Section 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.