N.Y. Comp. Codes R. & Regs. tit. 9, § 389.2
(2) Pursuant to the provisions of this section, responsible individuals will be invited to rehabilitate buildings under the jurisdiction of the office for the purpose of residential occupancy.
(b) Definitions.
(3) Work plan means the schedule for improvements to the subject property, estimated budget, sources of funding, a list of required approvals, and any similar information submitted by an applicant in response to the request for proposals (RFP) issued by the office.
(c) Criteria for selection of a resident curator.
(1) Evaluation criteria. The office shall evaluate proposals from responsible individuals using the criteria described in the RFP and the following:
(iv) Financial capability. The work plan shall demonstrate adequate sources of funding to finance the schedule of improvements, and to maintain adequate insurance coverage throughout the duration of the lease. Additionally, the applicant shall be capable of paying all fees or other costs, including any permit fees, maintenance costs, and utility charges, which may arise under the lease.
(d) Criteria for establishing length of lease term and amount of rent.
Length of lease term and rent. The length of the lease shall take into account the financial investment proposed by the resident curator, and the amount of time required to complete the rehabilitation of the property. The term of any lease shall not exceed forty years. Rent, which may be nominal, and length of term shall reflect estimated post-renovation market value and capital investments by the resident curator, and shall consider geographic location, future maintenance obligations and other considerations.
(e) Criteria for use and restrictions of the leased property.
(2) Restrictions on use of the property:
(a) Purpose of this section.