2006 New York Code - Conditions And Security For Loans.

 
    §  257. Conditions and security for loans. 1. No loan shall be made to
  a community  development  corporation  for  a  project  unless  (a)  the
  planning  commission,  if  any,  of  the  municipality  has approved the
  project; (b) the local legislative body of  the  municipality,  after  a
  public  hearing,  has approved the project and has enacted or will enact
  regulations  or  appropriate  restrictions  adequately  protecting   the
  project  against  future  uses  likely to depreciate unduly the value of
  such project and has, by resolution, found that the project will aid  in
  the  replanning,  reconstruction  or  redevelopment  of an urban renewal
  area, as defined in article fifteen of the  general  municipal  law,  or
  will  provide  facilities  incidental or appurtenant to an urban renewal
  project, as defined in article fifteen of the general municipal law, and
  (c) the commissioner has found that:
    (i) the estimated revenues  of  the  project  or  the  monies  of  the
  corporation  will be sufficient to cover all probable costs of operation
  and  maintenance,  all  fixed  charges  and   operating   reserves   and
  depreciation reserves if any;
    (ii)  the  plans and specifications conform to the requirements of all
  laws applicable thereto and  assure  light,  air,  sanitation  and  fire
  protection;
    (iii)  the  project  is  in  conformity with an approved urban renewal
  plan, as defined in article fifteen of the general municipal law.