N.Y. Private Housing Finance Law § 82-a: Redevelopment loans

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

eighty-one or eighty-two of this article to the contrary, where a

housing company undergoes a comprehensive redevelopment plan, the

commissioner 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 housing 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.