N.Y. Private Housing Finance Law § 1025: Administrative provisions

§ 1025. Administrative provisions. 1. The commissioner shall provide,

by regulations, for the administration of the provisions of this

article. Such regulations shall include, but need not be limited to,

provisions for operation of the project by the sponsor in a manner

consistent with the intent of this article.

2. Every contract entered into pursuant to this article shall obligate

the sponsor not to charge or collect from any tenant of a unit covered

by such contract a rent higher than the tenant rent payment established

pursuant to section one thousand twenty-four of this article.

3. Rental assistance payments pursuant to this article may be pledged

by the sponsor in connection with the financing or refinancing of a

project, subject to any conditions prescribed in the housing assistance

contract, but no such pledge shall create any obligation or liability on

the part of the state or any agency or instrumentality thereof other

than that prescribed in the contract.

4. Nothing in this article shall prevent any sponsor from seeking or

accepting any other form of governmental subsidy or assistance, but any

contract pursuant to this article shall provide for appropriate

adjustments in the rental assistance payments to reflect such other

subsidy or assistance.