N.Y. Private Housing Finance Law § 803: Conditions precedent to making such loans

§ 803. Conditions precedent to making such loans. A municipality shall

not participate in a loan pursuant to this article unless the agency

finds that the area in which the existing multiple dwelling,

non-residential property or vacant land 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, insanitary, deteriorating or

deteriorated conditions, an aged housing stock, or under-utilized

non-residential property, or other factors indicating an inability of

the private sector unaided to cause such rehabilitation, conversion or

construction to be made and unless the agency has notified occupants of

the existing multiple dwelling of the contemplated rehabilitation and

has advised them of the expected rental increase to result therefrom and

a representative of the agency has met or has offered to meet at least

once with the occupants.