§ 26-c. Special provisions with respect to Battery Park city projects.
1. No loan shall be made by the state or the New York state housing
finance agency for the acquisition, construction, reconstruction,
rehabilitation or improvement of a Battery Park city project, nor shall
any such project be approved by the commissioner, unless the
commissioner finds that:

(a) the estimated revenues of the project will be sufficient to cover
all probable costs of all operations and maintenance, of fixed charges
and operating reserves and depreciation reserves, if any;

(b) the plans and specifications of the project assure adequate light,
air, sanitation and fire protection;

(c) the project is in conformity with a plan or undertaking for
providing low rent housing facilities for persons of low income.

2. Notwithstanding any other provisions of this article, in the case
of a Battery Park city project financed or to be financed by a loan from
Battery Park city authority, all approvals, findings and consents which
are required to be given or made by the commissioner pursuant to this
article shall be given or made instead by Battery Park city authority,
and the authority shall exercise, with respect to such project and with
respect to the company carrying out such project, all of the powers and
duties exercised by the commissioner pursuant to this article with
respect to projects financed by the New York state housing finance
agency.