N.Y. PVH Law § 473

§ 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