There is a newer version of the New York Consolidated Laws
2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
22-A - Redevelopment loans.
NY Priv Hous Fin L § 22-A (2012) What's This?
§ 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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