N.Y. Public Housing Law 214 – Conditions precedent to making such loans
§ 214. Conditions precedent to making such loans. 1. No such loan shall be made by a municipality to an owner of an existing multiple dwelling unless the owner of such multiple dwelling and all persons holding a lien prior to that of the municipality shall covenant in writing that so long as any part of such loan remains unpaid and for a period of at least ten years from the occupancy date: (a) Each dwelling unit in such multiple dwelling shall be available solely for persons or families of low income;
Terms Used In N.Y. Public Housing Law 214
- agency: shall mean any officer, board, commission, department, or other agency of the municipality, or the authority or any other public authority, designated by the local legislative body to carry out the functions vested in the agency under this article or delegated to the agency by the local legislative body in order to carry out the purposes and provisions of this article. See N.Y. Public Housing Law 211
- Contract: A legal written agreement that becomes binding when signed.
- existing multiple dwelling: shall mean any multiple dwelling erected before April eighteenth, nineteen hundred twenty-nine and in existence on the date upon which this article takes effect. See N.Y. Public Housing Law 211
- Lien: A claim against real or personal property in satisfaction of a debt.
- occupancy date: shall mean the date defined in the contract for a loan pursuant to this article between the owner of an existing multiple dwelling and a municipality as the date upon which such multiple dwelling is to be deemed ready for occupancy, or if such term is not defined in such contract, the date of issuance of the temporary certificate of occupancy. See N.Y. Public Housing Law 211
- persons or families of low income: shall mean "persons of low income" or "families of low income" as defined in section three of this chapter, whose probable aggregate annual income during the period of occupancy does not exceed six times the rental (including the value or cost to them of heat, light, water and cooking fuel) of dwelling units occupied by such persons or families in existing multiple dwellings aided by a loan pursuant to this article, except that in the case of persons or families with three or more dependents, such ratio shall not exceed seven to one, and except further that the income limitations prescribed by this paragraph shall be subject to the provisions of subdivision two of section two hundred thirteen of this chapter. See N.Y. Public Housing Law 211
- 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.
(b) Preference shall be given to persons who shall have lived in such multiple dwelling at the time the contract for the loan was entered into and were required to move because of such installation, rehabilitation or improvement;
(c) No charge or rental for housing accommodations in such multiple dwelling shall be made or charged in excess of the rentals prescribed by the agency at the time such loan is made or as such rentals may be revised from time to time by the agency;
(d) The agency may order such repairs as will preserve the health and safety of the occupants of such multiple dwelling;
(e) All persons operating or managing such multiple dwelling will comply with the provisions of this article and the rules and regulations adopted by the agency pertaining to multiple dwellings aided hereunder and will refrain from doing any acts in violation thereof;
(f) All such persons will permit the duly authorized officers, employees, agents or inspectors of the agency to enter in or upon and inspect such multiple dwelling at all reasonable hours;
(g) The agency shall have full power to investigate into and order the owner of said multiple dwelling to furnish such reports and information as the agency may require concerning the planning and construction of the installation, rehabilitation or improvement and the management and operation of said multiple dwelling. The agency shall also have full power to audit the books of such owner with respect to such matters;
(h) The foregoing covenants shall run with the land.
2. The local legislative body of the municipality shall have power to impose additional terms and conditions precedent to making such loans.