2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 8-B - (470 - 478) LOANS TO OWNER-OCCUPANTS OF ONE TO FOUR UNIT PRIVATE AND MULTIPLE DWELLINGS
473 - Conditions precedent to making such loans.

 
    §  473.  Conditions  precedent  to  making such loans. 1. No such loan
  shall be made to an owner-occupant of an existing  private  or  multiple
  dwelling  unless the owner-occupant of such private or multiple dwelling
  shall covenant in writing that so long as any part of  such  loan  shall
  remain  unpaid:  (i) the owner-occupant or managing agent or operator of
  such dwelling shall permit  the  duly  authorized  officers,  employees,
  agents  or inspectors of the agency to enter in or upon and inspect such
  private or multiple dwelling at all reasonable hours; (ii) the agency by
  such duly authorized representatives as aforesaid shall have full  power
  to  investigate  into  and  order the owner-occupant of such dwelling to
  furnish such reports and information as it may require  concerning  such
  rehabilitation  or  improvement  and  shall have full power to audit the
  books of said owner with respect to  such  matters;  and  (iii)  if  the
  property  to be rehabilitated is a multiple dwelling, the owner-occupant
  will submit to the agency annually a statement of income and expenses of
  such dwelling, in such form as shall be approved by the agency.
    2. A municipality shall neither make nor participate in a loan  to  an
  owner-occupant  of  an existing private or multiple dwelling pursuant to
  this article unless the  agency  finds  that  the  area  in  which  such
  dwelling  is  situated is a blighted, deteriorated or deteriorating area
  or has a blighting influence on the surrounding area, or is in danger of
  becoming a  slum  or  a  blighted  area  because  of  the  existence  of
  substandard,  unsanitary,  deteriorating  or deteriorated conditions, an
  aged housing stock, or other factors  indicating  an  inability  of  the
  private sector to cause such rehabilitation to be made.
    3.  The  agency  shall  have  the power to impose additional terms and
  conditions precedent to make such loans.