N.Y. Private Housing Finance Law § 1005: Enforcement of standards for contract performance

§ 1005. Enforcement of standards for contract performance. 1. The

division shall by regulation provide for formal evaluation of the

performance of a corporation to determine its progress in achieving the

objectives outlined in the annual housing preservation and community

renewal plan contained in its contract with the division. Such

evaluation shall include a review of the efforts of the corporation to

execute each of the components of its plan and a consultation between

the corporation and the division regarding the findings of the division

relative to performance. The division shall provide or cause to be

provided technical assistance determined to be necessary by the division

to improve the ability of the corporation to execute each of the

components of its plan. Such evaluation and determination of the need

for technical assistance shall consider the financial and staff

resources of the corporation for the period evaluated and any special

considerations which may have had an impact on performance during the

period.

2. If the division determines that a corporation has not made

sufficient progress toward achieving the objectives of its annual

housing preservation and community renewal plan the division shall

conduct a site visit to review these findings and, if warranted, shall

place the corporation on probation.

3. The division shall terminate or not renew or not extend a contract

in accordance with provisions of subdivision seven of section one

thousand three of this article if the commissioner determines that the

performance of a corporation is not sufficient to merit continued

participation in the program.

4. Notwithstanding the foregoing, the commissioner may terminate any

contract upon a finding of substantial non-compliance or other

substantial breach of the contract.