§ 607. Rent regulation of multiple dwellings rehabilitated with a loan
granted pursuant to section three hundred twelve of the housing act of
nineteen hundred sixty-four. 1. In cities with a population of one
million or more, upon completion of rehabilitation of a class A multiple
dwelling, which is aided by a loan made pursuant to section three
hundred twelve of the housing act of nineteen hundred sixty-four, the
agency shall establish the initial rent for each rental dwelling unit
within the rehabilitated or converted multiple dwelling notwithstanding
the provisions of, or any regulation promulgated pursuant to, the
emergency housing rent control law, the local emergency housing rent
control act, the emergency tenant protection act of nineteen
seventy-four, the local rent stabilization law or any local law enacted
pursuant thereto. After the agency has set the initial rents, all rental
dwelling units within such rehabilitated or converted multiple dwellings
shall become subject to the rent stabilization law of nineteen hundred
sixty-nine.

2. The occupant in possession of such a dwelling unit when the
multiple dwelling is made subject to the rent stabilization law of
nineteen hundred sixty-nine shall be offered a choice of a one or two
year lease at the initial rents established by the agency
notwithstanding any contrary provisions of, or regulations adopted
pursuant to, the rent stabilization law of nineteen hundred sixty-nine
and the emergency tenant protection act of nineteen seventy-four.

3. Prior to establishing initial rents the agency shall cause all
tenants in occupancy of such multiple dwelling to be notified of, and
have an opportunity to comment on, the contemplated rehabiliation. Such
notification shall advise such tenants of the approximate expected rent
increase and the subsequent availability of a one or two year lease.
Such notification and opportunity to comment shall be provided before
the rehabilitation and again after the construction is complete and
before the establishment of the initial rents.

4. For the purposes of this section, "multiple dwelling" shall include
any class A multiple dwelling having three or more units, and shall
include multiple family garden-type maisonette dwelling complexes under
single ownership having common facilities such as a sewer line, water
main and heating plant notwithstanding the fact that certificates of
occupancy were issued for portions thereof as one or two family
dwellings.

5. For the purposes of this section, the meaning of the terms
"agency", "conversion", "non-residential property" and "rehabilitation"
shall be the meaning provided pursuant to section eight hundred one of
this chapter.

6. The agency may promulgate supplementary rules and regulations to
carry out the provisions of this section, not inconsistent with the
provisions of this section.