Section 22-B. Loans for state-aided limited-profit housing companies

1.
  Notwithstanding any provision of  this  article  to  the  contrary,  the
  commissioner  may  for  a  period of one year from the effective date of
  this act approve a loan and encumbrance in excess of the actual  project
  cost  of a state-aided project comprising more than five thousand rental
  units, provided that: (a) the rents paid  by  the  tenants  may  not  be
  increased to pay for any consequent increase in indebtedness that is not
  attributable  to  project cost; (b) the company enters into an agreement
  to continue to remain subject to the provisions of this  article  for  a
  period  of  no less than an additional thirty years from issuance of the
  loan and encumbrance; and (c) the greater of twenty-five percent of  the
  amount  of  such  loan  which  exceeds such actual project cost or forty
  million dollars of the proceeds  of  such  loan  must  be  dedicated  to
  capital improvements to existing structures and facilities.
    2.  Any company that enters into a loan pursuant to subdivision one of
  this section shall create a plan within one year of the approval of  the
  loan.  The  plan  shall include details of all capital improvements that
  will occur as a result of the loan.  Such  company  shall  obligate  the
  funds  dedicated  to  the capital improvements within three years of the
  approval of the loan. Such company shall  submit  a  copy  of  the  plan
  within  one  year  of the approval of the loan and within three years of
  the approval of the loan, a report that details  the  use  of  the  loan
  funds  to  the governor, the commissioner of the division of housing and
  community renewal, the temporary president of the senate, the speaker of
  the assembly, the minority leader of the senate, the minority leader  of
  the  assembly,  the  chair of the senate finance committee, the chair of
  the assembly ways and means committee, the chair of the senate  housing,
  construction,  and community development committee, and the chair of the
  assembly housing committee.
    3. Such company shall participate in bimonthly meetings  with  elected
  officials  and  the  members  of the project's residents' association or
  other tenant organization that represents the majority of tenants in the
  project in order to hear any advice or comments on the implementation of
  the plan. The meetings shall occur on a regular basis until all  of  the
  money  set-aside  for  capital  improvements  in subdivision one of this
  section has been spent.