N.Y. Comp. Codes R. & Regs. tit. 9 § 1760.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1760.3 - Request for approval of refinance

No less than 30 days prior to the anticipated date of closing, the housing company must submit to the division a request for approval of the refinance with the following information and supporting documents:

(a) reasons for refinance; if housing company is a cooperative, attach a copy of the resolution authorizing the refinance;

(b) existing mortgagee, approximate amount of mortgage, and brief description of mortgagee's pre-payment procedures;

(c) existing government subsidies, the responsible agency, and a statement of what effect, if any, payment of the existing mortgage will have upon the subsidy;

(d) impact, if any, of refinance on real property tax abatement;

(e) new lender, amount of new loan, interest rate, application or commitment fee, and method by which new lender was selected; attach a copy of the term sheet or commitment letter;

(f) credit enhancements and responsible agency;

(g) post-transaction sources of funding and responsible agencies;

(h) where transaction involves transfer of development, name of new owner, description of ownership structure, and request for approval of new owner with completed disclosure questionnaire;

(i) capital work, and the estimated cost thereof, to be done with loan proceeds; attach a copy of current physical condition survey or consultant's report and sources and uses summary;

(j) amount of reserves to be funded from proceeds of loan;

(k) any severance of housing company property, including justification for the severance, and description and value of the parcel to the severed; attach a copy of a certified appraisal;

(l) analysis of current rent/maintenance structure to show sufficiency to cover new debt service and other expenses, and if not, amount of rent increase applied for and status of application;

(m) request and justification for any modification of the division's supervisory role such as those set forth in section 1760.4 of this Part;

(n) new managing agent, if any, with request for approval of new managing agent;

(o) where post-transaction funding is provided by the Housing Finance Agency or Empire State Development Corporation, documentation upon which the division may make findings required by sections 2, 26-b, and 44-c(2) of the Private Housing Finance Law; and

(p) anticipated date of closing.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1760.3