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This entry was published on 2014-09-22
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SECTION 453
Conditions precedent to making such loans
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 8-A
§ 453. Conditions precedent to making such loans.

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
shall covenant in writing that so long as any part of such loan shall
remain unpaid:

(a) Each dwelling unit in such multiple dwelling shall be available
solely for occupancy by persons of low income;

(b) No person who lives in such multiple dwelling at the time the loan
is made shall be required to move because of the rehabilitation or
improvement financed thereby;

(c) All persons operating or managing such multiple dwelling will
permit the duly authorized officers, employees, agents or inspectors of
the municipality to enter in or upon and inspect such multiple dwelling
at all reasonable hours; and

(d) The municipality by such duly authorized representatives as
aforesaid shall have full power to investigate into and order the owner
of such multiple dwelling to furnish such reports and information as it
may require concerning such rehabilitation or improvement and shall have
full power to audit the books of said owner with respect to such
matters; and

(e) The owner will submit to the supervising agency annually a
statement of the income and expenses of such multiple dwelling, in such
form as shall be approved by such agency.

2. No such loan shall be made by a municipality unless such owner
executed an affidavit that he was unable to obtain financing for such
rehabilitation or improvement because of the neighborhood, the age of
the building, or other factors indicating an inability of the private
sector unaided to cause such rehabilitation or improvement to be made.