N.Y. Private Housing Finance Law § 473
Conditions precedent to making such loans
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2024
As of January 1, 2015
§ 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
§ 473. Conditions precedent to making such loans. 1. No such loan\nshall be made to an owner of an existing private or multiple dwelling\nunless the owner of such private or multiple dwelling shall covenant in\nwriting that so long as any part of such loan shall remain unpaid or any\nrequirement imposed as a condition for making such loan that survives\nthe repayment of such loan, including, but not limited to, in a\nregulatory agreement executed by such owner and the agency or a\nrestrictive covenant approved by such agency, remains in effect: (i) the\nowner or managing agent or operator of such dwelling shall permit the\nduly authorized officers, employees, agents or inspectors of the agency\nto enter in or upon and inspect such private or multiple dwelling at all\nreasonable hours; (ii) the agency by such duly authorized\nrepresentatives as aforesaid shall have full power to investigate into\nand order the owner of such dwelling to furnish such reports and\ninformation as it may require concerning such rehabilitation or\nimprovement and shall have full power to audit the books of said owner\nwith respect to such matters; and (iii) if the property to be\nrehabilitated is a multiple dwelling, the owner will submit to the\nagency annually a statement of income and expenses of such dwelling, in\nsuch form as shall be approved by the agency.\n 2. A municipality shall neither make nor participate in a loan to an\nowner of an existing private or multiple dwelling pursuant to this\narticle unless the agency finds that (i) the area in which such dwelling\nis situated is a blighted, deteriorated or deteriorating area or has a\nblighting influence on the surrounding area, or is in danger of becoming\na slum or a blighted area because of the existence of substandard,\nunsanitary, deteriorating or deteriorated conditions, an aged housing\nstock, or other factors indicating an inability of the private sector to\ncause such rehabilitation to be made; or (ii) the owner of such private\nor multiple dwelling is a person or family of low income.\n 3. The agency shall have the power to impose additional terms and\nconditions precedent to make such loans.\n
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.