All NYSHFA bond financed mortgages must be secured by a form of credit enhancement. Credit enhancement provides security for the holders of Agency bonds and impacts the bond rating. A higher rating translates into a more favorable bond interest rate and ultimately a lower mortgage rate.
Third Party Credit Enhancement Program
This is the credit enhancement program to use in developing a multifamily project under The 80/20 Program. It can also be utilized with any of the other Agency bond financing programs.
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SONYMA Mortgage Insurance Fund Credit Enhancement Program
Typically used in connection with fixed rate bond financings of affordable multifamily housing financings of between $1 million and not more than $20 million.
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2/08/2012