N.Y. PVH Law § 358

§ 358. Conditions and security for loans. No loan shall be made by the\nNew York state housing finance agency to a company until the\ncommissioner has approved the project and finds that:\n (1) The company has complied with all of the provisions of this\narticle and all applicable laws and regulations;\n (2) There is a need for a project of the type proposed in the area to\nbe served and that the services and facilities to be provided by the\nproject are consistent with such need;\n (3) The plans and specifications conform to the requirements of all\nlaws and regulations applicable thereto and assure adequate light, air,\nsanitation and fire protection and are satisfactory to him;\n (4) The estimated revenue of the project will be sufficient to cover\nall probable costs of operation and maintenance, of fixed charges and\nsuch reserves as may be authorized by the commissioner or required by\nthe New York state housing finance agency;\n (5) Provision has been made for the purpose of providing for the\npayment of the difference, if any, between the estimated project cost\nand the mortgage loan; and in the event the final project cost shall\nexceed the estimated project cost, the difference between such final\nproject cost and the mortgage loan;\n (6) Provision has been made for the filing by the company with the\ndepartment and the New York state housing finance agency of such\nfinancial statements including an annual report setting forth such\ninformation as the commissioner may require; and\n (7) Provision has been made for the examination by the commissioner\nand the New York state housing finance agency of the books and records\nof the company.\n