N.Y. Private Housing Finance Law 111-A – Participation by certain corporations and individuals
§ 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.
Terms Used In N.Y. Private Housing Finance Law 111-A
- Amortization: Paying off a loan by regular installments.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.