§ 607. Rent regulation of multiple dwellings rehabilitated with a loan granted pursuant to section three hundred twelve of the housing act of nineteen hundred sixty-four. 1. In cities with a population of one million or more, upon completion of rehabilitation of a class A multiple dwelling, which is aided by a loan made pursuant to section three hundred twelve of the housing act of nineteen hundred sixty-four, the agency shall establish the initial rent for each rental dwelling unit within the rehabilitated or converted multiple dwelling notwithstanding the provisions of, or any regulation promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act, the emergency tenant protection act of nineteen seventy-four, the local rent stabilization law or any local law enacted pursuant thereto. After the agency has set the initial rents, all rental dwelling units within such rehabilitated or converted multiple dwellings shall become subject to the rent stabilization law of nineteen hundred sixty-nine.

2. The occupant in possession of such a dwelling unit when the multiple dwelling is made subject to the rent stabilization law of nineteen hundred sixty-nine shall be offered a choice of a one or two year lease at the initial rents established by the agency notwithstanding any contrary provisions of, or regulations adopted pursuant to, the rent stabilization law of nineteen hundred sixty-nine and the emergency tenant protection act of nineteen seventy-four.

3. Prior to establishing initial rents the agency shall cause all tenants in occupancy of such multiple dwelling to be notified of, and have an opportunity to comment on, the contemplated rehabiliation. Such notification shall advise such tenants of the approximate expected rent increase and the subsequent availability of a one or two year lease. Such notification and opportunity to comment shall be provided before the rehabilitation and again after the construction is complete and before the establishment of the initial rents.

4. For the purposes of this section, "multiple dwelling" shall include any class A multiple dwelling having three or more units, and shall include multiple family garden-type maisonette dwelling complexes under single ownership having common facilities such as a sewer line, water main and heating plant notwithstanding the fact that certificates of occupancy were issued for portions thereof as one or two family dwellings.

5. For the purposes of this section, the meaning of the terms "agency", "conversion", "non-residential property" and "rehabilitation" shall be the meaning provided pursuant to section eight hundred one of this chapter.

6. The agency may promulgate supplementary rules and regulations to carry out the provisions of this section, not inconsistent with the provisions of this section.