1024 - Payments pursuant to contracts.

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