§ 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.