2006 New York Code - Conditions And Security For Loans.

 
    §  2859.  Conditions  and security for loans. No loan shall be made by
  the New York state housing finance agency or the New York state  medical
  care  facilities  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  article
  twenty-eight of this chapter and this article;
    (2)  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;
    (3)  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 or the New York state  medical
  care facilities finance agency, as the case may be;
    (4)  Provision  has  been  made  for  the purpose of providing for the
  payment of the difference, if any, between the  estimated  project  cost
  and  the  loan; and in the event the final project cost shall exceed the
  estimated project cost, the difference between such final  project  cost
  and the loan;
    (5)  Provision  has  been  made for the filing by the company with the
  commissioner and the New York state housing finance agency  or  the  New
  York  state  medical care facilities finance agency, as the case may be,
  of such financial statements including an annual  report  setting  forth
  such information as the commissioner may require; and
    (6)  Provision  has  been made for the examination by the commissioner
  and the New York state housing finance agency  or  the  New  York  state
  medical care facilities finance agency, as the case may be, of the books
  and records of the company.