N.Y. Private Housing Finance Law § 82-a

§ 82-a. Redevelopment loans. Notwithstanding any provision of section\neighty-one or eighty-two of this article to the contrary, where a\nhousing company undergoes a comprehensive redevelopment plan, the\ncommissioner may approve a loan and encumbrance of such project in an\namount in excess of actual cost of the project, provided that such\namount represents cost of capital improvements, redevelopment or\nacquisition by a new owner, any consequent rent increase is not unduly\nburdensome to the tenants, and the housing company enters into an\nagreement to remain subject to the provisions of this article for a\nperiod of no less than fifteen years from issuance of the loan and\nencumbrance.\n