(i) such company's project or projects is or are located in a city of less than one million and more than three hundred thousand persons;

(ii) the dissolution of such company is part of a refinancing plan to continue the operation of the existing project or projects under this chapter by a new company organized pursuant to the provisions of this article in corporate, partnership, or individual ownership form as the existing stockholders shall agree;

(iii) if the refinancing is done by a new first mortgage, the new company shall be bound to pay from the proceeds of such refinancing the remaining balance of the principal and interest on the original mortgage and any interest due to debenture holders if such interest cannot first be paid out of the original company's surplus or reserves; or if the refinancing is done by a second mortgage, the new company shall be bound to pay from the proceeds of such refinancing the interest due to debenture holders if such interest cannot first be paid out of the original company's surplus or reserves; and

(iv) the new company shall be bound to use at least fifty percent of the net proceeds, which remain from such refinancing after having paid the legal fees and development costs connected therewith and after having made the payments required by subparagraph (iii) of this paragraph, to finance the costs of refurbishing the existing housing units of the project, or to build and operate under this chapter additional housing units for persons of low or moderate income or for disabled persons, within the same municipality wherein the original project is or projects are located, or to do both such refurbishing of existing units and such building and operating of such additional units; any portion of the net proceeds remaining after utilization of at least fifty percent thereof for the foregoing purposes shall be distributed or used as the stockholders, partners or sole owner (as the case may be) of the new company shall decide.

(b) The New York state housing finance agency and the state of New York mortgage agency are hereby authorized and empowered to finance such first or second mortgages for the foregoing refinancing purposes upon such terms and conditions as each such agency deems appropriate.

(c) A company which is voluntarily dissolved in accordance with this subdivision shall not be required to pay the taxes referred to in subdivision one of this section nor any surplus remaining in its treasury as referred to in subdivision three of this section to the municipality which grants the tax abatement for such project or projects, but instead, such surplus and all reserve accounts and debenture rights, titles, interests, contracts, accounts receivable, accounts payable, and all other assets and liabilities of the dissolved company shall be transferred to the new company organized for such refinancing purposes pursuant to such refinancing plan, and such new company shall be considered for all the purposes of this chapter as a company aided by a loan made subsequent to May first, nineteen hundred fifty-nine, with the first date of occupancy deemed to be the date of the closing of the new first or the second mortgage entered into as part of the refinancing plan described in subparagraphs (ii), (iii) and (iv) of paragraph (a) of this subdivision; and any tax abatement granted by such municipality for such project or projects shall continue to be applied unless or until such municipality shall act to extend, modify, enlarge or remove such tax abatement.