N.Y. Private Housing Finance Law § 905: Periodic review of contract performance; renegotiation and termination of contract

§ 905. Periodic review of contract performance; renegotiation and

termination of contract. 1. The division shall, by regulation as

hereinafter provided, provide for formal evaluation of the performance

of a company to determine its progress in achieving the objectives

outlined in the annual neighborhood preservation plan contained in its

contract with the division. Such evaluation shall include a review of

the efforts of the company to execute each of the components of its plan

and a consultation between the company 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 company 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 company 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 company has not made sufficient

progress toward achieving the objectives of its annual neighborhood

preservation plan the division shall conduct a site visit to review

these findings and, if warranted, shall place the company on probation.

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

in accordance with provisions of subdivision six of section nine hundred

three of this article if the commissioner determines that the

performance of a company 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.