N.Y. Private Housing Finance Law Section 44-C
Federally-aided mortgage loans

1.

In addition to the powers of the agency to make mortgage loans to companies organized pursuant to article 2 (Limited-profit Housing Companies)article two of this chapter and notwithstanding any limitations contained in such article or in this article in connection with mortgage loans made to such companies, the agency may make or finance the making of a federally-aided mortgage loan to the owner of a project upon such terms and conditions not inconsistent with the provisions of this section as it shall require, the proceeds of which are substantially to be used to finance the construction, reconstruction, rehabilitation or improvement of a project intended to be occupied by three or more families. A federally-aided mortgage loan made or financed by the agency shall not exceed an amount equal to the lesser of (i) the maximum mortgage loan authorized or approved by the federal government or (ii) one hundred percent of the development cost of the project approved by the agency.

2.

No federally-aided mortgage loan shall be made or financed to a company organized pursuant to article 2 (Limited-profit Housing Companies)article two of this chapter unless the commissioner has made the findings required by such article. No federally-aided mortgage loan shall be made or financed to any other person, firm, corporation, partnership or association unless (a) the commissioner finds that (i) the project is consistent with the needs of the state and the county, city, town or village in which it is located, or with a plan or undertaking for the clearance, replanning, reconstruction or rehabilitation of a substandard and insanitary area or areas, and

(ii)

the plans and specifications for the project conform to all applicable federal, state and local laws, ordinances, rules, regulations or requirements, (in making such finding the commissioner may rely upon approvals, consents and certifications of governmental authorities exercising jurisdiction over the project, including the federal and state government, and any subdivision, agency, bureau, board or commission thereof), and (b) the agency finds that (i) the estimated revenues of the project will be sufficient to cover all probable costs of operations and maintenance, all installments of principal and interest on the indebtedness relating to the project, taxes, and such other expenses, including the maintenance of reserves, as may be projected or required by the agency or the federal government, and

(ii)

the project is to be substantially occupied by persons or families of low-income. In determining whether a project will be substantially occupied by persons or families of low-income the agency may consider and rely upon the purpose of the federal program of mortgage insurance, co-insurance, or housing assistance payments in connection with which the mortgage loan is made.

3.

A company organized pursuant to article 2 (Limited-profit Housing Companies)article two of this chapter which subsequent to the first day of June, nineteen hundred seventy-nine has obtained a commitment from the agency to make or finance the making of a federally-aided mortgage loan and the project of such company shall not be subject to any restrictions, limitation or procedure imposed by or pursuant to such article relating to any matter which is the subject of any restriction, limitation or procedure imposed by or pursuant to any applicable law, regulation or requirement of the federal government or agreement entered into pursuant thereto.

4.

As used in this section or in connection with a federally-aided mortgage loan the term project shall mean a specific work or improvement, whether or not to effectuate all or any part of a plan, and shall include the lands, buildings and improvements acquired, owned, constructed, managed or operated to provide dwelling accommodations and such incidental and appurtenant commercial, recreational and community facilities as may be approved by the agency.

Source: Section 44-C — Federally-aided mortgage loans, https://www.­nysenate.­gov/legislation/laws/PVH/44-C (updated Sep. 22, 2014; accessed Dec. 21, 2024).

40
Short title 41
Statement of legislative findings and purposes 42
Definitions 43
New York state housing finance agency 44
Powers of the agency 44‑A
Low rent dwelling accommodations 44‑B
Mortgage modifications, evidence of pre-existing indebtedness 44‑C
Federally-aided mortgage loans 45
Transfer of officers and employees 45‑A
Housing trust fund corporation 45‑B
Affordable housing corporation 45‑C
Homeless housing and assistance corporation 46
Notes and bonds of the agency 47
Reserve funds and appropriations 47‑A
State university construction bonds and notes 47‑B
Mental hygiene improvement bonds and notes 47‑C
Special provisions related to certain bonds and notes 47‑D
Health facilities bonds and notes 47‑E
Housing program bonds and notes 48
Agreement with the state 49
State’s right to require redemption of bonds 50
Remedies of noteholders and bondholders 51
Monies of the agency 51‑A
Federal rental assistance program administrative fees 52
Notes and bonds as legal investment 53
Exemption from taxation of property and income 54
Exemption from taxation of notes and bonds 55
Assistance by state officers, departments, boards and commissions 56
Reports 56‑A
Indemnification of members, officers and employees 57
Insured mortgage reserve fund 58
Special revenue housing coverage reserve funds 59
Bond reserve insurance fund 59‑A
Housing trust fund account 59‑B
Affordable housing development account 59‑C
Insured housing initiatives fund 59‑D
Turnkey/enhanced housing account 59‑E
Infrastructure development fund 59‑G
Permanent housing for homeless families fund 59‑H
Manufactured home cooperative fund 59‑I
Homeless housing and assistance account 60
Housing project repair fund 61
Inconsistent provisions in other laws superseded 61‑A
Actions 62
Article not affected if in part unconstitutional
Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 44-C’s source at nysenate​.gov

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