82-a. Redevelopment loans. Notwithstanding any provision of section eighty-one or eighty-two of this article to the contrary, where a housing company undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual cost of the project, 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 housing company enters into an agreement to remain subject to the provisions of this article for a period of no less than fifteen years from issuance of the loan and encumbrance.
Last modified: February 3, 2019