Section 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.