out its obligations under this Part, or the PFLA.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 2605.11