New York Laws
Article 2 - Limited-Profit Housing Companies
22-A - Redevelopment Loans.

§ 22-a. Redevelopment loans. Notwithstanding any provision of this
article to the contrary, where a state-aided project undergoes a
comprehensive redevelopment plan, the commissioner may approve a loan
and encumbrance of such project in an amount in excess of actual project
cost within the meaning of section twenty-one of this article, 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 company enters into an
agreement to remain subject to the provisions of this article for a
period of no less than an additional fifteen years from issuance of the
loan and encumbrance.

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