(1) The office and the project sponsor will develop specific performance timelines for inclusion in the project agreement that are feasible for the project sponsor and acceptable to the office. Timelines will address the steps necessary to initiate, progress or complete a project, including raising the project sponsor's match; submitting appraisals, plans and specifications; obtaining permits or other approvals; submitting documents necessary to verify compliance with article 15-A of the Executive Law; or submitting interim and final project reports.

(2) Timelines must provide that a development project will be initiated no later than six months after a project agreement is executed and approved by the State Comptroller, and completed no later than two years subsequent to such approval. Acquisitions are required to be completed within one year of the State Comptroller's approval of the project agreement. The office may vary these timelines when it is deemed appropriate for a particular project.

(3) The office, in its discretion, may cancel projects which do not adhere to mutually established timelines. Sponsors of projects which are so cancelled may reapply in the next appropriate funding cycle.

(1) general applicant information;

(2) a narrative description of the proposed project, its expected public benefit, the applicant's commitment to maintaining or operating the project and how the project conforms to the commissioner's funding priority for the cycle in which the application is submitted;

(3) a budget detailing the total cost of the project, and sources of the applicant's match;

(4) the agreement of any co-owner of the land and of the holder of any mortgage or other lien on the project site to subordinate that interest to assure compliance with the public benefit agreement required by sections 431.10(b)(8), 432.4, 433.5 and 434.4 of this Title;

(5) anticipated performance timelines for initiating and completing the project;

(6) for projects other than acquisitions, either the deed to the property or documentation of the project sponsor's interest in the project site as set forth in section 431.3 of this Part, together with an affidavit of title (if the applicant is a not-for-profit corporation) or an opinion letter of counsel (if a municipality);

(7) for projects where the project sponsor is a municipality or a State agency, public authority or public benefit corporation, environmental information including a description of existing natural and cultural resources, an evaluation of the project's environmental impact and documentation showing compliance with the State Environmental Quality Review Act (SEQRA); for projects where the project sponsor is a not-for-profit corporation, environmental information including a description of existing natural and cultural resources, an evaluation of the project's environmental impact and such other information as the office shall require to make a final SEQRA determination;

(8) a copy of a resolution or other document of the governing body of the project sponsor, or if the project sponsor is a State agency, public authority or public benefit corporation, a letter from its head, recommending the application to the commissioner and authorizing an official of the project sponsor to execute documents necessary to the project;

(9) program specific information required by sections 432.2, 433.3 and 434.2 of this Title respectively; and

(10) such other information as may be required by the commissioner in order to accommodate requirements arising from annual program priorities.