N.Y. Private Housing Finance Law 404 – Conditions precedent to making such loans
§ 404. 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 shall covenant in writing that so long as any part of such loan remains unpaid, any exemption and abatement from taxation on the property resulting from the installations, alterations or improvements made with such loan remains in effect or for a period of at least ten years from the occupancy date, whichever is the later:
Terms Used In N.Y. Private Housing Finance Law 404
- 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. Private Housing Finance Law 401
- Contract: A legal written agreement that becomes binding when signed.
- existing multiple dwelling: shall mean any dwelling classified as a multiple dwelling pursuant to the multiple dwelling law including class A and class B multiple dwellings, and in existence on the date upon which an application for a loan pursuant to this article is received by the agency. See N.Y. Private Housing Finance Law 401
- loan: shall include any grant made by a municipality pursuant to this article, provided, however, that any provision of this article concerning the repayment or forgiveness of, or security for, a loan shall not apply to any grant made pursuant to this article. See N.Y. Private Housing Finance Law 402
- 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. Private Housing Finance Law 401
- owner: shall mean a person having record or beneficial title in fee simple to real property or the lessee thereof under a lease having an unexpired term of at least thirty years. See N.Y. Private Housing Finance Law 401
- persons or families of low income: shall mean "persons of low income" or "families of low income" as defined in section two of this chapter. See N.Y. Private Housing Finance Law 401
- 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.
(a) Each dwelling unit in such multiple dwelling shall be available solely for persons or families of low income;
(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 pursuant to this article;
(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 or the agency shall have power to impose additional terms and conditions precedent to making such loans.