§ 2425. Statement of legislative findings and purpose with respect to insurance commitments or contracts by the agency. It is hereby found that there exist in many cities, towns and villages of the state neighborhoods which are blighted, are becoming blighted or may become blighted because of substandard, insanitary, deteriorated or deteriorating conditions, including undermaintained […]
§ 2426. Definitions. As used in sections twenty-four hundred twenty-five through twenty-four hundred twenty-nine inclusive. 1. “Financial institution”. Any bank, trust company, national bank, savings bank, state or federal savings and loan association, or state or federal credit union, insurance company, pension fund or retirement system of any corporation, association, any other entity which is […]
§ 2427. Additional powers of the agency. The agency shall have the following additional powers only with respect to insuring mortgage loans and providing development corporation credit support: 1. To establish and levy fees and charges in connection with the processing of applications for mortgage insurance; * 2. (a) To issue commitments to insure mortgages […]
§ 2428 Insurance of mortgages. 1. The agency is authorized, subject to the provisions of this article, to make commitments to insure and to contract to insure mortgage loans eligible for insurance hereunder. * 1-a. The agency may issue commitments to provide and may provide pool insurance in an amount not in excess of twenty-five […]
§ 2428-a. Development corporation credit support account as source of development corporation credit support. 1. The agency is authorized, subject to the provisions of this title, to provide the development corporation credit support account as a source or potential source of payment of development corporation credit support. The agency may provide the development corporation credit […]
§ 2429. Rentals. Notwithstanding the provisions of, or any regulation promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act or local law enacted pursuant thereto, all dwelling units in a multiple dwelling the rehabilitation or construction of which commenced after July first, nineteen hundred seventy-eight and which is […]
§ 2429-a. Payment of insurance and development corporation credit support. 1. The agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the agency. The agency may require that prior to submitting a claim to the agency for payment of insurance […]
§ 2429-b. Mortgage insurance fund. * 1. (a) The agency shall create and establish a mortgage insurance fund. Within such fund, the agency shall establish: (i) a special account, which shall be divided into sub-accounts for each region as defined in subdivision nine of section twenty-four hundred twenty-six of this title; (ii) a single family […]
§ 2429-c. Charges and fees. * 1. The agency shall fix a premium charge for its insurance of mortgages pursuant to this article which, except for pool insurance, shall not be less than an amount equivalent to one-quarter of one per centum per annum nor more than an amount equivalent to two per centum per […]
§ 2429-d. Contributions to agency. Notwithstanding the provisions of any general or special law or the provisions of any certificate of incorporation, charter or other articles of organization, all domestic corporations or associations organized for the purpose of carrying on business in this state, and any other persons are hereby authorized to make contributions to […]
§ 2429-e. Examination. At least once in each calendar year the agency shall be examined by the superintendent of financial services for the purposes of determining the agency’s net worth and the soundness of its management and operating policies. The agency shall not, however, be deemed to be a banking organization. The agency shall pay […]
§ 2429-f. Special provisions relating to directors of the agency. The agency may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any corporation, trust, association, partnership or other entity in which any director of the agency has a financial interest, direct or indirect, provided that (1) such interest is […]
