§ 804. Rentals. Notwithstanding the provisions of, or any regulation
promulgated pursuant to, the emergency housing rent control law, the
local emergency housing rent control act or local law enacted pursuant
thereto, upon completion of the rehabilitation of an existing multiple
dwelling, the construction of a new multiple dwelling or the conversion
of non-residential property into a multiple dwelling aided by a
participation loan made pursuant to this article, the agency shall
establish the initial rent for each dwelling unit within the
rehabilitated, newly constructed or converted multiple dwelling. Where
the city of New York or the New York city housing development
corporation has participated or invested in a loan pursuant to this
article, all dwelling units within the multiple dwelling subsequent to
the establishment of initial rents by the agency shall be subject to the
rent stabilization law of nineteen hundred sixty-nine provided, that the
occupant in possession of a dwelling unit when the multiple dwelling is
made subject to the rent stabilization law of nineteen hundred
sixty-nine shall be offered a two year lease notwithstanding any
contrary provisions of, or regulations adopted pursuant to, the rent
stabilization law of nineteen hundred sixty-nine at such initial rent
set for such dwelling unit by the agency.