N.Y. Private Housing Finance Law § 358: Conditions and security for loans

§ 358. Conditions and security for loans. No loan shall be made by the

New York state housing finance agency to a company until the

commissioner has approved the project and finds that:

(1) The company has complied with all of the provisions of this

article and all applicable laws and regulations;

(2) There is a need for a project of the type proposed in the area to

be served and that the services and facilities to be provided by the

project are consistent with such need;

(3) The plans and specifications conform to the requirements of all

laws and regulations applicable thereto and assure adequate light, air,

sanitation and fire protection and are satisfactory to him;

(4) The estimated revenue of the project will be sufficient to cover

all probable costs of operation and maintenance, of fixed charges and

such reserves as may be authorized by the commissioner or required by

the New York state housing finance agency;

(5) Provision has been made for the purpose of providing for the

payment of the difference, if any, between the estimated project cost

and the mortgage loan; and in the event the final project cost shall

exceed the estimated project cost, the difference between such final

project cost and the mortgage loan;

(6) Provision has been made for the filing by the company with the

department and the New York state housing finance agency of such

financial statements including an annual report setting forth such

information as the commissioner may require; and

(7) Provision has been made for the examination by the commissioner

and the New York state housing finance agency of the books and records

of the company.