2023 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.