§ 82-a. Redevelopment loans. Notwithstanding any provision of section
eighty-one or eighty-two of this article to the contrary, where a
housing company undergoes a comprehensive redevelopment plan, the
commissioner 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 housing 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.