PHFLPrivate Housing Finance Law
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PHFL Article 5 contains a limitation on redevelopment company debt that does not permit equity take out financing.
* The redevelopment company must enter into a "Restrictive Agreement" that shall provide that, for a period of five years from the date of the agreement, the redevelopment company: (a) will not dissolve or reconstitute pursuant to PHFL; (b) must renew its Section 8 contract; and (c) must preserve the existence of the Section 8 contract for the five-year period; and
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.