N.Y. PVH Law § 357

§ 357. Financing. 1. Any company formed under this article may,\nsubject to the approval of the commissioner, borrow funds from the New\nYork state housing finance agency and secure the repayment thereof by\nbond or note and mortgage which shall contain such terms and conditions\nas may be deemed necessary or desirable by the New York state housing\nfinance agency or required by any agreement between the New York state\nhousing finance agency and the holders of its notes and bonds with\nrespect to such companies, including the right to assignment of rates\nand fees and entry into possession in case of default, but the operation\nof such project, in the event of such entry, shall be subject to\nregulations promulgated by the department.\n 2. The New York state housing finance agency may make a contract to\nmake loans to companies not to exceed the total project cost. Any such\nloan shall be secured by a first mortgage lien upon all the real\nproperty and improvements of which the project consists and upon all\nfixtures and articles of personal property attached to or used in\nconnection with the construction, acquisition, reconstruction,\nrehabilitation, improvement or operation of the project.\n 3. Any inconsistent provision of law to the contrary notwithstanding,\nmortgages of a company shall be exempt from the mortgage recording taxes\nimposed by article eleven of the tax law.\n 4. The provision of community centers for senior citizens and of\nprograms and services for senior citizens is hereby declared to be a\nproper public and municipal purpose for which the moneys of the state\nand of its political subdivisions and of all public corporations may be\nraised and expended. The state, and each political subdivision of the\nstate, and each public corporation of the state or a political\nsubdivision thereof, and individuals, foundations and all other private\norganizations and corporations may make capital grants to any company\norganized pursuant to this article and such company may accept and\nreceive the same and apply the same in payment or reduction of the\nproject cost.\n