N.Y. Private Housing Finance Law § 111-a: Participation by certain corporations and individuals

§ 111-a. Participation by certain corporations and individuals. Any

bank, savings bank, savings institution, savings and loan association,

trust company, insurance company or association, or fiduciary authorized

to invest in mortgages and mortgage bonds of a redevelopment company, or

any combination of the foregoing, shall have power to participate and

invest, singly or jointly, with the New York city housing development

corporation in a bond or note and single participating mortgage, or in

separate bonds or notes and mortgages pursuant to this article. In the

event of such participation, the interest of each shall have equal

priority as to lien in proportion to the amount of loan so secured, but

need not be equal as to interest rate, time or rate of amortization or

otherwise.