357 – Financing.

§  357.  Financing.  1.  Any  company  formed  under this article may,
  subject to the approval of the commissioner, borrow funds from  the  New
  York  state  housing  finance agency and secure the repayment thereof by
  bond or note and mortgage which shall contain such terms and  conditions
  as  may  be  deemed necessary or desirable by the New York state housing
  finance agency or required by any agreement between the New  York  state
  housing  finance  agency  and  the  holders  of its notes and bonds with
  respect to such companies, including the right to  assignment  of  rates
  and fees and entry into possession in case of default, but the operation
  of  such  project,  in  the  event  of  such  entry, shall be subject to
  regulations promulgated by the department.
2. The New York state housing finance agency may make  a  contract  to
  make  loans  to companies not to exceed the total project cost. Any such
  loan shall be secured by  a  first  mortgage  lien  upon  all  the  real
  property  and  improvements  of  which the project consists and upon all
  fixtures and articles of  personal  property  attached  to  or  used  in
  connection   with   the   construction,   acquisition,   reconstruction,
  rehabilitation, improvement or operation of the project.
3. Any inconsistent provision of law to the contrary  notwithstanding,
  mortgages of a company shall be exempt from the mortgage recording taxes
  imposed by article eleven of the tax law.
4.  The  provision  of  community  centers  for senior citizens and of
  programs and services for senior citizens is hereby  declared  to  be  a
  proper  public  and  municipal purpose for which the moneys of the state
  and of its political subdivisions and of all public corporations may  be
  raised  and  expended.  The state, and each political subdivision of the
  state,  and  each  public  corporation  of  the  state  or  a  political
  subdivision  thereof, and individuals, foundations and all other private
  organizations and corporations may make capital grants  to  any  company
  organized  pursuant  to  this  article  and  such company may accept and
  receive the same and apply the same  in  payment  or  reduction  of  the
  project cost.