The petitioner is a cooperative corporation formed under Business Corporation Law § 402 and the Private Housing Finance Law article 11, and according to petitioner’s attorney affidavit, came into existence in or about January 1982 (the deed indicates that the premises were conveyed by the City on July 29, 1982).
The petitioner, by affidavit from Susan Gragin, a member of the petitioner’s board of directors, stated that "[t]he offering plan for the purchase of apartments at the premises was accepted for filing by the Attorney General of the State of New York in or about July, 1982.” The certificate of incorporation, article II, states that the corporation "is organized exclusively for the purpose of developing a housing project for persons of low income located at 512 East 11 Street, New York, New York.”
In reference to the purpose of the certificate of incorporation,
*733"Notwithstanding any other provision contained herein, the following restrictions upon the use and sale of the housing project (the building) as a whole and upon the transfer of shares allocated to individual units shall apply:
"A. For ten years from the date of the conveyance of title to the building to the Corporation by the City of New York:
"1. The building shall provide housing for persons and families of low income as defined in Section 576 of Article XI of the Private Housing Finance Law”.