Section 404. 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 and all persons
  holding a lien prior to that  of  the  municipality  shall  covenant  in
  writing  that  so  long  as  any  part  of such loan remains unpaid, any
  exemption and abatement from taxation on the property resulting from the
  installations, alterations or improvements made with such  loan  remains
  in effect or for a period of at least ten years from the occupancy date,
  whichever is the later: (a) Each dwelling unit in such multiple dwelling
  shall be available solely for persons or families of low income;
    (b)  Preference shall be given to persons who shall have lived in such
  multiple dwelling at the time the contract for the loan was entered into
  and were required to move because of such  installation,  rehabilitation
  or improvement;
    (c)  No  charge  or rental for housing accommodations in such multiple
  dwelling shall be made or charged in excess of  the  rentals  prescribed
  pursuant to this article;
    (d)  The agency may order such repairs as will preserve the health and
  safety of the occupants of such multiple dwelling;
    (e) All persons operating or  managing  such  multiple  dwelling  will
  comply with the provisions of this article and the rules and regulations
  adopted  by  the agency pertaining to multiple dwellings aided hereunder
  and will refrain from doing any acts in violation thereof;
    (f) All  such  persons  will  permit  the  duly  authorized  officers,
  employees,  agents  or  inspectors of the agency to enter in or upon and
  inspect such multiple dwelling at all reasonable hours;
    (g) The agency shall have full power to investigate into and order the
  owner of said multiple dwelling to furnish such reports and  information
  as  the  agency  may require concerning the planning and construction of
  the installation, rehabilitation or improvement and the  management  and
  operation  of  said  multiple  dwelling. The agency shall also have full
  power to audit the books of such owner with respect to such matters;
    (h) The foregoing covenants shall run with the land.
    2. The local legislative body of the municipality or the agency  shall
  have power to impose additional terms and conditions precedent to making
  such loans.