N.Y. Comp. Codes R. & Regs. tit. 9, § 1728-4.3 – Purchases and contracts of $1000,000 or more.

(a) Prior approval by the division is required for purchases or contracts of $100,000 or more in accordance with the following:
1. (1) Notification of intent to solicit bids, on a form supplied by the division, together with a detailed preliminary description of the items to be purchased or work to be contracted and estimated costs will be provided to the division for review and approval no less than 30 days before the projected date of such solicitation.
2. (2) The housing company's recommendation for award of contract will be forwarded to the division for review and approval prior to award, together with:
  1. (i) a listing of all bidders solicited;
  2. (ii) a tabulation of all bids received;
  3. (iii) copies of all bids received; and
  4. (iv) a certification by each bidder on a form prescribed by the division, which discloses whether any board member, general partner, officer or employee of the housing company, and/or principal or employee of the managing agent, has or have a direct or indirect interest in the bidder or in the compensation to be received by the bidder pursuant to the proposed contract, and the nature of that interest and a questionnaire regarding prior experience and performance. Failure to accurately and fully complete this certification and the questionnaire may result in such penalties as are provided by law, result in the rejection of the bid, or termination of any contract and may be taken into consideration by the division in evaluating any future bid by such bidders.
(b) Upon approval by the division, the housing company will award the purchase or contract, with two copies of the executed contract being forwarded to the division for its files.
(c) The housing company's counsel will indicate on contracts of $100,000 or more that counsel has reviewed the bids and contract documents. Such review shall include review for compliance with the requirements of this Subpart.
(d) Any change in the scope, price, or time of completion will be made by a change order detailing the change, indicating whether cost is affected and, if it is, the amount of increase or decrease. Division approval is required for any such change order.
(e) Proof of progress payments with supporting documentation evidencing the propriety of such payment, including sign offs by any design professional retained by the housing company, shall be made available to the division on request, provided, however, that:
1. (1) no more than 75 percent of the full contract may be paid without prior division approval; and
2. (2) the division must approve any final payment.