§ 804. Rentals. Notwithstanding the provisions of, or any regulation promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act or local law enacted pursuant thereto, upon completion of the rehabilitation of an existing multiple dwelling, the construction of a new multiple dwelling or the conversion of non-residential property into a multiple dwelling aided by a participation loan made pursuant to this article, the agency shall establish the initial rent for each dwelling unit within the rehabilitated, newly constructed or converted multiple dwelling. Where the city of New York or the New York city housing development corporation has participated or invested in a loan pursuant to this article, all dwelling units within the multiple dwelling subsequent to the establishment of initial rents by the agency shall be subject to the rent stabilization law of nineteen hundred sixty-nine provided, that the occupant in possession of a dwelling unit when the multiple dwelling is made subject to the rent stabilization law of nineteen hundred sixty-nine shall be offered a two year lease notwithstanding any contrary provisions of, or regulations adopted pursuant to, the rent stabilization law of nineteen hundred sixty-nine at such initial rent set for such dwelling unit by the agency.

Terms Used In N.Y. Private Housing Finance Law 804

  • Agency: shall mean the office or agency of a municipality authorized to administer the expenditure of grants from the United States of America to assist community development activities and programs for the construction, rehabilitation or conservation of multiple dwellings and housing accommodations or for the conversion of under-utilized non-residential property into multiple dwellings or, in the absence of such an office or agency, the comptroller or chief fiscal officer of such municipality; except that in the city of New York it shall be the department of housing preservation and development or any successor thereto and shall include, except for purposes of section eight hundred four of this article, the New York city housing development corporation with respect to any participation in a loan by such corporation pursuant to section eight hundred five of this article. See N.Y. Private Housing Finance Law 801
  • Construction: shall mean the construction of new multiple dwellings upon vacant land. See N.Y. Private Housing Finance Law 801
  • Conversion: shall mean the conversion of under-utilized non-residential property into a multiple dwelling. See N.Y. Private Housing Finance Law 801
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Non-residential property: shall mean any property which is not a multiple dwelling, and which is intended to be converted into a multiple dwelling, and which is under-utilized for commercial, industrial or other non-residential purposes. See N.Y. Private Housing Finance Law 801
  • Rehabilitation: shall mean the installation, replacement or repair of heating, plumbing, electrical and related systems, or elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in § 309 of the multiple dwelling law, or other rehabilitation or improvement of existing multiple dwellings. See N.Y. Private Housing Finance Law 801
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