§ 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 four unit private and multiple dwellings, and that the rehabilitation of such dwellings is necessary in order to aid in the prevention and […]
§ 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 behalf of the municipality with regard to the provisions of this article. 2. “Banking organization” shall mean any corporation, association or organization organized under the banking laws […]
§ 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, loans to low and moderate income owner-occupants of one to four unit existing private or multiple dwellings within its territorial limits, subject to the limitation […]
§ 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 dwelling shall covenant in writing that so long as any part of such loan shall remain unpaid: (i) the owner-occupant or managing […]
§ 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 banking institutions of such services as are generally performed by any such bank itself owning and holding such […]
§ 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 low and moderate income owner-occupants of one to four unit existing private or multiple dwellings within […]
§ 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 recording taxes imposed by article eleven of the tax law.
§ 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 this article.
