N.Y. Private Housing Finance Law § 112-a: Redevelopment loans

§ 112-a. Redevelopment loans. Notwithstanding any provision of section

one hundred eleven or one hundred twelve of this article to the

contrary, where a redevelopment company undergoes a comprehensive

redevelopment plan, the supervising agency may approve a loan and

encumbrance of such project in an amount in excess of actual cost of the

project, provided that such amount represents cost of capital

improvements, redevelopment, or acquisition by a new owner, any

consequent rent increase is not unduly burdensome to the tenants, and

the redevelopment company enters into an agreement to remain subject to

the provisions of this article for a period of no less than fifteen

years from issuance of the loan and encumbrance.