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This entry was published on 2014-09-22
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Conditions and security for loans
Social Services (SOS) CHAPTER 55, ARTICLE 6, TITLE 5-A
§ 410-h. Conditions and security for loans. No loan shall be made by
the agency to an eligible borrower until the commissioner has approved
the project and finds that:

1. The eligible borrower has been approved by the commissioner and
complied with all the provisions of this title;

2. The plans and specifications conform to the requirements of all
laws and regulations applicable thereto and assure adequate light, air,
sanitation and fire protection and are satisfactory to him;

3. The estimated revenue of the project or from other funds of the
eligible borrower pledged, assigned or otherwise to be made available to
the agency will be sufficient to cover all probable costs of operation
and maintenance, of fixed charges and such reserves as may be authorized
by the commissioner or required by the agency;

4. Provision has been made for the purpose of providing for the
payment of the difference between the estimated project cost and the
mortgage loan; and in the event the final project cost shall exceed the
estimated project cost, the difference between such final project cost
and the mortgage loan;

5. The eligible borrower has entered into a regulatory agreement
pursuant to section four hundred ten-f of this title.