2016 New York Laws
PVH - Private Housing Finance
Article 17-A - (Private Housing Finance) RENTAL ASSISTANCE PROGRAM FOR RURAL AREAS
1023 - Rural housing assistance contracts.

  1023.  Rural  housing assistance contracts. 1. The commissioner may
  enter into contracts  with  eligible  sponsors  for  the  provision,  in
  eligible  projects, of housing for persons of low income. Such contracts
  shall provide for the payment by the division to the sponsor of periodic
  rental assistance payments with respect to  the  housing  accommodations
  occupied by such persons.
2.  Such  contracts  may, subject to the availability of moneys in the
  rural housing assistance fund, commit the division to make such payments
  for a period of up to five years from the  date  of  completion  of  the
  eligible project. Any such contract shall provide that the sponsor shall
  not  withdraw the project, or any units therein, from the program during
  such period except for good cause as provided  therein.  Notwithstanding
  any  provision of this chapter, all contracts shall terminate after five
  years or when the actual dollar amount as stipulated in the contract has
  been expended, whichever is sooner.  For  any  application  for  such  a
  contract  under  this  article, the division shall provide the applicant
  with a list of conditions that must be met  prior  to  entering  into  a
  contract  pursuant  to  this  article.  Within  fifteen  working days of
  receipt by the division of all documents in satisfaction  of  the  list,
  the   division   shall  notify  the  applicant  of  the  sufficiency  or
  insufficiency of the documents. After satisfaction by the  applicant  of
  all  conditions  required  by  the  division  prior  to  entering into a
  contract the division shall enter into the  contract  within  forty-five
  working days of satisfaction of such conditions.