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.