§ 453 — Conditions precedent to making such loans

New York § 453

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 8-A: Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions

Text

§ 453. Conditions precedent to making such loans. No such loan shall\nbe made by a municipality to an owner of an existing multiple dwelling\nunless the owner of such multiple dwelling shall covenant in writing\nthat so long as any part of such loan shall remain unpaid or for a\nperiod of at least ten years from the date of the loan, whichever is\nlater:\n 1. Each dwelling unit in such multiple dwelling shall be available\nsolely for occupancy by persons of low income;\n 2. No person who lives in such multiple dwelling at the time the loan\nis made shall be required to move because of the rehabilitation or\nimprovement financed thereby, except that a temporary relocation may be\nrequired in connection with such rehabilitation or improvement;\n 3. All persons operating or managing such multiple dwelling will\npermit the duly authorized officers, employees, agents or inspectors of\nthe municipality to enter in or upon and inspect such multiple dwelling\nat all reasonable hours;\n 4. The municipality by such duly authorized representatives as\naforesaid shall have full power to investigate into and order the owner\nof such multiple dwelling to furnish such reports and information as it\nmay require concerning such rehabilitation or improvement and shall have\nfull power to audit the books of said owner with respect to such\nmatters; and\n 5. The owner will submit to the supervising agency annually a\nstatement of the income and expenses of such multiple dwelling, in such\nform as shall be approved by such agency.\n