N.Y. Private Housing Finance Law 475 – Interest reduction subsidies
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§ 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 reduction subsidies for loans made by private investors to owners of one to four unit existing private or multiple dwellings within its territorial limits, if such owners would have been eligible under the provisions of this article for a loan made by the municipality pursuant to this article.
Terms Used In N.Y. Private Housing Finance Law 475
- Contract: A legal written agreement that becomes binding when signed.
- loan: shall include any grant made by a municipality pursuant to this article, provided, however, that provisions of this article concerning the repayment or forgiveness of, or security for, a loan shall not apply to any grant made pursuant to this article. See N.Y. Private Housing Finance Law 472