1. No such loan shall be made by a municipality to an owner of an existing multiple
dwelling unless the owner of such multiple dwelling and all persons holding a lien
prior to that of the municipality shall covenant in writing that so long as 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: (a) Each dwelling unit in such multiple dwelling shall be available
solely for persons or families of low income;
(b) Preference shall be given to persons who shall have lived in such multiple dwelling
at the time the contract for the loan was entered into and were required to move because
of such installation, rehabilitation or improvement;
(c) No charge or rental for housing accommodations in such multiple dwelling shall
be made or charged in excess of the rentals prescribed pursuant to this article;
(d) The agency may order such repairs as will preserve the health and safety of the
occupants of such multiple dwelling;
(e) All persons operating or managing such multiple dwelling will comply with the
provisions of this article and the rules and regulations adopted by the agency pertaining
to multiple dwellings aided hereunder and will refrain from doing any acts in violation
(f) All such persons will permit the duly authorized officers, employees, agents or
inspectors of the agency to enter in or upon and inspect such multiple dwelling at
all reasonable hours;
(g) The agency shall have full power to investigate into and order the owner of said
multiple dwelling to furnish such reports and information as the agency may require
concerning the planning and construction of the installation, rehabilitation or improvement
and the management and operation of said multiple dwelling. The agency shall also have full power to audit the books of such owner with respect
to such matters;
(h) The foregoing covenants shall run with the land.
2. The local legislative body of the municipality or the agency shall have power to
impose additional terms and conditions precedent to making such loans.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.