New York Statutes

§ 26-B — Special provisions with respect to state urban development corporation projects

New York·Law PVH Private Housing Finance·Art. 2 Limited-profit Housing Companies

§ 26-b. Special provisions with respect to state urban development\ncorporation projects.

1.No loan shall be made by the state, the New\nYork state housing finance agency, or the state urban development\ncorporation for the acquisition, construction, reconstruction,\nrehabilitation or improvement of a state urban development corporation\nproject, nor shall any such project be approved by the commissioner,\nunless the commissioner finds that:\n (a) the estimated revenues of the project will be sufficient to cover\nall probable costs of all operations and maintenance, of fixed charges\nand operating reserves and depreciation reserves, if any;\n (b) the plans and specifications of the project assure adequate light,\nair, sanitation and fire protection;\n (c) the project is in conformity

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