Section 218. Mortgages

1. Any redevelopment corporation may borrow funds
  and secure the repayment thereof by mortgage. Every such mortgage  shall
  contain  reasonable  amortization provisions and shall be a lien upon no
  other real property except that forming the whole or a part of a  single
  development area.
    2.  Certificates,  bonds  and notes, or part interests therein, or any
  part  of  an  issue  thereof,  which  are  issued  by  a   redevelopment
  corporation  and secured by a first mortgage on the real property of the
  redevelopment corporation, or any part thereof, shall be  securities  in
  which all the following persons, partnerships or corporations and public
  bodies  or  public  officers  may  legally invest the funds within their
  control, provided that the principal amount thereof shall not exceed the
  limits, if any, imposed by law  for  such  investments  by  the  person,
  partnership, corporation, public body or public officer making the same:
  every executor, administrator, trustee, guardian, committee, conservator
  or  other  person  or  corporation  holding  trust  funds or acting in a
  fiduciary capacity; the  state,  its  subdivisions,  cities,  all  other
  public   bodies,   all   public   officers;  persons,  partnerships  and
  corporations organized under or subject to the provisions of the banking
  law (including savings  banks,  savings  and  loan  associations,  trust
  companies, bankers and private banking corporations); the superintendent
  of banks as conservator, liquidator or rehabilitator of any such person,
  partnership   or  corporation;  persons,  partnerships  or  corporations
  organized under or subject to the provisions of the insurance  law;  and
  the   superintendent   of   insurance   as  conservator,  liquidator  or
  rehabilitator of any such person, partnership or corporation.
    3. Any mortgage on the real property in a  development  area,  or  any
  part thereof, may create a first lien, or a second or other junior lien,
  upon such real property.
    4.  The  limits as to principal amount secured by mortgage referred to
  in paragraph two of this section two hundred eighteen shall not apply to
  certificates, bonds and notes, or part interests therein, or any part of
  an issue thereof, which are secured by first mortgage on  real  property
  in  a  development  area, or any part thereof, which the federal housing
  administrator has insured or has made a commitment to insure  under  the
  national  housing act. Any such person, partnership, corporation, public
  body or public officer may receive and hold any debentures, certificates
  or  other  instruments  issued  or  delivered  by  the  federal  housing
  administrator,  pursuant to the national housing act, in compliance with
  the contract of  insurance  of  a  mortgage  on  real  property  in  the
  development area, or any part thereof.