N.Y. Comp. Codes R. & Regs. tit. 9 § 1648-1.1
Current through Register Vol. 46, No. 25, June 18, 2024
The purpose of the periodic subsidies paid by the State to a local agency under a contract for State aid is to assist in achieving and maintaining the low rent character of a project, in accordance with the Public Housing Law. The State subsidy is therefore paid against the operating deficit of a project incurred subsequent to the date of substantial completion.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 1648-1.1