22-a. Redevelopment loans. Notwithstanding any provision of this article to the contrary, where a state-aided project undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual project cost within the meaning of section twenty-one of this article, provided that such amount represents cost of capital improvements, redevelopment or acquisition by a new owner, any consequent rent increase is not unduly burdensome to the tenants, and the company enters into an agreement to remain subject to the provisions of this article for a period of no less than an additional fifteen years from issuance of the loan and encumbrance.
Last modified: February 3, 2019