N.Y. Private Housing Finance Law § 453: Conditions precedent to making such loans

§ 453. Conditions precedent to making such loans. No such loan shall

be made by a municipality to an owner of an existing multiple dwelling

unless the owner of such multiple dwelling shall covenant in writing

that so long as any part of such loan shall remain unpaid or for a

period of at least ten years from the date of the loan, whichever is

later:

1. Each dwelling unit in such multiple dwelling shall be available

solely for occupancy by persons of low income;

2. No person who lives in such multiple dwelling at the time the loan

is made shall be required to move because of the rehabilitation or

improvement financed thereby, except that a temporary relocation may be

required in connection with such rehabilitation or improvement;

3. All persons operating or managing such multiple dwelling will

permit the duly authorized officers, employees, agents or inspectors of

the municipality to enter in or upon and inspect such multiple dwelling

at all reasonable hours;

4. The municipality by such duly authorized representatives as

aforesaid shall have full power to investigate into and order the owner

of such multiple 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

5. The owner will submit to the supervising agency annually a

statement of the income and expenses of such multiple dwelling, in such

form as shall be approved by such agency.