§ 400. Policy and purposes of article. It is hereby declared that there exists in municipalities in this state a seriously inadequate supply of safe and sanitary dwelling accommodations for persons and families of low income; that such shortage constitutes an emergency and a grave menace to the health, safety, morals, welfare and comfort of […]
§ 402. Loans to owners. 1. Notwithstanding the provisions of any general, special or local law, a municipality, by such officer or agency as determined by its local legislative body, is hereby authorized to make or contract to make loans to the owners of existing multiple dwellings within its territorial limits, subject to the limitations […]
§ 403. Occupancy. 1. The dwelling units in any existing multiple dwelling aided by a loan pursuant to this article shall be available solely for persons or families of low income during the period in which any part of such loan remains unpaid, any exemption and abatement from taxation on the property resulting from the […]
§ 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 and all persons holding a lien prior to that of the municipality shall covenant in writing that so long as any part […]
§ 405. Rent control; tax exemption. 1. Notwithstanding the provisions of, or any regulations promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act or local law enacted pursuant thereto: (1) housing accommodations in any multiple dwelling aided by a loan pursuant to this article shall have maximum rents […]
§ 406. Rules and regulations. An agency may promulgate supplementary rules and regulations to carry out the provisions of this article, not inconsistent with the provisions of this article.
§ 407. Participation by certain corporations and individuals. 1. One or more banking institutions, foundations, labor unions, employers’ associations, veterans’ organizations, insurance companies, trustees, fiduciaries or any combination of the foregoing, shall have the power to participate and invest, singly or jointly, with a municipality or the New York city housing development corporation in a […]
* § 408. Minimization of displacement. The agency shall use its best efforts to ensure that activities carried out pursuant to this article are structured so as to minimize the likelihood of any involuntary physical or economic displacement of tenants who reside in multiple dwellings which are the subject of such activities, other than temporarily, […]
