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2021 New York Laws
PVH - Private Housing Finance
Article 8 - Loans to Owners of Existing Multiple Dwellings
404 - Conditions Precedent to Making Such Loans.

Universal Citation: NY Priv Hous Fin L § 404 (2021)
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§  404.  Conditions  precedent  to  making such loans. 1. No such loan
shall be made by a municipality to an  owner  of  an  existing  multiple
dwelling  unless  the  owner  of  such multiple dwelling and all persons
holding a lien prior to that  of  the  municipality  shall  covenant  in
writing  that  so  long  as  any  part  of such loan remains unpaid, any
exemption and abatement from taxation on the property resulting from the
installations, alterations or improvements made with such  loan  remains
in effect or for a period of at least ten years from the occupancy date,
whichever is the later: (a) Each dwelling unit in such multiple dwelling
shall be available solely for persons or families of low income;
  (b)  Preference shall be given to persons who shall have lived in such
multiple dwelling at the time the contract for the loan was entered into
and were required to move because of such  installation,  rehabilitation
or improvement;
  (c)  No  charge  or rental for housing accommodations in such multiple
dwelling shall be made or charged in excess of  the  rentals  prescribed
pursuant to this article;
  (d)  The agency may order such repairs as will preserve the health and
safety of the occupants of such multiple dwelling;
  (e) All persons operating or  managing  such  multiple  dwelling  will
comply with the provisions of this article and the rules and regulations
adopted  by  the agency pertaining to multiple dwellings aided hereunder
and will refrain from doing any acts in violation thereof;
  (f) All  such  persons  will  permit  the  duly  authorized  officers,
employees,  agents  or  inspectors of the agency to enter in or upon and
inspect such multiple dwelling at all reasonable hours;
  (g) The agency shall have full power to investigate into and order the
owner of said multiple dwelling to furnish such reports and  information
as  the  agency  may require concerning the planning and construction of
the installation, rehabilitation or improvement and the  management  and
operation  of  said  multiple  dwelling. The agency shall also have full
power to audit the books of such owner with respect to such matters;
  (h) The foregoing covenants shall run with the land.
  2. The local legislative body of the municipality or the agency  shall
have power to impose additional terms and conditions precedent to making
such loans.
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