§ 22-A — Redevelopment loans

New York § 22-A

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 2: Limited-profit Housing Companies

Text

§ 22-a. Redevelopment loans. Notwithstanding any provision of this\narticle to the contrary, where a state-aided project undergoes a\ncomprehensive redevelopment plan, the commissioner may approve a loan\nand encumbrance of such project in an amount in excess of actual project\ncost within the meaning of section twenty-one of this article, provided\nthat such amount represents cost of capital improvements, redevelopment\nor acquisition by a new owner, any consequent rent increase is not\nunduly burdensome to the tenants, and the company enters into an\nagreement to remain subject to the provisions of this article for a\nperiod of no less than an additional fifteen years from issuance of the\nloan and encumbrance.\n