N.Y. Private Housing Finance Law § 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.