§ 403 — Occupancy

New York § 403

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 8: Loans to Owners of Existing Multiple Dwellings

Text

§ 403. Occupancy. 1. The dwelling units in any existing multiple\ndwelling aided by a loan pursuant to this article shall be available\nsolely for persons or families of low income during the period in which\nany part of such loan remains unpaid, any exemption and abatement from\ntaxation on the property resulting from the installations, alterations\nor improvements made with such loan remains in effect or for a period of\nat least ten years from the occupancy date, whichever is the later.\n 2. Any person or family in occupancy whose income precludes the\ninclusion of such person or family within the definition provided in\nparagraph a of subdivision three of section four hundred one of this\narticle may be required to pay a rental surcharge in accordance with a\nschedule of surcharges to be promulgated by the agency. In determining\nimposition of any such surcharge, the agency shall consider factors such\nas the net operating income and debt service coverage ratio of the\nproperty aided by a loan pursuant to this article. Rental surcharges\ncollected pursuant to this section shall be paid by the owner to the\nmunicipality which has granted such owner tax exemption or tax abatement\npursuant to any law authorizing the granting of same, as reimbursement\nto such municipality therefor. In the event that such tax exemption and\ntax abatement have not been granted, or in the event that a sum equal to\nthe total amount of tax exemption and tax abatement granted to the owner\nhas been paid to the municipality, the excess, if any, of surcharges\nshall be paid to the municipality in reduction of the loan.\n