§ 23. Municipal loans and municipally aided projects. 1. A\nmunicipality may make or contract to make loans to a company or to a\npublic benefit corporation providing housing for staff members,\nemployees or students of a college, university, hospital or child care\ninstitutions and their immediate families in an amount not to exceed,\nexcept in the case of a non-profit company incorporated pursuant to the\nprovisions of the not-for-profit corporation law and this article for\nthe purpose of providing housing for aged or handicapped persons of low\nincome, and except in the case of a company or public benefit\ncorporations providing housing for staff members, employees or students\nof a college, university, hospital or child care institution and their\nimmediate families, and except in the case of a municipally-aided\nnon-profit company or of a municipally-aided mutual company, and except\nin the case of a low income non-profit housing company, ninety-five per\ncentum of the project cost to be secured, except as provided in section\nfifteen of this article, by a first mortgage lien and may make temporary\nloans or advances to a company in anticipation of a permanent municipal\nloan. In the case of a non-profit company incorporated pursuant to the\nprovisions of the not-for-profit corporation law and this article for\nthe purpose of providing housing for aged or handicapped persons of low\nincome and in the case of a company or public benefit corporations\nproviding housing for staff members, employees or students of a college,\nuniversity, hospital or child care institution and their immediate\nfamilies, and in the case of a municipally-aided non-profit company or\nof a municipally-aided mutual company, and in the case of a low income\nnon-profit housing company, such loans may not exceed the total project\ncost. Notwithstanding the foregoing, such loans to a municipally-aided\nmutual company to assist in financing the acquisition of a building by\nresidents thereof may not exceed ninety-five per centum of the project\ncost. Such mortgage, or bonds or notes secured thereby and such contract\nmay contain such terms and conditions not inconsistent with the\nprovisions of this article as the local legislative body may deem\nnecessary or desirable to secure repayment of its loan, the interest\nthereon and other charges in connection therewith. In the case of a loan\nin an amount greater than ninety-five per centum of the total project\ncost the supervising agency may in its discretion require satisfactory\nindependent guarantees that the loan will be repaid according to the\nterms of the company's bond or note and mortgage.\n 1-a. Notwithstanding any other provision of this article or any other\nlaw, any such loan may be made to a company at such rate of interest, if\nany, as the local legislative body may deem necessary or desirable to\ncarry out the policy and purposes of this article.\n 2. The supervising agency shall have exclusive power to promulgate\nsuch supplementary rules and regulations with respect to a\nmunicipally-aided project and a company formed to undertake or operate\nany such project, as may be necessary to carry out the provisions of\nthis article. No assignment for collateral or pledge by a municipality\nof its mortgage interest in a municipally-aided project to the state or\nto any political subdivision thereof shall either affect the power of\nthe supervising agency granted herein or authorize the commissioner to\nexercise any powers not otherwise granted in this article.\n 3. Prior to the date of approval by the local legislative body of the\ncontract between a municipality and a company for a municipally aided\nproject, the total estimated project cost of such project, the estimated\ncapital requirements of the company formed to undertake or operate such\nproject, the initial capital structure of such company and a\nmodification of any of the foregoing items, shall be subject to the\napproval of the sup
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