2006 New York Code - Conditions And Security For Loans.

 
  § 75.19 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 region to
  be  served  and  that  the services and facilities to be provided by the
  project are consistent with such need;
    3. The local governmental unit in the city  or  county  in  which  the
  project is located has certified that the project is consistent with its
  plan for the provision of services for the mentally disabled;
    4.  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;
    5.  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;
    6. 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;
    7. Provision has been made for the filing  by  the  company  with  the
  commissioner  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
    8. 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.