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.
Terms Used In N.Y. Private Housing Finance Law 803
- Agency: shall mean the office or agency of a municipality authorized to administer the expenditure of grants from the United States of America to assist community development activities and programs for the construction, rehabilitation or conservation of multiple dwellings and housing accommodations or for the conversion of under-utilized non-residential property into multiple dwellings or, in the absence of such an office or agency, the comptroller or chief fiscal officer of such municipality; except that in the city of New York it shall be the department of housing preservation and development or any successor thereto and shall include, except for purposes of section eight hundred four of this article, the New York city housing development corporation with respect to any participation in a loan by such corporation pursuant to section eight hundred five of this article. See N.Y. Private Housing Finance Law 801
- Construction: shall mean the construction of new multiple dwellings upon vacant land. See N.Y. Private Housing Finance Law 801
- Conversion: shall mean the conversion of under-utilized non-residential property into a multiple dwelling. See N.Y. Private Housing Finance Law 801
- Non-residential property: shall mean any property which is not a multiple dwelling, and which is intended to be converted into a multiple dwelling, and which is under-utilized for commercial, industrial or other non-residential purposes. See N.Y. Private Housing Finance Law 801
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Rehabilitation: shall mean the installation, replacement or repair of heating, plumbing, electrical and related systems, or elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in § 309 of the multiple dwelling law, or other rehabilitation or improvement of existing multiple dwellings. See N.Y. Private Housing Finance Law 801