NY Priv Hous Fin L § 403 (2021)
2021 New York Laws PVH - Private Housing Finance Article 8 - Loans to Owners of Existing Multiple Dwellings 403 - Occupancy.

§  403.  Occupancy.  1.  The  dwelling  units in any existing multiple   dwelling aided by a loan pursuant to this  article  shall  be  available   solely  for persons or families of low income during the period in which   any part of such loan remains unpaid, any exemption and  abatement  from   taxation  on  the property resulting from the installations, alterations   or improvements made with such loan remains in effect or for a period of   at least ten years from the occupancy date, whichever is the later.2. In the event that after any person or family  included  within  the   provisions  of  paragraph a of subdivision three of section four hundred   one of this article, but not included within the provisions of paragraph   b of such subdivision three, begins occupancy of any  dwelling  unit  in   any  multiple  dwelling  aided  by  a loan pursuant to this article, and   during the period while such dwelling unit is subject to a maximum  rent   prescribed pursuant to this article, the income of such person or family   increases  so  as  to  exceed  the applicable maximum prescribed by such   paragraph a by more than fifty per centum, such person shall be  subject   to removal from such dwelling with the approval of the agency.3.  a. In the event that on the date on which a contract for a loan is   made with respect to a multiple dwelling aided by  a  loan  pursuant  to   this  article,  any  person  or family occupying a dwelling unit in such   multiple dwelling and included within the provisions of paragraph  b  of   subdivision  three  of  section  four hundred one of this article, has a   probable aggregate annual income, as determined in accordance  with  the   provisions  of  paragraph a of such subdivision three, which exceeds the   income limits specified in such paragraph a by more than fifty per cent,   such person or family shall be subject to  removal  from  such  dwelling   unit  with the approval of the agency upon the expiration of a period of   two years after the date on which such contract is entered into.b. In the event that at any time within a period of  two  years  after   any  such  contract  is  entered  into, the income of any such person or   family increases so as to exceed the income  limits  specified  in  such   paragraph  a by more than fifty per cent, such person or family shall be   subject to removal from such dwelling unit  with  the  approval  of  the   agency upon the expiration of such period of two years.c.  If,  at  any  time subsequent to the expiration of a period of two   years after any such contract is entered into,  and  during  the  period   while the dwelling unit occupied by any such person or family is subject   to  a  maximum  rent  prescribed pursuant to this article, the income of   such person or family increases  so  as  to  exceed  the  income  limits   specified  in  such paragraph a by more than fifty per cent, such person   or family shall be subject to removal from such dwelling unit  with  the   approval of the agency.4.  Any  person  or  family  in occupancy, whether included within the   provisions of paragraph a or paragraph b of subdivision three of section   four hundred one of this  article,  whose  income  exceeds  the  maximum   prescribed  by  the  provisions  of such paragraph a with respect to the   time of  beginning  of  occupancy,  shall  pay  a  rental  surcharge  in   accordance  with  a  schedule  of  surcharges  to  be promulgated by the   agency.  Rental surcharges collected pursuant to this section  shall  be   paid  by  the owner to the municipality which has granted such owner tax   exemption or tax abatement pursuant to any law authorizing the  granting   of  same,  as  reimbursement to such municipality therefor. In the event   that such tax exemption and tax abatement have not been granted,  or  in   the  event that a sum equal to the total amount of tax exemption and tax   abatement granted to the owner has been paid to  the  municipality,  the   excess,  if  any,  of  surcharges  shall  be paid to the municipality in   reduction of the loan. 5. Any person or family whose removal is required by any provision  of   this article shall be subject to removal by summary proceedings.