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Article: Alert on NYC redevelopment company refinancings.(laws and rules of housing)
- Article from:
- Real Estate Weekly
- Article date:
- August 22, 2007
- Author:
CopyrightCOPYRIGHT 2007 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This alert addresses recent New York State legislation that enables redevelopment companies with properties in New York City to finance increased cash flow resulting from a "Mark-up-to-Market" Section 8 Housing Assistance Payments Contract.
On Aug. 1, 2007, Governor Spitzer signed a bill (A8957A/S6023A) creating a new Section 111-b in Article 5 of the New York State Private Housing Finance Law (PHFL), which will permit equity "takeout" mortgages for redevelopment companies with properties in New York City Redevelopment companies are entities created (most often as limited partnerships) pursuant to PHFL Article 5. In the 1970s and early 1980s, they were used to ...