New York § 256 - 256Mortgage loans
Full text of New York New York Consolidated Laws § 256 — 256Mortgage loans, with citation guidance and answers to common questions.
§ 256. 256Mortgage loans
§ 256. Mortgage loans. The New York state housing finance agency may enter into contracts for loans to community development corporations for one or more projects. No loan shall be made in an amount greater than ninety-five per centum of the project cost, plus working capital in an amount not to exceed two per centum of the project cost. Any such loan shall be secured by a first mortgage lien upon all of the real property of which the project consists and upon all fixtures and articles of personal property attached to or used in conjunction with the operation of such project. The agency may make temporary loans or advances to a community development corporation in anticipation of such loan and no such temporary loan or advance shall be deemed to constitute part of such loan unless such temporary loan or advance has been made out of the proceeds of definitive bonds sold by the agency pursuant to the provisions of section forty-six of this chapter.
Frequently Asked Questions About New York § 256
What does New York Consolidated Laws § 256 cover?
Section 256 ("256Mortgage loans") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 256?
A common citation format is "New York Consolidated Laws § 256" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 256 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.