§ 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.