Skip to main content
Find a Lawyer

New York Consolidated Laws, Private Housing Finance Law - PVH § 23-c. Mortgage modifications

Current as of January 01, 2026 | Updated by Findlaw Staff

1. For the purposes of this section, the following terms shall have the meanings set forth below:

(a) “Existing mortgage” shall mean any mortgage held by the municipality securing a loan made by such municipality in accordance with the provisions of this article, and any note or bond evidencing indebtedness thereon, including, but not limited to, any mortgage, note or bond securing residual indebtedness and any mortgage, note or bond securing a loan to finance the construction of a project.

b.   1 “Nonrecoverable debt service” shall mean, with respect to any increase in indebtedness executed or approved pursuant to this section that is not attributable to project cost, all payments of interest and principal on such portion of the indebtedness.

(c) “Restrictive agreement” shall mean a binding agreement between a company and the supervising agency, which (i) prohibits the dissolution of the company pursuant to the provisions of section thirty-five of this article for not less than six years from the date of such agreement, and (ii) prohibits the consideration of non-recoverable debt service in any rent increase pursuant to the provisions of section thirty-one of this article at any time subsequent to the date of such agreement.

2. Notwithstanding the provisions of this article or the provisions of any law, general or special, a company that enters into a restrictive agreement on or after the effective date of a chapter of the laws of 2004 which added this subdivision,  2 may, with the approval of such supervising agency:

(a) substitute a new mortgage approved by the supervising agency for any existing mortgage;

(b) extend or modify any existing mortgage in such manner and for such term as shall be determined by the supervising agency;

(c) subordinate any existing mortgage in any manner approved by the supervising agency to the lien of any mortgage held by a lender that is authorized to participate in loans pursuant to section twenty-three-b of this article;  and

(d) borrow funds and secure the repayment thereof by note and mortgage or in any other manner approved by the supervising agency.

1  So in original.  (“b.” should be “(b)”).
2  L.2004, c. 257, eff. July 27, 2004.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New York Consolidated Laws, Private Housing Finance Law - PVH § 23-c. Mortgage modifications - last updated January 01, 2026 | https://codes.findlaw.com/ny/private-housing-finance-law/pvh-sect-23-c/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard