New York Private Housing Finance Law Article 8-B - LOANS TO OWNER-OCCUPANTS OF ONE TO FOUR UNIT PRIVATE AND MULTIPLE DWELLINGS

• 470 - Policy and Purposes of Article.
  It is hereby declared and found that there exists in municipalities within the state substandard and unsanitary areas and neighborhoods containing deteriorated owner-occupied one to...
• 471 - Definitions.
  1. "Agency" shall mean any agency or instrumentality of a municipality that is created by legislation and designated by the chief executive to act on...
• 472 - Loans to Owner-Occupants.
  1. Notwithstanding the provisions of any general, special or local law, a municipality, acting through an agency, is authorized to make, or contract to make,...
• 473 - Conditions Precedent to Making Such Loans.
  1. No such loan shall be made to an owner-occupant of an existing private or multiple dwelling unless the owner-occupant of such private or multiple...
• 474 - Servicing of Loans by Banking Institutions and Loan Servicing Companies.
  1. The agency is authorized to make provision in the note and loan agreement or by separate agreement for the performance by one or more...
• 475 - Interest Reduction Subsidies.
  Notwithstanding the provisions of any general, special or local law, a municipality, acting through an agency, is authorized to provide, or contract to provide, interest...
• 476 - Mortgage Recording Tax Exemption.
  Notwithstanding any inconsistent provision of law, mortgages to secure a loan made pursuant to the provisions of this article shall be exempt from the mortgage...
• 477 - Rules and Regulations.
  The agency may promulgate rules and regulations to carry out the provisions of this article.
• 478 - Source of Funds.
  A municipality may utilize federal grant funds, state grant funds or any municipal funds to make loans and to provide interest reduction subsidies pursuant to...

Last modified: February 3, 2019