§ 112-a. Redevelopment loans. Notwithstanding any provision of section
one hundred eleven or one hundred twelve of this article to the
contrary, where a redevelopment company undergoes a comprehensive
redevelopment plan, the supervising agency may approve a loan and
encumbrance of such project in an amount in excess of actual cost of the
project, provided that such amount represents cost of capital
improvements, redevelopment, or acquisition by a new owner, any
consequent rent increase is not unduly burdensome to the tenants, and
the redevelopment company enters into an agreement to remain subject to
the provisions of this article for a period of no less than fifteen
years from issuance of the loan and encumbrance.