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PHFL

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AcronymDefinition
PHFLPrivate Housing Finance Law


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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.
16 million common shares and 260,000 preferred shares of Worldwide and 990,000 common shares and 185,033 warrants to purchase common shares in PHFL.
The amendments to the PHFL provide New York City's Participatory Loan program with the statutory authority to provide low-interest loans for new apartment construction.
 
 
 
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