§ 31. Rentals and selection of tenants. 1. (a) A company may, with the\napproval of the commissioner or the supervising agency, as the case may\nbe, fix maximum rentals per room to be charged tenants of the dwellings,\nthe average of the rentals for the dwellings in any project not to\nexceed the maximum average rentals determined by the commissioner or the\nsupervising agency, as the case may be, before any commitments are made\nby the company for the construction of the project. The commissioner or\nthe supervising agency, upon his or its own motion, or upon application\nby the company or of a stockholder, lienholder, a creditor, or of\nholders of at least ten per centum of the bonds of the company, or by\nthe federal government where the mortgage loan of the company is insured\nor held by the federal government, may vary such rental rate from time\nto time so as to secure, together with all other income of the company,\nsufficient income for it to meet within reasonable limits all necessary\npayments to be made or projected to be made during the term of a lease\nby the said company, of all expenses including fixed charges, sinking\nfunds, reserves and dividends on outstanding stock as authorized by the\ncommissioner or the supervising agency, as the case may be. Letting,\nsubletting or assignment of leases of apartments at greater rentals than\nthose approved by the commissioner or the supervising agency shall be\nunlawful. Where the mortgage loan of a company is insured or held by the\nfederal government or where a project is owned by the federal\ngovernment, rental rates shall be varied without regard to the\nprovisions of any general, special or local law which would otherwise\nlimit or control such rental rates or the determination or variation\nthereof for so long as such mortgage loan remains outstanding or the\nproject financed by such a mortgage loan is owned by the federal\ngovernment. No variation of a rental rate in a project financed by a\nmortgage loan insured or held by, or owned by the federal government\nshall be effective unless approved by the federal government.\n (b) Unless any applicable regulation of or regulatory agreement with\nthe federal government shall otherwise provide, (i) the tenants in a\nproject financed by a mortgage loan insured or held by the federal\ngovernment shall be entitled and may elect to enter in a lease for a\nterm of up to three years at such rental rates as may be established by\nthe commissioner or the supervising agency, as the case may be, pursuant\nto paragraph (a) of subdivision one of this section, (ii) the rental\nrates to be charged under any such lease shall be established after\nconsideration of the term of such lease and may differ from the rental\nrates to be charged under any other lease of a different term and (iii)\nthe commissioner or the supervising agency, as the case may be, shall in\nestablishing such rental rates consider the obligations of the company\nunder any instruments evidencing or securing any residual indebtedness.\nSuch leases shall contain a provision authorizing the variation of the\nrental rates during the term of such leases upon an application made by\nthe federal government pursuant to paragraph (a) of subdivision one of\nthis section.\n * (c) A company may, with the approval of the commissioner or the\nsupervising agency, as the case may be, fix maximum charges to be paid\nby each occupant for the non-housekeeping accommodations, aged care\naccommodations or non-housekeeping accommodations for handicapped\npersons, which charges may include payment for board and such other\nservices as may be provided as an incident to occupancy, the average of\nsuch charges for all the non-housekeeping accommodations, aged care\naccommodations or non-housekeeping accommodations for handicapped\npersons in any project not to exceed the maximum average charges for all\nsuch non-housekeeping accommodations, aged care accommodations or\nnon-housekeeping acc
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