N.Y. Private Housing Finance Law § 1023

§ 1023. Rural housing assistance contracts. 1. The commissioner may\nenter into contracts with eligible sponsors for the provision, in\neligible projects, of housing for persons of low income. Such contracts\nshall provide for the payment by the division to the sponsor of periodic\nrental assistance payments with respect to the housing accommodations\noccupied by such persons.\n 2. Such contracts may, subject to the availability of moneys in the\nrural housing assistance fund, commit the division to make such payments\nfor a period of up to five years from the date of completion of the\neligible project. Any such contract shall provide that the sponsor shall\nnot withdraw the project, or any units therein, from the program during\nsuch period except for good cause as provided therein. Notwithstanding\nany provision of this chapter, all contracts shall terminate after five\nyears or when the actual dollar amount as stipulated in the contract has\nbeen expended, whichever is sooner. For any application for such a\ncontract under this article, the division shall provide the applicant\nwith a list of conditions that must be met prior to entering into a\ncontract pursuant to this article. Within fifteen working days of\nreceipt by the division of all documents in satisfaction of the list,\nthe division shall notify the applicant of the sufficiency or\ninsufficiency of the documents. After satisfaction by the applicant of\nall conditions required by the division prior to entering into a\ncontract the division shall enter into the contract within forty-five\nworking days of satisfaction of such conditions.\n