N.Y. Private Housing Finance Law 257 – Conditions and security for loans
§ 257. Conditions and security for loans. 1. No loan shall be made to a community development corporation for a project unless (a) the planning commission, if any, of the municipality has approved the project; (b) the local legislative body of the municipality, after a public hearing, has approved the project and has enacted or will enact regulations or appropriate restrictions adequately protecting the project against future uses likely to depreciate unduly the value of such project and has, by resolution, found that the project will aid in the replanning, reconstruction or redevelopment of an urban renewal area, as defined in Article 15 of the general municipal law, or will provide facilities incidental or appurtenant to an urban renewal project, as defined in Article 15 of the general municipal law, and (c) the commissioner has found that:
Terms Used In N.Y. Private Housing Finance Law 257
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Municipality: shall mean the city, town or village in which a community development corporation conducts or proposes to conduct its activities. See N.Y. Private Housing Finance Law 252
- plan: shall mean agency, urban renewal area and urban renewal plan, respectively, as defined in Article 15 of the general municipal law. See N.Y. Private Housing Finance Law 252
- Project: shall mean a non-profit capital development project invested with a public interest, including facilities incidental or appurtenant thereto and all lands, buildings and improvements acquired, owned, constructed, maintained or operated pursuant to this article, or any combination thereof. See N.Y. Private Housing Finance Law 252
(i) the estimated revenues of the project or the monies of the corporation will be sufficient to cover all probable costs of operation and maintenance, all fixed charges and operating reserves and depreciation reserves if any;
(ii) the plans and specifications conform to the requirements of all laws applicable thereto and assure light, air, sanitation and fire protection;
(iii) the project is in conformity with an approved urban renewal plan, as defined in Article 15 of the general municipal law.