§ 256. Mortgage loans. The New York state housing finance agency may enter into contracts for loans to community development corporations for one or more projects. No loan shall be made in an amount greater than ninety-five per centum of the project cost, plus working capital in an amount not to exceed two per centum of the project cost. Any such loan shall be secured by a first mortgage lien upon all of the real property of which the project consists and upon all fixtures and articles of personal property attached to or used in conjunction with the operation of such project. The agency may make temporary loans or advances to a community development corporation in anticipation of such loan and no such temporary loan or advance shall be deemed to constitute part of such loan unless such temporary loan or advance has been made out of the proceeds of definitive bonds sold by the agency pursuant to the provisions of section forty-six of this chapter.
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