N.Y. Private Housing Finance Law § 257: Conditions and security for loans

§ 257. Conditions and security for loans. 1. No loan shall be made to

a community development corporation for a project unless (a) the

planning commission, if any, of the municipality has approved the

project; (b) the local legislative body of the municipality, after a

public hearing, has approved the project and has enacted or will enact

regulations or appropriate restrictions adequately protecting the

project against future uses likely to depreciate unduly the value of

such project and has, by resolution, found that the project will aid in

the replanning, reconstruction or redevelopment of an urban renewal

area, as defined in article fifteen of the general municipal law, or

will provide facilities incidental or appurtenant to an urban renewal

project, as defined in article fifteen of the general municipal law, and

(c) the commissioner has found that:

(i) the estimated revenues of the project or the monies of the

corporation will be sufficient to cover all probable costs of operation

and maintenance, all fixed charges and operating reserves and

depreciation reserves if any;

(ii) the plans and specifications conform to the requirements of all

laws applicable thereto and assure light, air, sanitation and fire

protection;

(iii) the project is in conformity with an approved urban renewal

plan, as defined in article fifteen of the general municipal law.