New York Laws
Article 5 - Redevelopment Companies
111 - Mortgages and Mortgage Bonds.

(a) six percentum per annum,
(b) the rate prescribed by the superintendent of financial services
pursuant to section fourteen-a of the banking law,
(c) the rates of mortgages or mortgage bonds insured by the federal
housing administration or any other instrumentality of the federal
government and
(d) such rate as may be approved by the supervising agency provided,
however, that the applicable rate for purposes of paragraphs (b), (c)
and (d), of this section one hundred eleven shall be the rate applicable
or approved at the time the redevelopment company incurs the mortgage
indebtedness.
As used in this section the term "bond" includes a note heretofore or
hereafter made.

Structure New York Laws