§ 2428 Insurance of mortgages. 1. The agency is authorized, subject to\nthe provisions of this article, to make commitments to insure and to\ncontract to insure mortgage loans eligible for insurance hereunder.\n * 1-a. The agency may issue commitments to provide and may provide\npool insurance in an amount not in excess of twenty-five percent of the\noutstanding principal indebtedness at the time of commitment of any\naggregate of mortgage loans or with respect to mortgage loans acquired\npursuant to section twenty-four hundred five-b of this title,\ntwenty-five percent of the initial principal indebtedness of any\naggregate of mortgage loans.\n * NB Repealed July 23, 2027\n 2. The agency shall limit its insurance on a rehabilitation or\npreservation loan to an amount not in excess of fifty per centum of the\noutstanding principal indebtedness, provided, however, that the agency\nmay insure an amount not in excess of seventy-five per centum of the\noutstanding principal indebtedness of a rehabilitation loan if it shall\nfind, pursuant to rules or regulations which it shall establish that the\nextent of rehabilitation is sufficient to justify such additional\ninsurance, provided further, however, that the agency may insure an\namount equal to the full outstanding principal indebtedness when the\nloan has been made by a public benefit corporation of the state of New\nYork which public benefit corporation has issued or will issue bonds or\nnotes, some or all of the proceeds of which bonds or notes were used or\nwill be used to make such loan, or when the loan has been made by a\npublic employee pension fund.\n However, the sum of the percentage of any mortgage loan insured by the\nagency and the percentage of such loan insured or to be insured by any\nother party shall not exceed one hundred per centum of the outstanding\nprincipal indebtedness.\n * 2-a. The agency may issue a commitment to provide and may insure a\npreservation loan in an amount equal to the full outstanding principal\nindebtedness of such preservation loan if: (a) the existing indebtedness\nshall have been originated during the period from January first, two\nthousand four through December thirty-first, two thousand eight; (b) the\namount of each insured preservation loan shall not exceed one hundred\nfifty million dollars; (c) such preservation loan shall preserve or\ncreate affordable housing accommodations; and (d) the preservation loan\nshall have been made by a public benefit corporation of the state of New\nYork which public benefit corporation has issued or will issue bonds or\nnotes, some or all of the proceeds of which bonds or notes shall have\nbeen, or will be, used to make such preservation loan, or the\npreservation loan shall have been made by a public employee pension\nfund.\n * NB Repealed July 23, 2027\n * 3. Except for pool insurance, and except as otherwise provided in\nsubdivision three-a of this section, the agency shall not issue a\ncommitment to insure nor shall it insure any loan unless it shall first\nfind (a) that the property which is the security for such loan is\nlocated in a neighborhood characterized by a deficiency of available\nmortgage financing; (b) that such deficiency has caused or threatens to\ncause undermaintained and deteriorating housing accommodations and\nsubstandard and insanitary neighborhoods; (c) that the granting of such\nloan will aid in the preservation or rehabilitation of the neighborhood\nin which such property is located; (d) if the property which is the\nsecurity for such loan is not a housing accommodation, that the granting\nof such loan will assist in preventing the deterioration of housing\naccommodations in the neighborhood in which such property is located;\n(e) that the sum of (i) twenty percentum or such percentum as may be\nestablished by the board of the agency pursuant to subdivision seven of\nthis section, of the amount of such loan which is to be insured, plus\n(ii) the amount of the mo
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