N.Y. Comp. Codes R. & Regs. tit. 9 § 1760.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 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.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1760.2