N.Y. Private Housing Finance Law § 69: Compliance; general and administrative provisions

§ 69. Compliance; general and administrative provisions. 1. The owner

of each project shall be responsible for assuring compliance with the

terms and conditions of the approved project description and this

article. Any project owned by a not-for-profit corporation or a housing

development fund company shall be subject to such terms and conditions

for a period of thirty-five years or such longer period as may be

provided in the project description. No project may be transferred

except in accordance with the project description, and the project

description may not be changed without the approval of the agency.

2. The agency shall issue and promulgate guidelines for the

administration of this article. The guidelines shall include provisions

concerning approval of project descriptions, the eligibility of

developers for contracts under this article; funding criteria and the

funding determination process; supervision and evaluation of contracting

developers; reporting, budgeting and record-keeping requirements;

provisions for modification and termination of contracts and recapture

of funds; and such other matters not inconsistent with the purposes and

provisions of this article as the agency shall deem necessary or

appropriate.