§ 452. Loans to owners. 1. Notwithstanding the provisions of any\ngeneral, special or local law, a municipality is hereby authorized:\n (a) to make or contract to make loans to the owners of existing\nmultiple dwellings within its territorial limits, subject to the\nlimitations in subdivision two of this section, for the elimination of\nany substandard or insanitary condition or conditions in violation of\nthe multiple dwelling law or local housing code, for the incorporation\nof climate resiliency improvements or for such replacement and\nrehabilitation of the heating, plumbing, electrical and related systems\nor other improvements as shall be reasonably necessary to prolong the\nuseful life of such dwellings, and may make temporary loans to such\nowners in anticipation of the permanent municipal loans for such\npurposes; and\n (b) to make or contract to make grants to any owner described in\nparagraph (a) of this subdivision, on the same terms as permitted under\nsuch paragraph for a loan.\n 1-a. As used in this article, the term "loan" shall include any grant\nmade by a municipality pursuant to this article, provided, however, that\nprovisions of this article concerning the repayment or forgiveness of,\nor security for, a loan shall not apply to any grant made pursuant to\nthis article.\n 2. Each loan shall be evidenced by a note executed by the owner of the\nexisting multiple dwelling. The supervising agency in its discretion may\nrequire one or more of the shareholders of a corporate owner to co-sign\nsuch note or to otherwise guarantee or pledge security for the repayment\nof the loan. Each such note shall be repaid within a period of forty\nyears, provided that such period may be extended as the supervising\nagency may determine necessary to ensure the continued affordability or\neconomic viability of the existing multiple dwelling. The repayment\nshall be made in such manner as may be provided in such note and\ncontract, if any, in connection with such loan and may authorize such\nowner, with the consent of the supervising agency, to prepay the\nprincipal of the loan subject to such terms and conditions as therein\nprovided. Such note and contract may contain such other terms and\nprovisions not inconsistent with the provisions of this article as the\nlocal legislative body or supervising agency may deem necessary or\ndesirable to secure repayment of the loan, the interest thereon and\nother charges in connection therewith and to carry out the purposes and\nprovisions of this article, including but not limited to provisions\nensuring availability of rents for such repayment and provisions\npermitting the lien created by such note and mortgage, and, if\napplicable, a regulatory agreement executed by such owner and\nsupervising agency, be recorded in an equal and subordinate position, or\nsubsequently made equal or subordinate, to a lien recorded by any\nprivate lender against such multiple dwelling.\n 3. The supervising agency in its discretion may require that the owner\nexecute a financing statement for real property improvement to be in\nsuch form as the agency shall specify and to contain the following\ninformation: the name and mailing address of the owner, the address of\nthe real property, a statement that a loan has been made by the\nmunicipality under this article, the amount and duration thereof and the\napplicable interest rate. Said financing statement shall be filed\nwithout charge in the office for recording mortgages of real property\nand from the date of such filing the municipality shall have a lien\nagainst said real property for the amount advanced or so much thereof as\nremains unpaid and interest thereon. If a financing statement is filed\nas herein provided, the rights and remedies of the municipality and the\npriority of its lien shall be the same as those of a holder of a lien\nfor the materials furnished or labor performed in the improvement of\nreal property pursuant to articles two and t
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