2006 New York Code - Conditions And Security For Loans.

 
    § 410-h.  Conditions and security for loans.  No loan shall be made by
  the  agency  to an eligible borrower until the commissioner has approved
  the project and finds that:
    1.  The eligible borrower has been approved by  the  commissioner  and
  complied with all the provisions of this title;
    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 or from other funds of the
  eligible borrower pledged, assigned or otherwise to be made available to
  the agency 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 agency;
    4.    Provision  has  been  made  for the purpose of providing for the
  payment of the difference 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;
    5.    The  eligible  borrower  has entered into a regulatory agreement
  pursuant to section four hundred ten-f of this title.