N.Y. Private Housing Finance Law § 69

§ 69. Compliance; general and administrative provisions. 1. The owner\nof each project shall be responsible for assuring compliance with the\nterms and conditions of the approved project description and this\narticle. Any project owned by a not-for-profit corporation or a housing\ndevelopment fund company shall be subject to such terms and conditions\nfor a period of thirty-five years or such longer period as may be\nprovided in the project description. No project may be transferred\nexcept in accordance with the project description, and the project\ndescription may not be changed without the approval of the agency.\n 2. The agency shall issue and promulgate guidelines for the\nadministration of this article. The guidelines shall include provisions\nconcerning approval of project descriptions, the eligibility of\ndevelopers for contracts under this article; funding criteria and the\nfunding determination process; supervision and evaluation of contracting\ndevelopers; reporting, budgeting and record-keeping requirements;\nprovisions for modification and termination of contracts and recapture\nof funds; and such other matters not inconsistent with the purposes and\nprovisions of this article as the agency shall deem necessary or\nappropriate.\n