Section 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.