§ 696-d. Neighborhood improvement projects. 1. As used in this section\nthe term "neighborhood improvement project" shall mean any\nnon-residential use permitted by local zoning.\n 2. Notwithstanding the provisions of any general, special or local\nlaw, the agency in a city having a population of one million or more is\nhereby authorized to make or contract to make mortgage loans or to\nparticipate with another lender in the making of mortgage loans for the\ndevelopment of any neighborhood improvement project that such agency\ndetermines to be an improvement associated with the construction or\nrehabilitation of private or multiple dwellings. Real property assisted\nwith a loan pursuant to this section shall be located:
(i)in an urban\ndevelopment action area;
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§ 696-d. Neighborhood improvement projects. 1. As used in this section\nthe term "neighborhood improvement project" shall mean any\nnon-residential use permitted by local zoning.\n 2. Notwithstanding the provisions of any general, special or local\nlaw, the agency in a city having a population of one million or more is\nhereby authorized to make or contract to make mortgage loans or to\nparticipate with another lender in the making of mortgage loans for the\ndevelopment of any neighborhood improvement project that such agency\ndetermines to be an improvement associated with the construction or\nrehabilitation of private or multiple dwellings. Real property assisted\nwith a loan pursuant to this section shall be located: (i) in an urban\ndevelopment action area; (ii) in proximity to an urban development\naction area; or (iii) in proximity to an urban development action area\nproject for which the area designation requirement was waived pursuant\nto section six hundred ninety-three of this article.\n 3. Any loan made in accordance with this section shall be secured by a\nnote and mortgage upon the property improved. Such note and mortgage\nshall specify the term and manner of repayment of such loan, and may\nauthorize the owner, with the consent of such agency, to prepay the\nprincipal of the loan subject to such terms and conditions as therein\nprovided. Such note and mortgage may contain such other terms and\nconditions not inconsistent with the provisions of this article as such\nagency may deem necessary or desirable to carrying out the purposes and\nprovisions of this article, including, but not limited to: provisions\nconcerning the repayment of the loan, the interest, if any, thereon, and\nother charges in connection therewith.\n 4. After June thirtieth, two thousand twelve, authorization to make or\ncontract to make loans or to participate in the making of loans pursuant\nto the provisions of this section and subdivision forty-one-d of\nparagraph a of section 11.00 of the local finance law shall be\nrestricted to loans made only within targeted commercial corridors\ndesignated by the agency prior to June thirtieth, two thousand ten.\n