New York § 112-A Redevelopment loans

New York Statutes

§ 112-A — Redevelopment loans

New York § 112-A

Law PVHPrivate Housing Finance

Art. 5Redevelopment Companies

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Bluebook

N.Y. Private Housing Finance § 112-A (2026).

Text

  § 112-a. Redevelopment loans. Notwithstanding any provision of section\none hundred eleven or one hundred twelve of this article to the\ncontrary, where a redevelopment company undergoes a comprehensive\nredevelopment plan, the supervising agency may approve a loan and\nencumbrance of such project in an amount in excess of actual cost of the\nproject, provided that such amount represents cost of capital\nimprovements, redevelopment, or acquisition by a new owner, any\nconsequent rent increase is not unduly burdensome to the tenants, and\nthe redevelopment company enters into an agreement to remain subject to\nthe provisions of this article for a period of no less than fifteen\nyears from issuance of the loan and encumbrance.\n

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§ 112-a. Redevelopment loans. Notwithstanding any provision of section\none hundred eleven or one hundred twelve of this article to the\ncontrary, where a redevelopment company undergoes a comprehensive\nredevelopment plan, the supervising agency may approve a loan and\nencumbrance of such project in an amount in excess of actual cost of the\nproject, provided that such amount represents cost of capital\nimprovements, redevelopment, or acquisition by a new owner, any\nconsequent rent increase is not unduly burdensome to the tenants, and\nthe redevelopment company enters into an agreement to remain subject to\nthe provisions of this article for a period of no less than fifteen\nyears from issuance of the loan and encumbrance.\n