N.Y. General Municipal Law 699-C – Mortgage counseling for the Long Island workforce housing program
Current as of: 2024 | Check for updates
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§ 699-c. Mortgage counseling for the Long Island workforce housing program. Persons purchasing affordable workforce housing created pursuant to this article, or who receive downpayment assistance pursuant to this article, must attend homebuyer education and mortgage counseling provided free of charge through the Long Island Housing Partnership.
Terms Used In N.Y. General Municipal Law 699-C
- Affordable workforce housing: means housing for individuals and families at or below one hundred thirty percent of the median income for the Nassau-Suffolk primary metropolitan statistical area as defined by the federal Department of Housing and Urban Development. See N.Y. General Municipal Law 699-A
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.