Section 1106-F. Project operation and management; rent structure; tenant selection

The eligible owner shall enter into  an  agreement  with  the
  corporation  which  provides  that  the  eligible  owner of such project
  shall:
    1. operate and manage such project as a rental building which is  used
  for other than transient occupancy;
    2.  structure rent levels in such project to be: (a) affordable to the
  tenants as specified in subdivision four of this section to  the  extent
  economically  feasible  and (b) when added to any other sources of funds
  available for the project's operation not in  excess  of  the  costs  of
  operating and maintaining the project including a reserve fund;
    3.  not borrow any funds for the project without the prior approval of
  the corporation;
    4. to the extent economically feasible, select tenants who  move  into
  such  project  and maintain a mix of tenants so that (a) at least thirty
  percent and no more than seventy percent of such tenants  are  receiving
  benefits  pursuant  to  section  one  hundred thirty-one-a of the social
  services law or could only afford rents no greater than  those  paid  by
  persons  receiving benefits pursuant to such section, provided, however,
  that of such tenants preference shall be given to persons who have  been
  referred  from  hotels, motels or shelters operated by a social services
  district or receiving payment directly or indirectly from such district,
  or  any  other  philanthropic  or  charitable  facility  providing  such
  accommodations;  and (b) the remaining tenants have incomes which do not
  exceed  eighty  percent  of  the  median  income  for  the  metropolitan
  statistical  area  in  which  such project is located or if a project is
  located outside such area, those persons or families  whose  incomes  do
  not exceed eighty percent of the median income for the county in which a
  project is located; and
    5. provide such other information as may be necessary to carry out the
  provisions of this article.