Request for approval of refinance
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
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.