§ 112-a. Redevelopment loans. Notwithstanding any provision of section\none hundred eleven or one hundred twelve of this article to the\ncontrary, where a redevelopment company undergoes a comprehensive\nredevelopment plan, the supervising agency may approve a loan and\nencumbrance of such project in an amount in excess of actual cost of the\nproject, provided that such amount represents cost of capital\nimprovements, redevelopment, or acquisition by a new owner, any\nconsequent rent increase is not unduly burdensome to the tenants, and\nthe redevelopment company enters into an agreement to remain subject to\nthe provisions of this article for a period of no less than fifteen\nyears from issuance of the loan and encumbrance.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.