§ 1023. Rural housing assistance contracts. 1. The commissioner may
enter into contracts with eligible sponsors for the provision, in
eligible projects, of housing for persons of low income. Such contracts
shall provide for the payment by the division to the sponsor of periodic
rental assistance payments with respect to the housing accommodations
occupied by such persons.

2. Such contracts may, subject to the availability of moneys in the
rural housing assistance fund, commit the division to make such payments
for a period of up to five years from the date of completion of the
eligible project. Any such contract shall provide that the sponsor shall
not withdraw the project, or any units therein, from the program during
such period except for good cause as provided therein. Notwithstanding
any provision of this chapter, all contracts shall terminate after five
years or when the actual dollar amount as stipulated in the contract has
been expended, whichever is sooner. For any application for such a
contract under this article, the division shall provide the applicant
with a list of conditions that must be met prior to entering into a
contract pursuant to this article. Within fifteen working days of
receipt by the division of all documents in satisfaction of the list,
the division shall notify the applicant of the sufficiency or
insufficiency of the documents. After satisfaction by the applicant of
all conditions required by the division prior to entering into a
contract the division shall enter into the contract within forty-five
working days of satisfaction of such conditions.