NY Priv Hous Fin L § 608-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 13 - Miscellaneous 608-A - Rent Regulation of Rehabilitated Multiple Dwellings Acquired and Reconveyed by the Federal Government.

* §   608-a.  Rent  regulation  of  rehabilitated  multiple  dwellings acquired and reconveyed by the federal government. 1. For  the  purposes of this section:  (a)"Agency"  shall  mean  a  department  of  housing  preservation and development in a city having a population of one million or more.  (b) "Eligible property" shall mean real property  located  in  a  city having  a  population of one million or more that has been: (i) acquired by the federal government as the result of the foreclosure of a mortgage loan insured by the federal government, and (ii) conveyed by the federal government to an owner  approved  by  the  agency  for  the  purpose  of undertaking an eligible rehabilitation project.  (c)  "Eligible  multiple  dwelling"  shall  mean  a  multiple dwelling located on eligible property that has been the subject  of  an  eligible rehabilitation project.  (d) "Eligible rehabilitation project" shall mean the rehabilitation of an  eligible  multiple  dwelling in accordance with an agreement between the owner of the eligible property and the federal government.   2. Notwithstanding the provision of,  or  any  regulation  promulgated pursuant to, the emergency housing rent control law, the local emergency housing  rent  control  act,  the  emergency  tenant  protection  act of nineteen seventy-four, and/or any local law  enacted  pursuant  thereto, upon  completion  of  an eligible rehabilitation project, the agency may establish the initial rent for each dwelling unit  within  the  eligible multiple dwelling. All dwelling units within such building subsequent to establishment  of  initial  rents  by the agency shall be subject to the emergency housing rent control law, the  local  emergency  housing  rent control   act,   the   emergency   tenant  protection  act  of  nineteen seventy-four,  and/or  any  local  law  enacted  pursuant  thereto,   if applicable  in  the  municipality in which such building is located, but only if such laws and/or acts would otherwise  apply  to  such  dwelling units; provided, however, that substantial rehabilitation work performed in the course of an eligible rehabilitation project shall not cause such laws  and/or  acts to cease to apply to such dwelling units. The tenants in occupancy of  such  dwelling  units  in  such  a  building  that  are regulated pursuant to such laws and/or acts shall be offered a choice of a  one-year  or  two-year  lease  at the initial rent established by the agency, notwithstanding  any  contrary  provisions  of,  or  regulations adopted  pursuant  to, such laws and/or acts. The agency shall cause all tenants in occupancy of each dwelling unit affected by this  subdivision to  be  notified  of  and  have  an  opportunity  to  comment  upon  the contemplated rehabilitation. Such notification shall advise such tenants of  the  approximate  expected  rent   increase   and   the   subsequent availability  of  a  one-year  or  two-year lease. Such notification and opportunity to comment shall be provided prior to  commencement  of  the rehabilitation  and  again  after its completion before establishment of the initial rents.   3. The supervising agency shall use its best efforts  to  ensure  that activities  carried out pursuant to this section are structured so as to minimize the likelihood of  any  involuntary  economic  displacement  of tenants  who  reside in multiple dwellings which are the subject of such activities. However, if temporary physical displacement is required as a direct result of rehabilitation work which is performed in the course of the  eligible  rehabilitation  project,  suitable  temporary  relocation arrangements shall be provided.   * NB Repealed June 30, 2024