N.Y. Private Housing Finance Law § 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.