New York Consolidated Laws, Private Housing Finance Law - PVH § 69. Compliance;  general and administrative provisions

1. The owner of each project shall be responsible for assuring compliance with the terms and conditions of the approved project description and this article.  Any project owned by a not-for-profit corporation or a housing development fund company shall be subject to such terms and conditions for a period of thirty-five years or such longer period as may be provided in the project description.  No project may be transferred except in accordance with the project description, and the project description may not be changed without the approval of the agency.

2. The agency shall issue and promulgate guidelines for the administration of this article.  The guidelines shall include provisions concerning approval of project descriptions, the eligibility of developers for contracts under this article;  funding criteria and the funding determination process;  supervision and evaluation of contracting developers;  reporting, budgeting and record-keeping requirements;  provisions for modification and termination of contracts and recapture of funds;  and such other matters not inconsistent with the purposes and provisions of this article as the agency shall deem necessary or appropriate.