§ 1024 — Payments pursuant to contracts

§ 1024. Payments pursuant to contracts. 1. Payments shall be made\nmonthly or on such other periodic basis as may be provided in the\ncontract. Each such payment shall equal, for each unit in the project\ncovered by the contract, the difference between the project rent\nestablished pursuant to subdivision two of this section and the tenant\nrent payment established pursuant to subdivision three of this section.\n 2. The project rent shall be: (a) in the case of a housing company\nregulated by the state pursuant to this chapter, the current maximum\nlawful rent for the unit; (b) in the case of a housing company regulated\nby a municipality pursuant to this chapter, the current maximum lawful\nrent for the unit, subject to such additional limitations and conditions\nas the commissioner may prescribe by contract; or (c) in the case of any\nother sponsor, the rent established or approved by the commissioner as\nprescribed in the contract.\n 3. The tenant rent payment shall be an amount computed pursuant to the\nregulations of the commissioner, which regulations shall prescribe a\nformula substantially similar to that currently provided pursuant to\ntitle five of the United States Housing Act of 1949, as amended.\n