§ 405. Rent control; tax exemption. 1. Notwithstanding the provisions\nof, or any regulations promulgated pursuant to, the emergency housing\nrent control law, the local emergency housing rent control act or local\nlaw enacted pursuant thereto: (1) housing accommodations in any multiple\ndwelling aided by a loan pursuant to this article shall have maximum\nrents prescribed in accordance with and shall be fully subject to the\nprovisions of said laws and regulations during the life of the loan or\nduring any period in which any exemption and abatement from taxation on\nthe property resulting from the installations, alterations or\nimprovements made with such loan remain in effect or for a period of at\nleast ten years from the occupancy date, whichever is later; (2) upon\npayment of the loan or the expiration of the said tax exemption and tax\nabatement or of the said ten year period, whichever is later, housing\naccommodations in any such multiple dwelling shall, upon application, be\ndecontrolled, unless immediately prior to such payment or expiration the\nrents of such housing accommodations would have been controlled by the\nprovisions of said laws and regulations, other than pursuant to this\narticle, in which event such housing accommodations shall continue\nsubject to the provisions of said laws and regulations to the same\nextent and in the same manner as if this article had never applied to\nsuch accommodations; (3) should the provisions of said laws and\nregulations expire while any loan made pursuant to this article remains\nunpaid or before the expiration of the said tax exemption and tax\nabatement or of the said ten year period, whichever is later, then\nhousing accommodations in multiple dwellings aided by such loans shall\nbe subject to control by the agency to the same extent and in the same\nmanner as they were subject to control by the temporary state housing\nrent commission or by the city housing rent agency created pursuant to\nthe local emergency housing rent control act. However, the maximum rent\nfor any such housing accommodations shall be the rent last established\nby the said rent commission or by the said city housing rent agency\nsubject to adjustment by the agency pursuant to the provisions of this\narticle and regulations of the agency promulgated pursuant thereto and\n(4) should the provisions of said laws and regulations not be applicable\nin a municipality prior to the making of a loan pursuant to this\narticle, then rents in housing accommodations in multiple dwellings\naided by such loans shall be subject to regulation by the agency in a\nmanner calculated to assure compliance with the policy and purposes of\nthis article.\n 1-a. Notwithstanding the provisions of subdivision one of this\nsection, and subject to the provisions of subdivision twenty of section\nsix hundred fifty-four of this chapter, where the housing accommodations\nin any multiple dwelling are aided pursuant to this article by a loan\nmade by the New York city housing development corporation, maximum rents\nduring the life of such loan shall be prescribed by the agency and the\nrental rate may be varied by the agency from time to time upon\napplication by the owner or by the New York city housing development\ncorporation so as to secure, together with all other income from such\nproperty, sufficient income to meet within reasonable limits, all\nnecessary payments to be made by the owner of all expenses including\nfixed charges, sinking funds, reserves and dividends.\n * 1-b. Notwithstanding the provisions of subdivision one of this\nsection, where the housing accommodations in any multiple dwelling are\naided by a loan pursuant to this article made by the municipality on or\nafter September first, nineteen hundred eighty-four, and provided that\nsuch housing accommodations were vacant at the time of the making of the\nloan, maximum rents during the life of such loan shall be prescribed by\nthe agency and the rental rate ma
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