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Directory of NYC Housing Programs

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Municipal Loan Program

Program (?) Municipal Loan Program
Program Description

The Municipal Loan Program provided low-cost public loans to qualifying properties in order to rehabilitate buildings. Funded with bond proceeds, the program permitted the city to make mortgage loans to owners of multiple dwellings constructed prior to 1929. Bond payments and program operating costs were paid with mortgage interest payments, and the law required 10 percent equity from for-profit building owners. Non-profit building owners qualified for 100 percent financing and co-operatives qualified for 98 percent financing. New York City reduced its use of the program in 1971 following a corruption scandal involving fictitious mortgages and payments for work not done.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale N/A
Timeframe 1962-1971
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) No Restrictions
Other Targeting Information (?) Geographic Restrictions
More Information "The American city: what works, what doesn't" (Book)
NY Times
Available on CoreData.nyc? No

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