§ 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 low and moderate income owner-occupants of one to four unit existing private or multiple dwellings within its territorial limits, if such owner-occupants would have been eligible under the provisions of this article for a loan made by the municipality pursuant to this article.
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