State Codes and Statutes

Statutes > New-york > Pvh > Article-8-b > 472

§  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 of subdivisions two through seven of this  section,  in  such  amounts  as  shall be required for the rehabilitation of such dwellings,  provided, however, that such  loans  shall  not  exceed  sixty  thousand  dollars  per  dwelling unit. Such loans may also include the refinancing  of the outstanding indebtedness of such dwellings, and the  municipality  may  make  temporary  loans  or  advances  to  such  owner-occupants  in  anticipation of permanent loans for such purposes.    2.  Each  loan  shall  be  evidenced  by  a  note  executed   by   the  owner-occupant  of  the  existing  dwelling. Repayment of each such note  shall be within a period of the probable life of the  existing  dwelling  which is hereby determined to be thirty years, or such shorter period as  the  agency  shall determine. The repayment shall be made in such manner  as may be provided in such note and contract, if any, in connection with  such loan, and may authorize such owner-occupant, with  the  consent  of  the  agency,  to  prepay the principal of the loan subject to such terms  and conditions as therein provided. In  order  to  make  any  such  loan  affordable  to  the  owner-occupant, the agency may provide in such note  and contract that all of the outstanding principal of said loan  may  be  self-liquidated over a fifteen year period of owner-occupancy. Such note  and   contract   may   contain  such  other  terms  and  provisions  not  inconsistent with the provisions of this article as the agency may  deem  necessary  or  desirable  to  secure repayment of the loan, the interest  thereon, if any, and other charges in connection therewith, and to carry  out the purposes and provisions of this article.    3. The agency in its discretion may require  that  the  owner-occupant  execute,  acknowledge  and  deliver  a uniform commercial code financing  statement for the real property improvement to be in such  form  as  the  agency  shall specify and in accordance with the requirements of section  9--502 of the uniform commercial code of the state  of  New  York.  Said  financing  statement  shall  be  filed  or  recorded  without  charge in  accordance with the provisions of paragraph one  of  subsection  (a)  of  section 9--501 of the uniform commercial code, and from the date of such  filing  the  municipality  shall  have a lien against said real property  improvement for the amount advanced or so much thereof as remains unpaid  together with the interest thereon. Upon payment of all sums advanced by  the municipality and interest thereon,  and  upon  demand  of  the  then  record  owner  of  the real property, the agency shall deliver a copy of  the financing statement with an endorsement thereon  that  the  lien  is  satisfied.  Upon  filing  of such copy in the office where the financing  statement was filed and upon payment of the  proper  fee  therefor,  the  lien of such financing statement shall be discharged.    4.  The agency may require the owner-occupant to execute a mortgage as  security for a loan in lieu of or in addition to a  financing  statement  as  provided  in  subdivision three of this section. Such mortgage shall  contain such terms and provisions not inconsistent with  the  provisions  of  this  article  as  the  agency  shall deem necessary or desirable to  secure repayment of the loan.    5. Loans may be made with respect to a one to  four  unit  private  or  multiple  dwelling  encumbered  by mortgages, provided no mortgage is in  default, except if such  default  shall  be  remedied  by  the  proposed  rehabilitation or improvement.6.  The  agency may charge the owner-occupant of such existing private  or multiple dwelling  reasonable  fees  for  administration,  financing,  regulation, supervision and audit.    7. In making a loan under this article, an agency shall have the power  to participate in a loan made by any private investor, provided that the  portion  of  the  loan  funded  by the agency shall not exceed an amount  equal to seventy-five percent of the total loan. The  agency  may  enter  into  an  agreement  with  a private investor to deposit funds with such  private investor  to  cover  the  agency's  participation  in  loans  to  owner-occupants  of  one  to  four  unit  existing  private and multiple  dwellings  with  such  funds  advanced  by  such  private  investor   to  owner-occupants of existing dwellings. The portion of the loan funded by  the  agency may be equal to or subordinate in lien to the portion of the  loan funded by the private  investor  and  the  note  and  contract  may  contain  such  terms  with respect to interest rate, if any, and time of  payment of principal and interest  as  determined  by  the  agency.  The  agency  may  make  provision,  either in the mortgage or mortgages or by  separate agreement, for the performance by the private investor of  such  services  as  are  generally  performed  by  a banking institution which  itself holds a mortgage,  including,  without  limitation,  construction  loan  advances,  construction  supervision,  initiation  of  foreclosure  proceedings,  procurement  of  insurance,  and  all  other  matters   in  connection  with the financing, supervision, regulation and audit of any  such loan. In order to make the loan affordable to  the  owner-occupant,  the agency may provide an interest reduction subsidy pursuant to section  four  hundred  seventy-five  of this article, or may provide that all or  part of the agency's portion of the outstanding principal  of  any  such  participation  loan may be self-liquidated over a fifteen year period of  owner-occupancy.

State Codes and Statutes

Statutes > New-york > Pvh > Article-8-b > 472

§  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 of subdivisions two through seven of this  section,  in  such  amounts  as  shall be required for the rehabilitation of such dwellings,  provided, however, that such  loans  shall  not  exceed  sixty  thousand  dollars  per  dwelling unit. Such loans may also include the refinancing  of the outstanding indebtedness of such dwellings, and the  municipality  may  make  temporary  loans  or  advances  to  such  owner-occupants  in  anticipation of permanent loans for such purposes.    2.  Each  loan  shall  be  evidenced  by  a  note  executed   by   the  owner-occupant  of  the  existing  dwelling. Repayment of each such note  shall be within a period of the probable life of the  existing  dwelling  which is hereby determined to be thirty years, or such shorter period as  the  agency  shall determine. The repayment shall be made in such manner  as may be provided in such note and contract, if any, in connection with  such loan, and may authorize such owner-occupant, with  the  consent  of  the  agency,  to  prepay the principal of the loan subject to such terms  and conditions as therein provided. In  order  to  make  any  such  loan  affordable  to  the  owner-occupant, the agency may provide in such note  and contract that all of the outstanding principal of said loan  may  be  self-liquidated over a fifteen year period of owner-occupancy. Such note  and   contract   may   contain  such  other  terms  and  provisions  not  inconsistent with the provisions of this article as the agency may  deem  necessary  or  desirable  to  secure repayment of the loan, the interest  thereon, if any, and other charges in connection therewith, and to carry  out the purposes and provisions of this article.    3. The agency in its discretion may require  that  the  owner-occupant  execute,  acknowledge  and  deliver  a uniform commercial code financing  statement for the real property improvement to be in such  form  as  the  agency  shall specify and in accordance with the requirements of section  9--502 of the uniform commercial code of the state  of  New  York.  Said  financing  statement  shall  be  filed  or  recorded  without  charge in  accordance with the provisions of paragraph one  of  subsection  (a)  of  section 9--501 of the uniform commercial code, and from the date of such  filing  the  municipality  shall  have a lien against said real property  improvement for the amount advanced or so much thereof as remains unpaid  together with the interest thereon. Upon payment of all sums advanced by  the municipality and interest thereon,  and  upon  demand  of  the  then  record  owner  of  the real property, the agency shall deliver a copy of  the financing statement with an endorsement thereon  that  the  lien  is  satisfied.  Upon  filing  of such copy in the office where the financing  statement was filed and upon payment of the  proper  fee  therefor,  the  lien of such financing statement shall be discharged.    4.  The agency may require the owner-occupant to execute a mortgage as  security for a loan in lieu of or in addition to a  financing  statement  as  provided  in  subdivision three of this section. Such mortgage shall  contain such terms and provisions not inconsistent with  the  provisions  of  this  article  as  the  agency  shall deem necessary or desirable to  secure repayment of the loan.    5. Loans may be made with respect to a one to  four  unit  private  or  multiple  dwelling  encumbered  by mortgages, provided no mortgage is in  default, except if such  default  shall  be  remedied  by  the  proposed  rehabilitation or improvement.6.  The  agency may charge the owner-occupant of such existing private  or multiple dwelling  reasonable  fees  for  administration,  financing,  regulation, supervision and audit.    7. In making a loan under this article, an agency shall have the power  to participate in a loan made by any private investor, provided that the  portion  of  the  loan  funded  by the agency shall not exceed an amount  equal to seventy-five percent of the total loan. The  agency  may  enter  into  an  agreement  with  a private investor to deposit funds with such  private investor  to  cover  the  agency's  participation  in  loans  to  owner-occupants  of  one  to  four  unit  existing  private and multiple  dwellings  with  such  funds  advanced  by  such  private  investor   to  owner-occupants of existing dwellings. The portion of the loan funded by  the  agency may be equal to or subordinate in lien to the portion of the  loan funded by the private  investor  and  the  note  and  contract  may  contain  such  terms  with respect to interest rate, if any, and time of  payment of principal and interest  as  determined  by  the  agency.  The  agency  may  make  provision,  either in the mortgage or mortgages or by  separate agreement, for the performance by the private investor of  such  services  as  are  generally  performed  by  a banking institution which  itself holds a mortgage,  including,  without  limitation,  construction  loan  advances,  construction  supervision,  initiation  of  foreclosure  proceedings,  procurement  of  insurance,  and  all  other  matters   in  connection  with the financing, supervision, regulation and audit of any  such loan. In order to make the loan affordable to  the  owner-occupant,  the agency may provide an interest reduction subsidy pursuant to section  four  hundred  seventy-five  of this article, or may provide that all or  part of the agency's portion of the outstanding principal  of  any  such  participation  loan may be self-liquidated over a fifteen year period of  owner-occupancy.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-8-b > 472

§  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 of subdivisions two through seven of this  section,  in  such  amounts  as  shall be required for the rehabilitation of such dwellings,  provided, however, that such  loans  shall  not  exceed  sixty  thousand  dollars  per  dwelling unit. Such loans may also include the refinancing  of the outstanding indebtedness of such dwellings, and the  municipality  may  make  temporary  loans  or  advances  to  such  owner-occupants  in  anticipation of permanent loans for such purposes.    2.  Each  loan  shall  be  evidenced  by  a  note  executed   by   the  owner-occupant  of  the  existing  dwelling. Repayment of each such note  shall be within a period of the probable life of the  existing  dwelling  which is hereby determined to be thirty years, or such shorter period as  the  agency  shall determine. The repayment shall be made in such manner  as may be provided in such note and contract, if any, in connection with  such loan, and may authorize such owner-occupant, with  the  consent  of  the  agency,  to  prepay the principal of the loan subject to such terms  and conditions as therein provided. In  order  to  make  any  such  loan  affordable  to  the  owner-occupant, the agency may provide in such note  and contract that all of the outstanding principal of said loan  may  be  self-liquidated over a fifteen year period of owner-occupancy. Such note  and   contract   may   contain  such  other  terms  and  provisions  not  inconsistent with the provisions of this article as the agency may  deem  necessary  or  desirable  to  secure repayment of the loan, the interest  thereon, if any, and other charges in connection therewith, and to carry  out the purposes and provisions of this article.    3. The agency in its discretion may require  that  the  owner-occupant  execute,  acknowledge  and  deliver  a uniform commercial code financing  statement for the real property improvement to be in such  form  as  the  agency  shall specify and in accordance with the requirements of section  9--502 of the uniform commercial code of the state  of  New  York.  Said  financing  statement  shall  be  filed  or  recorded  without  charge in  accordance with the provisions of paragraph one  of  subsection  (a)  of  section 9--501 of the uniform commercial code, and from the date of such  filing  the  municipality  shall  have a lien against said real property  improvement for the amount advanced or so much thereof as remains unpaid  together with the interest thereon. Upon payment of all sums advanced by  the municipality and interest thereon,  and  upon  demand  of  the  then  record  owner  of  the real property, the agency shall deliver a copy of  the financing statement with an endorsement thereon  that  the  lien  is  satisfied.  Upon  filing  of such copy in the office where the financing  statement was filed and upon payment of the  proper  fee  therefor,  the  lien of such financing statement shall be discharged.    4.  The agency may require the owner-occupant to execute a mortgage as  security for a loan in lieu of or in addition to a  financing  statement  as  provided  in  subdivision three of this section. Such mortgage shall  contain such terms and provisions not inconsistent with  the  provisions  of  this  article  as  the  agency  shall deem necessary or desirable to  secure repayment of the loan.    5. Loans may be made with respect to a one to  four  unit  private  or  multiple  dwelling  encumbered  by mortgages, provided no mortgage is in  default, except if such  default  shall  be  remedied  by  the  proposed  rehabilitation or improvement.6.  The  agency may charge the owner-occupant of such existing private  or multiple dwelling  reasonable  fees  for  administration,  financing,  regulation, supervision and audit.    7. In making a loan under this article, an agency shall have the power  to participate in a loan made by any private investor, provided that the  portion  of  the  loan  funded  by the agency shall not exceed an amount  equal to seventy-five percent of the total loan. The  agency  may  enter  into  an  agreement  with  a private investor to deposit funds with such  private investor  to  cover  the  agency's  participation  in  loans  to  owner-occupants  of  one  to  four  unit  existing  private and multiple  dwellings  with  such  funds  advanced  by  such  private  investor   to  owner-occupants of existing dwellings. The portion of the loan funded by  the  agency may be equal to or subordinate in lien to the portion of the  loan funded by the private  investor  and  the  note  and  contract  may  contain  such  terms  with respect to interest rate, if any, and time of  payment of principal and interest  as  determined  by  the  agency.  The  agency  may  make  provision,  either in the mortgage or mortgages or by  separate agreement, for the performance by the private investor of  such  services  as  are  generally  performed  by  a banking institution which  itself holds a mortgage,  including,  without  limitation,  construction  loan  advances,  construction  supervision,  initiation  of  foreclosure  proceedings,  procurement  of  insurance,  and  all  other  matters   in  connection  with the financing, supervision, regulation and audit of any  such loan. In order to make the loan affordable to  the  owner-occupant,  the agency may provide an interest reduction subsidy pursuant to section  four  hundred  seventy-five  of this article, or may provide that all or  part of the agency's portion of the outstanding principal  of  any  such  participation  loan may be self-liquidated over a fifteen year period of  owner-occupancy.