N.Y. Private Housing Finance Law § 607: Rent regulation of multiple dwellings rehabilitated with a loan granted pursuant to section three hundred twelve of the housing act of ni...

§ 607. Rent regulation of multiple dwellings rehabilitated with a loan

granted pursuant to section three hundred twelve of the housing act of

nineteen hundred sixty-four. 1. In cities with a population of one

million or more, upon completion of rehabilitation of a class A multiple

dwelling, which is aided by a loan made pursuant to section three

hundred twelve of the housing act of nineteen hundred sixty-four, the

agency shall establish the initial rent for each rental dwelling unit

within the rehabilitated or converted multiple dwelling notwithstanding

the provisions of, or any regulation promulgated pursuant to, the

emergency housing rent control law, the local emergency housing rent

control act, the emergency tenant protection act of nineteen

seventy-four, the local rent stabilization law or any local law enacted

pursuant thereto. After the agency has set the initial rents, all rental

dwelling units within such rehabilitated or converted multiple dwellings

shall become subject to the rent stabilization law of nineteen hundred

sixty-nine.

2. The occupant in possession of such a dwelling unit when the

multiple dwelling is made subject to the rent stabilization law of

nineteen hundred sixty-nine shall be offered a choice of a one or two

year lease at the initial rents established by the agency

notwithstanding any contrary provisions of, or regulations adopted

pursuant to, the rent stabilization law of nineteen hundred sixty-nine

and the emergency tenant protection act of nineteen seventy-four.

3. Prior to establishing initial rents the agency shall cause all

tenants in occupancy of such multiple dwelling to be notified of, and

have an opportunity to comment on, the contemplated rehabiliation. Such

notification shall advise such tenants of the approximate expected rent

increase and the subsequent availability of a one or two year lease.

Such notification and opportunity to comment shall be provided before

the rehabilitation and again after the construction is complete and

before the establishment of the initial rents.

4. For the purposes of this section, "multiple dwelling" shall include

any class A multiple dwelling having three or more units, and shall

include multiple family garden-type maisonette dwelling complexes under

single ownership having common facilities such as a sewer line, water

main and heating plant notwithstanding the fact that certificates of

occupancy were issued for portions thereof as one or two family

dwellings.

5. For the purposes of this section, the meaning of the terms

"agency", "conversion", "non-residential property" and "rehabilitation"

shall be the meaning provided pursuant to section eight hundred one of

this chapter.

6. The agency may promulgate supplementary rules and regulations to

carry out the provisions of this section, not inconsistent with the

provisions of this section.