§ 214-a. Rent control; tax exemption. 1. Notwithstanding the
provisions of the emergency housing rent control law and the regulations
promulgated pursuant thereto, so long as the rents for any housing
accommodations in any multiple dwelling aided by a loan pursuant to this
article remain subject to control by the agency, (1) the maximum rents
for such housing accommodations shall be those prescribed by the agency
pursuant to the provisions of this article; and (2) where the maximum
rents for such accommodations, if the provisions of this article were
not applicable, would be prescribed by the provisions of the emergency
housing rent control law and such regulations, the provisions of the
emergency housing rent control law with respect to evictions, and the
provisions of such regulations with respect to evictions, and no other
provisions of such law and regulations, shall apply to such
accommodations. However, upon the expiration of such rent control by the
agency pursuant to this article, such housing accommodations in such
dwelling, if they would have been fully subject to the provisions of the
emergency housing rent control law and such regulations immediately
prior to such expiration, if not subject to the provisions of this
article, shall again be subject to the provisions of the emergency
housing rent control law and such regulations to the same extent and in
the same manner as if such accommodations had not been subject to the
provisions of this article, except that with respect to any such
accommodations again subject to the provisions of the emergency housing
rent control law and such regulations, the maximum rent therefor in
effect pursuant to the provisions of this article at the time of such
expiration, shall be the maximum rent for such accommodations under the
emergency housing rent control law and regulations, subject to
adjustment pursuant to such law and regulations, giving due regard to
all the equities.

2. The municipality may, by local law, provide for exemption from
taxation of any increase in valuation resulting from the installation,
alterations or improvements performed with the aid of such loans or for
abatement of taxation on such property, including the land, or for both
such exemption and abatement, to the same extent, for the same period,
and under the same terms and conditions as such exemption or abatement,
or both, may be provided by local law enacted under the terms of any
currently effective statute authorizing the granting of tax exemption or
tax abatement, or both, in aid of the rehabilitation, alteration or
improvement of multiple dwellings or the elimination of unhealthful or
dangerous conditions therein. Notwithstanding any contrary provisions of
any general, special or local law, a property aided by a loan pursuant
to this article shall not be ineligible for tax exemption or tax
abatement or both, as provided by local law enacted pursuant to statute,
solely because such property is not subject to control of rents under
the emergency housing rent control law, but such tax exemption and tax
abatement shall terminate if and when such property is subject to
control of rents neither under the emergency housing rent control law or
this article.