§ 5-a. Federally-aided mortgage loans. In addition to the powers of\nthe agency to make mortgage loans pursuant to other provisions of this\nact, the agency has the following powers:\n 1. The agency may make federally-aided mortgage loans to a municipal\nhospital, municipal nursing home, non-profit hospital corporation,\nnon-profit corporation providing a residential health care facility or\nnon-profit medical corporation organized pursuant to article forty-four\nof the public health law upon terms and conditions not inconsistent with\narticle twenty-eight of the public health law or article sixteen or\nthirty-one of the mental hygiene law as the case may be and this\nsection. The proceeds of such loan are to be used substantially to\nfinance the construction, acquisition, reconstruction, refinancing,\nrehabilitation, improvement, management or operation of the project.\n 2. A federally-aided mortgage loan made by the agency shall not exceed\nan amount equal to the lesser of (i) the maximum mortgage loan\nauthorized or approved by the federal government or (ii) one hundred\npercent of the cost of development of the project approved by the\nagency.\n 3. With respect to a non-profit hospital corporation, non-profit\ncorporation providing a residential health care facility or non-profit\nmedical corporation, the agency shall not make a federally-aided\nmortgage loan unless (a) the commissioner has approved the project,\nrecommended the project based on public need and the financial resources\navailable to it, and finds that the non-profit hospital corporation,\nnon-profit corporation providing a residential health care facility, or\nnon-profit medical corporation has complied with the provisions of\narticle twenty-eight of the public health law or article sixteen or\nthirty-one of the mental hygiene law as the case may be, and that the\nnon-profit medical corporation also has complied with the provisions of\narticle forty-four of the public health law, and (b) the agency finds\nthat (i) the estimated revenues of the project will be sufficient to\ncover all probable costs of operations and maintenance, all installments\nof principal and interest on the indebtedness relating to the project,\ntaxes, and such other expenses, including the maintenance of reserves,\nas may be projected or required by the agency or the federal government,\nand (ii) with respect to a nursing home project, the project is to be\navailable for persons of low income as defined by paragraph two of\nsection twenty-eight hundred sixty of the public health law.\n 4. As used in this section or in connection with a federally-aided\nmortgage loan, the term "project" means a specific work or improvement,\nwhether or not to effectuate all or any part of a plan, and includes\nlands, buildings, improvements, fixtures and personal property\nconstructed, acquired, reconstructed, refinanced, rehabilitated,\nimproved, managed, owned or operated by a non-profit corporation\npursuant to this section, to provide hospital, residential health care,\nresidential facilities for developmentally disabled persons or mentally\ndisabled persons or for the care, treatment, training and education of\ndevelopmentally disabled persons or mentally disabled persons or\ncomprehensive health services facilities and such related incidental and\nappurtenant facilities as the agency may approve. The term "project"\nshall also mean a separate work or improvement, including lands,\nbuildings, fixtures and personal property related thereto, managed,\nowned or operated by a non-profit corporation pursuant to this section\nto provide such services, functions, capabilities and facilities as may\nbe convenient or desirable for the operation of a hospital, a\nresidential health care or comprehensive health services facility.\n 5. Notwithstanding any other provisions of law, general, special or\nlocal, or any provision of any charter or ordinance, including local\nfinance law section twenty, a munic
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