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.
Terms Used In N.Y. Private Housing Finance Law 1025
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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.