§ 403. Occupancy. 1. The dwelling units in any existing multiple
dwelling aided by a loan pursuant to this article shall be available
solely for persons or families of low income during the period in which
any part of such loan remains unpaid, any exemption and abatement from
taxation on the property resulting from the installations, alterations
or improvements made with such loan remains in effect or for a period of
at least ten years from the occupancy date, whichever is the later.

2. Any person or family in occupancy whose income precludes the
inclusion of such person or family within the definition provided in
paragraph a of subdivision three of section four hundred one of this
article may be required to pay a rental surcharge in accordance with a
schedule of surcharges to be promulgated by the agency. In determining
imposition of any such surcharge, the agency shall consider factors such
as the net operating income and debt service coverage ratio of the
property aided by a loan pursuant to this article. Rental surcharges
collected pursuant to this section shall be paid by the owner to the
municipality which has granted such owner tax exemption or tax abatement
pursuant to any law authorizing the granting of same, as reimbursement
to such municipality therefor. In the event that such tax exemption and
tax abatement have not been granted, or in the event that a sum equal to
the total amount of tax exemption and tax abatement granted to the owner
has been paid to the municipality, the excess, if any, of surcharges
shall be paid to the municipality in reduction of the loan.