§ 2859 — Conditions and security for loans

§ 2859. Conditions and security for loans. No loan shall be made by\nthe New York state housing finance agency or the New York state medical\ncare facilities finance agency to a company until the commissioner has\napproved the project and finds that:\n (1) The company has complied with all of the provisions of article\ntwenty-eight of this chapter and this article;\n (2) The plans and specifications conform to the requirements of all\nlaws and regulations applicable thereto and assure adequate light, air,\nsanitation and fire protection and are satisfactory to him;\n (3) The estimated revenue of the project will be sufficient to cover\nall probable costs of operation and maintenance, of fixed charges and\nsuch reserves as may be authorized by the commissioner or required by\nthe New York state housing finance agency or the New York state medical\ncare facilities finance agency, as the case may be;\n (4) Provision has been made for the purpose of providing for the\npayment of the difference, if any, between the estimated project cost\nand the loan; and in the event the final project cost shall exceed the\nestimated project cost, the difference between such final project cost\nand the loan;\n (5) Provision has been made for the filing by the company with the\ncommissioner and the New York state housing finance agency or the New\nYork state medical care facilities finance agency, as the case may be,\nof such financial statements including an annual report setting forth\nsuch information as the commissioner may require; and\n (6) Provision has been made for the examination by the commissioner\nand the New York state housing finance agency or the New York state\nmedical care facilities finance agency, as the case may be, of the books\nand records of the company.\n