2016 New York Laws
GMU - General Municipal
Article 16 - (General Municipal) URBAN DEVELOPMENT ACTION AREA ACT
696-D - Neighborhood improvement projects.

 696-d. Neighborhood improvement projects. 1. As used in this section
  the   term   "neighborhood   improvement   project"   shall   mean   any
  non-residential use permitted by local zoning.
2. Notwithstanding the provisions of any  general,  special  or  local
  law,  the agency in a city having a population of one million or more is
  hereby authorized to make or contract  to  make  mortgage  loans  or  to
  participate  with another lender in the making of mortgage loans for the
  development of any neighborhood improvement  project  that  such  agency
  determines  to  be  an  improvement  associated with the construction or
  rehabilitation of private or multiple dwellings. Real property  assisted
  with  a  loan pursuant to this section shall be located: (i) in an urban
  development action area; (ii)  in  proximity  to  an  urban  development
  action  area;  or (iii) in proximity to an urban development action area
  project for which the area designation requirement was  waived  pursuant
  to section six hundred ninety-three of this article.
3. Any loan made in accordance with this section shall be secured by a
  note  and  mortgage  upon  the property improved. Such note and mortgage
  shall specify the term and manner of repayment of  such  loan,  and  may
  authorize  the  owner,  with  the  consent of such agency, to prepay the
  principal of the loan subject to such terms and  conditions  as  therein
  provided.  Such  note  and  mortgage  may  contain  such other terms and
  conditions not inconsistent with the provisions of this article as  such
  agency  may deem necessary or desirable to carrying out the purposes and
  provisions of this article, including, but not  limited  to:  provisions
  concerning the repayment of the loan, the interest, if any, thereon, and
  other charges in connection therewith.
4. After June thirtieth, two thousand twelve, authorization to make or
  contract to make loans or to participate in the making of loans pursuant
  to  the  provisions  of  this  section  and  subdivision  forty-one-d of
  paragraph a  of  section  11.00  of  the  local  finance  law  shall  be
  restricted  to  loans  made  only  within  targeted commercial corridors
  designated by the agency prior to June thirtieth, two thousand ten.