New York § 453 - 453Conditions precedent to making such loans

§ 453. 453Conditions precedent to making such loans

§ 453. Conditions precedent to making such loans. 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 shall remain unpaid or for a period of at least ten years from the date of the loan, whichever is later: 1. Each dwelling unit in such multiple dwelling shall be available solely for occupancy by persons of low income; 2. No person who lives in such multiple dwelling at the time the loan is made shall be required to move because of the rehabilitation or improvement financed thereby, except that a temporary relocation may be required in connection with such rehabilitation or improvement; 3. All persons operating or managing such multiple dwelling will permit the duly authorized officers, employees, agents or inspectors of the municipality to enter in or upon and inspect such multiple dwelling at all reasonable hours; 4. The municipality by such duly authorized representatives as aforesaid shall have full power to investigate into and order the owner of such multiple dwelling to furnish such reports and information as it may require concerning such rehabilitation or improvement and shall have full power to audit the books of said owner with respect to such matters; and 5. The owner will submit to the supervising agency annually a statement of the income and expenses of such multiple dwelling, in such form as shall be approved by such agency.