2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 17-A - (1020 - 1025) RENTAL ASSISTANCE PROGRAM FOR RURAL AREAS
1024 - Payments pursuant to contracts.

 
    §  1024.  Payments  pursuant  to  contracts. 1. Payments shall be made
  monthly or on such other periodic  basis  as  may  be  provided  in  the
  contract.  Each  such  payment shall equal, for each unit in the project
  covered by  the  contract,  the  difference  between  the  project  rent
  established  pursuant  to subdivision two of this section and the tenant
  rent payment established pursuant to subdivision three of this section.
    2. The project rent shall be: (a) in the case  of  a  housing  company
  regulated  by  the  state  pursuant to this chapter, the current maximum
  lawful rent for the unit; (b) in the case of a housing company regulated
  by a municipality pursuant to this chapter, the current  maximum  lawful
  rent for the unit, subject to such additional limitations and conditions
  as the commissioner may prescribe by contract; or (c) in the case of any
  other  sponsor,  the rent established or approved by the commissioner as
  prescribed in the contract.
    3. The tenant rent payment shall be an amount computed pursuant to the
  regulations of the commissioner, which  regulations  shall  prescribe  a
  formula  substantially  similar  to  that currently provided pursuant to
  title five of the United States Housing Act of 1949, as amended.