N.Y. Urban development guarantee fund of New York 175/68 § 9: Conditions for guarantee

§ 9. Conditions for guarantee. In order for a loan to be guaranteed

under the provisions of this act, the loan to be guaranteed must be

executed by a borrower to whom credit is not reasonably available, and

in the case of a borrower undertaking a housing project, provide

financing for the acquisition, construction, reconstruction or

rehabilitation of housing accommodations for persons or families which

cannot afford safe and sanitary housing accommodations provided by the

unaided efforts of private enterprise.