9 CRR-NY 1760.3NY-CRR

OFFICIAL 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 1760.3
9 CRR-NY 1760.3
1760.3 Request for approval of refinance.
No less than 30 days prior to the anticipated date of closing, the housing company must submit to the division a request for approval of the refinance with the following information and supporting documents:
(a) reasons for refinance; if housing company is a cooperative, attach a copy of the resolution authorizing the refinance;
(b) existing mortgagee, approximate amount of mortgage, and brief description of mortgagee's pre-payment procedures;
(c) existing government subsidies, the responsible agency, and a statement of what effect, if any, payment of the existing mortgage will have upon the subsidy;
(d) impact, if any, of refinance on real property tax abatement;
(e) new lender, amount of new loan, interest rate, application or commitment fee, and method by which new lender was selected; attach a copy of the term sheet or commitment letter;
(f) credit enhancements and responsible agency;
(g) post-transaction sources of funding and responsible agencies;
(h) where transaction involves transfer of development, name of new owner, description of ownership structure, and request for approval of new owner with completed disclosure questionnaire;
(i) capital work, and the estimated cost thereof, to be done with loan proceeds; attach a copy of current physical condition survey or consultant's report and sources and uses summary;
(j) amount of reserves to be funded from proceeds of loan;
(k) any severance of housing company property, including justification for the severance, and description and value of the parcel to the severed; attach a copy of a certified appraisal;
(l) analysis of current rent/maintenance structure to show sufficiency to cover new debt service and other expenses, and if not, amount of rent increase applied for and status of application;
(m) request and justification for any modification of the division's supervisory role such as those set forth in section 1760.4 of this Part;
(n) new managing agent, if any, with request for approval of new managing agent;
(o) where post-transaction funding is provided by the Housing Finance Agency or Empire State Development Corporation, documentation upon which the division may make findings required by sections 2, 26-b, and 44-c(2) of the Private Housing Finance Law; and
(p) anticipated date of closing.
9 CRR-NY 1760.3
Current through September 15, 2021
End of Document