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This entry was published on 2014-09-22
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SECTION 111-A
Participation by certain corporations and individuals
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 5
§ 111-a. Participation by certain corporations and individuals. Any
bank, savings bank, savings institution, savings and loan association,
trust company, insurance company or association, or fiduciary authorized
to invest in mortgages and mortgage bonds of a redevelopment company, or
any combination of the foregoing, shall have power to participate and
invest, singly or jointly, with the New York city housing development
corporation in a bond or note and single participating mortgage, or in
separate bonds or notes and mortgages pursuant to this article. In the
event of such participation, the interest of each shall have equal
priority as to lien in proportion to the amount of loan so secured, but
need not be equal as to interest rate, time or rate of amortization or
otherwise.