NY Priv Hous Fin L § 44-C (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 44-C - Federally-Aided Mortgage Loans.

§  44-c.  Federally-aided mortgage loans. 1. In addition to the powers   of the agency to make mortgage loans to companies organized pursuant  to   article   two  of  this  chapter  and  notwithstanding  any  limitations   contained in such article or in this article in connection with mortgage   loans made to such companies, the agency may make or finance the  making   of  a  federally-aided mortgage loan to the owner of a project upon such   terms and conditions  not  inconsistent  with  the  provisions  of  this   section  as it shall require, the proceeds of which are substantially to   be used to finance the construction, reconstruction,  rehabilitation  or   improvement  of  a  project  intended  to  be  occupied by three or more   families. A federally-aided mortgage loan made or financed by the agency   shall not exceed an amount equal  to  the  lesser  of  (i)  the  maximum   mortgage  loan  authorized or approved by the federal government or (ii)   one hundred percent of the development cost of the project  approved  by   the agency.2.  No  federally-aided  mortgage  loan shall be made or financed to a   company organized pursuant to article two of  this  chapter  unless  the   commissioner  has  made  the  findings  required  by  such  article.  No   federally-aided mortgage loan shall be made or  financed  to  any  other   person,  firm,  corporation,  partnership  or association unless (a) the   commissioner finds that (i) the project is consistent with the needs  of   the  state and the county, city, town or village in which it is located,   or  with  a  plan  or  undertaking  for   the   clearance,   replanning,   reconstruction or rehabilitation of a substandard and insanitary area or   areas,  and (ii) the plans and specifications for the project conform to   all  applicable  federal,  state  and  local  laws,  ordinances,  rules,   regulations  or  requirements,  (in making such finding the commissioner   may rely upon approvals, consents  and  certifications  of  governmental   authorities  exercising  jurisdiction  over  the  project, including the   federal and state government, and any subdivision, agency, bureau, board   or commission thereof), and (b) the agency finds that (i) the  estimated   revenues  of  the project will be sufficient to cover all probable costs   of  operations  and  maintenance,  all  installments  of  principal  and   interest  on  the  indebtedness relating to the project, taxes, and such   other expenses,  including  the  maintenance  of  reserves,  as  may  be   projected  or required by the agency or the federal government, and (ii)   the project is to be substantially occupied by persons  or  families  of   low-income.  In  determining  whether  a  project  will be substantially   occupied by persons or families of low-income the  agency  may  consider   and  rely upon the purpose of the federal program of mortgage insurance,   co-insurance, or housing assistance payments in  connection  with  which   the mortgage loan is made.3.  A  company organized pursuant to article two of this chapter which   subsequent to the first day of June, nineteen hundred  seventy-nine  has   obtained a commitment from the agency to make or finance the making of a   federally-aided  mortgage loan and the project of such company shall not   be subject to any restrictions, limitation or procedure  imposed  by  or   pursuant  to such article relating to any matter which is the subject of   any restriction, limitation or procedure imposed by or pursuant  to  any   applicable  law,  regulation or requirement of the federal government or   agreement entered into pursuant thereto.4. As used in this section or in  connection  with  a  federally-aided   mortgage   loan   the  term  project  shall  mean  a  specific  work  or   improvement, whether or not to effectuate all or any part of a plan, and   shall include the lands, buildings  and  improvements  acquired,  owned,   constructed,  managed or operated to provide dwelling accommodations and   such incidental and appurtenant commercial, recreational  and  community   facilities as may be approved by the agency.