Section 22-A. Redevelopment loans

Notwithstanding any provision of this
  article to  the  contrary,  where  a  state-aided  project  undergoes  a
  comprehensive  redevelopment  plan,  the commissioner may approve a loan
  and encumbrance of such project in an amount in excess of actual project
  cost within the meaning of section twenty-one of this article,  provided
  that  such amount represents cost of capital improvements, redevelopment
  or acquisition by a new owner,  any  consequent  rent  increase  is  not
  unduly  burdensome  to  the  tenants,  and  the  company  enters into an
  agreement to remain subject to the provisions  of  this  article  for  a
  period  of no less than an additional fifteen years from issuance of the
  loan and encumbrance.