N.Y. Private Housing Finance Law § 473

§ 473. Conditions precedent to making such loans. 1. No such loan\nshall be made to an owner-occupant of an existing private or multiple\ndwelling unless the owner-occupant of such private or multiple dwelling\nshall covenant in writing that so long as any part of such loan shall\nremain unpaid: (i) the owner-occupant or managing agent or operator of\nsuch dwelling shall permit the duly authorized officers, employees,\nagents or inspectors of the agency to enter in or upon and inspect such\nprivate or multiple dwelling at all reasonable hours; (ii) the agency by\nsuch duly authorized representatives as aforesaid shall have full power\nto investigate into and order the owner-occupant of such dwelling to\nfurnish such reports and information as it may require concerning such\nrehabilitation or improvement and shall have full power to audit the\nbooks of said owner with respect to such matters; and (iii) if the\nproperty to be rehabilitated is a multiple dwelling, the owner-occupant\nwill submit to the agency annually a statement of income and expenses of\nsuch dwelling, in such form as shall be approved by the agency.\n 2. A municipality shall neither make nor participate in a loan to an\nowner-occupant of an existing private or multiple dwelling pursuant to\nthis article unless the agency finds that the area in which such\ndwelling is situated is a blighted, deteriorated or deteriorating area\nor has a blighting influence on the surrounding area, or is in danger of\nbecoming a slum or a blighted area because of the existence of\nsubstandard, unsanitary, deteriorating or deteriorated conditions, an\naged housing stock, or other factors indicating an inability of the\nprivate sector to cause such rehabilitation to be made.\n 3. The agency shall have the power to impose additional terms and\nconditions precedent to make such loans.\n