Upon a finding by the Rent Control Board that an owner is entitled to an emergency rent increase pursuant to § 217-6 hereinabove, the Rent Control Board shall permit an increase sufficient to produce the return called for in § 217-6A hereinabove, the increase as to each apartment affected to become effective on the latter of the date of grant, or the expiration date of the lease or rental agreement then in effect. The Rent Control Board shall retain jurisdiction over each such case and shall monitor each such case quarterly, and should the Rent Control Board, subsequent to its decision to grant an emergency rent increase and after a further public hearing, determine that the complex, when properly, efficiently and economically operated, can return to its owner the proper percentage derived in accordance with § 217-6A hereinabove without the emergency rent increase; or determine that the grant of said emergency rent increase was based, in whole or part, upon the submission of information by the owner that was materially inaccurate or incomplete, then said emergency rent increase shall, at the Board's option, be modified or terminated and rescinded.