Moneys received by the state division of housing or the commissioner of housing pursuant to this chapter and the private housing finance law or under any agreement prior to July first, nineteen hundred sixty-one may be refunded:
Any such moneys received after July first, nineteen hundred sixty-one shall not be so refunded unless application for such refund has been made within three years after its receipt by the state division of housing.
N.Y. Pub. Hous. Law § 12-B