§ 33-07 Project Operation.
RCNY § 33-07
(a)Regulatory Agreement. A Sponsor may be required to execute a Regulatory Agreement with the Agency as a condition for the Agency Activities taken by the Agency in connection with the Project. The Regulatory Agreement shall be recorded against the Site and shall run with the land for the period set forth therein. The Regulatory Agreement shall require the Sponsor and all of Sponsor's successors and assigns to comply with Project requirements.
(b)Marketing. The Agency may require a Sponsor to market vacant dwelling units in accordance with the requirements of a marketing plan prepared by the Agency. Such marketing plan may include such requirements with respect to the marketing as the Agency deems necessary and desirable, including, but not limited to, (i) requirements to ensure outreach to make eligible City residents aware of the availability for rental or sale of such dwelling units, and (ii) requirements to ensure that applications for the rental or sale of dwelling unit are opened and considered in a random order. A marketing plan may, but shall not be required to, contain provisions providing a preference to certain applicants where the Agency deems such preference to be appropriate. Factors for the granting of such preference may include, but shall not be limited to, special needs, residence in the community in which the Site is located, or referral by the Agency to the Sponsor for relocation.
(c)Use Restrictions. The Agency may impose restrictions upon the use of a Site and may require a Sponsor to agree to comply with such restrictions as a condition for receiving any Disposition or Assistance. Such use restrictions may be enforced by any means which the Agency determines to be necessary or appropriate, including, but not limited to, provisions in any deed, land disposition agreement, regulatory agreement, note, mortgage, security agreement, lien, restrictive declaration, or other legal document. The Agency may require a Sponsor to provide security for its compliance with use restrictions in such types and amounts as are determined by the Agency to be necessary or desirable. Such types of security may include, but shall not be limited to, surety bonds, letters of credit, or cash.
