Section 453. Conditions precedent to making such loans

1.  No  such  loan  shall  be made by a municipality to an owner of an
  existing multiple dwelling unless the owner of  such  multiple  dwelling
  shall  covenant  in  writing that so long as any part of such loan shall
  remain unpaid:
    (a) Each dwelling unit in such multiple dwelling  shall  be  available
  solely for occupancy by persons of low income;
    (b) No person who lives in such multiple dwelling at the time the loan
  is  made  shall  be  required  to  move because of the rehabilitation or
  improvement financed thereby;
    (c) All persons operating or  managing  such  multiple  dwelling  will
  permit  the duly authorized officers, employees, agents or inspectors of
  the municipality to enter in or upon and inspect such multiple  dwelling
  at all reasonable hours; and
    (d)  The  municipality  by  such  duly  authorized  representatives as
  aforesaid shall have full power to investigate into and order the  owner
  of  such multiple dwelling to furnish such reports and information as it
  may require concerning such rehabilitation or improvement and shall have
  full power to audit the  books  of  said  owner  with  respect  to  such
  matters; and
    (e)  The  owner  will  submit  to  the  supervising  agency annually a
  statement of the income and expenses of such multiple dwelling, in  such
  form as shall be approved by such agency.
    2.  No  such  loan  shall  be made by a municipality unless such owner
  executed an affidavit that he was unable to obtain  financing  for  such
  rehabilitation  or  improvement  because of the neighborhood, the age of
  the building, or other factors indicating an inability  of  the  private
  sector unaided to cause such rehabilitation or improvement to be made.