9 CRR-NY 1760.2NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL
CHAPTER IV. STATE-ASSISTED HOUSING CONSTRUCTED BY PRIVATE ENTERPRISE
SUBCHAPTER E. DISSOLUTION OF LIMITED-PROFIT AND LIMITED-DIVIDEND HOUSING COMPANIES
PART 1760. REDEVELOPMENT AND REFINANCE
9 CRR-NY 1760.2
9 CRR-NY 1760.2
1760.2 Grounds for approval of refinance.
(a) In reviewing a request to refinance, the division may consider various factors including but not limited to the fact that the refinance will:
(1) reduce debt service in order to minimize increases in rent or maintenance;
(2) raise additional funds for current capital improvements;
(3) bolster reserve funds for future capital improvements;
(4) facilitate a redevelopment plan involving new sources of funding;
(5) permit continuation of the real property tax exemption;
(6) permit continuation of existing loans, grants, or subsidies.
(b) In order to facilitate an approved refinance, the division may consent to modify its supervision to avoid unnecessary duplication with other subsidy programs or supervising agencies, allow the lender greater participation in the supervision of the housing company's use of loan proceeds and reserve and escrow funds, and avoid undue regulatory burden upon the housing company.
9 CRR-NY 1760.2
Current through September 15, 2021
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