US News

CHARLIE’S MORTGAGE BARES HOME UNTRUTH

Rep. Charles Rangel claimed on mortgage papers that a Harlem brownstone was his principal residence — even though he was living elsewhere at the time, The Post has learned.

When the Democrat — who is under investigation by the House Ethics Committee — took out the mortgage in 1990, he said the property on West 132nd Street was his “principal residence,” records show.

But Rangel has been living since the 1970s in Harlem’s Lenox Terrace apartment complex, where he improperly amassed four rent-stabilized properties.

State law requires that rent-regulated apartments be the tenant’s residence.

“I will reside in the Property (on 132nd Street) for at least six (6) months of every calendar year,” read Rangel’s mortgage contract with Citibank, which is on file with the city.

The terms of the $60,000 loan appear to be normal for that time, but lenders say claiming principal residency when you live elsewhere is a serious breach.

“It’s fraud or a mistake,” said David Reed, an author of several popular books about mortgage lending.

“Owner-occupied dwellings — where you hang your hat — always get better interest rates and lower down payments than rental properties or second homes,” Reed added.

“That’s because if a borrower goes south, you’re likely to dump your vacation home or your investment property first.”

Citing privacy concerns, a Citigroup spokesman declined to comment on the mortgage, Rangel’s principal-residency claim, or whether any favorable treatment had been granted to the longtime congressman.

Last November, Rangel and five other members of Congress took a junket to the Caribbean with $100,000 from Citigroup — just weeks after Congress bailed out banks with $700 billion in taxpayer funds.

Rangel sold the brownstone at 74 W. 132nd St. to Bethel AME Church in 2004, although several of his relatives continue to live there.

Newly filed financial-disclosure reports show Rangel has understated his annual earnings, his assets and his business dealings by millions of dollars since 2002, The Post has reported.

This is not the first time Rangel has gotten into trouble claiming property as his primary residence. Last year, The Post reported that Rangel had been claiming a “homestead” tax break in Washington, DC, while claiming primary residency in New York.

Meanwhile, Rangel again refused to answer any questions yesterday.

“My only concern is just to see how is the press going to handle the mistakes that clearly they’ve made after the investigations have been completed and the Ethics Committee has worked its will,” he said.

Additional reporting by Liz Sadler

churt@nypost.com