§ 44-c. Federally-aided mortgage loans. 1. In addition to the powers of the agency to make mortgage loans to companies organized pursuant to article two of this chapter and notwithstanding any limitations contained in such article or in this article in connection with mortgage loans made to such companies, the agency may make or finance the making of a federally-aided mortgage loan to the owner of a project upon such terms and conditions not inconsistent with the provisions of this section as it shall require, the proceeds of which are substantially to be used to finance the construction, reconstruction, rehabilitation or improvement of a project intended to be occupied by three or more families. A federally-aided mortgage loan made or financed by the agency shall not exceed an amount equal to the lesser of (i) the maximum mortgage loan authorized or approved by the federal government or (ii) one hundred percent of the development cost of the project approved by the agency.

2. No federally-aided mortgage loan shall be made or financed to a company organized pursuant to article two of this chapter unless the commissioner has made the findings required by such article. No federally-aided mortgage loan shall be made or financed to any other person, firm, corporation, partnership or association unless (a) the commissioner finds that (i) the project is consistent with the needs of the state and the county, city, town or village in which it is located, or with a plan or undertaking for the clearance, replanning, reconstruction or rehabilitation of a substandard and insanitary area or areas, and (ii) the plans and specifications for the project conform to all applicable federal, state and local laws, ordinances, rules, regulations or requirements, (in making such finding the commissioner may rely upon approvals, consents and certifications of governmental authorities exercising jurisdiction over the project, including the federal and state government, and any subdivision, agency, bureau, board or commission thereof), and (b) the agency finds that (i) the estimated revenues of the project will be sufficient to cover all probable costs of operations and maintenance, all installments of principal and interest on the indebtedness relating to the project, taxes, and such other expenses, including the maintenance of reserves, as may be projected or required by the agency or the federal government, and (ii) the project is to be substantially occupied by persons or families of low-income. In determining whether a project will be substantially occupied by persons or families of low-income the agency may consider and rely upon the purpose of the federal program of mortgage insurance, co-insurance, or housing assistance payments in connection with which the mortgage loan is made.

3. A company organized pursuant to article two of this chapter which subsequent to the first day of June, nineteen hundred seventy-nine has obtained a commitment from the agency to make or finance the making of a federally-aided mortgage loan and the project of such company shall not be subject to any restrictions, limitation or procedure imposed by or pursuant to such article relating to any matter which is the subject of any restriction, limitation or procedure imposed by or pursuant to any applicable law, regulation or requirement of the federal government or agreement entered into pursuant thereto.

4. As used in this section or in connection with a federally-aided mortgage loan the term project shall mean a specific work or improvement, whether or not to effectuate all or any part of a plan, and shall include the lands, buildings and improvements acquired, owned, constructed, managed or operated to provide dwelling accommodations and such incidental and appurtenant commercial, recreational and community facilities as may be approved by the agency.