New York Consolidated Laws, Private Housing Finance Law - PVH § 257. Conditions and security for loans

1. No loan shall be made to a community development corporation for a project unless (a) the planning commission, if any, of the municipality has approved the project;  (b) the local legislative body of the municipality, after a public hearing, has approved the project and has enacted or will enact regulations or appropriate restrictions adequately protecting the project against future uses likely to depreciate unduly the value of such project and has, by resolution, found that the project will aid in the replanning, reconstruction or redevelopment of an urban renewal area, as defined in article fifteen of the general municipal law, or will provide facilities incidental or appurtenant to an urban renewal project, as defined in article fifteen of the general municipal law, and (c) the commissioner has found that: