§ 257. Conditions and security for loans. 1. No loan shall be made to\na community development corporation for a project unless (a) the\nplanning commission, if any, of the municipality has approved the\nproject; (b) the local legislative body of the municipality, after a\npublic hearing, has approved the project and has enacted or will enact\nregulations or appropriate restrictions adequately protecting the\nproject against future uses likely to depreciate unduly the value of\nsuch project and has, by resolution, found that the project will aid in\nthe replanning, reconstruction or redevelopment of an urban renewal\narea, as defined in article fifteen of the general municipal law, or\nwill provide facilities incidental or appurtenant to an urban renewal\nproject, as defined in article fifteen of the general municipal law, and\n(c) the commissioner has found that:\n (i) the estimated revenues of the project or the monies of the\ncorporation will be sufficient to cover all probable costs of operation\nand maintenance, all fixed charges and operating reserves and\ndepreciation reserves if any;\n (ii) the plans and specifications conform to the requirements of all\nlaws applicable thereto and assure light, air, sanitation and fire\nprotection;\n (iii) the project is in conformity with an approved urban renewal\nplan, as defined in article fifteen of the general municipal law.\n
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