New York Consolidated Laws, Private Housing Finance Law - PVH § 905. Periodic review of contract performance;  renegotiation and termination of contract

1. The division shall, by regulation as hereinafter provided, provide for formal evaluation of the performance of a company to determine its progress in achieving the objectives outlined in the annual neighborhood preservation plan contained in its contract with the division.  Such evaluation shall include a review of the efforts of the company to execute each of the components of its plan and a consultation between the company and the division regarding the findings of the division relative to performance.  The division shall provide or cause to be provided technical assistance determined to be necessary by the division to improve the ability of the company to execute each of the components of its plan.  Such evaluation and determination of the need for technical assistance shall consider the financial and staff resources of the company for the period evaluated and any special considerations which may have had an impact on performance during the period.

2. If the division determines that a company has not made sufficient progress toward achieving the objectives of its annual neighborhood preservation plan the division shall conduct a site visit to review these findings and, if warranted, shall place the company on probation.

3. The division shall terminate or not renew or not extend a contract in accordance with provisions of subdivision six of section nine hundred three of this article if the commissioner determines that the performance of a company is not sufficient to merit continued participation in the program.

4. Notwithstanding the foregoing, the commissioner may terminate any contract upon a finding of substantial non-compliance or other substantial breach of the contract.