N.Y. Private Housing Finance Law § 22-a: Redevelopment loans

§ 22-a. Redevelopment loans. Notwithstanding any provision of this

article to the contrary, where a state-aided project undergoes a

comprehensive redevelopment plan, the commissioner may approve a loan

and encumbrance of such project in an amount in excess of actual project

cost within the meaning of section twenty-one of this article, 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 company enters into an

agreement to remain subject to the provisions of this article for a

period of no less than an additional fifteen years from issuance of the

loan and encumbrance.