Section 82-A. Redevelopment loans

Notwithstanding any provision of section
  eighty-one or eighty-two of  this  article  to  the  contrary,  where  a
  housing  company  undergoes  a  comprehensive  redevelopment  plan,  the
  commissioner may approve a loan and encumbrance of such  project  in  an
  amount  in  excess  of  actual  cost  of the project, 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  housing  company  enters  into  an
  agreement  to  remain  subject  to  the provisions of this article for a
  period of no less than fifteen years  from  issuance  of  the  loan  and
  encumbrance.