§ 22-b. Loans for state-aided limited-profit housing companies. 1.\nNotwithstanding any provision of this article to the contrary, the\ncommissioner may for a period of one year from the effective date of\nthis act approve a loan and encumbrance in excess of the actual project\ncost of a state-aided project comprising more than five thousand rental\nunits, provided that:
(a)the rents paid by the tenants may not be\nincreased to pay for any consequent increase in indebtedness that is not\nattributable to project cost;
(b)the company enters into an agreement\nto continue to remain subject to the provisions of this article for a\nperiod of no less than an additional thirty years from issuance of the\nloan and encumbrance; and (c) the greater of twenty-five percent of the\namount of such l
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§ 22-b. Loans for state-aided limited-profit housing companies. 1.\nNotwithstanding any provision of this article to the contrary, the\ncommissioner may for a period of one year from the effective date of\nthis act approve a loan and encumbrance in excess of the actual project\ncost of a state-aided project comprising more than five thousand rental\nunits, provided that: (a) the rents paid by the tenants may not be\nincreased to pay for any consequent increase in indebtedness that is not\nattributable to project cost; (b) the company enters into an agreement\nto continue to remain subject to the provisions of this article for a\nperiod of no less than an additional thirty years from issuance of the\nloan and encumbrance; and (c) the greater of twenty-five percent of the\namount of such loan which exceeds such actual project cost or forty\nmillion dollars of the proceeds of such loan must be dedicated to\ncapital improvements to existing structures and facilities.\n 2. Any company that enters into a loan pursuant to subdivision one of\nthis section shall create a plan within one year of the approval of the\nloan. The plan shall include details of all capital improvements that\nwill occur as a result of the loan. Such company shall obligate the\nfunds dedicated to the capital improvements within three years of the\napproval of the loan. Such company shall submit a copy of the plan\nwithin one year of the approval of the loan and within three years of\nthe approval of the loan, a report that details the use of the loan\nfunds to the governor, the commissioner of the division of housing and\ncommunity renewal, the temporary president of the senate, the speaker of\nthe assembly, the minority leader of the senate, the minority leader of\nthe assembly, the chair of the senate finance committee, the chair of\nthe assembly ways and means committee, the chair of the senate housing,\nconstruction, and community development committee, and the chair of the\nassembly housing committee.\n 3. Such company shall participate in bimonthly meetings with elected\nofficials and the members of the project's residents' association or\nother tenant organization that represents the majority of tenants in the\nproject in order to hear any advice or comments on the implementation of\nthe plan. The meetings shall occur on a regular basis until all of the\nmoney set-aside for capital improvements in subdivision one of this\nsection has been spent.\n