State Codes and Statutes

Statutes > New-york > Pvh > Article-2 > 26-c

§ 26-c. Special provisions with respect to Battery Park city projects.  1.  No  loan  shall  be  made by the state or the New York state housing  finance  agency  for  the  acquisition,  construction,   reconstruction,  rehabilitation  or improvement of a Battery Park city project, nor shall  any  such  project  be  approved  by  the   commissioner,   unless   the  commissioner finds that:    (a)  the estimated revenues of the project will be sufficient to cover  all probable costs of all operations and maintenance, of  fixed  charges  and operating reserves and depreciation reserves, if any;    (b) the plans and specifications of the project assure adequate light,  air, sanitation and fire protection;    (c)  the  project  is  in  conformity  with  a plan or undertaking for  providing low rent housing facilities for persons of low income.    2. Notwithstanding any other provisions of this article, in  the  case  of a Battery Park city project financed or to be financed by a loan from  Battery  Park city authority, all approvals, findings and consents which  are required to be given or made by the commissioner  pursuant  to  this  article  shall  be given or made instead by Battery Park city authority,  and the authority shall exercise, with respect to such project and  with  respect  to the company carrying out such project, all of the powers and  duties exercised by the  commissioner  pursuant  to  this  article  with  respect  to  projects  financed  by  the  New York state housing finance  agency.

State Codes and Statutes

Statutes > New-york > Pvh > Article-2 > 26-c

§ 26-c. Special provisions with respect to Battery Park city projects.  1.  No  loan  shall  be  made by the state or the New York state housing  finance  agency  for  the  acquisition,  construction,   reconstruction,  rehabilitation  or improvement of a Battery Park city project, nor shall  any  such  project  be  approved  by  the   commissioner,   unless   the  commissioner finds that:    (a)  the estimated revenues of the project will be sufficient to cover  all probable costs of all operations and maintenance, of  fixed  charges  and operating reserves and depreciation reserves, if any;    (b) the plans and specifications of the project assure adequate light,  air, sanitation and fire protection;    (c)  the  project  is  in  conformity  with  a plan or undertaking for  providing low rent housing facilities for persons of low income.    2. Notwithstanding any other provisions of this article, in  the  case  of a Battery Park city project financed or to be financed by a loan from  Battery  Park city authority, all approvals, findings and consents which  are required to be given or made by the commissioner  pursuant  to  this  article  shall  be given or made instead by Battery Park city authority,  and the authority shall exercise, with respect to such project and  with  respect  to the company carrying out such project, all of the powers and  duties exercised by the  commissioner  pursuant  to  this  article  with  respect  to  projects  financed  by  the  New York state housing finance  agency.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-2 > 26-c

§ 26-c. Special provisions with respect to Battery Park city projects.  1.  No  loan  shall  be  made by the state or the New York state housing  finance  agency  for  the  acquisition,  construction,   reconstruction,  rehabilitation  or improvement of a Battery Park city project, nor shall  any  such  project  be  approved  by  the   commissioner,   unless   the  commissioner finds that:    (a)  the estimated revenues of the project will be sufficient to cover  all probable costs of all operations and maintenance, of  fixed  charges  and operating reserves and depreciation reserves, if any;    (b) the plans and specifications of the project assure adequate light,  air, sanitation and fire protection;    (c)  the  project  is  in  conformity  with  a plan or undertaking for  providing low rent housing facilities for persons of low income.    2. Notwithstanding any other provisions of this article, in  the  case  of a Battery Park city project financed or to be financed by a loan from  Battery  Park city authority, all approvals, findings and consents which  are required to be given or made by the commissioner  pursuant  to  this  article  shall  be given or made instead by Battery Park city authority,  and the authority shall exercise, with respect to such project and  with  respect  to the company carrying out such project, all of the powers and  duties exercised by the  commissioner  pursuant  to  this  article  with  respect  to  projects  financed  by  the  New York state housing finance  agency.