(c) "vacant and abandoned" residential real property shall mean (i) residential real property, as defined in section thirteen hundred five of the real property actions and proceedings law, where the property is not occupied by the tenant, as that term is defined in section thirteen hundred five of the real property actions and proceedings law, homeowner, or mortgagor and (ii) either:

1. (A) the property is a risk to the health, safety, or welfare of the public, or any adjoining or adjacent property owners, due to acts of vandalism, loitering, criminal conduct, or physical destruction or deterioration of the property; or
2. (B) the relevant governmental authority has declared the property unfit for occupancy and either ordered that the property remain vacant and unoccupied or ordered that the property be demolished; or
3. (C) each homeowner or mortgagor has separately informed the mortgagee, in writing, that they do not intend to occupy the property in the future, and
4. (iii) where indicia of lack of occupancy may include, but shall not be limited to: (A) overgrown or dead vegetation; (B) accumulation of newspapers, circulars, flyers, or mail; (C) past due utility notices, disconnected utilities or utilities not in use; (D) accumulation of trash, refuse or other debris; (E) absence of window coverings such as curtains, blinds, or shutters; (F) absence of furnishings or personal items consistent with residential habitation; (G) one or more boarded, missing or broken windows; (H) the property is open to casual entry or trespass; (I) the property has a building or structure that is or appears structurally unsound or has any other condition that presents a potential hazard or danger to the safety of persons, and
5. (iv) where such residential real property shall not be considered "vacant and abandoned" if, on the property: (A) there is an unoccupied building which is undergoing construction, renovation, or rehabilitation that is proceeding to completion, and the building is in compliance with all applicable ordinances, codes, regulations, and statutes; (B) there is a building that is secure, but is the subject of a probate action, action to quiet title, or other similar ownership dispute; (C) there is a building damaged by natural disaster upon declaration of a state disaster emergency by the governor pursuant to section twenty-eight of the executive law relating to any claim arising from the cause of such declaration, while awaiting funds to repair; or (D) there is a building occupied on a seasonal basis, but otherwise secure;

(a) acquire, purchase, or sell residences and/or mortgage notes on residential home loans and residences at or below market rates, or at par if so required to satisfy legal or programmatic restrictions applicable to the purchase of any mortgage loans expected to be acquired, from lenders, or from local, state, and/or the federal government at auction, short sale, or other private or public sale with the intent to:

1. (i) where possible, provided the homeowner can demonstrate an economic hardship, as such term is defined under the agency's guidelines, in consultation with the advisory council, modify the residential home loan to an affordable rate to keep the current homeowners in the property;
2. (ii) permit the homeowner, provided the homeowner can demonstrate an economic hardship, as such term is defined under the agency's guidelines, in consultation with the advisory council, to transfer his or her ownership interest in the home to the agency or to an eligible institution and to remain in the residence as a tenant on agreed-upon terms, or obtain assistance from the agency or an eligible institution to acquire a new affordable residence;
3. (iii) rehabilitate distressed properties; and/or
4. (iv) demolish homes that are dilapidated or reasonably beyond repair.

(a) In awarding funding to eligible institutions, the agency shall select from eligible institutions pursuant to criteria established by the agency's board of directors, in consultation with the advisory council established in subdivision three of this section, which criteria shall include, but not be limited to:

1. (i) the experience and background of the eligible institution's board of directors or management team;
2. (ii) the extent of need within the investment areas or targeted populations;
3. (iii) the extent of economic distress within the investment areas or the extent of need within the targeted populations;
4. (iv) the extent of the eligible institution's current and planned community involvement;
5. (v) the extent to which the eligible institution will increase its resources through coordination with other eligible institutions or encourage collaborative applications by multiple eligible institutions;
6. (vi) in the case of an institution with a prior history of serving investment areas or targeted populations, the extent of success in serving such areas or populations;
7. (vii) the extent to which eligible institutions would use funds to restructure residential home loans to allow homeowners to continue to occupy their residences; and
8. (viii) other factors deemed to be appropriate by the agency.