N.Y. Public Housing Law § 92

§ 92. Real estate tax for debt service. If a city issues its\nobligations for any project or to raise funds to loan in aid of a\nproject, such city may levy an ad valorem tax on real estate to the\nextent that revenues derived in any year from taxes levied pursuant to\nthis chapter, together with revenues from the project or projects aided\nby the proceeds of any such obligations shall become insufficient to\nprovide fully for the payment of principal and interest in that year\nupon obligations issued for either or both purposes.\n