§ 26-C — Special provisions with respect to Battery Park city projects

New York § 26-C

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

Text

§ 26-c. Special provisions with respect to Battery Park city projects.\n1. No loan shall be made by the state or the New York state housing\nfinance agency for the acquisition, construction, reconstruction,\nrehabilitation or improvement of a Battery Park city project, nor shall\nany such project be approved by the commissioner, unless the\ncommissioner 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 with a plan or undertaking for\nproviding low rent housing facilities for persons of low income.\n 2. Notwithstanding any other provisions of this article, in the case\nof a Battery Park city project financed or to be financed by a loan from\nBattery Park city authority, all approvals, findings and consents which\nare required to be given or made by the commissioner pursuant to this\narticle shall be given or made instead by Battery Park city authority,\nand the authority shall exercise, with respect to such project and with\nrespect to the company carrying out such project, all of the powers and\nduties exercised by the commissioner pursuant to this article with\nrespect to projects financed by the New York state housing finance\nagency.\n