§ 475. Interest reduction subsidies. Notwithstanding the provisions of
any general, special or local law, a municipality, acting through an
agency, is authorized to provide, or contract to provide, interest
reduction subsidies for loans made by private investors to owners of one
to four unit existing private or multiple dwellings within its
territorial limits, if such owners would have been eligible under the
provisions of this article for a loan made by the municipality pursuant
to this article.