N.Y. PBG Law § 214

§ 214. Conditions precedent to making such loans. 1. No such loan\nshall be made by a municipality to an owner of an existing multiple\ndwelling unless the owner of such multiple dwelling and all persons\nholding a lien prior to that of the municipality shall covenant in\nwriting that so long as any part of such loan remains unpaid and for a\nperiod of at least ten years from the occupancy date: (a) Each dwelling\nunit in such multiple dwelling shall be available solely for persons or\nfamilies of low income;\n (b) Preference shall be given to persons who shall have lived in such\nmultiple dwelling at the time the contract for the loan was entered into\nand were required to move because of such installation, rehabilitation\nor improvement;\n (c) No charge or rental for housing accommodations in such multiple\ndwelling shall be made or charged in excess of the rentals prescribed by\nthe agency at the time such loan is made or as such rentals may be\nrevised from time to time by the agency;\n (d) The agency may order such repairs as will preserve the health and\nsafety of the occupants of such multiple dwelling;\n (e) All persons operating or managing such multiple dwelling will\ncomply with the provisions of this article and the rules and regulations\nadopted by the agency pertaining to multiple dwellings aided hereunder\nand will refrain from doing any acts in violation thereof;\n (f) All such persons will permit the duly authorized officers,\nemployees, agents or inspectors of the agency to enter in or upon and\ninspect such multiple dwelling at all reasonable hours;\n (g) The agency shall have full power to investigate into and order the\nowner of said multiple dwelling to furnish such reports and information\nas the agency may require concerning the planning and construction of\nthe installation, rehabilitation or improvement and the management and\noperation of said multiple dwelling. The agency shall also have full\npower to audit the books of such owner with respect to such matters;\n (h) The foregoing covenants shall run with the land.\n 2. The local legislative body of the municipality shall have power to\nimpose additional terms and conditions precedent to making such loans.\n