N.Y. Private Housing Finance Law § 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 owners of one

to four unit existing private or multiple dwellings within its

territorial limits, if such owners would have been eligible under the

provisions of this article for a loan made by the municipality pursuant

to this article.