2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
112-A - Redevelopment loans.

 
    § 112-a. Redevelopment loans. Notwithstanding any provision of section
  one  hundred  eleven  or  one  hundred  twelve  of  this  article to the
  contrary,  where  a  redevelopment  company  undergoes  a  comprehensive
  redevelopment  plan,  the  supervising  agency  may  approve  a loan and
  encumbrance of such project in an amount in excess of actual cost of the
  project,  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  redevelopment company enters into an agreement to remain subject to
  the provisions of this article for a period  of  no  less  than  fifteen
  years from issuance of the loan and encumbrance.