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.
Terms Used In N.Y. Private Housing Finance Law 1023
- Contract: A legal written agreement that becomes binding when signed.
- Eligible project: means a housing project located in a rural area which is to be owned or operated by an eligible sponsor and which has received (or which the sponsor has demonstrated to the satisfaction of the commissioner will receive) federal assistance. See N.Y. Private Housing Finance Law 1021
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.