Section 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.