N.Y. Comp. Codes R. & Regs. tit. 9, § 436.6 – Matching requirements.

(a) Assistance toward the cost of preservation projects undertaken by municipalities and not-for-profit corporations shall not exceed 50 percent of the approved project costs, less any Federal or State assistance received other than by loan. State funds shall be provided on a reimbursement basis. As the project progresses, billings may be submitted for reimbursement for each billing period as defined in the project agreement.
(b) A not-for-profit corporation or municipality's matching share may consist of the following:
1. (1) cash;
2. (2) force account (paid labor); and
3. (3) donations. To be eligible for matching assistance, donated contributions must be applicable to the approved project. All donations other than cash must be contributed during the approved project period as defined in the project agreement.
  1. (i) Donated (in kind) labor. The value of services provided by professional and technical personnel, consultants and other skilled and unskilled labor.
  2. (ii) Donated real property. The fair market value as established by an independent appraiser in accord with the requirements of the office. If the total value of donated real property proposed for use as a matching share exceeds the amount required for the match, the remainder of the value of the donated real property may be used as the matching share for subsequent development grants for the same property, subject to the prior approval of the commissioner.
  3. (iii) Donated equipment. The value of equipment used on a project in accord with its fair rental value.
  4. (iv) Donated supplies and materials. The value of items in accord with current market prices at the time they are donated to the project.
(c) The commissioner may award grants to applicants who have not generated their full match at the time of application. These “challenge” grants shall be awarded with special conditions regarding the time period for raising the match and the monitoring of fund-raising progress. Grant awards may be reduced or withdrawn if the applicant is unable to raise the full match.