§ 1-09 Fee Requirements.
RCNY § 1-09
(a)Simultaneously with the filing of the application the applicant shall deliver to the Department of Housing Preservation and Development, Office of Rehabilitation Financing, a certified or cashier's check payable to the "Municipal Loan Program Application Account" in the sum of one hundred fifty dollars ($150), or such larger amount as may be required by the Agency to defray the costs of appraisal, credit reports and other expenses of processing the application. Applications filed with the Office of Special Improvements must be accompanied by such a check payable to "Small Loan Program Application Account" in the amount of one hundred dollars ($100) for such purposes.
(b)All mortgage loans are subject to a supervision fee in the amount of two (2%) percent of the total loan, payable to the City of New York. Such fee may be waived by the Agency in whole or in part in the case of loans under $4,200 per unit.
(c)A fee in lieu of payment and performance bond, where applicable, shall be requested equal to two (2%) percent of the estimated construction cost, which sum shall be deposited by the Agency in its Rehabilitation Loan Reserve Fund.
(d)A management fee in the amount of 1/4 percent of the original principal amount of the loan shall be charged and payable per annum to meet costs of supervision during the life of the loan. The Agency may in its discretion deposit such sum in its Rehabilitation Loan Fund or use such sum in whole or in part to pay a bank or the New York City Housing Development Corporation for the performance of such services as are generally performed by a banking institution which itself owns and holds a mortgage.
(e)Where a monthly installment of principal and interest on a mortgage has become overdue for a period in excess of fifteen (15) days a "late charge" of one (1) cent per month for every dollar of such installment so overdue may be charged the mortgagor by the Agency and deposited in its Rehabilitation Loan Reserve Fund.
(f)The Agency may determine in its sole discretion to submit the loan application to the New York City Housing Corporation. In the event that such corporation is or shall become the mortgagee, all fees required by this section shall be paid to the corporation rather than to the City of New York, except as the Agency may otherwise prescribe.
(g)None of the fees provided for by this section are refundable.
