Section 606 - Extension of the time for payment and suspension of payment of real estate tax liens1. As used in this section the term abandoned multiple dwelling shall mean a class A or class B multiple dwelling containing in the aggregate not less than three dwelling units, at least eighty percent of the occupied dwelling units of which are occupied by persons or families of low income as defined in subdivision ten of section twelve of this chapter and which the supervising agency shall find has been abandoned by the owner or owners thereof. Any such finding shall be based on one or more of the following conditions:(a) Failure to make any payments in respect of real estate taxes on said multiple dwelling for twelve months or more, and a continuing failure to maintain essential services, or failure to remove violations of the local housing maintenance code or other statutes applicable to multiple dwellings, where, as a result of either such failure the multiple dwelling has become dangerous to the life, health and safety of its occupants; or(b) Failure to make any payments in respect of real estate taxes on said multiple dwelling for twelve months or more and failure to attempt to collect rent from a majority of the tenants in lawful occupancy of dwelling units in such multiple dwelling for a period of three consecutive months or more; or(c) The entry of a judgment in favor of the petitioning tenants in a proceeding instituted pursuant to article seven-A of the real property actions and proceedings law, and the failure by the owner or other respondent to secure the removal of the administrator appointed pursuant to such judgment within ninety days after his appointment and qualification; or(d) The entry or filing of an order appointing a receiver pursuant to section three hundred nine of the multiple dwelling law or any other law authorizing the appointment of a municipality or any agency or official thereof as receiver of a multiple dwelling, and the failure by the owner or other party entitled thereto to secure the removal or discharge of such receiver within ninety days thereafter.2. Whenever a housing project (i) of a housing development fund company organized pursuant to the provisions of article eleven of this chapter, (ii) of a company organized pursuant to the provisions of article two, four or five of this chapter, (iii) of a company or owner aided by article three, eight, twelve, fourteen or fifteen of this chapter, or (iv) is to be financed by a mortgage made or insured by the federal government or any agency or instrumentality thereof or a mortgage loan entered into in conjunction with a housing assistance payments contract in connection with new construction or substantial rehabilitation pursuant to section eight of the United States Housing Act of 1937, as amended, is premised upon the acquisition, ownership, rehabilitation and management of an abandoned multiple dwelling, as said term is defined in subdivision one of this section, the supervising agency may, subject to the requirements of subdivision four of this section, enter into an agreement with such housing company or owner, which agreement shall provide for one or more of the following with respect to accrued real estate tax liens and municipal charges arising by operation of law upon the properties upon which such abandoned multiple dwelling is located: (a) The extension of the time for the payment of all or part of accrued real estate tax liens and municipal charges arising by operation of law by spreading the payment thereof over a period or periods of time to commence presently or at some future time, but in no event beyond forty years from the date of such agreement;(b)The elimination of interest and penalties on all or part of the unpaid real estate tax liens and municipal charges arising by operation of law; (c) The suspension of the payment of all or a part of accrued real estate tax liens and municipal charges arising by operation of law for a period not to exceed forty years from the date of such agreement;(d) The elimination of all or part of accrued real estate tax liens and municipal charges arising by operation of law provided that in consideration of such elimination the municipality may require the housing company to convey to it by deed an indefeasibly vested interest in the real property of the project, the value of which shall be set forth in such agreement but shall in no event be less than the amount of real estate tax liens and municipal charges arising by operation of law eliminated, to take effect as provided therein but not later than forty years from the date thereof.3. No such agreement for the extension or suspension of payment or elimination of accrued real estate tax liens and municipal charges arising by operation of law shall be entered into until the supervising agency shall first have made written findings supported by satisfactory evidence that: (a) The project is an abandoned multiple dwelling, as defined in subdivision one of this section, and the owner who so abandoned such dwelling has no direct or indirect interest or participation in the project; and(b) The housing company has available or has a reasonable expectation of obtaining from public or private sources, or both, adequate financing to acquire and rehabilitate the property; and(c) The housing company possesses or has given satisfactory evidence of its ability and intention to employ adequate competent personnel capable of rehabilitating, supervising the rehabilitation and managing and operating the property in accordance with the standards and conditions prescribed by this section and by the supervising agency; and(d) The proposed rehabilitation will effectuate the removal of all housing and other violations of record against the property as well as all incipient violations disclosed by inspections of the supervising agency and other agencies of the municipality charged with enforcement of applicable statutes and ordinances prescribing standards of construction and housing maintenance and will result in the removal of all unsafe and unsanitary conditions; and(e) The proposed rehabilitation will not require the removal of or relocation of any residential tenants in occupancy, other than temporarily, during the period of construction, in which case suitable arrangements have been made for such temporary relocation; and(f) In order for the housing company to acquire the property and to rehabilitate, operate and maintain the same as provided herein, accrued real estate tax liens and municipal charges arising by operation of law affecting the property must be extended, suspended or eliminated, in whole or in part, as provided in subdivision two of this section, which finding shall set forth the exact amount of accrued real estate tax liens and municipal charges arising by operation of law and set forth full details as to the extension, suspension and elimination thereof required in order for the rents or carrying charges to be fixed and established by the supervising agency or as otherwise provided pursuant to the provisions of article two, three, four, five, eight, eleven, twelve, fourteen or fifteen of this chapter, or in connection with a mortgage made or insured by the federal government or any agency or instrumentality thereof or a mortgage loan entered into in conjunction with a housing assistance payments contract in connection with new construction or substantial rehabilitation pursuant to section eight of the United States Housing Act of 1937, as amended, whichever may be applicable, and shall further contain the calculations and assumptions upon which such finding is based and shall state that the projected rents or carrying charges are as high as the present occupants can reasonably afford, and as can reasonably be charged and collected for comparable housing accommodations in the immediate vicinity of the abandoned multiple dwelling; and(g) The abandoned multiple dwelling is located in a deteriorated or deteriorating neighborhood or one imminently threatened with deterioration, and that unless the project is carried out, the property will become unsafe and unfit for continued human habitation in the near future, and that by reason of its present and probable future condition, the property is exerting or will in the near future, exert a deleterious influence upon the block in which it is located and upon the blocks, neighborhood and area immediately surrounding and adjacent thereto.4. The agreement, with respect to a housing development fund company, shall contain all of the provisions required by section five hundred seventy-six of this chapter, and with regard to any housing company, including such housing development fund company, shall contain such other provisions as may be approved by the local legislative body.5.(a) An agreement authorized by subdivisions two and four of this section shall be submitted by the supervising agency to the local legislative body of the municipality in which the project is to be located, which body may determine to extend, suspend and/or eliminate the payment of all or any part of the accrued real estate tax liens and municipal charges arising by operation of law on the real property in such project, but in no event beyond the limitations set forth in subdivision two of this section. The extension, suspension or elimination of real estate tax liens and municipal charges arising by operation of law may include all accrued local and municipal taxes, including assessments, water and sewer rents and sewer charges and special ad valorem levies and all emergency repair levies but shall not include any taxes or municipal charges accruing in respect of any parcel for any period commencing after a date fixed by the local legislative body, such date being not later than the projected date of substantial completion of the rehabilitation of the building situated on such parcel.(b) Where the municipality acts on behalf of another taxing jurisdiction in assessing real property for the purpose of taxation, or in levying taxes therefor, the determination of the local legislative body in granting such extension, suspension or elimination shall have the effect of extending, suspending or eliminating the accrued real estate tax liens against the real property in such project to the extent and subject to the provisions of paragraph (a) of this subdivision.N.Y. Priv. Hous. Fin. Law § 606