§ 2859. Conditions and security for loans. No loan shall be made by
the New York state housing finance agency or the New York state medical
care facilities finance agency to a company until the commissioner has
approved the project and finds that:

(1) The company has complied with all of the provisions of article
twenty-eight of this chapter and this article;

(2) The plans and specifications conform to the requirements of all
laws and regulations applicable thereto and assure adequate light, air,
sanitation and fire protection and are satisfactory to him;

(3) The estimated revenue of the project will be sufficient to cover
all probable costs of operation and maintenance, of fixed charges and
such reserves as may be authorized by the commissioner or required by
the New York state housing finance agency or the New York state medical
care facilities finance agency, as the case may be;

(4) Provision has been made for the purpose of providing for the
payment of the difference, if any, between the estimated project cost
and the loan; and in the event the final project cost shall exceed the
estimated project cost, the difference between such final project cost
and the loan;

(5) Provision has been made for the filing by the company with the
commissioner and the New York state housing finance agency or the New
York state medical care facilities finance agency, as the case may be,
of such financial statements including an annual report setting forth
such information as the commissioner may require; and

(6) Provision has been made for the examination by the commissioner
and the New York state housing finance agency or the New York state
medical care facilities finance agency, as the case may be, of the books
and records of the company.