New York Laws
Article 8-B - Loans to Owner-Occupants of One to Four Unit Private and Multiple Dwellings
475 - Interest Reduction Subsidies.

§ 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 its territorial limits, if such
owner-occupants would have been eligible under the provisions of this
article for a loan made by the municipality pursuant to this article.

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