{ "success" : true, "message" : "The document structure for PVH law", "responseType" : "law-tree", "result" : { "lawVersion" : { "lawId" : "PVH", "activeDate" : "2014-09-22" }, "info" : { "lawId" : "PVH", "name" : "Private Housing Finance", "lawType" : "CONSOLIDATED", "chapter" : "44-B" }, "publishedDates" : [ "2014-09-22", "2014-12-26", "2015-04-17", "2015-05-15", "2015-07-31", "2015-08-07", "2015-08-14", "2015-08-21", "2016-04-08", "2016-07-29", "2016-12-02", "2017-04-21", "2017-08-04", "2017-12-22", "2018-04-20", "2018-04-27", "2018-05-04", "2018-06-22", "2018-07-06", "2018-08-31", "2018-12-14", "2019-04-19", "2019-06-28", "2019-08-02", "2019-10-11", "2019-11-15", "2019-11-29", "2019-12-13", "2019-12-27", "2020-01-10", "2020-04-10", "2020-04-17", "2020-11-13", "2020-12-04", "2021-01-08", "2021-02-19", "2021-04-23", "2021-07-02", "2021-07-09", "2021-07-30", "2021-08-20", "2021-11-12", "2021-12-24", "2021-12-31", "2022-03-04", "2022-03-25", "2022-04-01", "2022-04-22", "2022-07-29", "2022-08-19", "2022-08-26", "2022-12-23", "2023-04-07", "2023-05-12", "2023-07-21", "2023-09-15", "2023-10-27", "2023-11-03", "2023-11-17", "2023-11-26", "2024-02-02", "2024-05-03", "2024-05-10", "2024-05-17", "2024-07-05", "2024-08-02", "2024-08-30", "2024-10-25", "2025-01-31", "2025-05-16", "2025-07-04", "2025-08-29", "2025-10-17", "2025-10-24", "2026-05-29" ], "documents" : { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "-CH44-B", "title" : "Private Housing Finance", "docType" : "CHAPTER", "publishedDates" : [ "2014-09-22", "2017-12-22", "2018-04-20", "2018-05-04", "2018-12-14", "2021-08-20", "2022-12-23", "2023-10-27", "2023-11-26", "2024-05-03" ], "docLevelId" : "44-B", "activeDate" : "2014-09-22", "sequenceNo" : 1, "repealedDate" : null, "fromSection" : "1", "toSection" : "1232", "text" : " CHAPTER 803\\n AN ACT in relation to financial aids to private enterprise housing,\\n constituting chapter forty-four-b of the consolidated laws\\n Became a law April 22, 1961, with the approval of the Governor.\\n Passed, by a majority vote, three-fifths being present\\n The People of the State of New York, represented in Senate and\\nAssembly, do enact as follows:\\n CHAPTER FORTY-FOUR-B OF THE CONSOLIDATED LAWS\\nArticle Sections\\n 1. Short title; definitions............................ 1 - 2\\n 2. Limited-profit housing companies................. 10 - 37\\n 3. New York State housing finance agency............ 40 - 62\\n 3-A. Permanent housing for homeless families.......... 63 - 69\\n 4. Limited dividend housing companies................ 70 - 97\\n 5. Redevelopment companies......................... 100 - 128\\n 6. Urban redevelopment corporations................ 200 - 221\\n 6-A. Community development corporations.............. 250 - 261\\n 7. Mortgage facilities corporation................. 300 - 313\\n 7-A. Community senior citizens centers and\\n services companies............................ 350 - 365\\n 8. Loans to owners of existing multiple\\n dwellings..................................... 400 - 408\\n 8-A. Small loans to owners of multiple\\n dwellings to remove substandard or\\n insanitary conditions......................... 450 - 457\\n 8-B. Loans to owner-occupants of one to\\n four unit private and multiple\\n dwellings..................................... 470 - 478\\n 9. Acquisition of property......................... 500 - 508\\n 10. Sale or lease of projects....................... 550 - 560\\n 11. Housing development fund companies.............. 570 - 582\\n 12. New York city housing development\\n corporation................................... 650 - 670\\n 13. Miscellaneous................................... 600 - 609\\n 15. Participation loans to owners of\\n multiple dwellings by private investors\\n and municipalities utilizing federal\\n grant funds................................... 800 - 806\\n 16. Neighborhood preservation companies............. 901 - 910\\n 16-A. Urban initiatives............................... 920 - 924\\n 17. Housing and community preservation\\n in rural areas.............................. 1001 - 1011\\n 17-A. Rental assistance program for rural\\n areas....................................... 1020 - 1025\\n 17-B. Rural area revitalization projects............ 1051 - 1057\\n 18. Low income housing trust fund program......... 1100 - 1103\\n 18-A Low income turnkey/enhanced housing\\n trust fund program....................... 1106 - 1106-J\\n 19. Affordable home ownership development\\n program..................................... 1110 - 1113\\n 20. Manufactured home cooperative fund\\n program..................................... 1120 - 1123\\n 21. Infrastructure development demonstration\\n program..................................... 1130 - 1133\\n 22. Affordable housing develpment loans........... 1150 - 1153\\n 24. National affordable housing act\\n program..................................... 1170 - 1174\\n 25. New York access to home program............... 1200 - 1202\\n 26. New York main street program.................. 1220 - 1222\\n 27. Rural and urban community investment fund\\n program..................................... 1230 - 1232\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A1", "title" : "Short Title; Definitions", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1", "activeDate" : "2014-09-22", "sequenceNo" : 2, "repealedDate" : null, "fromSection" : "1", "toSection" : "2", "text" : " ARTICLE 1\\n SHORT TITLE; DEFINITIONS\\nSection 1. Short title.\\n 2. Definitions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1", "activeDate" : "2014-09-22", "sequenceNo" : 3, "repealedDate" : null, "fromSection" : "1", "toSection" : "1", "text" : " § 1. Short title. This chapter shall be known and may be cited and\\nreferred to as the \"private housing finance law.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "2", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "2", "activeDate" : "2014-09-22", "sequenceNo" : 4, "repealedDate" : null, "fromSection" : "2", "toSection" : "2", "text" : " § 2. Definitions. The following terms, whenever used or referred to in\\nthis chapter, shall have the following meaning, unless a different\\nmeaning clearly appears from the context, or unless specifically defined\\nin any of the articles of this chapter:\\n 1. \"Area\". A section of a municipality which is substandard or\\ninsanitary. The term \"substandard or insanitary area\" shall mean and be\\ninterchangeable with a slum, blighted, deteriorated or deteriorating\\narea, whether residential, non-residential, commercial, industrial, or\\nvacant, or any combination thereof and may include land and buildings or\\nimprovements not in themselves insanitary or substandard, the inclusion\\nof which is necessary to effectuate a plan.\\n 2. \"Assessed valuation.\" The value of any parcel of real property with\\nrespect to any local tax thereon, including therein buildings and\\nimprovements as well as land, as assessed by the respective official,\\nbureau, board, commission or agency charged with assessing the same for\\nsuch local tax.\\n 3. \"Authority.\" A public corporation as defined in subdivision two of\\nsection three of the public housing law.\\n 4. \"Banking institution.\" Any corporation, association or organization\\norganized under the banking laws of New York state or the United States\\nwhich is authorized to transact business in this state.\\n 5. \"City.\" A city in the state.\\n 6. \"Commissioner.\" The commissioner of housing of the state of New\\nYork.\\n 7. \"Comptroller.\" The comptroller of the state of New York.\\n 8. \"Condemnation.\" The acquisition of real property in the manner\\nprovided by any general, special or local law or city charter for the\\nacquisition of real property by the municipality in which such property\\nis to be taken.\\n 8-a. \"Federal government.\" The government of the United States of\\nAmerica or any agency or instrumentality thereof.\\n 9. \"Foundation.\" Any organization, association or corporation\\norganized for charitable purposes which shall have received exemption\\nfrom federal taxation by virtue of its eleemosynary, religious or\\neducational functions.\\n 9-a. \"Home owners purchase note.\" A promissory note accepted by a\\nmutual company, mutual housing company, mutual redevelopment company, or\\nhousing development fund company which is organized pursuant to the\\nbusiness corporation law and article eleven of this chapter, as\\nconsideration for the issuance of shares entitling a person or family to\\noccupancy of an apartment in a project of such mutual company, mutual\\nhousing company, mutual redevelopment company, or housing development\\nfund company, as the case may be, payable over or within a period of ten\\nyears.\\n 10. \"Insurance company.\" Any insurance company authorized to transact\\nbusiness in this state.\\n 11. \"Labor union.\" Any organization organized under the laws of the\\nstate of New York and which exists and is constituted for the purpose,\\nin whole or in part, of collective bargaining, or of dealing with\\nemployers concerning grievances, terms or conditions of employment or of\\nother mutual aid or protection for its members.\\n 12. \"Local legislative body\". In a city, the board of aldermen, common\\ncouncil, commission, or other board or body now or hereafter vested with\\njurisdiction to enact ordinances or local laws, except that if there be\\nin a city of one million population or more, a board of estimate, the\\nterm shall mean only such board of estimate; in a town, the town board;\\nin a village, the board of trustees; in a county, the board of\\nsupervisors.\\n 13. \"Mortgage.\" A mortgage, trust indenture, deed of trust, building\\nand loan contract or other instrument creating a lien on real property,\\nand the indebtedness secured by each of them.\\n 14. \"Multiple dwelling.\" An existing building, accommodating three or\\nmore families living independently of each other.\\n 14-a. \"Mutual company,\" \"mutual housing company\" or \"mutual\\nredevelopment company\". A limited profit or limited dividend housing\\ncompany incorporated pursuant to the provisions of this chapter or a\\nredevelopment company incorporated pursuant to the provisions of this\\nchapter, and operated exclusively for the benefit of the persons or\\nfamilies who are entitled to occupancy in a project of such company,\\nhousing company or redevelopment company, as the case may be, by reason\\nof ownership of shares therein.\\n 15. \"Supervising agency.\" The comptroller in a municipality having a\\ncomptroller; in a municipality having no comptroller, the chief fiscal\\nofficer of such municipality; except that in the city of New York it\\nshall be the department of housing preservation and development.\\n 16. \"Municipal corporation,\" and \"municipality\". A city, town or\\nvillage, or a county having a county department of assessment with the\\npower to assess real property; the term \"municipal\" shall be deemed to\\nrelate to a city, town or village, or to a county having a county\\ndepartment of assessment with the power to assess real property.\\n 17. \"Municipally-aided project.\" A limited profit housing company\\nproject, other than a state urban development corporation project, which\\nis aided by a municipal mortgage loan, a loan by the New York city\\nhousing development corporation or tax exemption or both and is not\\naided by any state mortgage loan or any mortgage loan made by the New\\nYork state housing finance agency or any mortgage loan made by the\\nBattery Park city authority or any mortgage loan insured by the federal\\ngovernment made for the purpose of refinancing a mortgage loan other\\nthan a municipal mortgage loan or a mortgage loan made by the New York\\ncity housing development corporation.\\n 18. \"Neighborhood unit.\" A primarily residential district having the\\nfacilities necessary for well-rounded family living, such as schools,\\nparks, playgrounds, parking areas and local shopping districts.\\n 19. \"Persons of low income\" and \"families of low income.\" Persons or\\nfamilies who are in the low income groups and who cannot afford to pay\\nenough to cause private enterprise in their municipality to build a\\nsufficient supply of adequate, safe and sanitary dwellings.\\n 20. \"Plan.\" A plan or undertaking for the clearance, replanning and\\nreconstruction or rehabilitation of a substandard and insanitary area or\\nareas and for recreational and other facilities incidental or\\nappurtenant thereto to effectuate the purposes of article eighteen of\\nthe constitution.\\n 21. \"Planning commission.\" Any agency of a municipality authorized to\\nprepare, adopt or amend the map of the municipality or empowered to\\nprepare, adopt and from time to time modify a comprehensive or master\\nplan of the municipality, if there be one, or if there be none, the\\nlocal legislative body of the municipality.\\n 22. \"Project.\" A specific work or improvement to effectuate all or any\\npart of a plan. The term shall include the lands, buildings and\\nimprovements acquired, owned, constructed, managed or operated\\nhereunder, to provide dwelling accommodations for persons of low income,\\nand such stores, offices and other non-housing facilities as well as\\nsocial, recreational or communal facilities, as may be deemed by the\\nauthority or municipality to be incidental or appurtenant to a project.\\nSubject to the provisions of article eighteen of the constitution with\\nrespect to state projects, such dwelling accommodations may be provided\\nin any section of the municipality, whether or not such section has\\ninsanitary or substandard housing conditions.\\n 22-a. \"State urban development corporation project\". A project\\nacquired, owned, constructed, managed or operated by a company organized\\npursuant to articles two, four or eleven of this chapter which is a\\nsubsidiary of the New York state urban development corporation, as the\\nterm \"subsidiary\" is defined in the New York state urban development\\ncorporation act.\\n 22-b. \"Battery Park city project.\" A project acquired, owned,\\nconstructed, managed or operated by a company organized pursuant to\\narticle two, article four or article eleven of this chapter and located\\nwithin the Battery Park project area, as defined in the battery park\\ncity authority act.\\n 23. \"Project cost.\" The cost of any or all undertakings necessary for\\nplanning, financing (including payment of carrying charges), land\\nacquisition, demolition, construction, equipment, and site development\\nof new buildings, reconstruction, repair or remodeling of existing\\nbuildings, but not beyond the point of physical completion; and the cost\\nof tenant placement service in connection with a project.\\n 24. \"Real property\" or \"property.\" Lands and improvements and any\\nfixtures, equipment and article of personal property affixed to or used\\nin connection therewith, lands under water, waterfront property, the\\nwater of any lake, pond or stream, and any and all easements, franchises\\nand hereditaments, corporeal or incorporeal, and every estate, interest\\nand right therein, legal and equitable, in lands or water, and right,\\ninterest, privilege, easement and franchise relating to the same,\\nincluding terms for years and liens by way of judgment, mortgage or\\notherwise.\\n 25. \"State.\" The state of New York.\\n 26. \"State-aided project\". Any project other than a municipally-aided\\nlimited profit housing company project, a redevelopment company project\\nor a redevelopment corporation project.\\n 27. \"Total carrying charges\". All charges paid to the housing company\\nby a person or family living in a project under a lease for ninety-nine\\nyears renewal, or in perpetuity, or by reason of ownership of stock in\\nsuch company. The word \"rental\" shall mean and be interchangeable with\\n\"total carrying charges\" when used in connection with a mutual company.\\n 28. \"Veterans' organization.\" Any organization of persons who have\\nserved in the armed forces of the United States during time of war which\\nhas been duly chartered as a veterans' organization under the laws of\\nthe United States or of the state of New York.\\n 29. \"Annual income\" or \"income\". The total income as reported in the\\nNew York state income tax return, less such personal exemptions and\\ndeductions for medical expenses as are actually taken by the taxpayer.\\nProvided, however, that federal old age, survivors, and disability\\ninsurance benefits shall not be deemed income in articles two, four and\\neleven of this chapter. This definition shall be employed in articles\\ntwo, four, eight and eleven of this chapter in the computation of\\n\"probable aggregate annual income\" as therein defined.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 2 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A2", "title" : "Limited-profit Housing Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22", "2021-07-30", "2021-12-31" ], "docLevelId" : "2", "activeDate" : "2014-09-22", "sequenceNo" : 5, "repealedDate" : null, "fromSection" : "10", "toSection" : "37", "text" : " ARTICLE II\\n LIMITED-PROFIT HOUSING COMPANIES\\nSection 10. Short title.\\n 11. Policy and purposes of article.\\n 11-a. Additional policy and purposes of article.\\n 12. Definitions.\\n 13. Limited-profit housing companies; how created.\\n 13-a. The applicability of not-for-profit corporation law.\\n 13-b. Verification of papers filed with supervising agency.\\n 14. Consent of commissioner to incorporation.\\n 15. Participation by certain corporations and individuals.\\n 16. Limited-profit housing companies; partnership relations.\\n 17. Powers.\\n 18. Designation of and service of process on secretary of\\n state and registered agent.\\n 19. Consideration for issuance of stock, bonds or income\\n debentures.\\n 20. Mortgages, mortgage bonds and notes.\\n 21. Capital structure.\\n 22. State loans.\\n 22-a. Redevelopment loans.\\n 22-b. Loans for state-aided limited-profit housing companies.\\n 23. Municipal loans and municipally aided projects.\\n 23-a. Mortgage modifications, evidence of pre-existing\\n indebtedness.\\n 23-b. Participation in loan or investment.\\n 23-c. Mortgage modifications.\\n 24. Income debentures.\\n 25. Working capital.\\n 26. Conditions and security for loans.\\n 26-a. Findings for municipally-aided projects.\\n 26-b. Special provisions with respect to state urban development\\n corporation projects.\\n 26-c. Special provisions with respect to Battery Park city\\n projects.\\n 27. Limitations.\\n 28. Payments from earnings.\\n 29. Acquisition of property.\\n 30. Transfer of real property.\\n 31. Rentals and selection of tenants.\\n 31-a. Resale price of shares.\\n 31-b. Assignment or pledge of tenant cooperator's shares.\\n 32. Supervision and regulation.\\n 32-a. Additional supervision and regulation.\\n 32-b. Annual reports.\\n 33. Tax exemptions.\\n 34. Foreclosure and judgments.\\n 35. Voluntary dissolution.\\n 36. Sale of project prior to termination of tax exemption.\\n 36-a. Additional powers of municipalities.\\n 37. Separability clause.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "10", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "10", "activeDate" : "2014-09-22", "sequenceNo" : 6, "repealedDate" : null, "fromSection" : "10", "toSection" : "10", "text" : " § 10. Short title. This article shall be known and may be cited and\\nreferred to as the \"limited-profit housing companies law.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "11", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "11", "activeDate" : "2014-09-22", "sequenceNo" : 7, "repealedDate" : null, "fromSection" : "11", "toSection" : "11", "text" : " § 11. Policy and purposes of article. It is hereby declared that there\\nexists in municipalities in this state a seriously inadequate supply of\\nsafe and sanitary dwelling or non-housekeeping accommodations for\\nfamilies and persons of low income, including accommodations for\\nhandicapped persons of low income and aged care accommodations for aged\\npersons of low income; that such conditions are due, in large measure,\\nto over-crowding and concentration of the population, improper planning,\\nexcessive land coverage, lack of proper light, air and space, improper\\nsanitary facilities and inadequate protection from fire hazards; that\\nsuch conditions constitute an emergency and a grave menace to the\\nhealth, safety, morals, welfare and comfort of citizens of this state,\\nnecessitating speedy relief which cannot readily be provided by the\\nordinary unaided operation of private enterprise and require that\\nprovision be made by which private free enterprise may be encouraged to\\ninvest in companies regulated by law as to rents, profits, dividends and\\ndisposition of their property or franchises and engaged in providing\\nsuch housing facilities and other facilities incidental or appurtenant\\nthereto for families or persons of low income; that it is necessary that\\nprovision be made for participation by the state, its municipalities and\\nthe New York state housing finance agency in the financing of such\\nhousing, for the acquisition by such companies of real property required\\nfor such purposes and for public assistance to such companies by the\\ngranting of tax exemptions; that the cooperation of the state, its\\nsubdivisions and the New York state housing finance agency is necessary\\nto accomplish such purposes; that the provision of such adequate, safe\\nand sanitary housing accommodations by such companies jointly or\\nseverally are public uses and purposes for which public money may be\\nloaned and private property may be acquired by and for such companies\\nand tax exemptions granted; that such conditions require the creation of\\nthe companies hereinafter prescribed for the purpose of attaining the\\nends herein recited; and the necessity in the public interest for the\\nprovisions hereinafter enacted is hereby declared as a matter of\\nlegislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "11-A", "title" : "Additional policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "11-A", "activeDate" : "2014-09-22", "sequenceNo" : 8, "repealedDate" : null, "fromSection" : "11-A", "toSection" : "11-A", "text" : " § 11-a. Additional policy and purposes of article. 1. It is hereby\\ndeclared that the elimination of conditions causing a deterioration of\\nthe quality of urban life in municipalities of the State and the\\nrevitalization and improvement of the quality of urban life in such\\nmunicipalities through comprehensive programs and projects constituting\\na total attack upon such conditions are the most critical problems\\nfacing the municipalities, the state and the federal government, and are\\nvital to the health, well-being, safety and prosperity of the\\ninhabitants of the municipalities and the people of the state. Neither\\nthe municipalities nor the state have adequate resources to undertake,\\ndevelop and operate the comprehensive programs and projects necessary\\nfor the accomplishment of such purposes. The ordinary operations of\\nprivate enterprise cannot rectify such conditions or accomplish such\\npurposes. The elimination of such conditions and accomplishment of such\\npurposes require the participation and cooperation of the\\nmunicipalities, the State, the Federal government, private enterprise,\\ninstitutions of higher learning, community and civic groups, fraternal\\nand labor organizations, foundations, and all other responsible\\ncomponents of the community.\\n 2. Among the conditions causing such deterioration are: the residence\\nof large numbers of families, adults and children in slum ghettos;\\ninsanitary and inadequate housing or other physical environment; a\\nsevere shortage of decent healthful housing accommodations to meet the\\nneeds of large numbers of families, adults and children; economic,\\neducational or community imbalance resulting from excessive migration of\\neconomic or other groups to or from communities; depletion of job or\\nbusiness opportunities because of migration of business and industry\\nfrom communities; and the existence of physical, social, and economic\\nblight and crime. Such conditions create and perpetuate slum ghettos,\\nblight and crime, cause a progressive deterioration of the quality of\\nurban life for all persons in the municipalities and the State, render\\nor tend to render the municipalities undesirable places in which to\\nlive, work and raise families, impair the sound economic, cultural and\\nsocial growth of municipalities and communities thereof, break down the\\nability of municipalities or communities thereof to grow, expand,\\ndevelop or continue as viable municipalities or communities, and\\nthreaten the life, health, well-being, safety and prosperity of all\\npersons in municipalities and the people of the State.\\n 2-a. It is hereby found that improvement of the physical environment\\nand revitalization of the quality of urban life in such municipalities\\nwould be promoted by cooperative action by tenants who are persons or\\nfamilies of low income to acquire ownership of their dwellings and to\\noperate them on a nonprofit basis; that such cooperative undertakings,\\nwith their consequent pride and responsibility of ownership, would help\\nto stem the abandonment of deteriorating but structually sound\\nbuildings, which contributes to a substantial loss of much needed\\nhousing stock, and would lead to the stabilization and renewal of\\ndeteriorating neighborhoods. It is found necessary, in order to assure\\nthe feasibility of such cooperative undertakings, to make available to\\nsuch tenants long-term financing on a favorable basis and tax exemption\\nto enable them to purchase and maintain their dwellings at a reasonable\\ncost.\\n 3. The rehabilitation or redevelopment of slum ghettos and other areas\\ninto sound healthy balanced viable communities, the enhancement of the\\nphysical environment, health, and social well-being of the inhabitants\\nand the expansion of their social and economic opportunity require among\\nother measures the attraction to the neighborhoods of varying economic\\nclasses in addition to persons of low income and the availability\\ntherein of a wide choice of housing from the standpoint of design and\\namenities.\\n 4. It is hereby further found that there are certain parts of\\nmunicipalities where conditions of blight are so extensive in area that,\\nnotwithstanding a continued shortage of safe and sanitary dwelling\\naccommodations in the municipality for low and middle income families,\\nit is not economic for private enterprise to build limited profit\\nhousing in such areas since it cannot supply proper housing at prices\\nwithin the economic reach of low-income families in such blighted areas\\nor attract tenants or buyers from other areas by offering rents and\\nprices which are competitive with rents and prices of housing in areas\\nof the municipality which are not blighted. It is found that there are\\nother locations in such municipalities where housing development is\\ndesirable for sound community growth, but, similarly, where private\\nenterprise cannot build limited profit housing which is within the\\neconomic reach of persons in the area who require such housing.\\n 5. It is the purpose of this article to enable municipalities to\\nundertake projects directly or in combination with the Federal\\ngovernment, private enterprise and any of the other responsible\\ncomponents of the community, to accomplish the public purposes herein\\ndescribed through the most effective and economical concentration and\\ncoordination of Federal, State, local and private resources and efforts.\\n 6. It is hereby further found and determined that the accomplishment\\nof the purposes herein described is a matter of public concern, a\\ngovernmental purpose, a city, town, and village purpose, and a public\\npurpose and a public use for the accomplishment of which (a) the money\\nand property of a city, town or village, may be given, loaned or\\nexpended, (b) indebtedness may be contracted by a city, town or village,\\nand (c) eminent domain exercised by a city, town or village, as\\nhereinafter provided.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "12", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "12", "activeDate" : "2014-09-22", "sequenceNo" : 9, "repealedDate" : null, "fromSection" : "12", "toSection" : "12", "text" : " § 12. Definitions. As used in this article, the following terms shall\\nmean and include:\\n 1. \"Areas.\" A section of a municipality in which there is to be\\nlocated a project approved by the municipality as provided in paragraph\\n(a) of subdivision one and in subdivision five of section twenty-six of\\narticle two of this chapter.\\n 2. \"Company\". A limited-profit housing company duly incorporated\\npursuant to the provisions of this article, or a company incorporated\\npursuant to the not-for-profit corporation law and this article for the\\npurpose of providing housing and auxiliary facilities for staff members,\\nemployees or students of a college, university, hospital or child care\\ninstitution and their immediate families or for aged or handicapped\\npersons of low income, pursuant to this article, or a municipally-aided\\nnon-profit company as hereinafter defined, or a low income non-profit\\nhousing company as hereinafter defined.\\n 2-a. \"Home owners purchase note.\" A promissory note accepted by a\\nmutual company as consideration for the issuance of stock entitling a\\nperson or family to occupancy of an apartment in a project, payable over\\nor within a period of ten years.\\n 2-b. \"Mutual company.\" A company whose dwelling facilities, to the\\nextent of at least eighty per centum, are occupied by persons or\\nfamilies who are entitled to such occupancy by reason of ownership of\\nshares in such company; provided however that a company that was not a\\nmutual company prior to July first, nineteen hundred ninety-five may\\nbecome a mutual company if its dwelling facilities, to the extent of at\\nleast fifty per centum, are occupied by persons or families who are\\nentitled to such occupancy by reason of ownership of shares in such\\ncompany. The commissioner or supervising agency shall provide procedures\\nfor such conversion of a company to a mutual company on or after July\\nfirst, nineteen hundred ninety-five; such procedures shall require the\\nsubmission of a plan for attaining eighty per centum owner occupancy.\\n 2-c. \"Urban Rental Company.\" A company whose project is located in or\\nadjacent to a municipality and whose housing accommodations are occupied\\nby persons or families who do not own the shares in such company.\\n 3. \"Occupancy date.\" The date defined in the contract between a\\ncompany and a municipality or the state, as the case may be, as the date\\nupon which the project is to be deemed ready for occupancy, or if such\\nterm is not defined in such contract, the date of issuance of the\\ntemporary certificate of occupancy.\\n 4. \"Plan.\" A plan or undertaking of an area or areas for providing low\\nrent housing for persons of low income, and for other facilities\\nincidental and appurtenant thereto.\\n 5. \"Project.\" A specific work or improvement, including lands,\\nbuildings and improvements acquired, owned, constructed, rehabilitated,\\nimproved, managed or operated by a company providing dwelling\\naccommodations, non-housekeeping accommodations, aged care\\naccommodations or accommodations for handicapped persons pursuant to\\nthis article, or undertaken, planned, developed, constructed or owned\\npursuant to section thirty-six-a of this article, and such business,\\ncommercial, cultural, recreational, communal, dining, medical and\\nnursing treatment, day care or residential child care facilities or any\\ncombination thereof, or other facilities as may be deemed by the\\ncommissioner with respect to a project aided by a state loan or New York\\nstate housing finance agency loan or by the supervising agency with\\nrespect to a municipally-aided project or a project undertaken, planned,\\ndeveloped, constructed or owned pursuant to section thirty-six-a of this\\narticle, to be incidental and appurtenant thereto. In the case of a\\nstate loan or New York state housing finance agency loan, a project\\nshall effectuate all or part of a plan, provided, however, that such\\ndwelling accommodations, non-housekeeping accommodations, aged care\\naccommodations or accommodations for handicapped persons may be provided\\nin any section of the municipality, whether or not such section has\\ninsanitary or substandard housing conditions.\\n 5-a. \"State urban development corporation project\". A project\\nacquired, owned, constructed, managed or operated by a limited-profit\\nhousing company which is a subsidiary of the New York state urban\\ndevelopment corporation, as the term \"subsidiary\" is defined in the New\\nYork state urban development corporation act.\\n 5-b. \"Battery Park city project.\" A project acquired, owned,\\nconstructed, managed or operated by a company organized pursuant to this\\narticle and located within the Battery Park project area, as defined in\\nthe Battery Park city authority act.\\n 6. \"Project cost\". The sum total of all costs incurred by a company\\nand, as approved by the commissioner in the case of a state-aided\\nproject or a project aided by the New York state housing finance agency\\nor by the supervising agency in the case of a municipally-aided project\\nas reasonable and necessary for carrying out all works and undertakings\\nfor the development of a project. These shall include but are not\\nnecessarily limited to the carrying charges during construction and\\nbefore physical completion or rehabilitation, working capital not\\nexceeding three per cent of the estimated total cost or three per cent\\nof the actual total final cost, whichever is larger, the cost of all\\nnecessary studies, surveys, plans and specifications, architectural,\\nengineering, or other special services, the cost of acquisition of land\\nand any buildings thereon, site preparation and development,\\nconstruction, reconstruction and equipment; the reasonable cost of\\nfinancing incurred by the investor in the course of development of the\\nproject, up to and including the occupancy date; the fees imposed by the\\ncommissioner or by the supervising agency or by both; other fees charged\\nin the course of the development of the project up to and including the\\noccupancy date, pursuant to the provisions of this article; the\\nnecessary expenses in connection with the initial occupancy of the\\nproject and where applicable, the cost of such training services as will\\nassist the residents of the project to acquire ownership and to operate\\nthe project in an efficient and harmonious manner; and the cost of such\\nother items, including tenant relocation, as the commissioner, in the\\ncase of a state-aided project or a project aided by the New York state\\nhousing finance agency or the supervising agency, in the case of a\\nmunicipally-aided project shall determine to be reasonable and necessary\\nfor the development of the project, less any and all net rents and other\\nnet revenues received from the operation of the real or personal\\nproperty on the project site, or any part thereof, by the company on or\\nafter the date on which the contract between the company and the state\\nor the New York state housing finance agency or municipality was entered\\ninto and prior to the occupancy date. In the case of any project\\npurchased or leased by a company from a municipality pursuant to the\\nprovisions of section thirty-six-a of this article, project cost shall\\ninclude the value of the lease or the purchase price paid or to be paid\\nby such company to such municipality.\\n 7. \"Local and municipal taxes\". Taxes levied by a county, city,\\nvillage, town, school and special district but shall not include\\nassessments for local improvements.\\n 8. \"Child Care Institution\"--A private, non-profit, resident agency,\\nassociation, corporation, institution or other organization, which is\\nincorporated or organized under the laws of this state for the care and\\ntreatment of children, which actually has its place of business or plant\\nin this state and which submits and consents to the approval,\\nvisitation, inspection and supervision of the Department of Social\\nWelfare, or a similar administrative department of the State of New York\\nas to any and all acts in relation to the welfare of children performed\\nor to be performed thereby.\\n 9. \"Housing\". As used in this article the term includes:\\n (a) \"Dwellings\". \"Dwelling accommodations\". A room or rooms, with or\\nwithout cooking facilities, arranged for occupancy as a self-contained\\nunit.\\n (b) \"Non-housekeeping accommodations\". A room or rooms, without\\ncooking facilities, and with or without board designed for the occupancy\\nof staff members, employees or students of a college, university or\\nhospital.\\n (c) \"Aged care accommodations\". Non-housekeeping accommodations for\\naged persons with board and aged care service as may be provided as an\\nincident to occupancy, provided however, that no such service shall be\\nof such a nature, kind or quality as to require licensing by the state\\ndepartment of health under article twenty-eight of the public health\\nlaw.\\n (d) \"Accommodations for handicapped persons.\" Dwelling accommodations\\ndesigned for the occupancy of handicapped persons or non-housekeeping\\naccommodations designed for the occupancy of handicapped persons with\\nboard and such service as may be provided as an incident to occupancy,\\nprovided however, that no such service shall be of such a nature, kind\\nor quality as to make the facility subject to the jurisdiction of any\\nother agency of the state.\\n 10. \"Persons of low income\" and \"families of low income\". Persons or\\nfamilies who are in the low income groups and who cannot afford to pay\\nenough to cause private enterprise in their municipality to build a\\nsufficient supply of adequate, safe and sanitary dwellings,\\nnon-housekeeping accommodations or aged care accommodations.\\n 11. \"Preliminary Costs\". Project costs approved by the supervising\\nagency as appropriate expenditures which may be incurred prior to\\ncommitment and initial advance of the proceeds of a mortgage loan under\\nthis article, including but not limited to: (a) payments for options to\\npurchase properties on the proposed housing project site, deposits on\\ncontracts of purchase, or with prior approval of the supervising agency,\\npayments for the purchase of such properties; (b) legal and\\norganizational expenses, including payment of attorneys' fees, project\\nmanager and clerical staff salaries, office rent and other incidental\\nexpenses; (c) payment of fees for preliminary feasibility studies and\\nadvances for planning, engineering and architectural work; (d) expenses\\nfor tenant surveys and market analyses; (e) necessary application and\\nother fees; and (f) such other expenses incurred by the limited-profit\\nhousing company as the supervising agency may deem appropriate to\\neffectuate the purposes of this article.\\n 12. \"Municipally-aided non-profit company.\" A non-profit housing\\ncompany duly incorporated pursuant to the not-for-profit corporation law\\nand this article, which is aided by a municipal mortgage loan, a loan by\\nthe New York city housing development corporation or tax exemption or\\nboth and is not aided by any state mortgage loan or any mortgage loan by\\nthe New York state housing finance agency or a mortgage loan insured by\\nthe federal government made for the purpose of refinancing a mortgage\\nloan other than a municipal mortgage loan or a mortgage loan made by the\\nNew York city housing development corporation.\\n 13. \"Municipally-aided mutual company.\" A mutual company which is\\naided by a municipal mortgage loan, a loan by the New York city housing\\ndevelopment corporation or tax exemption or both and is not aided by any\\nstate mortgage loan or any mortgage loan by the New York state housing\\nfinance agency or a mortgage loan insured by the federal government made\\nfor the purpose of refinancing a mortgage loan other than a municipal\\nmortgage loan or a mortgage loan made by the New York city housing\\ndevelopment corporation.\\n 14. \"Low income non-profit housing company.\" A non-profit housing\\ncompany duly incorporated pursuant to the not-for-profit corporation law\\nand this article, whose principal purpose is to provide housing for\\npersons of low income and families of low income and which is aided by a\\nstate mortgage loan or mortgage loan by the New York state housing\\nfinance agency or a municipal mortgage loan or municipal tax exemption,\\nor both, or a mortgage loan insured by the federal government.\\n 15. \"Residual indebtedness.\" Where a mortgage loan is refinanced\\npursuant to section twenty-three-a or subdivision twenty-two-a of\\nsection six hundred fifty-four of this chapter, residual indebtedness\\nshall be the indebtedness of a company due on the original mortgage\\nloan, including all unpaid principal and all interest accrued thereon,\\nless an amount equal to the principal amount, when made, of the mortgage\\ninsured by the federal government in connection with the refinancing.\\nSuch indebtedness shall be secured by a mortgage which may be\\nsubordinate to the lien of any mortgage insured by the federal\\ngovernment and may contain such terms and conditions not inconsistent\\nwith this article as may be approved by the supervising agency and as\\nthe supervising agency may deem necessary or desirable to secure the\\nrepayment of such residual indebtedness. Residual indebtedness shall not\\nbe restricted by the provisions of this article relating to project\\ncost.\\n 16. \"Residual receipts obligations\". Where a mortgage loan is\\nrefinanced pursuant to section twenty-three-a or subdivision\\ntwenty-two-a of section six hundred fifty-four of this chapter, residual\\nreceipts obligations shall mean the amount of any additional loan to a\\ncompany, and any amounts paid other than by the company, to establish\\nescrow accounts or reserves or to satisfy minimum property standards or\\nto install life safety devices for the issuance of mortgage insurance by\\nthe federal government in connection with the refinancing. With the\\napproval of the supervising agency and the consent of the company,\\nresidual receipts obligations may be evidenced by non-interest bearing\\nresidual receipts notes. Residual receipts obligations shall be payable\\nonly after the payment in full of all residual indebtedness. Residual\\nreceipts obligations shall not be restricted by the provisions of this\\narticle relating to project cost and shall not include any amounts\\ndeposited under an agreement with the federal government for the sharing\\nof claims paid by the federal government on account of insurance of\\nmortgages.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "13", "title" : "Limited-profit housing companies; how created", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "13", "activeDate" : "2014-09-22", "sequenceNo" : 10, "repealedDate" : null, "fromSection" : "13", "toSection" : "13", "text" : " § 13. Limited-profit housing companies; how created. A company may be\\ncreated by three or more persons, approved by the commissioner, by\\nmaking, subscribing, acknowledging and filing with the secretary of\\nstate a certificate which shall be entitled and endorsed \"Certificate of\\nIncorporation of (name of company) pursuant to the Limited-Profit\\nHousing Companies Law\"; provided that if the company is to be organized\\nto undertake a municipally-aided project the commissioner shall not\\napprove such persons unless they shall have been first approved by the\\nsupervising agency; provided further that no company shall be created to\\nprovide aged care accommodations or accommodations for handicapped\\npersons under this article, except under this article and the\\nnot-for-profit corporation law. The certificate shall state:\\n 1. The name of the proposed company.\\n 2. The purposes for which it is to be formed which shall include among\\nother things a provision that the company is to plan, acquire,\\nconstruct, own, maintain, and operate projects pursuant to the terms and\\nprovisions of this article.\\n 3. Except in the case of a not-for-profit corporation, the amount of\\nthe capital shares, and if any be preferred shares, the preference\\nthereof.\\n 4. Except in the case of a not-for-profit corporation, the number of\\nshares of which capital shall consist, all of which shall have a par\\nvalue.\\n 5. The municipality, as well as the county within this state, in which\\nits principal business office is to be located, and the address to which\\nthe secretary of state shall mail a copy of process in any action or\\nproceeding against the corporation which may be served upon him.\\n 6. Its duration, which shall be: (a) not less than the period for\\nwhich the loans contracted for under this article and the interest\\nthereon remain unpaid in whole or in part; and (b) not less than the\\nperiod for which tax exemption is granted pursuant to section\\nthirty-three of this article; and (c) in any event not less than\\nthirty-five years from the date of occupancy of any project, except as\\nmay be provided in sections thirty-five and thirty-six of this article.\\n 7. The number of directors, which shall not be less than three nor\\nmore than twenty-one, and who shall be elected by the stockholders or\\nmembers of the corporation. Unless required by the certificate of\\nincorporation or the by-laws, directors need not be stockholders.\\nDirectors appointed by the commissioner pursuant to subdivision fifteen\\nof this section or by the supervising agency pursuant to paragraph (c)\\nof subdivision sixteen of this section need not be stockholders or meet\\nother qualifications which may be prescribed by the certificate of\\nincorporation or the by-laws. In a corporation undertaking a state-aided\\nproject one additional director may be designated by the commissioner,\\nand, in the case of all state-aided mutual companies, such additional\\ndirector shall be designated by the commissioner at the creation of the\\ncompany and shall serve from the time of such designation at least until\\na board of directors has been elected by the tenants entitled to\\noccupancy in the project by reason of ownership of shares in such\\ncompany. In a corporation undertaking a municipally-aided project one\\nadditional director may be designated by the supervising agency, and, in\\nthe case of all municipally-aided mutual companies, such additional\\ndirector shall be designated by the supervising agency at the creation\\nof the company and shall serve from the time of such designation at\\nleast until a board of directors has been elected by the tenants\\nentitled to occupancy in the project by reason of ownership of shares in\\nsuch company. The director appointed by the commissioner or the\\nsupervising agency need not be a stockholder or meet other\\nqualifications which may be prescribed by the certificate of\\nincorporation or the by-laws. In the absence of fraud or bad faith the\\ndirector appointed by the commissioner hereunder or the supervising\\nagency or the directors appointed by the commissioner or by the\\nsupervising agency pursuant to subdivision fifteen or paragraph (c) of\\nsubdivision sixteen respectively of this section shall not be personally\\nliable for the debts, obligations or liabilities of the corporation.\\nDirectors of a mutual housing company are to serve in that capacity\\nwithout salary but may be reimbursed for expenses incurred directly\\nrelating to the duties of the director's office.\\n 8. The names and post-office addresses of the directors until the\\nfirst annual meeting.\\n 9. The names and post-office addresses of the subscribers to the\\ncertificate, and a statement of the number of shares of stock which each\\nagrees to take in the company.\\n 10. That, except in the case of a company to be aided by a loan from\\nthe federal government or any agency or instrumentality thereof, or if\\nthe mortgage or mortgage bonds which are to be used in financing the\\ncompany's project are to be insured by the federal government or any\\nagency or instrumentality thereof, the entire amount to be paid in cash\\nor property by the shareholders and income debenture holders shall be at\\nleast five per centum of the project cost in the case of an urban rental\\ncompany and a mutual company. The provisions of this subdivision shall\\nnot apply to a non-profit company incorporated pursuant to the\\nprovisions of the not-for-profit corporation law and this article for\\nthe purpose of providing housing for staff members, employees or\\nstudents of a college, university, hospital or child care institution\\nand their immediate families, or for aged or handicapped persons of low\\nincome, nor to a municipally-aided non-profit company nor to a\\nmunicipally-aided mutual company, nor to a low income non-profit housing\\ncompany.\\n 11. That, so long as this article shall remain applicable to any\\nproject of the company, its real property shall not be sold,\\ntransferred, encumbered or assigned except as permitted by the terms and\\nprovisions of this article.\\n 12. That all of the subscribers to the certificate are of full age,\\nthat at least two-thirds of them are citizens of the United States, and\\nthat at least one of the persons named as director is a citizen of the\\nUnited States and a resident of the state of New York.\\n 13. That the company has been organized to serve a public purpose and\\nthat it shall be and remain subject to the supervision and control of\\nthe commissioner, or, if the company is organized to undertake a\\nmunicipally aided project, of the supervising agency, except as\\notherwise provided in this article, so long as this article remains\\napplicable to any project of the company; that all real and personal\\nproperty acquired by it, and all structures erected or rehabilitated by\\nit, shall be deemed to be acquired, rehabilitated or created for the\\nproper effectuation of the purposes of this article, and that the\\ndirectors and subscribers of such company shall be deemed to have agreed\\nthat they shall at no time receive or accept from such company in\\nrepayment of their investment in its stock any sums in excess of the par\\nvalue of the stock, together with such dividends or other compensation\\nas are prescribed by or permitted under this article, and that, upon\\ndissolution of the company, any surplus remaining after the payment of\\nall its obligations shall be distributed and disposed of and title to\\nthe property may be conveyed in fee, only as prescribed by this article.\\n 14. The certificate may provide that in the event that income\\ndebentures are issued by the company the owners thereof may be given the\\nsame right to vote as they would have if possessed of certificates of\\nstock of the amount and par value of the income debentures held by them.\\nIf provision is made for the issuance of income debentures interest\\nshall be paid by the company on income debentures only out of net\\nearnings of the company that would be applicable to payment of dividends\\nif there were no income debentures.\\n 15. That in the event of a violation by a state-aided company of any\\nprovision of the certificate of incorporation or of law or of the loan\\nor mortgage contract or any order of the commissioner or of any rules\\nand regulations duly promulgated pursuant to the provisions of this\\narticle the commissioner may remove any or all of the existing directors\\nof the company and appoint such person or persons whom the commissioner\\ndeems advisable, including officers and employees of the division of\\nhousing and community renewal, as new directors to serve in the places\\nof those removed; that directors so appointed by the commissioner who\\nare officers or employees of the division of housing and community\\nrenewal shall serve in such capacity without compensation; and that any\\ndirectors so appointed by the commissioner shall serve only for a period\\ncoexistent with the duration of such violation or until the commissioner\\nis assured in a manner satisfactory to him against violations of a\\nsimilar nature.\\n 16. If the company is organized to undertake a municipally-aided\\nproject, such certificate shall contain:\\n (a) A declaration that the original directors, officers, subscribers\\nand income debenture holders possessing the right to vote, shall be\\ndeemed at the time of accepting such offices, or subscribing to the\\nstock or income debentures to have agreed not to resign from the company\\nand not to sell their stock or income debentures prior to the completion\\nof the project and the certification of the total actual project cost by\\nthe supervising agency, except with the consent of the supervising\\nagency.\\n (b) A declaration that the shares of stock and the income debentures\\nof the company shall be issued only in such amounts and form as may be\\napproved by the supervising agency and that no stock shall be redeemed,\\npurchased or retired and no income debentures shall be redeemed prior to\\ntheir dates of maturity or purchased or retired by the company during\\nthe period in which the loan by the municipality is in force or for\\nwhich tax exemption is granted pursuant to section thirty-three of this\\narticle, except with the consent of the supervising agency.\\n (c) A provision that in the event of a violation by the company of any\\nprovision of the certificate of incorporation or of law or of the loan\\nor mortgage contract or of any rules and regulations duly promulgated\\npursuant to the provisions of this article, the supervising agency may\\nremove any or all of the existing directors of the company and appoint\\nsuch person or persons which the supervising agency in its sole\\ndiscretion deems advisable, including officers or employees of the\\nsupervising agency, as new directors to serve in the places of those\\nremoved; that directors so appointed by the supervising agency who are\\nofficers or employees of the supervising agency shall serve in such\\ncapacity without compensation; and that any directors so appointed by\\nthe supervising agency shall serve only for a period coexistent with the\\nduration of such violation or until the supervising agency is assured in\\na manner satisfactory to it against violations of a similar nature.\\n (d) A provision that the supervising agency or its duly authorized\\nrepresentative shall be notified in writing of and shall have the right\\nto attend all meetings of the board of directors or of the stockholders\\nand income debenture holders of the company.\\n (e) A provision that the sale of stock by a stockholder or the company\\nor the sale of income debentures, the holders of which possess the right\\nto vote, by any such holder or the company, shall be subject to the\\nconsent of the supervising agency.\\n (f) Such other provisions, not inconsistent with law, as the\\nsupervising agency may deem necessary to protect the investment of the\\nmunicipality and to carry out the purposes of this article.\\n 17. The certificate of incorporation of a non-profit company\\nincorporated pursuant to the provisions of the not for-profit\\ncorporation law and this article shall, in addition to all other matters\\nrequired by law to be stated therein, state:\\n a. That its purpose is to provide housing and auxiliary facilities for\\nstaff members, employees or students of any college, university,\\nhospital, child care institution and their immediate families, for aged\\nor handicapped persons of low income, or for any one of the above\\npurposes, or to provide housing accommodations pursuant to the terms and\\nprovisions of this article in the case of a municipally-aided non-profit\\ncompany, or to provide housing accommodations pursuant to the provisions\\nof this article in the case of a low income non-profit housing company;\\n b. That the directors or trustees are and at all times shall be\\nofficers, directors or trustees of such college, university, hospital or\\nchild care institution, or, in the case of a non-profit company\\nproviding housing for aged or handicapped persons of low income or of a\\nmunicipally-aided non-profit company providing housing accommodations\\npursuant to the terms and provisions of this article, or of a low income\\nnon-profit housing company providing housing accommodations pursuant to\\nthe provisions of this article, of a corporation organized pursuant to\\nthe provisions of the not-for-profit corporation law;\\n c. That the property of such company shall upon dissolution vest in\\nsuch college, university, hospital, child care institution, or\\nnot-for-profit corporation, and\\n d. That no part of the net earnings of such college, university,\\nhospital, child care institution or not-for-profit corporation shall\\ninure to the benefit of any private individual.\\n 18. That the secretary of state is designated as the agent of the\\ncompany upon whom process in any action or proceeding against it may be\\nserved.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "13-A", "title" : "The applicability of not-for-profit corporation law", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "13-A", "activeDate" : "2014-09-22", "sequenceNo" : 11, "repealedDate" : null, "fromSection" : "13-A", "toSection" : "13-A", "text" : " § 13-a. The applicability of not-for-profit corporation law. 1. The\\nnot-for-profit corporation law applies to every company heretofore or\\nhereafter formed under this article and the not-for-profit corporation\\nlaw, provided that:\\n (a) If any provision of the not-for-profit corporation law conflicts\\nwith any provision of this article, the provision of this article shall\\nprevail and the conflicting provision of the not-for-profit corporation\\nlaw shall not apply in any such case. If any provision of this article\\nrelates to a matter embraced in the not-for-profit corporation law but\\nis not in conflict therewith, both provisions shall apply.\\n (b) The following provisions of the not-for-profit corporation law\\nshall not apply to companies formed pursuant to this article and the\\nnot-for-profit corporation law:\\n Paragraphs (7) and (8) of subdivision (a) of section one hundred\\ntwelve, section one hundred thirteen, section one hundred fourteen,\\nsection two hundred one, section three hundred four, section three\\nhundred seven, section four hundred four, subdivision (3) of paragraph\\n(a) of section five hundred ten, section six hundred nine, section six\\nhundred seventeen, paragraphs (a) and (b) of section eight hundred four,\\narticle nine, section ten hundred eleven, section ten hundred twelve,\\narticle thirteen, article fourteen.\\n 2. Every corporation to which the not-for-profit corporation law is\\nmade applicable by this section is a charitable corporation as defined\\nin paragraph (a) of section one hundred two (Definitions) of the\\nnot-for-profit corporation law for all purposes of that law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "13-B", "title" : "Verification of papers filed with supervising agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "13-B", "activeDate" : "2014-09-22", "sequenceNo" : 12, "repealedDate" : null, "fromSection" : "13-B", "toSection" : "13-B", "text" : " § 13-b. Verification of papers filed with supervising agency. Any\\ndocument required to be filed with the supervising agency regarding\\nrental units, either state or municipal, shall be duly verified under\\noath of the corporation or individual filing the same. The commissioner\\nor head of such supervising agency may restrict the required\\nverification to such documents as relate to financial statements and all\\nother data submitted in support of an application for an increase of\\nrents.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "14", "title" : "Consent of commissioner to incorporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "14", "activeDate" : "2014-09-22", "sequenceNo" : 13, "repealedDate" : null, "fromSection" : "14", "toSection" : "14", "text" : " § 14. Consent of commissioner to incorporation. Whenever any such\\ncertificate shall be presented to the secretary of state, he shall not\\nfile such certificate unless there shall accompany the same a\\ncertificate of the commissioner that he consents to the filing of such\\ncertificate; nor shall any amendment to the certificate of incorporation\\nbe filed unless it is accompanied by a certificate of the commissioner\\nconsenting thereto. If a company has entered into a contract with a\\nmunicipality for the construction of a municipally aided project, the\\ncommissioner shall not issue a certificate consenting to an amendment of\\nthe certificate of incorporation of such company, unless the supervising\\nagency has given its written consent to such amendment.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "15", "title" : "Participation by certain corporations and individuals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "15", "activeDate" : "2014-09-22", "sequenceNo" : 14, "repealedDate" : null, "fromSection" : "15", "toSection" : "15", "text" : " § 15. Participation by certain corporations and individuals. 1. (a)\\nOne or more banking organizations, foundations, labor unions, employers'\\nassociations, veterans' organizations, colleges, universities,\\neducational institutions, child care institutions, hospitals, medical\\nresearch institutes, insurance companies, trustees, fiduciaries or any\\ncombination of the foregoing, shall have the power to organize a company\\npursuant to the provisions of this article, and to purchase for cash or\\nto receive and hold in exchange for property, and to own the bonds of a\\ncompany and to invest, singly or jointly, or with the state or a\\nmunicipality or the New York state housing finance agency or the New\\nYork city housing development corporation in a bond or note and single\\nparticipating mortgage, or in separate bonds or notes and mortgages, in\\nan amount not greater than ninety-five per centum of the total project\\ncost in the case of a mutual company, urban rental company or a\\nnon-profit company incorporated pursuant to the provisions of the\\nnot-for-profit corporation law and this article for the purpose of\\nproviding housing for staff members, employees or students of a college,\\nuniversity, child care institution, or hospital and their immediate\\nfamilies and in the case of a non-profit company incorporated pursuant\\nto the not-for-profit corporation law and this article for the purpose\\nof providing housing for aged persons of low income or in the case of a\\nlow income non-profit housing company such investment shall not be\\ngreater than the total project cost. Where one or more banking\\norganizations, foundations, labor unions, employers' associations,\\nveterans' organizations, colleges, universities, educational\\ninstitutions, child care institutions, hospitals, medical research\\ninstitutes, insurance companies, trustees, fiduciaries, or the state or\\na municipality or the New York state housing finance agency or the New\\nYork city housing development corporation, shall participate in a loan\\nto a company secured by a single participating mortgage or by separate\\nmortgages, the interest of each shall have equal priority as to lien in\\nproportion to the amount of loan so secured, but need not be equal as to\\ninterest rate, time or rate of amortization or otherwise. Banking\\norganizations, foundations, labor unions, employers' associations,\\nveterans' organizations, colleges, universities, educational\\ninstitutions, child care institutions, hospitals, medical research\\ninstitutes, insurance companies, trustees, fiduciaries or groups\\nthereof, may exercise any such power on such conditions, however, as to\\nbanking organizations and as to insurance companies only to the extent\\nand upon such conditions as may be authorized by the state\\nsuperintendent of financial services. As used in this subdivision, the\\nterms \"trustees\" and \"fiduciaries\" shall include any fiduciary or\\nfiduciaries holding funds for investment, and the term \"banking\\norganizations\" shall have the same meaning as in subdivision eleven of\\nsection two of the banking law.\\n (b) Notwithstanding the provisions of paragraph (a) of this\\nsubdivision or of any general, special or local law, for the purpose of\\ncompleting the financing of project cost, in the event that a\\nmunicipality has made or contracted to make a loan to a company or to a\\npublic benefit corporation to provide moneys to finance the project cost\\nof a project (1) the construction of which commenced prior to December\\nfirst, nineteen hundred seventy-five, (2) for which a temporary or\\npermanent certificate of occupancy was not issued prior to January\\nfirst, nineteen hundred seventy-three, and (3) which is assisted by a\\ncontract with the secretary of housing and urban development of the\\nUnited States pursuant to section two hundred thirty-six of the national\\nhousing act, as amended, covering all dwelling units therein, one or\\nmore banking organizations as defined in paragraph (a) of this\\nsubdivision, foundations, labor unions, credit unions, employers'\\nassociations, veterans' organizations, colleges, universities,\\neducational institutions, child care institutions, hospitals, medical\\nresearch institutes, insurance companies, trustees or fiduciaries as\\ndefined in paragraph (a) of this subdivision, trustees of pension and\\nretirement funds and systems, corporations, partnerships, individuals,\\nor other entities or any combination of the foregoing shall have the\\npower to participate in such loan or make or participate in a new loan\\nsecured by a bond or note and a single participating mortgage, or by\\nseparate bonds or notes and separate mortgages, or to invest, singly or\\njointly, with the municipality in a bond or note and single\\nparticipating mortgage or in separate bonds or notes and mortgages, upon\\nsuch terms and conditions as may be approved by the supervising agency,\\nincluding but not limited to provisions providing that (i) priority may\\nbe given to the payment of the principal of and interest on that portion\\nof the mortgage indebtedness attributable to participation in a loan or\\nan investment made by one or more of such entities or organizations,\\n(ii) the interest of the municipality created as a result of making a\\nmortgage loan may be subordinated to the interest that one or more of\\nsuch organizations or entities may have upon such participation or\\ninvestment, (iii) the interest of each upon such participation or\\ninvestment need not be of equal priority as to lien, nor be equal as to\\ninterest rate, time or rate of amortization of principal or time of\\npayment of interest, or otherwise, provided, however, that the aggregate\\namount of the loan or loans or investment made by one or more of such\\norganizations or entities shall not exceed thirty per centum of total\\nproject cost and, further provided that the aggregate amount of the loan\\nor loans to a company does not exceed such amount as is authorized\\npursuant to paragraph (a) of this subdivision. All or part of the\\nproceeds of such participation or investment pursuant to this paragraph\\n(b) may be applied to reduce or prepay the loan made by the\\nmunicipality. The provisions of subdivisions one and five of section\\ntwenty-six of this article shall not apply to such participation in a\\nloan or investment pursuant to this paragraph (b) if undertaken in\\nconnection with a project theretofore approved pursuant to said section\\ntwenty-six.\\n Notwithstanding the provisions of this article or of any general,\\nspecial or local law, in the event that a municipality has made a loan\\npursuant to this article prior to any participation pursuant to this\\nparagraph, the supervising agency shall have the power, upon the\\nmortgagor's consent, to modify the terms and conditions of the original\\nbond or bonds or note or notes and mortgage and any other documents\\nexecuted in connection with such initial loan, as the supervising agency\\nmay deem necessary or desirable, to provide for such participation,\\nincluding but not limited to modification of the rate and time of\\npayment of the interest on the initial loan or rate of amortization of\\nprincipal thereof, and provision for the additional borrowing cost, if\\nany, with respect to that portion of the mortgage indebtedness\\nattributable to such participation, provided, that except to the extent\\nof any increase in the maximum principal amount of the original mortgage\\nloan, with regard to a company that has obtained a temporary or\\npermanent certificate of occupancy for part or all of a project financed\\nby a loan pursuant to this article before such participation in a loan\\nor investment is made, the sum of the payments of interest and principal\\non the mortgage loan or loans which the company is obligated to make in\\nany year as a result of such modification and participation in a loan or\\ninvestment made pursuant to this paragraph, shall not exceed the sum of\\nthe payments of interest and principal that such company would have been\\nobligated to make in such year under the original mortgage loan\\nagreement if the project had been fully financed under the original\\nmortgage loan agreement by the municipality at an interest rate equal to\\nthe maximum rate per annum prescribed by the superintendent of financial\\nservices pursuant to section fourteen-a of the banking law as of\\nDecember nineteenth, nineteen hundred seventy-five, or such higher rate\\nof interest as the secretary of housing and urban development of the\\nUnited States shall approve pursuant to an agreement to make interest\\nreduction payments pursuant to section two hundred thirty-six of the\\nnational housing act, as amended, with respect to such project and that\\nthe rental or carrying charges in such projects shall not be increased\\nas a result of such participation in a loan or investment and further\\nprovided, that the company shall not seek or accept from the\\nmunicipality any subsidy, direct or indirect, excluding existing tax\\nexemption, to offset any increased borrowing costs, if any.\\n (c) Where the state or a municipality shall join with one or more\\norganizations of the kind hereinabove mentioned, in making a loan\\nsecured by a single participating mortgage or by separate mortgages, the\\nstate or a municipality is authorized, through the commissioner of\\nhousing, or the supervising agency, as the case may be, to make\\nprovision, either in the mortgage or mortgages or by separate agreement,\\nfor the performance of such services as are generally performed by a\\nbanking institution or insurance company which itself owns and holds a\\nmortgage or by a trustee under a trust mortgage. The commissioner and\\nthe supervising agency are hereby authorized to act as trustee or to\\nconsent to the appointment of a banking institution to act in such\\ncapacity. Any agreement made by the commissioner under this provision\\nshall be subject to the approval by the state comptroller and the\\nattorney general as to form.\\n (d) In connection with any participation in a loan or investment\\npursuant to paragraph (b) of this subdivision the municipality shall\\nhave the power to assign or pledge, in whole or in part, to one or more\\nof the organizations or entities participating in such loan its right,\\ntitle and interest in and to any mortgage held pursuant to this article\\nand any contract or arrangement for the payment of subsidy with respect\\nto such loan and the right to receive and apply to repayment of such\\nloan and the interest thereon any payments made under such mortgage or\\nunder such contract or arrangement.\\n 2. Notwithstanding any other provision of law, any banking institution\\nor insurance company or a group thereof operating a company, or owning\\nall of the bonds of a company may exercise all the powers conferred by\\nthis section and may enter into contracts contemplated by this article\\nand agree with the commissioner not to sell, assign, or otherwise\\ntransfer such project or bonds or bond and mortgage or interest therein\\nof such company provided for pursuant to this article without the\\nconsent of the commissioner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "16", "title" : "Limited-profit housing companies; partnership relations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "16", "activeDate" : "2014-09-22", "sequenceNo" : 15, "repealedDate" : null, "fromSection" : "16", "toSection" : "16", "text" : " § 16. Limited-profit housing companies; partnership relations.\\nNotwithstanding any provisions in this article to the contrary, but\\nsubject to such regulations as may be prescribed by the commissioner or\\nthe supervising agency, as the case may be:\\n 1. (a) Any company may be a partner (general or limited) in a\\npartnership (general or limited) formed for the purpose of providing\\nsuch company with capital. Any company incorporated pursuant to the\\nprovisions of this article may, with the consent of the commissioner or\\nthe supervising agency as the case may be, become a partner (general or\\nlimited) in a partnership (general or limited) upon the consent of the\\ncompany to the refinancing of its original mortgage loan by a mortgage\\nloan insured by the Federal government; such a partnership shall have\\nthe same powers and duties as provided by this article as a partnership\\nformed for the purpose of providing a company with capital.\\n (b) Any partner (general or limited) of any partnership (general or\\nlimited) in which a company is a partner (general or limited) may be the\\nowner or holder of any shares, bonds, income debentures, notes or other\\nsecurities of such company.\\n (c) Any company which is a partner (general or limited) in any such\\npartnership (general or limited) may exercise all the rights and powers\\nand shall be subject to all the duties and obligations of a company in\\naccordance with this article.\\n 2. The capital structure of a company which is a partner (general or\\nlimited) in a partnership (general or limited) formed pursuant to\\nparagraph (a) of subdivision one of section sixteen may include\\nwithdrawals from the capital of such a partnership (general or limited).\\n The provisions of this article relating to shares and income\\ndebentures shall be deemed to include withdrawals from the capital of a\\npartnership (general or limited) of which a company is a partner\\n(general or limited).\\n 3. For the purposes of this section, the term partner shall be deemed\\nto include a member of a limited liability company, and the term\\npartnership shall be deemed to include a limited liability company,\\nprovided there is disclosure of the identity of the managing member,\\nincluding the identity of the natural person who is responsible for the\\nhousing development. Notwithstanding any provision of this section to\\nthe contrary, any change in general partner of a partnership or managing\\nmember of a limited liability company shall be subject to the prior,\\nwritten approval of the commissioner or supervising agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "17", "title" : "Powers", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-12-31", "2022-03-25", "2022-04-01" ], "docLevelId" : "17", "activeDate" : "2014-09-22", "sequenceNo" : 16, "repealedDate" : null, "fromSection" : "17", "toSection" : "17", "text" : " § 17. Powers. 1. Subject to the limitations of this article, a company\\nheretofore or hereafter organized under this chapter shall have the\\npowers and be subject to the limitations contained in the business\\ncorporation law or the not-for-profit corporation law, as the case may\\nbe, and shall have the following additional specific powers:\\n (a) To make and execute contracts and other instruments necessary or\\nconvenient in the exercise of its powers;\\n (b) To acquire or contract to acquire from any person, firm,\\ncorporation, municipality, federal or state agency, by grant, purchase,\\ncondemnation or otherwise, leaseholds, real, personal or mixed property\\nor any interest therein, and to sell, assign, exchange, transfer,\\nmortgage or encumber the same;\\n (c) To own, hold, clear and improve, leasehold, real, personal or\\nmixed property or any interest therein;\\n (d) To construct, reconstruct, rehabilitate, improve, alter or repair\\nor provide for the construction, reconstruction, improvement, alteration\\nor repair of any project;\\n (e) To lease or rent any of the housing or other accommodations or any\\nof the lands, buildings, structures or facilities embraced in any\\nproject and establish and revise the rents or charges therefor; or to\\npurchase or lease a project or a part thereof from an authority,\\npursuant to the provisions of section fifty-eight or article twelve-b of\\nthis chapter.\\n (f) To arrange or contract with a municipality for the planning,\\nreplanning, opening, grading or closing of streets, roads, roadways,\\nalleys or other places or for the furnishing of facilities or for the\\nacquisition by a municipality of property or property rights or for the\\nfurnishing of property or services in connection with a project;\\n (g) To insure or provide for the insurance of its property or\\noperations as required by law and also against such other risks as it\\nmay deem advisable;\\n (h) To limit by contract the exercise of any of its powers;\\n (i) To invest any funds held in reserves or sinking funds, or any\\nfunds not required for immediate disbursement in property or securities\\nin which savings banks may legally invest funds subject to their\\ncontrol;\\n (j) To sue and be sued;\\n (k) To have a seal and alter the same at pleasure;\\n (l) To make and from time to time amend and repeal by-laws, rules and\\nregulations not inconsistent with the provisions of this article;\\n (m) To sell, lease, or otherwise convey all or any part of a project\\nto an authority upon such terms and conditions as shall have the prior\\napproval of the commissioner or the supervising agency, as the case may\\nbe;\\n (n) A non-profit company incorporated pursuant to the not-for-profit\\ncorporation law and this article for the purpose of providing housing\\nand auxiliary facilities for staff members, employees or students of any\\ncollege, university, hospital, child care institution and their\\nimmediate families; for aged or handicapped persons of low income or for\\nany one of the above purposes, may, with the prior written consent of\\nthe commissioner or the supervising agency, as the case may be, lease\\nits project or any part thereof to any colleges, universities,\\nhospitals, child care institutions or not-for-profit corporations. A\\nlessee of a project may sublease all or any part of the project to\\ninstitutions and not-for-profit corporations which would be an eligible\\nsponsor pursuant to the provisions of this chapter and to staff members,\\nemployees, and students of any college, university, hospital, child care\\ninstitution, and to aged and handicapped persons of low income. Any\\nproperty so leased or subleased shall remain subject to the provisions\\nof this article and to the rules and regulations of the commissioner, or\\nsupervising agency, as the case may be. A lease or sublease of the\\nentire project may provide for the assumption by the lessee or sublessee\\nof the management and control of the project, and all of the obligations\\nthereof, as well as the right to collect all revenues accruing thereto.\\nIn any event, the lessee shall pay rental in an amount at least equal to\\nthe interest and amortization due upon the mortgage of the property so\\nleased.\\n (o) To lease to any authority, or to a municipality in connection with\\nany federally-aided program to provide dwelling accommodations for\\npersons of low income, one or more dwelling units in a project upon such\\nterms and conditions as shall have the prior written approval of the\\ncommissioner or the supervising agency, as the case may be.\\n (p) To lease, with or without an option to purchase, all or any part\\nof a project to any person, firm, partnership, trust or corporation,\\nsubject to the prior written consent of the commissioner or the\\nsupervising agency, as the case may be. Any property so leased shall\\nremain subject to the provisions of this article and to the rules and\\nregulations of the commissioner or the supervising agency, as the case\\nmay be. Such lease may provide for the assumption by the lessee of the\\nmanagement and control of the project, as well as the right of the\\nlessee to collect all revenues accruing thereto.\\n To do all other things necessary or convenient to carry out its\\npowers.\\n 2. A company shall file with the commissioner or the supervising\\nagency, as the case may be, a copy of any by-laws, rules, regulations\\nand amendments thereto adopted by it from time to time, which shall\\nbecome effective upon approval by the commissioner or by the supervising\\nagency; provided, however, that if the commissioner or the supervising\\nagency shall fail to approve or disapprove such proposed by-laws within\\nthree months after such filing, such by-laws shall become effective upon\\nthe expiration of such three month period. These by-laws, rules,\\nregulations and amendments shall contain such provisions relating to the\\nmanagement of its business, the regulation of its affairs, the calling\\nof meetings, the manner of selection of officers and trustees and such\\nother provisions as may be reasonable and necessary.\\n 3. Notwithstanding the provisions of any law, general or special, a\\nmutual company may, with the approval of the commissioner or the\\nsupervising agency, as the case may be, require a standard form and\\nprocedure for the casting of proxies or absentee ballots in any matter\\nrequiring a shareholder vote.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "18", "title" : "Designation of and service of process on secretary of state and registered agent", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "18", "activeDate" : "2014-09-22", "sequenceNo" : 17, "repealedDate" : null, "fromSection" : "18", "toSection" : "18", "text" : " § 18. Designation of and service of process on secretary of state and\\nregistered agent. The provisions of sections three hundred four, three\\nhundred five and three hundred six of the business corporation law shall\\napply to companies heretofore or hereafter organized pursuant to the\\nprovisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "19", "title" : "Consideration for issuance of stock, bonds or income debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "19", "activeDate" : "2014-09-22", "sequenceNo" : 18, "repealedDate" : null, "fromSection" : "19", "toSection" : "19", "text" : " § 19. Consideration for issuance of stock, bonds or income debentures.\\nNo company shall issue stock, bonds, or income debentures except for\\nmoney or property actually received for the use and lawful purposes of\\nthe company, provided, however, that a mutual company may issue stock\\nfor home owners purchase notes if the purchase transaction has received\\nthe written endorsement of the commissioner in accordance with\\nsupplementary rules and regulations of the commissioner made therefor\\nand if at least two hundred dollars in money or property is received by\\nsuch company toward the issuance of such stock. No stock, bonds or\\nincome debentures shall be issued for property except upon a valuation\\napproved by the supervising agency or by the commissioner, as the case\\nmay be, and such valuations shall be used in computing the estimated or\\nactual project cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "20", "title" : "Mortgages, mortgage bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "20", "activeDate" : "2014-09-22", "sequenceNo" : 19, "repealedDate" : null, "fromSection" : "20", "toSection" : "20", "text" : " § 20. Mortgages, mortgage bonds and notes. 1. Any company, subject to\\nthe approval of the commissioner or of the supervising agency, as the\\ncase may be, may borrow funds and secure the repayment thereof by bond\\nor note and mortgage or by an issue of bonds under a trust indenture.\\n 2. Each loan made to a company shall relate to one or more specified\\nprojects and shall be secured by a mortgage upon all of the real\\nproperty of which the project or projects, to which the loan relates,\\nconsists, and upon all fixtures and articles of personal property\\nattached to or used in connection with the operation of such project or\\nprojects. Such mortgages may contain such other clauses and provisions\\nas shall be approved by the commissioner, or the supervising agency, as\\nthe case may be, including the right to assignment of rents and entry\\ninto possession in case of default; but the operation of such project or\\nprojects, in the event of such entry by a mortgagee or receiver, except\\nin the case of a mortgage loan insured or held by the federal\\ngovernment, shall be subject to regulations promulgated by the\\ncommissioner or the supervising agency. Provisions for the amortization\\nof the mortgage indebtedness and residual indebtedness of companies\\nformed under this article shall be subject to the approval of the\\ncommissioner or the supervising agency, as the case may be. In the case\\nof an instrument or instruments evidencing residual indebtedness issued\\npursuant to section twenty-three-a or section forty-four-b of this\\nchapter, the principal amount of such instrument or instruments and the\\ninterest thereon, if any, shall be repaid over a period of time not\\nexceeding the term over which the mortgage loan insured by the federal\\ngovernment is to be repaid, plus ten years, which period of time shall\\ncommence at such time as the commissioner or the supervising agency\\nshall approve, provided, however, that such period of time shall not\\nexpire more than fifteen years after the mortgage loan insured by the\\nfederal government has been satisfied.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "21", "title" : "Capital structure", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "21", "activeDate" : "2014-09-22", "sequenceNo" : 20, "repealedDate" : null, "fromSection" : "21", "toSection" : "21", "text" : " § 21. Capital structure. The capital structure of a company\\nundertaking a project and the proportionate amount of the project cost\\nto be represented by mortgages, bonds, notes, income debentures and\\nshares shall be subject to the approval of the commissioner except as\\notherwise provided in section twenty-three with respect to a\\nmunicipally-aided project. The shares and income debentures issued by a\\nmutual company or urban rental company, other than a non-profit company\\nincorporated pursuant to the provisions of the not-for-profit\\ncorporation law and this article for the purpose of providing housing\\nfor staff members, employees or students of a college, university,\\nhospital or child care institution and their immediate families or for\\naged or handicapped persons of low income, and other than a\\nmunicipally-aided non-profit company or a municipally-aided mutual\\ncompany, and other than a low income non-profit housing company, shall\\nnot be less than the total of five per centum of the project cost. The\\nshares, bonds or notes, income debentures and mortgages covering any\\nproject shall not exceed the actual project cost.\\n The provisions of this section with respect to the proportionate\\namount of the project cost to be represented by mortgages, bonds, notes,\\nincome debentures and shares shall not be applicable to any housing\\ncompany project, if funds made available by the federal government or\\nany agency or instrumentality thereof are used in financing the project,\\nin whole or in part, or if a mortgage or mortgage bonds issued with\\nrespect to such project are insured by the federal government or any\\nagency or instrumentality thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "22", "title" : "State loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "22", "activeDate" : "2014-09-22", "sequenceNo" : 21, "repealedDate" : null, "fromSection" : "22", "toSection" : "22", "text" : " § 22. State loans. 1. The commissioner may enter into contracts for\\nloans to a company. All such contracts shall be subject to approval by\\nthe state comptroller and by the attorney general as to form.\\n 2. Loans by the state under such a contract shall be secured by a\\nfirst mortgage lien, and no such loan shall be made in an amount greater\\nthan ninety-five per centum of the total project cost in the case of a\\nmutual company, urban rental company or a non-profit company\\nincorporated pursuant to the provisions of the not-for-profit\\ncorporation law and this article for the purpose of providing housing\\nfor staff members, employees or students of a college, university,\\nhospital or child care institution and their immediate families and in\\nthe case of a non-profit company incorporated pursuant to the\\nnot-for-profit corporation law and this article for the purpose of\\nproviding housing for aged or handicapped persons of low income or in\\nthe case of a low income non-profit housing company such loans shall not\\nbe made in an amount greater than the total project cost. In case of a\\nloan in an amount greater than ninety-five per centum of the total\\nproject cost, the commissioner may in his discretion require\\nsatisfactory independent guarantees that the loan will be repaid\\naccording to the terms of the company's bond or note and mortgage.\\nNotwithstanding any other provisions of law, if the company proposes to\\nsell or convey any part or parts of the mortgaged premises prior to the\\nsale by the state of the definitive bonds providing the funds for the\\nstate loan, the comptroller, upon the application of the company and\\nwith the prior written consent of the commissioner, may release from the\\nfirst mortgage lien any part or parts of the mortgaged premises not\\nacquired through condemnation and not required for the project, provided\\nthat any net proceeds from the sale or conveyance of the said property\\nwill be held by the company for the sole purpose of reducing, in\\naccordance with the requirements of the commissioner and comptroller,\\nthe principal amount of the state loan outstanding, and provided further\\nthat the unpaid principal amount of the state loan then outstanding, as\\nit may be reduced by the net proceeds, if any, derived from the sale or\\nconveyance, would not be in an amount greater than ninety-five per\\ncentum of the total project cost and in the case of a non-profit company\\nincorporated pursuant to the provisions of the not-for-profit\\ncorporation law and this article for the purpose of providing housing\\nfor aged or handicapped persons of low income or in the case of a low\\nincome non-profit housing company such amount shall not be greater than\\nthe total project cost. The comptroller shall execute such release in\\nthe usual form, which, when acknowledged, shall be recorded by the\\ncounty clerk and a minute thereof made upon a margin of the mortgage. A\\ncompany may, with the prior written consent of the commissioner, and\\nsubject to the approval of the state comptroller and to the provisions\\nof any contract with noteholders and bondholders, lease any property not\\nacquired through condemnation and not required for the project, and may\\napply the income of such lease to any use authorized for any other\\nrental income. Such lease shall contain restrictions to protect and\\npreserve the project.\\n 3. The commissioner may make temporary loans or advances to a company\\nin anticipation of any permanent loans and no such temporary loans or\\nadvances shall be deemed to constitute part of such permanent loans\\nunless such temporary loans or advances have been made out of the\\nproceeds of definitive housing bonds sold by the state pursuant to\\nchapters four hundred seven of the laws of nineteen hundred fifty-five\\nand nine hundred fifty-six of the laws of nineteen hundred fifty-eight.\\n 4. The state shall have the power to invest jointly with the New York\\nstate housing finance agency in a bond or note and single participating\\nmortgage, or in separate bonds or notes and mortgages of a company\\norganized pursuant to the provisions of this article. The interest of\\neach shall have equal priority as to lien in proportion to the amount of\\nloan so secured, but need not be equal as to interest rate, time or rate\\nof amortization or otherwise. In such a case the state, through the\\ncommissioner of housing, is authorized to make provision, either in the\\nmortgage or mortgages or by separate agreement, for the performance of\\nsuch services as are generally performed by the New York state housing\\nfinance agency itself owning and holding a mortgage. Any agreement made\\nby the commissioner under this subdivision shall be subject to the\\napproval of the state comptroller and the attorney general as to form.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "22-A", "title" : "Redevelopment loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "22-A", "activeDate" : "2014-09-22", "sequenceNo" : 22, "repealedDate" : null, "fromSection" : "22-A", "toSection" : "22-A", "text" : " § 22-a. Redevelopment loans. Notwithstanding any provision of this\\narticle to the contrary, where a state-aided project undergoes a\\ncomprehensive redevelopment plan, the commissioner may approve a loan\\nand encumbrance of such project in an amount in excess of actual project\\ncost within the meaning of section twenty-one of this article, provided\\nthat such amount represents cost of capital improvements, redevelopment\\nor acquisition by a new owner, any consequent rent increase is not\\nunduly burdensome to the tenants, and the company enters into an\\nagreement to remain subject to the provisions of this article for a\\nperiod of no less than an additional fifteen years from issuance of the\\nloan and encumbrance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "22-B", "title" : "Loans for state-aided limited-profit housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "22-B", "activeDate" : "2014-09-22", "sequenceNo" : 23, "repealedDate" : null, "fromSection" : "22-B", "toSection" : "22-B", "text" : " § 22-b. Loans for state-aided limited-profit housing companies. 1.\\nNotwithstanding any provision of this article to the contrary, the\\ncommissioner may for a period of one year from the effective date of\\nthis act approve a loan and encumbrance in excess of the actual project\\ncost of a state-aided project comprising more than five thousand rental\\nunits, provided that: (a) the rents paid by the tenants may not be\\nincreased to pay for any consequent increase in indebtedness that is not\\nattributable to project cost; (b) the company enters into an agreement\\nto continue to remain subject to the provisions of this article for a\\nperiod of no less than an additional thirty years from issuance of the\\nloan and encumbrance; and (c) the greater of twenty-five percent of the\\namount of such loan which exceeds such actual project cost or forty\\nmillion dollars of the proceeds of such loan must be dedicated to\\ncapital improvements to existing structures and facilities.\\n 2. Any company that enters into a loan pursuant to subdivision one of\\nthis section shall create a plan within one year of the approval of the\\nloan. The plan shall include details of all capital improvements that\\nwill occur as a result of the loan. Such company shall obligate the\\nfunds dedicated to the capital improvements within three years of the\\napproval of the loan. Such company shall submit a copy of the plan\\nwithin one year of the approval of the loan and within three years of\\nthe approval of the loan, a report that details the use of the loan\\nfunds to the governor, the commissioner of the division of housing and\\ncommunity renewal, the temporary president of the senate, the speaker of\\nthe assembly, the minority leader of the senate, the minority leader of\\nthe assembly, the chair of the senate finance committee, the chair of\\nthe assembly ways and means committee, the chair of the senate housing,\\nconstruction, and community development committee, and the chair of the\\nassembly housing committee.\\n 3. Such company shall participate in bimonthly meetings with elected\\nofficials and the members of the project's residents' association or\\nother tenant organization that represents the majority of tenants in the\\nproject in order to hear any advice or comments on the implementation of\\nthe plan. The meetings shall occur on a regular basis until all of the\\nmoney set-aside for capital improvements in subdivision one of this\\nsection has been spent.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "23", "title" : "Municipal loans and municipally aided projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "23", "activeDate" : "2014-09-22", "sequenceNo" : 24, "repealedDate" : null, "fromSection" : "23", "toSection" : "23", "text" : " § 23. Municipal loans and municipally aided projects. 1. A\\nmunicipality may make or contract to make loans to a company or to a\\npublic benefit corporation providing housing for staff members,\\nemployees or students of a college, university, hospital or child care\\ninstitutions and their immediate families in an amount not to exceed,\\nexcept in the case of a non-profit company incorporated pursuant to the\\nprovisions of the not-for-profit corporation law and this article for\\nthe purpose of providing housing for aged or handicapped persons of low\\nincome, and except in the case of a company or public benefit\\ncorporations providing housing for staff members, employees or students\\nof a college, university, hospital or child care institution and their\\nimmediate families, and except in the case of a municipally-aided\\nnon-profit company or of a municipally-aided mutual company, and except\\nin the case of a low income non-profit housing company, ninety-five per\\ncentum of the project cost to be secured, except as provided in section\\nfifteen of this article, by a first mortgage lien and may make temporary\\nloans or advances to a company in anticipation of a permanent municipal\\nloan. In the case of a non-profit company incorporated pursuant to the\\nprovisions of the not-for-profit corporation law and this article for\\nthe purpose of providing housing for aged or handicapped persons of low\\nincome and in the case of a company or public benefit corporations\\nproviding housing for staff members, employees or students of a college,\\nuniversity, hospital or child care institution and their immediate\\nfamilies, and in the case of a municipally-aided non-profit company or\\nof a municipally-aided mutual company, and in the case of a low income\\nnon-profit housing company, such loans may not exceed the total project\\ncost. Notwithstanding the foregoing, such loans to a municipally-aided\\nmutual company to assist in financing the acquisition of a building by\\nresidents thereof may not exceed ninety-five per centum of the project\\ncost. Such mortgage, or bonds or notes secured thereby and such contract\\nmay contain such terms and conditions not inconsistent with the\\nprovisions of this article as the local legislative body may deem\\nnecessary or desirable to secure repayment of its loan, the interest\\nthereon and other charges in connection therewith. In the case of a loan\\nin an amount greater than ninety-five per centum of the total project\\ncost the supervising agency may in its discretion require satisfactory\\nindependent guarantees that the loan will be repaid according to the\\nterms of the company's bond or note and mortgage.\\n 1-a. Notwithstanding any other provision of this article or any other\\nlaw, any such loan may be made to a company at such rate of interest, if\\nany, as the local legislative body may deem necessary or desirable to\\ncarry out the policy and purposes of this article.\\n 2. The supervising agency shall have exclusive power to promulgate\\nsuch supplementary rules and regulations with respect to a\\nmunicipally-aided project and a company formed to undertake or operate\\nany such project, as may be necessary to carry out the provisions of\\nthis article. No assignment for collateral or pledge by a municipality\\nof its mortgage interest in a municipally-aided project to the state or\\nto any political subdivision thereof shall either affect the power of\\nthe supervising agency granted herein or authorize the commissioner to\\nexercise any powers not otherwise granted in this article.\\n 3. Prior to the date of approval by the local legislative body of the\\ncontract between a municipality and a company for a municipally aided\\nproject, the total estimated project cost of such project, the estimated\\ncapital requirements of the company formed to undertake or operate such\\nproject, the initial capital structure of such company and a\\nmodification of any of the foregoing items, shall be subject to the\\napproval of the supervising agency and the commissioner. Any\\nmodification of any of the foregoing items made after such date of\\napproval of the contract shall be subject solely to the approval of the\\nsupervising agency. If after such date of approval of the contract, any\\nchange is made in such contract which requires the approval of the local\\nlegislative body, such change shall also be subject to the prior\\napproval of the commissioner.\\n 4. The commissioner shall have the power, prior to the date of\\napproval by the local legislative body of a contract between a company\\nand the municipality for a municipally aided project, to approve the\\nproposed maximum average of the rentals to be charged for the dwellings\\nin the project, or any modifications thereof. After such date of\\napproval of the contract, the supervising agency shall have sole power\\nto increase or reduce the rental rate for the dwellings in the project\\nin the manner prescribed by section thirty-one of this article for the\\nvariance of the rental rates. However, if a variance in such rental rate\\nis made necessary because of a change in the project which requires the\\napproval of the local legislative body, the prior approval by the\\ncommissioner of such variance of the rental rate shall also be obtained.\\n 5. The commissioner and the supervising agency shall each have full\\npower to investigate into and order a company undertaking or operating a\\nmunicipally aided project to furnish such reports and information as\\neach may require concerning the planning, construction, acquisition,\\nrehabilitation, management or operation of the project.\\n 6. The commissioner shall have the power to audit the books of a\\ncompany undertaking or operating a municipally aided project solely as\\nto the legality of the expenditures and to disallow any expenditure\\nwhich the commissioner shall find has been made in violation of law or\\nany rule or regulation duly issued pursuant to this article. The\\nsupervising agency shall have the full power to audit the books of any\\nsuch company as to the legality, reasonableness or necessity of its\\nexpenditures. Any expenditure disallowed by the commissioner or the\\nsupervising agency on such audits shall not be included in any\\nconstruction, management or operating costs in connection with any\\napplication to increase or reduce the rents or carrying charges in a\\nproject.\\n 7. (a) At the direction of the supervising agency, with the consent\\nand approval of the mayor the municipality shall establish and keep a\\nseparate fund known as the limited-profit mortgage reserve fund for the\\npurposes of insuring the municipality against any loss resulting from\\nthe making of a mortgage loan, temporary loan or advance to a\\nmunicipality-aided project and to protect the municipality in the event\\nof delinquency in the repayment of such mortgage loan, temporary loan or\\nadvance.\\n (b) There shall be paid into such fund the portions of fees allocated\\nto and directed to be deposited in such fund by the supervising agency\\nwith the consent and approval of the mayor as provided for in\\nsubdivision seven of this section. In addition, there shall be credited\\nto and deposited in such fund any portion of the unexpended balance\\nremaining in the housing fund as the supervising agency with the consent\\nand approval of the mayor may determine to be in excess of the amounts\\nneeded to meet expenditures required to be paid from the housing fund.\\n (c) The monies in the limited-profit mortgage reserve fund shall be\\ndeposited in one or more of the banks or trust companies designated, in\\nthe manner provided by law, as depositories of the funds of such\\nmunicipal corporation. The comptroller or the chief fiscal officer may\\ninvest the monies in such fund in obligations specified in paragraph d\\nof this subdivision. Any interest earned or capital gain realized on the\\nmoney so deposited or invested shall accrue to and become part of such\\nfund. The separate identity of such fund shall be maintained whether its\\nassets consist of cash or investments or both.\\n (d) Monies in such fund may be invested (1) in special time deposit\\naccounts in, or certificates of deposit issued by, a bank or trust\\ncompany located and authorized to do business in this state, provided,\\nhowever, that such time deposit account or certificate of deposit shall\\nbe payable within such time as the proceeds may be needed to meet\\nexpenditures for which such monies were obtained and provided further\\nthat such time deposit account or certificate of deposit be secured by a\\npledge of obligations of the United States of America or obligations of\\nthe state of New York or obligations of any municipal corporation,\\nschool district or district corporation of the state of New York; or (2)\\nin obligations of the United States of America, obligations of the state\\nof New York or obligations of the municipal corporation which has\\nestablished such mortgage insurance fund provided: (i) such obligations\\nare not tax exempt; (ii) such obligations shall be payable or redeemable\\nat the option of the owner within such times as the proceeds may be\\nneeded to meet expenditures for purposes for which the monies so\\ninvested were obtained, and (iii) such obligations, unless registered or\\ninscribed in the name of the municipal corporation for which such\\ninvestment is made, shall be purchased through, delivered to and held in\\ncustody of a bank or trust company in this state and shall be sold or\\npresented for redemption or payment only by such bank or trust company\\nupon written instructions from the comptroller or chief fiscal officer.\\n (e) An expenditure shall be made from such fund only by an\\nauthorization of the supervising agency with the consent and approval of\\nthe mayor and only for one or more of the following purposes:\\n (i) Payment of expenses of establishing and administering the fund;\\n (ii) Payment of a delinquent installment or installments of interest\\nand principal due to the municipality under a mortgage loan, temporary\\nloan or advance to a municipally-aided project;\\n (iii) Payment of any loss sustained by the municipality as a result of\\nthe making of a loan, temporary loan or advance to a municipally-aided\\nproject, whether such loss consists of a deficiency upon a mortgage,\\nforeclosure sale as authorized by sections thirty-four and ninety-four\\nof this chapter or otherwise; except that in the event the municipality\\nacquires title to the project, payment for any loss or deficiency shall\\nbe deferred until such time when the municipality shall dispose of title\\nto the project; any such loss or deficiency shall be diminished by the\\nmunicipality to the extent of the amount derived by the municipality\\nfrom such disposition plus any net operating income derived by the\\nmunicipality during its period of ownership or less any net operating\\nloss sustained by the municipality during such period and less any\\namount of interest paid by the municipality to retire any bonded\\nindebtedness incurred in connection with the loan made to such project.\\n (iv) Payment of all costs entailed in procuring mortgage insurance in\\nsuch amounts, and from such insurers as the supervising agency deems\\ndesirable to insure the municipality against any loss resulting from the\\nmaking of a mortgage loan to a municipality-aided project.\\n The payment from such fund of any delinquent installment or\\ninstallments due the municipality under a mortgage as provided in\\nsubsection (ii) of this paragraph e shall not be deemed either a\\nremission or waiver of the right to such installment or installments and\\nsuch installment or installments shall continue to be due and payable to\\nthe municipality and shall be deposited, together with interest accrued,\\nin the mortgage insurance fund when paid.\\n (f) The comptroller or chief fiscal officer shall keep a separate\\naccount for the mortgage insurance fund. Such account shall show:\\n (i) The date and amount of each sum paid into the fund;\\n (ii) The interest earned by the fund;\\n (iii) The capital gains or losses resulting from the sale of\\ninvestments of the fund;\\n (iv) The interest or capital gains which have accrued to the fund;\\n (v) The amount and date of each withdrawal from the fund;\\n (vi) The assets of the fund indicating the cash balance therein and a\\nschedule of the amounts invested.\\n The comptroller or chief fiscal officer shall render a detailed report\\nof the operation and condition of such fund to the supervising agency\\nannually each fiscal year and at such other times as the supervising\\nagency or the mayor may require.\\n 8. Whenever reference is made in this article to a municipal loan, a\\nloan by a municipality, a loan from a municipality, a contract for a\\nloan between a municipality and a company, or any similar term, with\\nrespect to the territorial limits of the city of New York such term\\nshall be construed to refer to a loan made or to be made either by such\\nmunicipality or by the New York city housing development corporation,\\nwhichever is applicable.\\n 9. The city of New York shall have the power to invest jointly or\\nparticipate in a loan with the New York city housing development\\ncorporation or with one or more organizations or entities mentioned in\\nsection fifteen in a bond or note and single participating mortgage, or\\nin separate bonds or notes and separate mortgages of a company organized\\npursuant to the provisions of this article upon such terms and\\nconditions as are provided in said section fifteen of this article.\\n 10. A municipality with a population of less than one million may, by\\naction of its local legislative body concurred in by the commissioner,\\nprovide for the supervision and regulation of any municipally-aided\\nproject and the company carrying out such project by the commissioner in\\nlieu of the supervising agency. With respect to any such project and\\ncompany, the commissioner shall have, from and after the effective date\\nof such action, all of the powers and duties of a supervising agency\\npursuant to this article. The company shall pay to the commissioner\\nfees, as prescribed by the commissioner, to cover the expenses of\\nexamination, audit, and supervision of the company and the project.\\nNotwithstanding any other provision of law, funds collected pursuant to\\nsuch fees shall be deposited to the credit of the general fund.\\n The provisions of subdivisions one and eight of this section shall\\napply only to projects financed in whole or in part by a mortgage loan,\\ntemporary loan or advance by a municipality. The provisions of\\nsubdivisions two, three, four, five, six and seven hereof shall apply to\\nall municipally-aided projects including projects financed in whole or\\nin part by a mortgage loan from the federal government or any agency or\\ninstrumentality thereof or by a mortgage or mortgage bonds insured by\\nthe federal government or any agency or instrumentality thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "23-A", "title" : "Mortgage modifications, evidence of pre-existing indebtedness", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "23-A", "activeDate" : "2014-09-22", "sequenceNo" : 25, "repealedDate" : null, "fromSection" : "23-A", "toSection" : "23-A", "text" : " § 23-a. Mortgage modifications, evidence of pre-existing indebtedness.\\n1. Notwithstanding the provision of any law, general or special, the\\nsupervising agency shall have the power to:\\n (i) assign or pledge or contract to assign or pledge any mortgage\\nsecuring a loan, including any loan to finance the construction of a\\nproject, and any note or bond evidencing indebtedness thereon, made by\\nthe municipality in accordance with the provisions of this article, and\\nany contract or arrangement, including any subsidy contract or\\narrangement, relating to such mortgage, and the receipts to be derived\\nfrom any of the foregoing, and may reacquire or accept and contract to\\nreacquire or accept any such mortgage, note, bond, contract or\\narrangement, including any mortgage, note, bond, contract or arrangement\\nmade in substitution thereof, and the receipts to be derived therefrom,\\nor\\n (ii) consent to and contract for the modification of any of the terms\\nof a mortgage, and note or bond secured thereby, made pursuant to\\nsection twenty-three of this chapter for the purpose of obtaining\\ninsurance of such mortgage loan by the federal government in order to\\nrefinance all or any part of the indebtedness evidenced by such mortgage\\nand note or bond, or\\n (iii) satisfy such mortgage in order to enable the company to obtain\\ninsurance by the federal government of a mortgage loan made for the\\npurpose of refinancing all or any part of the indebtedness evidenced by\\nsuch mortgage and note or bond.\\n 2. In the event that the existing mortgage loan is satisfied pursuant\\nto this section, the supervising agency may in consideration of the\\nissuance of such satisfaction accept a new mortgage and note or bond\\ninsured by the federal government in an amount equal to the maximum\\nprincipal amount of a mortgage loan the federal government will insure\\nor accept the proceeds available to the housing company as a result of\\nthe refinancing.\\n 3. In the event that there is residual indebtedness, the housing\\ncompany shall make and the supervising agency shall accept such\\ninstruments evidencing such indebtedness as may be required by the\\nsupervising agency as are consistent with the provisions of subdivision\\nfifteen of section twelve of this chapter, in such form and upon such\\nterms as the supervising agency may approve. In the event that there are\\nresidual receipts obligations, the housing company may make and the\\nsupervising agency may accept instruments evidencing such obligations in\\naccordance with the provisions of subdivision sixteen of section twelve\\nof this chapter.\\n 4. Notwithstanding any other provisions of this article or any\\ngeneral, special or local law, where the supervising agency has made the\\nfindings required in subdivision one of section twenty-six or section\\ntwenty-six-a and where a project has been approved pursuant to\\nsubdivision five of section twenty-six of this chapter, the supervising\\nagency may make or contract to make a mortgage loan or exercise other\\nrelated powers pursuant to this section or section twenty-three-b or\\nsubdivision twenty-two-a of section six hundred fifty-four of this\\nchapter without further findings by the supervising agency or further\\napproval by the local legislative body.\\n 4-a. Notwithstanding the provisions of this article or any general,\\nspecial or local law to the contrary, where an existing mortgage loan is\\nmodified or satisfied pursuant to this section and the supervising\\nagency has approved a new or modified mortgage or mortgages, including a\\nmortgage and note or bond insured by the federal government and a\\nmortgage to secure residual indebtedness, the supervising agency may\\nsell, assign, or otherwise dispose of, at public or private sale, on\\nsuch terms and conditions as shall be deemed appropriate by the\\nsupervising agency subject to the approval of the comptroller or chief\\nfiscal officer of the municipality wherein such agency is located, such\\nnew or modified mortgage or mortgages and related instruments.\\n 4-b. Notwithstanding the provisions of this article or any general,\\nspecial or local law to the contrary, where an existing mortgage loan is\\nmodified or satisfied pursuant to this section, the supervising agency\\nmay pay or incur fees, costs, expenses and other amounts, whether or not\\nany amounts have been appropriated therefor in order to (1) meet a\\nmunicipality's obligations under an agreement with the federal\\ngovernment on account of mortgage insurance, provided that a\\nmunicipality's share of any mortgage insurance claim paid by the federal\\ngovernment shall not exceed fifty percent of the insurance benefits paid\\nby the federal government, and further provided that a municipality's\\nshare of such claims under any contract or contracts entered into\\nbetween a municipality and the federal government shall not exceed five\\npercent of the outstanding principal amount of all mortgages of the\\nmunicipality at any time insured by the federal government and included\\nwithin such contract, (2) make loans for, or establish escrow accounts\\nfor the issuance of mortgage insurance, (3) absorb discounts associated\\nwith any sale, assignment or other disposition of a mortgage note or\\nbond insured by the federal government, (4) pay fees required by the\\nfederal government as a condition for the issuance of mortgage\\ninsurance, (5) install such life safety devices and satisfy such minimum\\nproperty standards, as may be required by the federal government which\\ndevices or standards are in addition to any requirement imposed by the\\nmunicipality as mortgagee and to make loans for such purposes, (6) pay\\nclosing and other costs related to obtaining mortgage insurance from the\\nfederal government, (7) permit the municipality to issue obligations\\nsecured by such mortgage or mortgages, (8) meet such other costs as the\\nfederal government may from time to time impose, (9) pay any amounts not\\npreviously advanced under a mortgage or mortgages modified or satisfied\\npursuant to this section, and (10) hold an amount not to exceed twenty\\nmillion dollars at any one time in a revolving account for a period not\\nto exceed eighteen months from the time of the first deposit therein, to\\npay fees, costs, expenses and other amounts attributable to making and\\ninsuring mortgages pursuant to this section or attributable to issuing\\nobligations secured by such mortgages. If the municipality sells any\\nsuch mortgages insured by the federal government for an amount in excess\\nof the principal amount thereof at the time of such sale, or if the\\nmunicipality issues obligations secured by any such mortgages and the\\nyield on such mortgages is greater than the yield on such obligations\\n(the yield on such mortgages and obligations having been calculated in\\naccordance with section one hundred three of the internal revenue code\\nof the United States and regulations thereunder), then any such premium\\nand any such differential may be used by the municipality for any lawful\\npurpose, provided, however, that an amount equal to the annual sum of\\nsuch premium and such differential, to the extent such differential is\\nnot paid to or for the benefit of the holders of such obligations, shall\\nbe credited annually by the municipality, at such times as determined by\\nthe supervising agency, as a payment by all municipally-aided projects\\nthen having residual indebtedness, of the then accrued and unpaid\\ninterest on such residual indebtedness. To the extent that any such\\ncredit otherwise allocable to a project in any year exceeds unpaid\\ninterest on the residual indebtedness of such project in that year, such\\nexcess credit shall be allocated among all other eligible projects\\nhaving accrued and unpaid interest on residual indebtedness in that\\nyear. Notwithstanding the provisions of the foregoing sentence of this\\nsubdivision, if an eligible project has made cash payments in any year\\nfor the sum of (i) interest on and principal of a federally insured\\nmortgage and (ii) interest on and principal of residual indebtedness and\\n(iii) all other payments on account of such insured mortgage, including\\nmortgage insurance premium and reserves, at least equal to the sum of\\n(i) interest and principal which would have been due annually on the\\noriginal mortgage loan for the project, at the interest rate in effect\\nat the time the project is refinanced, and (ii) all other required\\nannual payments on account of such original mortgage loan, such as\\nreserve requirements, then any excess credit allocable to such eligible\\nproject shall be credited in the next succeeding year as a payment of\\ninterest on residual indebtedness of such project before any cash\\npayment is required to be made for such interest. Subject to the\\nprovisions of the preceding sentence of this subdivision, if the total\\nof such credit in any year available for all eligible projects exceeds\\nthe total of all accrued and unpaid interest in that year on residual\\nindebtedness of all eligible projects then having residual indebtedness,\\nan amount equal to such excess credit shall be carried forward and\\ncredited in future years as a payment of accrued and unpaid interest on\\nresidual indebtedness of eligible projects in future years until such\\ntime as no further interest remains unpaid with respect to any residual\\nindebtedness of eligible projects. The supervising agency shall divide\\nsuch credit among eligible projects on the basis of the respective\\noriginal principal amounts of the federally insured mortgages on\\neligible projects; provided, however, that such credit shall be\\nallocated to projects which receive federal subsidies only to the extent\\nthat such subsidies are not thereby reduced. When there is a\\nparticipation, new loan or investment pursuant to section twenty-three-b\\nof this article for which the consent of a company is required and which\\nwill be substantially equivalent to a refinancing pursuant to section\\ntwenty-three-a or subdivision twenty-two-a of section six hundred\\nfifty-four of this article, then for purposes of this subdivision the\\ninterest of the municipality after such participation, new loan or\\ninvestment which is secured by a mortgage shall be deemed to be the\\nequivalent of residual indebtedness and the interest of entities or\\norganizations other than the municipality in such participation, new\\nloan or investment shall be deemed to be the equivalent of a federally\\ninsured mortgage.\\n 5. No company shall accept a mortgage loan to be insured by the\\nfederal government made for the purpose of refinancing the existing\\nmortgage loan of a company which shall exceed the amount which can be\\nsupported by the income derived from the operation of the project at the\\nrental rate determined by the supervising agency that would be necessary\\nto meet all necessary payments to be made by the company, of all\\nexpenses including fixed charges, sinking funds, reserves and dividends\\non outstanding stock, as authorized by the supervising agency, if the\\nprincipal amount of the original mortgage loan of the company were to be\\nfully repaid over the term of such mortgage loan by constant and equal\\npayments of principal and interest and if the interest rate on the\\ncompany's original mortgage loan was eight and one-half percent per\\nannum or, where the original mortgage loan provides for the payment of\\ninterest at a maximum rate of less than eight and one-half percent per\\nannum, such maximum amount.\\n 6. A company shall not accept a mortgage to be insured by the federal\\ngovernment for the purpose of refinancing an existing mortgage loan of a\\nmunicipally-aided project unless the sum of interest and principal\\npayable in respect of such mortgage to be insured by the federal\\ngovernment and in respect of any residual indebtedness, over the term of\\nsuch mortgage and residual indebtedness, shall be no more than the sum\\nof interest and principal that would be payable in respect of the\\nexisting mortgage loan, over the term of such existing mortgage loan, at\\nan interest rate of eight and one-half percent per annum or where the\\nexisting mortgage loan provides for a maximum interest rate of less than\\neight and one-half percent, at such maximum interest rate.\\n 7. The terms of any mortgage securing residual indebtedness of a\\nmunicipally-aided project shall include a provision to the effect that\\nso long as the project is subject to a mortgage insured or held by the\\nfederal government (a) interest on and principal of such mortgage\\nsecuring residual indebtedness shall be payable only if and to the\\nextent to which surplus cash, as defined in a regulatory agreement\\nexcecuted by the housing company and the federal government, is\\navailable, and (b) the failure to pay interest and principal on such\\nmortgage securing residual indebtedness shall not constitute an event of\\ndefault unless surplus cash is available and not applied to such\\npayments of interest and principal.\\n 8. Ten days before an initial application is filed with the federal\\ngovernment to obtain insurance by the federal government of a mortgage\\nfor the purpose of refinancing all or any part of a mortgage loan for a\\nmunicipally-aided project pursuant to section twenty-three-a or\\nsubdivision twenty-two-a of section six hundred fifty-four of this\\nchapter, the supervising agency shall (a) mail to the president or other\\nrepresentative of the tenants' association or cooperators' advisory\\ncouncil, recognized by the supervising agency for such municipally-aided\\nproject, written notice of the proposed refinancing, including a copy of\\nsuch initial application, and (b) make a copy of such initial\\napplication available at its offices during business hours, for\\ninspection and copying by the residents of such municipally-aided\\nproject. Ten days before the closing of a proposed participation, new\\nloan or investment with respect to a municipally-aided project pursuant\\nto section twenty-three-b of this article, the supervising agency shall\\n(a) mail to the president or other representative of the tenants'\\nassociation or cooperators' advisory council, recognized by the\\nsupervising agency for such municipally-aided project, written notice of\\nsuch proposed participation, new loan or investment, including a summary\\nof the principal terms and conditions thereof, and (b) make a copy of\\nsuch summary available at its offices during business hours, for\\ninspection and copying by the residents of such municipally-aided\\nproject. The unintentional failure of the supervising agency to comply\\nwith the foregoing provisions of this subdivision shall not invalidate\\nor otherwise affect any such refinancing of a mortgage loan or any such\\nparticipation, new loan or investment.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "23-B", "title" : "Participation in loan or investment", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "23-B", "activeDate" : "2014-09-22", "sequenceNo" : 26, "repealedDate" : null, "fromSection" : "23-B", "toSection" : "23-B", "text" : " § 23-b. Participation in loan or investment. Notwithstanding any other\\nprovisions of this article or of any general, special or local law,\\nwhere a municipality has made or contracted to make a mortgage loan to a\\ncompany to finance a project: one or more banking organizations as\\ndefined in subdivision eleven of section two of the banking law,\\neducational institutions, hospitals, medical research institutes,\\ninsurance companies, trustees or fiduciaries, including fiduciaries\\nholding funds for investment, the New York city housing development\\ncorporation, other public corporations, or other entities which\\npurchase, invest, or deal in first mortgage loans in the normal course\\nof their business, or any combination of the foregoing, shall have the\\npower to participate in such loan or make or participate in a new loan\\nsecured by a bond or note and a single participating mortgage, or by\\nseparate bonds or notes and separate mortgages, or to invest, singly or\\njointly, with the municipality in a bond or note and single\\nparticipating mortgage or in separate bonds or notes and mortgages or in\\na new mortgage or mortgages with respect to all or a portion of the loan\\nby a municipality to a company; and the supervising agency shall have\\nthe power, upon the mortgagor's consent, to modify the terms and\\nconditions of the original bond or bonds or note or notes and mortgage\\nor mortgages and any other documents executed in connection with such\\noriginal loan, as the supervising agency may deem necessary or desirable\\nto provide for such participation, new loan or investment as provided in\\nthis section, including but not limited to (i) modification of the rate\\nand time of payment of interest on the original loan or rate and time of\\namortization of principal thereof, (ii) providing for priority for\\npayment of the principal of and interest on that portion of the mortgage\\nindebtedness attributable to such participation, new loan or investment\\nby one or more of such entities or organizations, (iii) subordination of\\nthe interest of the municipality to the interest of one or more of such\\norganizations or entities in such participation, new loan or investment,\\nand (iv) otherwise providing that the interest of each upon such\\nparticipation, new loan or investment need not be of equal priority as\\nto lien, or be equal as to interest rate, time or rate of amortization\\nof principal or time of payment of interest or otherwise; provided,\\nhowever, that the aggregate amount of the loan or loans to a company\\ndoes not exceed the amount authorized pursuant to section twenty-three\\nof this article. When consent of a company is required for any\\nparticipation, new loan or investment pursuant to this section and such\\nparticipation, new loan or investment will be substantially equivalent\\nto a refinancing of indebtedness pursuant to section twenty-three-a or\\nsubdivision twenty-two-a of section six hundred fifty-four of this\\nchapter, then; (i) the provisions of this article, including without\\nlimitation the provisions of section twenty-three-a, limiting total\\nindebtedness of a company after a refinancing shall apply to total\\nindebtedness of the company after such participation, new loan or\\ninvestment; (ii) the provisions of this article applicable to a mortgage\\nof a company insured by the federal government in connection with such\\nrefinancing shall apply to a mortgage securing the interest of entities\\nor organizations other than the municipality in such participation, new\\nloan or investment; (iii) the provisions of this article concerning\\nresidual indebtedness, such residual indebtedness having been calculated\\nas if the mortgage referred to in clause (ii) of this sentence were a\\nfederally insured mortgage, shall apply to an interest of the\\nmunicipality after such participation, new loan or investment which is\\nsecured by a mortgage; (iv) the provisions of this article concerning\\nresidual receipts obligations shall apply to an interest of the\\nmunicipality after such participation, new loan or investment which is\\nunsecured, and (v) the provisions of subdivision four-b of section\\ntwenty-three-a of this article concerning the credit referred to therein\\nshall apply in a manner consistent with such subdivision. For purposes\\nof the foregoing sentence of this section, the term surplus cash\\n(referred to in subdivision seven of section twenty-three-a of this\\narticle) shall be applied by the supervising agency in a manner\\nconsistent with the definition of such term in regulatory agreements\\nwith the federal government for the refinancing of indebtedness of\\nmunicipally-aided projects. The provisions of subdivisions one and five\\nof section twenty-six of this article shall not apply to such\\nparticipation in a loan or investment pursuant to this section if\\nundertaken in connection with a project theretofore approved pursuant to\\nsection twenty-six of this article. Where the municipality shall join\\nwith one or more organizations of the kind hereinabove mentioned, in\\nmaking a loan secured by a single participating mortgage or by separate\\nmortgages, the municipality is authorized, through its supervising\\nagency, to make provision, either in the mortgage or mortgages or by\\nseparate agreement, for the performance of such services as are\\ngenerally performed by a banking institution or insurance company which\\nitself owns and holds a mortgage or by a trustee under a trust mortgage.\\nThe supervising agency is hereby authorized to act as trustee or to\\nconsent to the appointment of a banking institution to act in such\\ncapacity. In connection with any participation in a loan or investment\\npursuant to this section, the municipality through its supervising\\nagency shall have the power to assign or pledge, in whole or in part, to\\none or more of the organizations or entities participating in such loan\\nor investment its right, title and interest in and to any mortgage held\\nby it pursuant to this article and any contract or arrangement for the\\npayment of subsidy relating to such mortgage, including the right to\\nreceive and apply to repayment of such loan and the interest thereon any\\nreceipts to be derived by it from such mortgage or from such contract or\\narrangement.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "23-C", "title" : "Mortgage modifications", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "23-C", "activeDate" : "2014-09-22", "sequenceNo" : 27, "repealedDate" : null, "fromSection" : "23-C", "toSection" : "23-C", "text" : " § 23-c. Mortgage modifications. 1. For the purposes of this section,\\nthe following terms shall have the meanings set forth below:\\n (a) \"Existing mortgage\" shall mean any mortgage held by the\\nmunicipality securing a loan made by such municipality in accordance\\nwith the provisions of this article, and any note or bond evidencing\\nindebtedness thereon, including, but not limited to, any mortgage, note\\nor bond securing residual indebtedness and any mortgage, note or bond\\nsecuring a loan to finance the construction of a project.\\n b. \"Non-recoverable debt service\" shall mean, with respect to any\\nincrease in indebtedness executed or approved pursuant to this section\\nthat is not attributable to project cost, all payments of interest and\\nprincipal on such portion of the indebtedness.\\n (c) \"Restrictive agreement\" shall mean a binding agreement between a\\ncompany and the supervising agency, which (i) prohibits the dissolution\\nof the company pursuant to the provisions of section thirty-five of this\\narticle for not less than six years from the date of such agreement, and\\n(ii) prohibits the consideration of non-recoverable debt service in any\\nrent increase pursuant to the provisions of section thirty-one of this\\narticle at any time subsequent to the date of such agreement.\\n 2. Notwithstanding the provisions of this article or the provisions of\\nany law, general or special, a company that enters into a restrictive\\nagreement on or after the effective date of a chapter of the laws of\\n2004 which added this subdivision, may, with the approval of such\\nsupervising agency:\\n (a) substitute a new mortgage approved by the supervising agency for\\nany existing mortgage;\\n (b) extend or modify any existing mortgage in such manner and for such\\nterm as shall be determined by the supervising agency;\\n (c) subordinate any existing mortgage in any manner approved by the\\nsupervising agency to the lien of any mortgage held by a lender that is\\nauthorized to participate in loans pursuant to section twenty-three-b of\\nthis article; and\\n (d) borrow funds and secure the repayment thereof by note and mortgage\\nor in any other manner approved by the supervising agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "24", "title" : "Income debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "24", "activeDate" : "2014-09-22", "sequenceNo" : 28, "repealedDate" : null, "fromSection" : "24", "toSection" : "24", "text" : " § 24. Income debentures. 1. With the approval of the supervising\\nagency or of the commissioner, as the case may be, the certificate of\\nincorporation, or an amended certificate may authorize the issuance of\\nincome debentures bearing no greater interest than six per centum per\\nannum except as otherwise provided in this article. After the\\nincorporation of a company, the directors thereof may, with the consent\\nof two-thirds of the holders of the preferred stock issued and\\noutstanding offer to the stockholders of the company, the privilege of\\nexchanging their stock in such quantities and at such times as may be\\napproved by the supervising agency or the commissioner, as the case may\\nbe, for such income debentures. In no event, shall the amount of stock\\nof the company be less than a per centum of the total of stock and\\nincome debentures, to be fixed by the supervising agency or by the\\ncommissioner, as the case may be.\\n 2. Such income debentures and any instrument under which they are\\nissued may contain such other provisions, including provision for\\namortization by serial maturities, through the operation of a sinking\\nfund or otherwise, as may be approved by the supervising agency or by\\nthe commissioner, as the case may be.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "25", "title" : "Working capital", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "25", "activeDate" : "2014-09-22", "sequenceNo" : 29, "repealedDate" : null, "fromSection" : "25", "toSection" : "25", "text" : " § 25. Working capital. The supervising agency or the commissioner, as\\nthe case may be, may permit stock or income debentures to be issued for\\nworking capital to be used in connection with such project to an amount\\nnot exceeding three per centum of the estimated project cost or the\\nactual project cost, whichever is larger.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "26", "title" : "Conditions and security for loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "26", "activeDate" : "2014-09-22", "sequenceNo" : 30, "repealedDate" : null, "fromSection" : "26", "toSection" : "26", "text" : " § 26. Conditions and security for loans. 1. No loan shall be made by\\nthe state, the New York state housing finance agency, a municipality or\\nthe New York city housing development corporation unless the\\ncommissioner, with respect to a project aided by a state loan or New\\nYork state housing finance agency loan, or the supervisory agency, with\\nrespect to a municipally-aided project, finds that:\\n (a) The municipality has approved the project as provided in\\nsubdivision five of this section and has enacted or will enact\\nregulations or appropriate restrictions adequately protecting the\\nproject against future uses likely to depreciate unduly the value of\\nsuch project;\\n (b) The estimated revenues of the project will be sufficient to cover\\nall probable costs of operation and maintenance, of fixed charges and\\noperating reserves and depreciation reserves if any;\\n (c) The plans and specifications conform to the requirements of all\\nlaws applicable thereto, and assure adequate light, air, sanitation and\\nfire protection;\\n (d) If the project is aided by a state loan, or a New York state\\nhousing finance agency loan, the commissioner shall also find that the\\nproject is in conformity with a plan or undertaking for providing low\\nrent housing facilities for persons of low income and for the clearance,\\nreplanning, reconstruction or rehabilitation of a substandard and\\ninsanitary area or areas, and for other facilities incidental or\\nappurtenant thereto as may be approved by the commissioner.\\n 1-a. No company may be aided pursuant to this article by a mortgage\\nloan or tax exemption or both to finance the acquisition of a building\\nby residents thereof unless the commissioner or the supervising agency,\\nas the case may be, finds that:\\n (a) the condition of such building is deteriorating and the building\\nis located in a deteriorating area or in an area threatened with\\ndeterioration by reason of economic, social or physical changes\\noccurring therein or in nearby areas;\\n (b) the building is not yielding sufficient revenues to cover costs of\\noperation and maintenance, of fixed charges and of reserves, if any, and\\nalso a reasonable profit to the owner;\\n (c) the making of such loan will prevent further deterioration and\\nabandonment;\\n (d) at least two-thirds of the present residents consent to such\\nacquisition;\\n (e) financing for such acquisition is otherwise unavailable because of\\nthe neighborhood, the age of the buildings, or other factors indicating\\nan inability of the private sector unaided to cause such acquisition to\\nbe effected;\\n (f) the proceeds of such loan will not be used to refinance existing\\ndebt in excess of a reasonable relationship to current value; and\\n (g) the term for repayment of such loan does not exceed the remaining\\nuseful life of the building.\\n 2. The principal of a loan made by the state shall be repaid by the\\ncompany over a period of not to exceed fifty years except in the case of\\na loan to rehabilitate an existing building, in which case the period\\nshall not exceed thirty-five years, or the estimated life of the\\nproject, whichever is shorter, in annual installments equal to the\\namount payable by the state on the moneys borrowed for the project.\\nSuch annual installment of principal need not be uniform in amount, but\\nmay be so varied that the total payment of principal and interest shall\\nbe approximately equal and constant during the period of the loan. Each\\npayment of principal and interest shall be made to the state comptroller\\nnot later than five days before each payment by the state is required.\\nThe loan shall bear the same rate of interest paid or to be paid by the\\nstate for the definitive housing bonds issued on account of such loan.\\nThe company shall pay to the state comptroller a proportionate share of\\nthe cost of borrowing not later than thirty days after the state\\ncomptroller has certified the amount of such share.\\n 3. Any bonds or notes issued by the company and any mortgages relating\\nthereto may authorize the company, with the consent of the state\\ncomptroller in the case of a state-aided project, or the supervising\\nagency in the case of a municipally-aided project, to prepay the\\nprincipal of the loan. Such bonds or notes and mortgages may contain\\nsuch other clauses and provisions as the commissioner in the case of a\\nstate-aided project or the supervising agency in the case of a\\nmunicipally-aided project, shall require. Notwithstanding the provisions\\nof any general, special or local law, the principal of any loans made\\npursuant to subdivision one of section fifteen of this article or the\\nprincipal of a loan made by a municipality pursuant to this article and\\nsecured by a mortgage lien subordinate to the lien of a first mortgage\\nmade pursuant to paragraph (b) of subdivision one of section fifteen of\\nthis article may be amortized at such time or times or at such rate as\\nthe supervising agency shall approve.\\n 4. With respect to a state-aided project the commissioner may charge\\nthe company reasonable fees for financing, regulation, supervision and\\naudit. Fees collected for such services shall be paid into and disbursed\\nfrom such fund or funds as may be provided by law.\\n 5. (a) In a municipality where there is a planning commission, the\\nproject shall first be submitted to it for approval. Where changes in\\nthe city map and zoning amendments or variances are necessitated by such\\nproject, such amendments, variances and changes shall be submitted\\ntogether with such project and considered as a part thereof. Such\\nplanning commission, not later than ten weeks from the date of the\\nreferral of the project to it, after a public hearing held on due\\nnotice, notice of which shall be published at least ten days prior\\nthereto in the official publication of the municipality, or if none\\nexists, in a newspaper circulating in the municipality, shall submit its\\nreport to the local legislative body certifying its unqualified\\napproval, its disapproval, or its qualified approval with\\nrecommendations for modifications therein.\\n After public hearing held on due notice and after the report is\\nreceived or due from the planning commission, the local legislative body\\nmay:\\n (i) if the planning commission shall have certified its unqualified\\napproval, approve the project by a majority vote;\\n (ii) if the planning commission shall have certified its disapproval\\nor shall have failed to make its report within ten weeks from the date\\nsuch project was submitted to it, nevertheless approve the project, but\\nonly by a three-fourths vote;\\n (iii) if the planning commission shall have certified its qualified\\napproval together with recommendations for modifications, approve the\\nproject together with the modifications recommended by the planning\\ncommission by a majority vote, or approve the project without such\\nmodifications but only by a three-fourths vote.\\n (b) In a municipality where there is no planning commission the\\nproject shall be submitted to the local legislative body which, after\\npublic hearing held on due notice, may either approve or disapprove the\\nproject.\\n (c) Notwithstanding any other provision of law, changes in the city\\nmap, zoning amendments, or variances contained in the plan shall be\\ndeemed approved by the local legislative body when it approves the\\nproject. Any such changes in the city map, zoning amendments, or\\nvariances shall become effective on the date on which the supervising\\nagency shall file a resolution with the local legislative body in\\nimplementation thereof.\\n 6. The provisions of subdivisions one and five of this section shall\\nnot apply to a state urban development corporation project or to any\\nloan made by the state or the state housing finance agency to such\\nproject, notwithstanding anything to the contrary contained herein.\\n 7. Notwithstanding anything to the contrary contained therein, the\\nprovisions of subdivisions one and five of this section shall not apply\\nto a Battery Park city project or to any loan made by the state or the\\nNew York state housing finance agency to such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "26-A", "title" : "Findings for municipally-aided projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "26-A", "activeDate" : "2014-09-22", "sequenceNo" : 31, "repealedDate" : null, "fromSection" : "26-A", "toSection" : "26-A", "text" : " § 26-a. Findings for municipally-aided projects. No municipally-aided\\nproject aided solely by tax exemption shall be approved by the\\nsupervising agency unless the agency shall have made the findings set\\nforth in subdivision one of section twenty-six.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "26-B", "title" : "Special provisions with respect to state urban development corporation projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "26-B", "activeDate" : "2014-09-22", "sequenceNo" : 32, "repealedDate" : null, "fromSection" : "26-B", "toSection" : "26-B", "text" : " § 26-b. Special provisions with respect to state urban development\\ncorporation projects. 1. No loan shall be made by the state, the New\\nYork state housing finance agency, or the state urban development\\ncorporation for the acquisition, construction, reconstruction,\\nrehabilitation or improvement of a state urban development corporation\\nproject, nor shall any such project be approved by the commissioner,\\nunless the commissioner finds that:\\n (a) the estimated revenues of the project will be sufficient to cover\\nall probable costs of all operations and maintenance, of fixed charges\\nand operating reserves and depreciation reserves, if any;\\n (b) the plans and specifications of the project assure adequate light,\\nair, sanitation and fire protection;\\n (c) the project is in conformity with a plan or undertaking for\\nproviding low rent housing facilities for persons of low income and for\\nthe clearance, replanning, reconstruction or rehabilitation of a\\nsubstandard and insanitary area or areas and for other facilities\\nincidental or appurtenant thereto as may be approved by the\\ncommissioner.\\n 2. Any state urban development corporation project shall comply with\\nthe requirements of local laws, ordinances, codes, charters or\\nregulations applicable to the construction, reconstruction,\\nrehabilitation, alteration or improvement of such project, except where\\nthe state urban development corporation, in its discretion, finds such\\ncompliance not feasible or practicable, in which event such project\\nshall comply with the requirements of the state building construction\\ncode, formulated by the state building code council pursuant to article\\neighteen of the executive law, applicable to such construction,\\nreconstruction, rehabilitation, alteration or improvement. No county,\\ncity, town or village shall have power to modify or change the drawings,\\nplans or specifications for the construction, reconstruction,\\nrehabilitation, or improvement of any such project or the construction,\\nplumbing, heating, lighting or other mechanical branch of work necessary\\nto complete the work in question, nor to require that any person, firm\\nor corporation employed on any such work shall perform any such work in\\nany other or different manner than that provided by such plans and\\nspecifications, nor to require that any such person, firm or corporation\\nobtain any other or additional authority, approval, permit or\\ncertificate from such county, city, town or village as a condition of\\ndoing such work, nor shall any condition whatever be imposed by any such\\ncounty, city, town or village in relation to the work being done, and\\nthe doing of any such work by any person, firm or corporation in\\naccordance with the terms of such drawings, plans, specifications or\\ncontracts shall not subject said person, firm or corporation to any\\nliability or penalty, civil or criminal, other than as may be stated in\\nsuch contracts or incidental to the proper enforcement thereof; nor\\nshall any county, city, town or village have power to require that any\\nsubsidiary of the New York state urban development corporation, or any\\nlessee therefrom or successor in interest thereto, obtain any other or\\nadditional authority, approval, permit, certificate or certificate of\\noccupancy from such county, city, town or village as a condition of\\nowning, using, maintaining, operating or occupying any project acquired,\\nconstructed, reconstructed, rehabilitated or improved by any such\\nsubsidiary of the New York state urban development corporation.\\n 3. Notwithstanding any other provision of this article, in the case of\\na state urban development corporation project financed or to be financed\\nby a loan from the state urban development corporation, the corporation\\nshall exercise, with respect to such project and with respect to the\\ncompany carrying out such project, all of the powers and duties\\nexercised by the commissioner pursuant to this article with respect to\\nprojects financed by the New York state housing finance agency until\\nsuch project, or any part thereof, is ready for initial occupancy as\\ndetermined by the commissioner, and thereafter, upon the issuance by the\\ncommissioner of a certificate of assumption of supervision, such project\\nshall be subject to the supervision and control of the commissioner and\\nthe New York state division of housing and community renewal, which\\nshall have the same powers and responsibilities with respect to such\\nproject as they would have if such project were aided by a loan from the\\nstate or the New York state housing finance agency under this article\\nand which shall assume the additional powers and responsibilities with\\nrespect to such project theretofore conferred on the corporation by law\\nor contract. The corporation and the commissioner of housing and\\ncommunity renewal shall take such actions and execute such documents as\\nmay be necessary to implement this subdivision.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "26-C", "title" : "Special provisions with respect to Battery Park city projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "26-C", "activeDate" : "2014-09-22", "sequenceNo" : 33, "repealedDate" : null, "fromSection" : "26-C", "toSection" : "26-C", "text" : " § 26-c. Special provisions with respect to Battery Park city projects.\\n1. No loan shall be made by the state or the New York state housing\\nfinance agency for the acquisition, construction, reconstruction,\\nrehabilitation or improvement of a Battery Park city project, nor shall\\nany such project be approved by the commissioner, unless the\\ncommissioner finds that:\\n (a) the estimated revenues of the project will be sufficient to cover\\nall probable costs of all operations and maintenance, of fixed charges\\nand operating reserves and depreciation reserves, if any;\\n (b) the plans and specifications of the project assure adequate light,\\nair, sanitation and fire protection;\\n (c) the project is in conformity with a plan or undertaking for\\nproviding low rent housing facilities for persons of low income.\\n 2. Notwithstanding any other provisions of this article, in the case\\nof a Battery Park city project financed or to be financed by a loan from\\nBattery Park city authority, all approvals, findings and consents which\\nare required to be given or made by the commissioner pursuant to this\\narticle shall be given or made instead by Battery Park city authority,\\nand the authority shall exercise, with respect to such project and with\\nrespect to the company carrying out such project, all of the powers and\\nduties exercised by the commissioner pursuant to this article with\\nrespect to projects financed by the New York state housing finance\\nagency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "27", "title" : "Limitations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "27", "activeDate" : "2014-09-22", "sequenceNo" : 34, "repealedDate" : null, "fromSection" : "27", "toSection" : "27", "text" : " § 27. Limitations. No company shall:\\n 1. Acquire any real property or interest therein unless it shall first\\nhave obtained from the commissioner or the supervising agency, as the\\ncase may be, a certificate that such acquisition is necessary or\\nconvenient for the public purpose defined in this article.\\n 2. Pay interest upon its income debentures at a rate higher than six\\nper centum per annum except as otherwise provided in this article.\\n 3. Issue its stock, income debentures and bonds covering any project\\nin an amount greater in the aggregate than the actual project cost.\\n 4. Without first having obtained the written consent of the\\ncommissioner or the supervising agency, as the case may be:\\n (a) Construct, reconstruct, rehabilitate, improve or alter any\\nproject, or enter into any contract therefor.\\n (b) Sell, transfer or assign any real property, except that no such\\nconsent shall be necessary in any sale in foreclosure as herein\\nprovided.\\n (c) Except as otherwise provided in this article, encumber, lease or\\nrent all or any part of its real property.\\n (d) Enter into contracts for the operation of the project.\\n (e) Make a guaranty of payment.\\n (f) Voluntarily dissolve.\\n (g) Enter into contracts for the payment of salaries to officers or\\nemployees.\\n 5. Pay interest on its mortgage indebtedness at a rate higher than six\\nper centum per annum, or at such higher rates as may be approved by the\\ncommissioner, or the supervising agency, as the case may be, but in no\\nevent shall any such rate exceed the rate of interest prescribed by the\\nsuperintendent of financial services pursuant to section fourteen-a of\\nthe banking law or, in the case of a mortgage loan insured or held by\\nthe federal government, the rate approved by the federal government;\\nprovided, however, that in the case of a company carrying out a state\\nurban development corporation project or in the case of an instrument or\\ninstruments securing the residual indebtedness of a company, which\\nindebtedness is secured by a mortgage on the real property of a project,\\nsuch rate shall not exceed the rate of interest prescribed by the\\nsuperintendent of financial services pursuant to section fourteen-a of\\nthe banking law or nine per centum per annum, whichever is the higher;\\nand further provided, however, that, in the case of a company that is a\\nmortgagor under a mortgage assigned to or acquired by the New York city\\nhousing development corporation pursuant to subdivision twenty-one of\\nsection six hundred fifty-four of this chapter and whose project is\\naided by a subsidy from the federal government, such rate shall be the\\nrate of interest approved by the supervising agency. Notwithstanding the\\nforegoing provisions of this section, the rate of interest that a\\ncompany shall have the power to pay on that portion of its mortgage\\nindebtedness attributable to an investment or participation in a loan\\nmade pursuant to subdivision one of section fifteen by an organization\\nor entity mentioned in such subdivision, shall be the rate of interest\\napproved by the commissioner or the supervising agency, as the case may\\nbe.\\n 6. Notwithstanding the provisions of subdivision five of this section\\ntwenty-seven, a company, which has obtained a mortgage loan from the New\\nYork city housing development corporation or the New York state housing\\nfinance agency and where it is necessary for additional bonds or notes\\nto be issued by the New York city housing development corporation or the\\nNew York state housing finance agency (i) in order to obtain funds to\\nfulfill the mortgage loan commitment to such company, as such commitment\\nmay be amended or (ii) to refund or renew notes issued in fulfillment\\nthereof, for a project partially or temporarily financed by bonds or\\nnotes issued, in the case of the New York city housing development\\ncorporation, prior to the first day of August, nineteen hundred\\nseventy-five, and in the case of the New York state housing finance\\nagency, prior to the thirty-first day of December, nineteen hundred\\nseventy-five , may pay interest on that portion of its mortgage\\nindebtedness, the funds for which were obtained by the New York city\\nhousing development corporation or the New York state housing finance\\nagency through the issuance of such additional or refunding bonds or\\nnotes, at a rate not in excess of the cost of financing incurred by the\\nNew York city housing development corporation or the New York state\\nhousing finance agency, as the case may be, to issue such additional or\\nrefunding bonds or notes, provided that, with respect to the New York\\ncity housing development corporation, such corporation determines that\\nsuch cost of financing is reasonable and the commissioner or the\\nsupervising agency, as the case may be, shall approve such cost of\\nfinancing.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "28", "title" : "Payments from earnings", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "28", "activeDate" : "2014-09-22", "sequenceNo" : 35, "repealedDate" : null, "fromSection" : "28", "toSection" : "28", "text" : " § 28. Payments from earnings. 1. There shall be paid annually out of\\nthe earnings of the company, after providing for all taxes, assessments\\nand expenses, a sum for interest on and amortization of the mortgage\\nindebtedness of all mortgages of the company, depreciation charges and\\nreserves if, when and to the extent deemed necessary by the commissioner\\nor the supervising agency, as the case may be, plus a dividend of six\\nper centum on outstanding stock and interest not exceeding six per\\ncentum on the outstanding income debentures of the company; the\\nobligation in respect of such payments shall be cumulative, and any\\ndeficiency in interest, amortization, depreciation, reserves, if any,\\nand dividends in any year shall be paid either from any cash surplus\\nderived from earnings remaining in the treasury of the company in excess\\nof the amount necessary to provide such cumulative annual sums or from\\nthe first available earnings in subsequent years. If, at the end of any\\nthree year period, the gross receipts should exceed the payments or\\ncharges necessary for the purposes of the project or projects and are\\nnot needed for a sinking fund, reserves or other purposes, the balance\\nmay be paid in further reduction of any indebtedness to the extent and\\nupon terms and conditions approved by the commissioner and the state\\ncomptroller or by the supervising agency, as the case may be. A sinking\\nfund may be authorized by the commissioner or the supervising agency, to\\npurchase and retire bonds, income debentures or stock of the company at\\na price approved by the commissioner or the supervising agency, as the\\ncase may be, not exceeding par value thereof with accrued or unpaid\\ndividends or interest or if it be not practical to purchase such stock\\nor income debentures at a price so approved, the money in such sinking\\nfund may be added to the surplus of such company. Any stock or income\\ndebentures purchased out of such sinking fund shall be cancelled and\\nshall not be reissued.\\n 2. Anything contained in this article to the contrary notwithstanding,\\na company which receives a loan from the state, the New York state\\nhousing finance agency or a municipality after July first, nineteen\\nhundred sixty-nine, or a mutual company which has been duly authorized\\nto issue income debentures to finance the modernization or replacement\\nof project improvements or the acquisition and installation of energy\\nsaving equipment and which is otherwise authorized to pay dividends upon\\nits shares or interest upon its income debentures, may, with the\\napproval of the commissioner or the supervising agency as the case may\\nbe, pay such dividends or interest in excess of six per centum per\\nannum, but in no event shall any such rate exceed the interest rate\\nprescribed by the superintendent of financial services pursuant to\\nsection fourteen-a of the banking law, provided, however, if the voting\\nstock of a mutual company has not been issued and delivered to the stock\\nsubscribers, then the additional authorization of such stock subscribers\\nis required to be obtained by a majority vote.\\n 3. No director or officer of a company shall receive, directly or\\nindirectly, any salary, compensation or emolument from such company, as\\nsuch director or officer or in any other capacity, unless authorized by\\nthe commissioner or the supervising agency, as the case may be.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "29", "title" : "Acquisition of property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "29", "activeDate" : "2014-09-22", "sequenceNo" : 36, "repealedDate" : null, "fromSection" : "29", "toSection" : "29", "text" : " § 29. Acquisition of property.\\n (a) After a project, other than a state urban development corporation\\nproject, has been been approved by the commissioner or the supervising\\nagency and the local legislative body, the commissioner or the\\nsupervising agency as the case may be, shall issue a certificate\\ndeclaring that the acquisition of the property is necessary for the\\npublic purpose defined in this article and the company may acquire the\\nproperty needed for the project or the municipality may, with respect to\\na municipally-aided project or a project aided either by a state loan or\\na loan from the New York state housing finance agency, take property by\\ncondemnation for the company, pursuant to the provisions of article nine\\nof this chapter.\\n (b) after a state urban development corporation project has been\\napproved by the commissioner, the commissioner shall authorize the\\ncompany undertaking the project to acquire the property needed for such\\nproject.\\n (c) Notwithstanding the provisions of subdivision (a) of this section,\\nin the case of a Battery Park city project financed or to be financed by\\na loan from Battery Park city authority, the approval of the project and\\nthe certificate declaring that the acquisition of the property is\\nnecessary for the public purposes defined in this article shall be\\nissued by Battery Park city authority.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "30", "title" : "Transfer of real property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "30", "activeDate" : "2014-09-22", "sequenceNo" : 37, "repealedDate" : null, "fromSection" : "30", "toSection" : "30", "text" : " § 30. Transfer of real property. 1. Notwithstanding any requirement of\\nlaw to the contrary, every executor, administrator, trustee, guardian or\\nother person, holding trust funds or acting in a fiduciary capacity,\\nunless the instrument under which such fiduciary is acting expressly\\nforbids, the state, its subdivisions, municipalities, all other public\\nbodies, all public officers, persons, partnerships and corporations\\norganized under and governed as to investments by or pursuant to the\\nprovisions of the banking law or organized under or subject to the\\nprovisions of the insurance law, the superintendent of financial\\nservices as conservator, liquidator or rehabilitator of any such person,\\npartnership or corporation, owning or holding any real property may\\ngrant, sell, lease or otherwise transfer any such real property to a\\ncompany and receive and hold any cash, stock, bonds, notes, mortgages,\\nor other securities or obligations, secured or unsecured, exchanged\\ntherefor by such company and may execute such instruments and do such\\nacts as may be deemed necessary or desirable by them or it and by the\\ncompany in connection with a project or projects. Notwithstanding the\\nprovisions of any general, special or local law, charter or ordinance,\\nsuch grant, sale, lease or transfer may be made without public auction\\nor bidding.\\n 2. Any banking institution, foundation, labor union, employers'\\nassociation, veterans' organization or insurance company, or any group\\nthereof, which has undertaken a project through direct ownership or\\nlease may transfer to the project any real property which it owns or\\nholds within an area. The market value of such property, as approved by\\nthe commissioner or the supervising agency, as the case may be, shall be\\nincluded in the estimated or actual project cost.\\n 3. Notwithstanding the provisions of any general, special or local\\nlaw, charter or ordinance, the local legislative body of a city having a\\npopulation of one million or more may, upon the request of or with the\\napproval of the board of education of such city's school district,\\ngrant, sell, lease or otherwise transfer any lands or rights or\\ninterests therein or thereto, including fee interest, easements, space\\nrights or air rights or other rights or interests owned by such city and\\noccupied or reserved for school purposes and needed therefor, to a\\ncompany where necessary for the joint development of a project and a\\nschool or appurtenant facilities without public auction or bidding,\\nprovided that no such sale, lease or transfer of lands or rights therein\\nor thereto is authorized where the development of a project contemplates\\nthe erection of housing facilities over an existing school or\\nplayground. The term of any such lease shall not be limited by any\\nprovision of any general, special or local law or charter applicable to\\nsuch city limiting the period of time during which a lease or any\\nrenewal thereof may run.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "31", "title" : "Rentals and selection of tenants", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2019-11-15", "2019-12-27", "2020-01-10", "2020-04-10", "2023-11-17", "2024-05-10" ], "docLevelId" : "31", "activeDate" : "2014-09-22", "sequenceNo" : 38, "repealedDate" : null, "fromSection" : "31", "toSection" : "31", "text" : " § 31. Rentals and selection of tenants. 1. (a) A company may, with the\\napproval of the commissioner or the supervising agency, as the case may\\nbe, fix maximum rentals per room to be charged tenants of the dwellings,\\nthe average of the rentals for the dwellings in any project not to\\nexceed the maximum average rentals determined by the commissioner or the\\nsupervising agency, as the case may be, before any commitments are made\\nby the company for the construction of the project. The commissioner or\\nthe supervising agency, upon his or its own motion, or upon application\\nby the company or of a stockholder, lienholder, a creditor, or of\\nholders of at least ten per centum of the bonds of the company, or by\\nthe federal government where the mortgage loan of the company is insured\\nor held by the federal government, may vary such rental rate from time\\nto time so as to secure, together with all other income of the company,\\nsufficient income for it to meet within reasonable limits all necessary\\npayments to be made or projected to be made during the term of a lease\\nby the said company, of all expenses including fixed charges, sinking\\nfunds, reserves and dividends on outstanding stock as authorized by the\\ncommissioner or the supervising agency, as the case may be. Letting,\\nsubletting or assignment of leases of apartments at greater rentals than\\nthose approved by the commissioner or the supervising agency shall be\\nunlawful. Where the mortgage loan of a company is insured or held by the\\nfederal government or where a project is owned by the federal\\ngovernment, rental rates shall be varied without regard to the\\nprovisions of any general, special or local law which would otherwise\\nlimit or control such rental rates or the determination or variation\\nthereof for so long as such mortgage loan remains outstanding or the\\nproject financed by such a mortgage loan is owned by the federal\\ngovernment. No variation of a rental rate in a project financed by a\\nmortgage loan insured or held by, or owned by the federal government\\nshall be effective unless approved by the federal government.\\n (b) Unless any applicable regulation of or regulatory agreement with\\nthe federal government shall otherwise provide, (i) the tenants in a\\nproject financed by a mortgage loan insured or held by the federal\\ngovernment shall be entitled and may elect to enter in a lease for a\\nterm of up to three years at such rental rates as may be established by\\nthe commissioner or the supervising agency, as the case may be, pursuant\\nto paragraph (a) of subdivision one of this section, (ii) the rental\\nrates to be charged under any such lease shall be established after\\nconsideration of the term of such lease and may differ from the rental\\nrates to be charged under any other lease of a different term and (iii)\\nthe commissioner or the supervising agency, as the case may be, shall in\\nestablishing such rental rates consider the obligations of the company\\nunder any instruments evidencing or securing any residual indebtedness.\\nSuch leases shall contain a provision authorizing the variation of the\\nrental rates during the term of such leases upon an application made by\\nthe federal government pursuant to paragraph (a) of subdivision one of\\nthis section.\\n * (c) A company may, with the approval of the commissioner or the\\nsupervising agency, as the case may be, fix maximum charges to be paid\\nby each occupant for the non-housekeeping accommodations, aged care\\naccommodations or non-housekeeping accommodations for handicapped\\npersons, which charges may include payment for board and such other\\nservices as may be provided as an incident to occupancy, the average of\\nsuch charges for all the non-housekeeping accommodations, aged care\\naccommodations or non-housekeeping accommodations for handicapped\\npersons in any project not to exceed the maximum average charges for all\\nsuch non-housekeeping accommodations, aged care accommodations or\\nnon-housekeeping accommodations for handicapped persons determined by\\nthe commissioner or the supervising agency as the case may be, before\\nany commitments are made by the company for the construction of the\\nproject. The commissioner or the supervising agency upon his or its own\\nmotion, or upon application by the company or of a stockholder, lien\\nholder, a creditor or of holders of at least ten (10%) per centum of the\\nbonds of the company, may vary such charges from time to time so as to\\nsecure, together with all other income of the company, sufficient income\\nfor it to meet within reasonable limits all necessary payments to be\\nmade by said company, of all expenses including fixed charges, sinking\\nfunds, reserves and dividends on outstanding stock as authorized by the\\ncommissioner or supervising agency as the case may be. It shall be\\nunlawful to make non-housekeeping accommodations, aged care\\naccommodations or non-housekeeping accommodations for handicapped\\npersons available at greater charges than those approved by the\\ncommissioner or the supervising agency.\\n * NB There are 2 (c)'s\\n * (c) Disclosure of bases. The commissioner, administrator or\\nsupervising agency, as the case may be, shall make available for\\ninspection and copying by the residents in any affected development, all\\nitems and data and recommendations utilized as the various bases for the\\ndecision on increases in rental or carrying charges, upon notification\\nof the decision to the applicant of the action taken.\\n * NB There are 2 (c)'s\\n 2. (a) The dwelling or non-housekeeping accommodations without board\\nin a company project shall be available for persons or families of low\\nincome whose probable aggregate annual income at the time of admission\\nand during the period of occupancy does not exceed, the greater of (i)\\nthe median income for such persons or families for the metropolitan\\nstatistical area in which the project is located, or if a project is\\nlocated outside a metropolitan statistical area, the median income for\\nsuch persons or families for the county in which the project is located,\\nas most recently determined by the United States department of housing\\nand urban development, in which case any person or family becoming\\neligible for admission pursuant to this subparagraph shall pay, from the\\ntime of admission, a rental surcharge as provided for in subdivision\\nthree of this section, computed on the basis of the income limitations\\napplicable to such persons or families in the absence of this\\nsubparagraph, or (ii) seven times the rental, including the value or\\ncost to them of heat, light, water and cooking fuel, of the dwellings\\nthat may be furnished to such persons or families, except that in the\\ncase of families with three or more dependents, such ratio shall not\\nexceed eight to one. The \"probable aggregate annual income\" in the case\\nof dwelling accommodations means the annual income of the chief wage\\nearner of the family, plus all other income of other members of the\\nfamily over the age of twenty-one years, plus a proportion of income of\\ngainfully employed members under the age of twenty-one years, the\\nproportion to be determined by the company as approved by the\\ncommissioner or the supervising agency, as the case may be, excluding\\ntherefrom a deduction of fifteen thousand dollars from the income of\\nsecondary wage earners of the family or a larger deduction if approved\\nby the commissioner or the supervising agency, as the case may be,\\nexcept that the company, as approved by the commissioner or the\\nsupervising agency, as the case may be, may exclude a proportion of the\\nincome of other members of the family over the age of twenty-one years\\nfor the purpose of determining eligibility for admission or continued\\noccupancy, or for establishing the rental of such family, or for all\\nsuch purposes; in the case of such non-housekeeping accommodations it\\nmeans the annual income of the occupant, provided that the commissioner\\nor supervising agency, as the case may be, may make rules and\\nregulations relative to the allocation of the income of a family among\\nthe members thereof for the purpose of determining the income\\nattributable to such occupant.\\n (b) For the purpose of determining maximum income to establish\\neligibility for admission or continued occupancy of, or the imposition\\nof surcharges upon, tenant-cooperators in a mutual company project, or\\nfor all such purposes, there may be added to the total annual carrying\\ncharges an amount equal to six per centum of the investment of a person\\nor family in the equity obligations of such housing company and, where\\nnot included in the carrying charges payable to such company, the value\\nor cost to them of heat, light, water and cooking fuel and, to the\\nextent authorized by the commissioner or the supervising agency as the\\ncase may be, the value or cost to them of repainting and replacement of\\nfixtures and appliances.\\n (c) The non-housekeeping accommodations with board in a company\\nproject including non-housekeeping accommodations with board designed\\nfor the occupancy of handicapped persons shall be available for persons\\nof low income whose probable aggregate annual income at the time of\\nadmission and during the period of occupancy does not exceed four times\\nthe annual charges to be paid by such persons and in the case of aged\\ncare accommodations two times the annual charges to be paid by such\\npersons. The \"probable aggregate annual income\" means the annual income\\nof the person occupying such non-housekeeping accommodations, aged care\\naccommodations or non-housekeeping accommodations for handicapped\\npersons, provided that the commissioner or supervising agency, as the\\ncase may be, may make rules and regulations relating to the allocation\\nof the income of a family among the members thereof for the purpose of\\ndetermining the income attributable to such occupant.\\n (d) A company may, with the approval of the commissioner or the\\nsupervising agency, as the case may be, lease dwellings in a project to\\nan authority, at rentals fixed for such dwellings pursuant to the\\nprovisions of subdivision one of this section less an appropriate\\nadjustment for the increased tax exemption, if any, attributable to such\\ndwellings pursuant to subdivision three of section thirty-three of this\\nchapter, for occupancy by persons and families of low income who are\\neligible and pay rents therefor pursuant to the provisions of the public\\nhousing law.\\n (e) Notwithstanding the provisions of this subdivision, families whose\\nprobable aggregate annual income does not exceed one hundred twenty-five\\npercent of the limitations as to income as determined pursuant to\\nparagraphs (a) and (b) of this subdivision, shall also be eligible for\\nadmission to the dwelling or non-housekeeping accommodations without\\nboard of a project on the understanding that any family becoming\\neligible for admission by reason hereof shall pay, from the time of\\nadmission, a rental surcharge as provided for in subdivision three of\\nthis section, computed on the basis of the income limitations applicable\\nto such family in the absence of this subdivision. In applying the\\nprovisions of subdivision three of this section to a family becoming\\neligible by reason of this section, the maximum income prescribed by law\\nfor admission or occupancy shall for all purposes be computed without\\nreference to this paragraph.\\n 2-a. Notwithstanding any other provision of law, the commissioner or\\nsupervising agency shall authorize and make provision in rules and\\nregulations for an immediate downward adjustment in surcharge upon a\\nshowing of substantial decrease in income caused by events including,\\nbut not limited to death, disability or illness.\\n 3. In the event that the income of a person or family in occupancy\\nshould increase and exceed the maximum prescribed by law for admission\\nor for continued occupancy, based on the latest existing rent, by more\\nthan twenty-five per centum, such person or family shall be subject to\\nremoval from the dwelling, non-housekeeping, aged care accommodations or\\nnon-housekeeping accommodations for handicapped persons provided,\\nhowever, that such person or family may be permitted to remain in\\noccupancy until such income exceeds the maximum prescribed by law by\\nmore than fifty per centum, if the company, with the approval of the\\ncommissioner or the supervising agency, shall determine that removal\\nwould cause hardship to such person or family. Any person or family in\\noccupancy whose income exceeds the maximum prescribed by law shall pay a\\nrental surcharge in accordance with a schedule of surcharges to be\\npromulgated by the company with the approval of the commissioner or the\\nsupervising agency, as the case may be, provided, however, such rental\\nsurcharge shall in no event exceed fifty per centum of the existing\\nrent.\\n 4. Twenty-five per cent of rental surcharges collected pursuant to\\nthis section on account of rentals payable prior to July first, nineteen\\nhundred eighty-one shall be paid by the company to the municipality\\nwhich has granted tax exemption pursuant to section thirty-three of this\\narticle as a credit against the grant of tax exemption, the value of\\nsuch tax exemption and of such credit to be determined on an individual\\ndwelling, non-housekeeping, aged care accommodation or non-housekeeping\\naccommodations for handicapped persons unit basis. In the event that\\nsuch tax exemption has not been granted, or in the event that a sum\\nequal to the total of all accrued taxes as to individual dwelling,\\nnon-housekeeping, aged care accommodation or non-housekeeping\\naccommodations for handicapped persons units where such tax exemption\\nwas granted have been paid to the municipality, the excess if any, of\\nsurcharges and all surcharges imposed after June thirtieth, nineteen\\nhundred eighty-one shall be applied to the expenses of operation and\\nmanagement as approved by the commissioner or the supervising agency.\\n 5. Notwithstanding the provisions of this section or of any other\\ngeneral, special or local law, persons or families living in a project\\nunder a lease for ninety-nine years renewable, or in perpetuity, or by\\nreason of ownership of stock in such company may, with the approval of\\nthe commissioner or of the supervising agency, as the case may be, be\\npermitted to remain in occupancy for not more than three years after\\nsuch increase in income exceeds the maximum prescribed by law by more\\nthan fifty per centum unless such occupancy is extended with the\\napproval of the commissioner or of the supervising agency, as the case\\nmay be. Any such occupant required to remove from the project because of\\nexcessive income as herein provided shall be discharged from liability\\non any note, bond or other evidence of indebtedness relating thereto and\\nshall be reimbursed for all sums paid by such occupant to the company on\\naccount of the purchase of stock or income debentures as a condition of\\nsuch occupancy.\\n 6. Preference in admission to a project shall be given to families\\ndisplaced by a limited-profit housing project.\\n 7. Preference in admission to a project with an open waiting list, as\\ndetermined by the commissioner or the supervising agency, shall be given\\nby a mutual company or an urban rental company or by the New York state\\nhousing finance agency when subleasing dwellings in projects of such\\ncompanies pursuant to section forty-four-a of this chapter, to persons\\nor surviving spouses of persons who are veterans as such term is defined\\npursuant to section eighty-five of the civil service law. For projects\\nwith a closed list, as determined by the commissioner or the supervising\\nagency, such preference shall be given upon the opening of the waiting\\nlist. Notwithstanding the foregoing, persons who are residing in a\\nlimited-profit housing project shall be given first priority for an\\ninternal transfer in the project in which they are residing in\\naccordance with rules and regulations promulgated by the commissioner or\\nthe supervising agency.\\n 7-b. Preference in admission to projects located in a city with a\\npopulation of one hundred thousand or more shall be given to members of\\na police force of such city, provided such members otherwise qualify for\\nadmission and provided, further, that such city has adopted a local law\\nauthorizing such program.\\n 8. Preference in admission to any project or to such portion of any\\nproject which has been specifically designed for occupancy by aged or\\nhandicapped persons, as the case may be, shall be given to such persons.\\n 8-a. A company may rent one or more dwelling units to a social\\nservices official or duly authorized agency, as defined in section three\\nhundred seventy-one of the social services law, for the operation of\\nagency boarding homes or group homes or to any public agency as defined\\nin section four hundred sixty-one of the general municipal law which\\nprovides residences and social services to dependent aged persons.\\n 9. (a) For the purpose of enabling lower income elderly persons to\\ncontinue in occupancy without paying rentals in excess of a fair\\nproportion of their income, any municipality having a population of less\\nthan one million is authorized to make and to contract to make periodic\\npayments to a company in an amount not exceeding the difference between\\nthe rent or carrying charges for the dwellings occupied by such lower\\nincome persons and one-third of their net probable aggregate annual\\nincome, where such rent or carrying charges exceed such one-third of\\nincome; provided that the aggregate amount of periodic payments to be\\nmade in accordance with contracts entered into by the municipality\\nduring any fiscal year thereof pursuant to this subdivision, subdivision\\nseven of section eighty-five-a, section one hundred twenty-six and\\nsection five hundred seventy-seven-a of this chapter shall not exceed\\nthe aggregate amount of all real property taxes paid or payable during\\nsuch fiscal year by all companies organized pursuant to this article,\\narticle IV, article V, and article XI of this chapter and the aggregate\\nestimated receipts of all such companies in such fiscal year from rental\\nsurcharges collected or to be collected pursuant to this chapter.\\n (b) Such payments shall be made only on account of a person or family\\nin occupancy where the head of the household is sixty-two years of age\\nor older and is not a recipient of public assistance pursuant to the\\nsocial services law, and where the net probable aggregate annual income\\nof the person or family in occupancy does not exceed six thousand five\\nhundred dollars a year. Notwithstanding the provisions of subdivision\\ntwenty-nine of section two of this chapter, net probable aggregate\\nannual income as used in this subdivision shall mean annual income of\\nfamily members from all sources after deduction of federal, state and\\ncity income taxes; provided that any municipality may provide that\\nincreases in benefits under the social security act which take effect\\nafter such person or family has assumed occupancy shall not be taken\\ninto account.\\n (c) A company having a contract with the municipality pursuant to this\\nsubdivision may not collect from persons or families in occupancy on\\nwhose account such payments are made any rentals in excess of the\\namounts specified in such contract.\\n 10. A housing company shall accept federal reimbursement under section\\neight of the Housing and Community Development Act of 1974 in lieu of\\nsuch amount in rent payment for a person qualifying under such act and\\nresiding in a project of such company. A housing company shall not\\nreject an applicant for an apartment solely on the basis that all or\\npart of the rent shall be paid under section eight of the Housing and\\nCommunity Development Act of 1974.\\n 11. Every company subject to the provisions of this article shall on a\\nform prescribed by the commissioner or supervising agency annually\\ncertify to such commissioner or supervising agency that all necessary\\nsteps are being undertaken to ensure that all surcharges due pursuant to\\nthis section are being properly billed, collected and remitted.\\n 12. All municipally-aided projects shall post the first and last names\\nof all persons on each waiting list maintained by such project, in\\nchronological order, by such project's management office, or, if there\\nis no management office on the site of such municipally-aided project,\\nin such project's lobby.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "31-A", "title" : "Resale price of shares", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-07-30" ], "docLevelId" : "31-A", "activeDate" : "2014-09-22", "sequenceNo" : 39, "repealedDate" : null, "fromSection" : "31-A", "toSection" : "31-A", "text" : " § 31-a. Resale price of shares. Notwithstanding any other provision of\\nthis article and subject to any regulation not inconsistent with this\\nsection which may be promulgated by the commissioner or supervising\\nagency:\\n (a) The resale price of shares in a mutual company shall be fixed by\\nthe mutual company, subject to the approval of the commissioner or\\nsupervising agency and shall be equal to (1) the consideration the\\nselling tenant-cooperator paid for such shares and (2) any capital\\nassessments and voluntary capital contributions approved by the\\ncommissioner or supervising agency and paid by the selling\\ntenant-cooperator to the mutual company, to the extent not already\\nincluded in the consideration paid for such shares, and, if established\\nby the mutual company, (3) a proportionate share of the actual aggregate\\namortization paid on all existing and prior mortgages on the project in\\nreduction of total outstanding principal indebtedness during such period\\nas shall be fixed by the board of directors of the mutual company, to\\nthe extent not already included in the consideration paid for such\\nshares, and (4) reasonable administrative charges.\\n (b) The aggregate amount to be paid to the selling tenant-cooperator\\nwith respect to the sale of the selling tenant-cooperator's shares shall\\nbe fixed by the board of directors of the mutual company, subject to the\\napproval of the commissioner or supervising agency, and shall be equal\\nto (1) the consideration the selling tenant-cooperator paid for such\\nshares, (2) any capital assessments and voluntary capital contributions\\napproved by the commissioner or supervising agency and paid by the\\nselling tenant-cooperator to the mutual company, to the extent not\\nalready included in the consideration paid for such shares, and (3) a\\nproportionate share of the actual aggregate amortization paid by the\\nselling tenant-cooperator on all existing and prior mortgages on the\\nproject in reduction of total outstanding principal indebtedness during\\nsuch period as shall be fixed by the board of directors pursuant to\\nsubdivision (a) of this section, to the extent not already included in\\nthe consideration paid for such shares. To the extent that a selling\\ntenant-cooperator may be entitled to an amount less than the resale\\nprice of his shares, the difference shall be retained by the mutual\\ncompany.\\n (c) The board of directors may, subject to the approval of the\\ncommissioner or supervising agency, establish a general policy pursuant\\nto which a selling tenant-cooperator who had occupied more than one\\ndwelling unit is paid an amount measured by his proportionate share of\\nthe actual aggregate amortization paid during his period of occupancy on\\nall existing or prior mortgages on the project. To the extent that a\\nselling tenant-cooperator may be entitled to an amount greater than the\\nresale price of shares, the difference may be paid to the selling\\ntenant-cooperator by the mutual company.\\n (d) The \"proportionate share of the actual aggregate amortization paid\\non all existing and prior mortgages on the project\" referred to in\\nsubdivision (a) of this section shall be in the same ratio to such\\nactual aggregate amortization as the number of shares held by the\\nselling tenant-cooperator at the time of sale bears to the total number\\nof shares of issued and outstanding capital stock of the mutual company\\nduring such period.\\n (e) Nothing contained in this section shall prohibit the continued use\\nof any method of calculating resale price adopted by a mutual company\\nand approved by the commissioner or supervising agency prior to the\\neffective date of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "31-B", "title" : "Assignment or pledge of tenant cooperator's shares", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "31-B", "activeDate" : "2014-09-22", "sequenceNo" : 40, "repealedDate" : null, "fromSection" : "31-B", "toSection" : "31-B", "text" : " § 31-b. Assignment or pledge of tenant cooperator's shares.\\nNotwithstanding any other provision of law, a tenant cooperator's shares\\nin a mutual company may be assigned or pledged as collateral for the\\npurpose of securing a loan for the purchase of such shares. The\\ncommissioner or supervising agency, as the case may be, shall promulgate\\nregulations which provide that in the event of a default of such loan,\\nsuch shares may be resold, and the dwelling accommodations represented\\nby such shares may be occupied, only in accordance with the provisions\\nof this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "32", "title" : "Supervision and regulation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "32", "activeDate" : "2014-09-22", "sequenceNo" : 41, "repealedDate" : null, "fromSection" : "32", "toSection" : "32", "text" : " § 32. Supervision and regulation. The commissioner or the supervising\\nagency as the case may be, may:\\n 1. Examine a company and keep informed as to its general condition,\\nits capitalization and the manner in which its property is constructed,\\nacquired, rehabilitated, leased, operated or managed, and to its\\ncompliance with all provisions of law and orders of the commissioner or\\nthe supervising agency.\\n 2. Require every company to file with him or it an annual report\\nsetting forth such information as the commissioner or the supervising\\nagency may require, verified by the oath of any officer, general manager\\nor other person in control of the company. Such report shall be in a\\nform, cover a period, and be filed at a time as prescribed by the\\ncommissioner or the supervising agency.\\n 3. From time to time make, amend and repeal supplementary rules and\\nregulations for carrying into effect the provisions of this article\\nprovided, however, that such supplementary rules and regulations shall\\nbe strictly limited in their application to the means and methods of\\ncompliance with the provisions of this article to which such power\\nrelates.\\n 4. Make such agreements with bondholders, mortgagees or creditors of a\\ncompany to do or refrain from doing any act, not inconsistent with law,\\nto protect the investment rights of the state of New York, the New York\\nstate housing finance agency, the New York city housing development\\ncorporation or of the municipality.\\n 5 (a) Administer oaths, take affidavits, hear testimony and take proof\\nunder oath at public or private hearings; (b) subpoena and require the\\nattendance of witnesses and the production of books and papers\\npertaining to any investigations and inquiries authorized by this\\narticle and examine them in relation to any matter concerning which the\\npower to investigate is granted; (c) issue commissions for the\\nexamination of witnesses who are out of the state or unable to attend or\\nare excused from attendance; (d) investigate into the affairs of a\\ncompany and into the dealings, transactions or relationships of such\\ncompany with third persons and into the affairs of any person, firm,\\ncorporation or other entity having a financial interest, whether direct\\nor indirect, in the design, construction, acquisition, reconstruction,\\nrehabilitation, improvement, financing or operation of any project\\nundertaken by a company; (e) intervene, as a matter of right, in any\\naction or proceeding of which notice shall be given affecting the\\nproject of a company; (f) take such steps in such action or proceeding\\nas may be necessary to protect the public interest.\\n With regard to duties and liabilities arising out of this article the\\nstate, the commissioner or the supervising agency may be sued in the\\nsame manner as a private person. No costs shall be awarded against the\\ncommissioner, the state, or the supervising agency, as the case may be,\\nin any such litigation.\\n 6. In the event of a violation by a company of a provision of the\\ncertificate of incorporation or of law or of the loan or mortgage\\ncontract or of any rules and regulations duly promulgated pursuant to\\nthe provisions of this article, the commissioner or the supervising\\nagency, as the case may be, may remove any or all of the existing\\ndirectors of the company and appoint such person or persons who the\\ncommissioner or the supervising agency, as the case may be, in his or\\nits sole discretion deems advisable, including officers or employees of\\nthe division of housing and community renewal or the supervising agency,\\nas new directors to serve in the places of those removed. Directors so\\nappointed need not be shareholders or meet other qualifications which\\nmay be prescribed by the certificate of incorporation or by-laws. In the\\nabsence of fraud or bad faith, directors so appointed shall not be\\npersonally liable for debts, obligations or liabilities of the\\ncorporation. Directors so appointed shall serve only for a period\\ncoexistent with the duration of such violation or until the commissioner\\nor the supervising agency, as the case may be, is assured in a manner\\nsatisfactory to him or it against violations of a similar nature.\\nOfficers or employees of the division of housing and community renewal\\nor of the supervising agency who are so appointed as directors shall\\nserve in such capacity without compensation. No such removal may take\\nplace without written notice and an opportunity for the affected\\ndirectors to appear and be heard before the agency or commissioner with\\nrespect to any alleged violation and the respective parties may be\\nrepresented by counsel. Notwithstanding any inconsistent provision of\\nany general, special or local law or any limitation contained in the\\nprovisions of any city charter, the state or a municipality acting by\\nand through the commissioner or the supervising agency, as the case may\\nbe, shall save harmless and indemnify any officer or employee of the\\ndivision of housing and community renewal or the supervising agency so\\nappointed as a director, from financial loss arising out of any claim,\\ndemand, suit or judgment by reason of alleged negligence or other act by\\nsuch director, provided that such director was acting in the discharge\\nof his duties and within the scope of his employment and that such loss\\ndid not result from the willful and wrongful act or gross negligence of\\nsuch director and provided further that this save harmless and\\nindemnification provision shall not in any way impair, limit or modify\\nthe rights and obligations of any insurer under any policy of insurance\\nand shall inure only to directors so appointed and shall not enlarge or\\ndiminish the rights of any other party. No action or special proceeding\\nbased on or arising out of alleged negligence or other act by such\\ndirector may be commenced against such director, municipality or the\\nstate unless a notice of claim shall have first been served in a manner\\nconsistent with service upon a municipality or the state, as the case\\nmay be.\\n 7. Whenever the commissioner, in the case of a company undertaking or\\notherwise operating a state-aided project, or the supervising agency, in\\nthe case of a company undertaking or otherwise operating a\\nmunicipally-aided project, shall be of the opinion that such company is\\nfailing or omitting, or is about to fail or omit to do anything required\\nof it by law or by order of the commissioner or is doing or is about to\\ndo anything, or permitting anything, or is about to permit anything to\\nbe done, contrary to and in violation of law or of any order, regulation\\nor directive of the commissioner or the supervising agency, as the case\\nmay be, or which is improvident or prejudicial to the interest of the\\npublic, the lienholders, the stockholders, or the tenants, the\\ncommissioner or the supervising agency, as the case may be, may, in\\naddition to such other remedies as may be available, commence an action\\nor proceeding in the supreme court of the state of New York in the name\\nof the commissioner or the supervising agency, as the case may be, for\\nthe purpose of having such violations or threatened violations stopped\\nand prevented, and in such action or proceeding the court may appoint a\\ntemporary or permanent receiver or both. Such action or proceeding shall\\nbe commenced by a petition to the supreme court, alleging the violation\\ncomplained of and praying for appropriate relief. It shall thereupon be\\nthe duty of the court to specify the time, not exceeding twenty days\\nafter service of a copy of the petition, within which the company\\ncomplained of must answer the petition. In case of any default or after\\nanswer the court shall immediately inquire into the facts and\\ncircumstances in such manner as the court shall direct without other or\\nformal pleadings, and without respect to any technical requirements.\\nSuch other persons or corporations as it shall seem to the court\\nnecessary or proper to join as parties in order to make its order or\\njudgment effective, may be joined as parties. The final judgment in any\\nsuch action or proceeding shall either dismiss the action or proceeding\\nor direct that an order or an injunction, or both, issue, or provide for\\nthe appointment of a receiver as prayed for in the petition, and grant\\nsuch other relief as the court may deem appropriate.\\n 8. The commissioner or supervising agency may modify supervision of a\\ncompany upon finding that duplicative supervisory functions may impose\\nan undue regulatory burden or unnecessary expenditure of agency\\nresources, by taking such actions as are deemed appropriate, including\\nconsolidating supervisory functions associated with different programs,\\nand entering into memoranda of understanding with other agencies for the\\nallocation of supervisory functions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "32-A", "title" : "Additional supervision and regulation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2019-12-13", "2020-04-10", "2021-12-24", "2022-03-04", "2022-03-25" ], "docLevelId" : "32-A", "activeDate" : "2014-09-22", "sequenceNo" : 42, "repealedDate" : null, "fromSection" : "32-A", "toSection" : "32-A", "text" : " § 32-a. Additional supervision and regulation. The commissioner or the\\nsupervising agency, as the case may be, shall:\\n 1. Promulgate regulations providing for recognition of duly\\nconstituted tenants' associations and cooperators' advisory councils by\\nthe commissioner or supervising agency, as the case may be, and\\nproviding that a housing company shall meet on a regular basis with\\nrepresentatives of such an association or council at the specific\\nproject involved to discuss matters relating to the project. A duly\\nconstituted cooperators' advisory council shall only be such a council\\nin a mutual company project prior to the election of a board of\\ndirectors by the tenant-cooperators.\\n 2. Require every company to file with him or it an annual operating\\nbudget for each individual project in the manner prescribed by the\\ncommissioner or supervising agency.\\n 3. Require every company to file with him or it semi-annual or\\nquarterly financial statements and an annual financial statement. Each\\nannual financial statement shall be accompanied by a certificate of the\\ncompany's independent certified public accountant. Such financial\\nstatements shall be filed at the times and in the manner prescribed by\\nthe commissioner or supervising agency.\\n 4. Afford tenants access to and an opportunity to acquire copies of\\nall operating budgets or financial statements respecting the project in\\nwhich such tenants reside, to the extent that such budgets and\\nstatements are required by law to be kept by the commissioner or\\nsupervising agency.\\n 5. Permit any tenant, duly constituted tenants' association, duly\\nconstituted cooperators' advisory council or his or its duly authorized\\nrepresentative to audit the books of the company and to have access\\nduring normal business hours to the financial records upon which the\\ncompany's financial statements are based.\\n 6. Promulgate regulations relating to managing agents, including\\ncriteria for the eligibility for selection and the compensation of\\nmanaging agents by companies organized pursuant to this article. Such\\nregulations shall provide, among other things, that any contract with a\\nmanaging agent entered into after September first, nineteen hundred\\nseventy-seven shall be terminable for cause and shall be terminable,\\nwith or without cause, at least every twelve months after commencement\\nof the term thereof, and that promptly upon termination the managing\\nagent shall turn over to the company all project records, rent rolls,\\nbills, cancelled checks, bank statements and other papers owned by such\\ncompany.\\n 7. Require that every company file with him or it, within six months\\nof the effective date of regulations implementing this subdivision and\\nin such format as shall be prescribed by the commissioner or the\\nsupervising agency after consultation with the state energy office, an\\nenergy audit report which identifies potential energy-saving building\\nimprovements, including alterations, modifications and adjustments to\\nthe building structure, heating, cooling, lighting and ventilation\\nsystems; their relative costs; potential energy and cost savings; and\\nsimple payback periods, which for the purpose of this subdivision shall\\nmean that period of time within which the estimated cost of such\\nimprovements, exclusive of the cost of capital, would be recovered from\\nthe savings generated by reduced energy consumption resulting from the\\nimprovements. The energy audit shall be conducted by a public utility,\\nan engineer or architect licensed by the state, or the managing agent or\\nother representative of the company if such individual has attended an\\nenergy audit training workshop sponsored by the commissioner or the\\nstate energy office. A copy of the energy audit report, required herein,\\nshall be given to any duly constituted tenant's association or\\ncooperator's advisory council and a copy shall be available for\\ninspection and copying by any individual tenant who requests it. The\\ncommissioner or supervising agency shall also require that every company\\ncertify by March thirty-first, nineteen hundred eighty-four that all\\ncompatible conservation measures identified in the energy audit report\\nwhich have simple payback periods of one year or less have been\\nimplemented; provided, however, if the commissioner or supervising\\nagency determines within sixty days of the date the energy audit report\\nis filed that one or more of such identified conservation measures\\ncannot be implemented by March thirty-first, nineteen hundred\\neighty-four, given the projected rent revenues and other monies\\navailable to the company from reserve funds, loans or grants from the\\nstate or federal government or any other source, the implementation of\\nsuch conservation measures shall be provided for according to a schedule\\nprescribed by the commissioner or supervising agency.\\n Require that within ten days of the filing of any reports or financial\\nstatements with the commissioner or supervising agency, the housing\\ncompany shall transmit a copy of said report or financial statement to a\\nduly constituted resident board of directors, and if there be none, to a\\ncooperator's advisory council or a duly constituted tenants association\\nrepresenting the project concerned. Where no such council or association\\nexists in a project, a notice shall be posted informing the residents of\\nthe location on the premises of the project where a copy of said report\\nor financial statement is available for inspection. The notice shall be\\nposted within ten days of filing, in a prominent place on the premises\\nof the project concerned.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "32-B", "title" : "Annual reports", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2019-11-29" ], "docLevelId" : "32-B", "activeDate" : "2014-09-22", "sequenceNo" : 43, "repealedDate" : null, "fromSection" : "32-B", "toSection" : "32-B", "text" : " § 32-b. Annual reports. The commissioner shall, on or before the first\\nday of July in each year, submit a report to the legislature on the\\nimplementation of article two of this chapter by the commissioner and\\nthe supervising agency and the policy included therein. Such report\\nshall include and not be limited to rent and carrying charge levels,\\nchanges therein, operation of the state capital grant program and\\nfederal subsidy programs, tax abatement levels, total capital outlay,\\namortization, mortgage interest rates, income levels served by the\\nhousing, surcharge billings and collections and use of surcharge\\nrevenues, and vacancy rates. For the purpose of preparing such report,\\nthe commissioner may request, and shall receive, from any municipality\\nor supervising agency such data as he deems necessary or desirable and\\nsuch municipality or supervising agency shall furnish the requested data\\nwithin sixty days of such request.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "33", "title" : "Tax exemptions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2025-05-16" ], "docLevelId" : "33", "activeDate" : "2014-09-22", "sequenceNo" : 44, "repealedDate" : null, "fromSection" : "33", "toSection" : "33", "text" : " § 33. Tax exemptions. 1. (a) Upon the consent of the local legislative\\nbody of any municipality in which a project is or is to be located, the\\nreal property in a project shall be exempt from local and municipal\\ntaxes, other than assessments for local improvements, to the extent of\\nall or part of the value of the property included in such project which\\nrepresents an increase over the assessed valuation of the real property,\\nboth land and improvements, acquired for the project at the time of its\\nacquisition by the limited-profit housing company, provided, however,\\nthat the real property in a project acquired for purposes of\\nrehabilitation shall be exempt to the extent of all or part of the value\\nof the property included in such project, and further provided that the\\namount of such taxes to be paid shall not be less than ten per centum of\\nthe annual shelter rent or carrying charges of such project except that\\nfor projects located or to be located in a city of a population of one\\nmillion or more, upon the consent of the local legislative body of the\\nmunicipality, the amount of such taxes to be paid may be set at not less\\nthan (i) the taxes payable with respect to the real property in such\\nproject with respect to the year nineteen hundred seventy-three, or,\\n(ii) if such project was not occupied in such year, not less than ten\\nper centum of the annual shelter rent or carrying charges first\\nestablished pursuant to subdivision one of section thirty-one of this\\narticle. Shelter rent shall mean the total rents received from the\\noccupants of a project less the cost of providing to the occupants\\nelectricity, gas, heat and other utilities. Total rents shall include\\nrent supplements and subsidies received from the federal government, the\\nstate or a municipality on behalf of such occupants, but shall not\\ninclude interest reduction payments pursuant to subdivision (a) of\\nsection two hundred one of the Federal Housing and Urban Development Act\\nof nineteen hundred sixty-eight. The tax exemption shall operate and\\ncontinue so long as the mortgage loans of the company, including any\\nadditional mortgage loan the proceeds of which are used primarily for\\nthe residential portion of the project, which additional loan is\\napproved by the commissioner or the supervising agency, are outstanding.\\n (b) Where a municipality acts on behalf of another taxing jurisdiction\\nin assessing real property for the purpose of taxation, or in levying\\ntaxes therefor, the consent of the local legislative body of such\\nmunicipality shall have the effect of exempting the real property in a\\nproject from local and municipal taxes, other than assessments for local\\nimprovements, levied by or in behalf of both such taxing jurisdictions.\\n As used in this paragraph, the term \"taxing jurisdiction\" means any\\nmunicipal corporation or district corporation, including any school\\ndistrict or any special district, having the power to levy or collect\\ntaxes and benefit assessments upon real property, or in whose behalf\\nsuch taxes or benefit assessments may be levied or collected.\\n (c) Notwithstanding the provisions of paragraphs (a) and (b) of this\\nsubdivision, the real property of a state urban development corporation\\nproject acquired, owned, constructed, managed or operated by a company\\nincorporated pursuant to the not-for-profit corporation law and this\\narticle shall be entitled to all the benefits provided by section four\\nhundred twenty-two of the real property tax law. The real property of a\\nstate urban development corporation project, other than a state urban\\ndevelopment corporation project acquired, owned, constructed, managed or\\noperated by a company incorporated pursuant to the not-for-profit\\ncorporation law and this article, shall be exempt from all local and\\nmunicipal taxes, other than assessments for local improvements, to the\\nextent of the value of the property included in such project as\\nrepresents an increase over the assessed valuation of the real property,\\nboth land and improvements, acquired for the project on the date of its\\nacquisition by the limited-profit housing company, provided that the\\namount of such taxes to be paid shall not be less than ten per centum of\\nthe annual shelter rent or carrying charges of such project, as defined\\nin paragraph (a) hereof. The tax exemption shall operate and continue so\\nlong as the mortgage loans of such limited profit housing company,\\nincluding any additional mortgage loan the proceeds of which are used\\nprimarily for the residential portion of the project, which additional\\nloan is approved by the commissioner or the supervising agency, are\\noutstanding and the project is continued to be operated as a\\nlimited-profit housing project. If a state urban development corporation\\nproject qualifying for tax exemption pursuant to this paragraph is sold,\\nwith the approval of the commissioner, to another limited-profit housing\\ncompany, such successor company shall be entitled to all the benefits of\\nthis paragraph. In the event that such sale is to a company incorporated\\npursuant to the not-for-profit corporation law and this article, such\\nsuccessor company shall be entitled to all the benefits provided by\\nsection four hundred twenty-two of the real property tax law.\\n (d) Notwithstanding the provisions of paragraphs (a) and (b) of this\\nsubdivision, when a project is financed with a mortgage loan pursuant to\\nthis article or article three of this chapter and (i) there is a\\nparticipation, new loan or investment pursuant to section twenty-three-b\\nof this article or (ii) such mortgage loan is assigned, modified or\\nsatisfied pursuant to section twenty-three-a or forty-four-b or\\nsubdivision twenty-two-a of section six hundred fifty-four of this\\nchapter, the real property of the project shall be exempt from all local\\nand municipal taxes, other than assessments for local improvements, to\\nthe extent of the value of the real property included in such project\\nwhich represents an increase over the assessed valuation of the real\\nproperty, both land and improvements, acquired for the project on the\\ndate of its original acquisition for the project by the original\\nmortgagor under a mortgage loan pursuant to this article or article\\nthree of this chapter, provided that the amount of taxes to be paid on\\nthe project shall not be less than ten per centum of the annual shelter\\nrent or carrying charges of such project, as defined in paragraph (a) of\\nthis subdivision. Such tax exemption shall commence in each instance\\nfrom the date when the project becomes subject to a mortgage insured by\\nthe federal government and shall operate and continue so long as a\\nmortgage on such project is insured or held by the federal government or\\nso long as the project is thereafter owned by the federal government or\\nso long as any residual indebtedness is outstanding, whichever is\\nlonger. When there is a participation, new loan or investment pursuant\\nto section twenty-three-b of this article, such participation, new loan\\nor investment shall be deemed to be the equivalent of a federally\\ninsured mortgage for purposes of this paragraph. Nothing contained in\\nthis paragraph shall be construed to limit or otherwise impair the\\nbenefits available to any company eligible for exemption from taxation\\npursuant to section thirty-one or section thirty-six-a of this article,\\nsection four hundred twenty-two or section four hundred sixty-seven-c of\\nthe real property tax law, or section fifty-eight of the public housing\\nlaw. The foregoing shall not be deemed to authorize any company to\\nreceive the benefits of any exemption from taxation in contravention of\\nthe provisions of section two of article eighteen of the constitution.\\n (e) Notwithstanding the provisions of paragraph (a) of this\\nsubdivision, a municipality, with the approval of the local legislative\\nbody, may contract to exclude all or part of any rent subsidies received\\nfrom the federal government pursuant to section eight of the United\\nStates Housing Act of nineteen hundred thirty-seven as amended in the\\ncomputation of total rents received.\\n (f) Notwithstanding the provisions of paragraph (a) of this\\nsubdivision, if the number of units occupied by persons receiving the\\nbenefit of rental assistance payments from the federal government\\npursuant to section eight of the United States Housing Act of nineteen\\nhundred thirty-seven, as amended, with respect to any project increases\\nby more than one hundred percent within any twelve consecutive months\\nprior to nineteen hundred eighty-five over the number of units for which\\nsuch subsidies were available during the preceding twelve consecutive\\nmonths or as July first, nineteen hundred eighty, whichever is later,\\ntaxes payable for such additional subsidized units and subsequent units\\nsubsidized in the same manner shall be based solely upon that portion of\\ntotal rents received on account of such additional subsidized units that\\nis not funded by such rental assistance payments, provided, however,\\nthat no project shall receive such additional tax exemption (i) unless a\\nminimum of seventeen percent of the units in the project receive the\\nbenefit of such subsidies, or (ii) if any mortgage on such project is\\ninsured or held by the federal government or if the project is owned by\\nthe federal government. The amount of exemption to which a project is\\nentitled pursuant to this paragraph shall be certified annually by the\\ncommissioner or the supervising agency, as the case may be.\\n 2. Notwithstanding the provisions of subdivision one hereof, whenever\\na dwelling in a project is leased to the New York state housing finance\\nagency pursuant to the provisions of section forty-four-a of this\\nchapter, so much of the assessed value of such project attributable to\\nsuch dwelling (including a pro rata portion of the value of the land and\\ncommon spaces) as represents an increase over the proportionate assessed\\nvalue of the real property, both land and improvements, acquired for\\nsuch project at the time of original acquisition therefor, shall be\\nexempt during the period of such lease from taxation for county, city,\\ntown, village and school district purposes and special ad valorem\\nlevies; provided that if in any year the aggregate amount of such taxes\\nand levies that would have been attributable to such dwelling but for\\nthe exemption provided by this subdivision exceeds the amount payable\\nout of the low rent lease account pursuant to subdivision three of\\nsection forty-four-a of this chapter with respect to the agency's rent\\nobligation for such dwelling, the agency shall make proportional\\npayments in lieu of such taxes and levies to the appropriate county,\\ncity, town, village, school district or special district, or any\\ncombination thereof as the case may be, in an aggregate amount equal to\\none half of the sum of (a) the amount of such excess and (b) the amount,\\nif any, by which the rent paid to the agency under the sublease for such\\ndwelling exceeds the agency's rent obligation for such dwelling. Nothing\\ncontained in this subdivision shall preclude the increase of the taxable\\nassessed value attributable to such dwellings as a result of a net\\nincrease in the assessed valuation of the taxable property in the\\nassessing unit as a result of assessing such property at a higher ratio\\nof full value.\\n 3. Notwithstanding the provisions of subdivision one hereof, whenever\\na dwelling in a project is leased to an authority, pursuant to the\\nprovisions of sections seventeen and thirty-one of this chapter, so much\\nof the assessed value of such project attributable to such dwelling\\n(including a pro rata portion of the value of the land and common\\nspaces) as represents an increase over the proportionate assessed value\\nof the real property, both land and improvements, acquired for such\\nproject at the time of original acquisition therefor, shall be exempt\\nduring the period of such lease from taxation for county, city, town,\\nvillage and school district purposes and special ad valorem levies.\\nNothing contained in this subdivision shall preclude the increase of the\\ntaxable assessed value attributable to such dwelling as a result of a\\nnet increase in the assessed valuation of the taxable property in the\\nassessing unit as a result of assessing such property at a higher ratio\\nof full value.\\n 4. Notwithstanding the provisions of subdivision one hereof, when a\\nmutual company is organized under this article to facilitate the\\nacquisition of a building by residents thereof, the amount of local and\\nmunicipal taxes, other than assessments for local improvements, to be\\npaid on the real property included in such project, both land and\\nimprovements, shall not exceed twenty per centum of the annual shelter\\nrent or carrying charges of such project, as defined in paragraph (a) of\\nsubdivision one hereof; provided, however, that where such acquisition\\nof a building by residents thereof involves the financing of\\nrehabilitation or other improvement as well as acquisition, upon the\\nconsent of the local legislative body of the municipality in which the\\nproject is located the amount of such taxes may be further reduced\\nprovided that such amount shall not be less than ten per centum of the\\nannual shelter rent or carrying charges of the project, as defined in\\nparagraph (a) of subdivision one hereof; or the company may in lieu of\\nrequesting such consent apply for the benefits of the local law, if any,\\nenacted pursuant to section four hundred eighty-nine of the real\\nproperty tax law. Such tax exemption, if any, granted pursuant to this\\narticle shall operate and continue so long as a loan made under this\\narticle or any subsequent loan approved by the commissioner or the\\nsupervising agency to enhance the residential portion of the project and\\nthe project is continued to be operated for the purposes set forth in\\nthis article is outstanding.\\n 5. Bonds, mortgages, notes, income debentures and obligations of a\\ncompany are declared to be issued for a public purpose and to be public\\ninstrumentalities and together with interest thereon shall be exempt\\nfrom tax including but not limited to the mortgage recording taxes\\nimposed by article eleven of the tax law.\\n 6. Any project that received a tax exemption under paragraphs (a), (c)\\nand (d) of subdivision one, and subdivision four of this section may,\\nupon the expiration of the tax exemption period, be granted an\\nadditional tax exemption period of up to fifty years, or until such time\\nas the project is no longer operated under the restrictions and for the\\npurposes set forth in this article, whichever is sooner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "34", "title" : "Foreclosure and judgments", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "34", "activeDate" : "2014-09-22", "sequenceNo" : 45, "repealedDate" : null, "fromSection" : "34", "toSection" : "34", "text" : " § 34. Foreclosure and judgments. 1. Any action or proceeding to\\nforeclose a mortgage upon a company project, shall be in accordance with\\nthe applicable provisions of section ninety-four of this chapter.\\n 2. In the event of an unsatisfied judgment against a company any\\naction not pertaining to the collection of a mortgage indebtedness,\\nshall be in accordance with the applicable provision of section\\nninety-five of this chapter.\\n 3. For the purpose of this section, wherever reference is made in\\nsections ninety-four and ninety-five of this chapter to a housing\\ncompany, it shall be deemed to refer to a company as defined in this\\narticle.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "35", "title" : "Voluntary dissolution", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "35", "activeDate" : "2014-09-22", "sequenceNo" : 46, "repealedDate" : null, "fromSection" : "35", "toSection" : "35", "text" : " § 35. Voluntary dissolution. 1. A company aided by a loan made prior\\nto May first, nineteen hundred fifty-nine, may voluntarily be dissolved,\\nwith the consent of the commissioner or of the supervising agency, as\\nthe case may be, not less than thirty-five years after the occupancy\\ndate upon the payment in full of the remaining balance of principal and\\ninterest due and unpaid upon the mortgage held by the state or a\\nmunicipality pursuant to this article and payment to the municipality of\\na sum equal to the total of all accrued taxes for which tax exemption\\nwas granted and received pursuant to section thirty-three of this\\narticle, provided however that such payment of accrued taxes shall be\\nwaived if a company is voluntarily dissolved subsequent to the original\\nmaturity date of any mortgage held by the state or a municipality\\npursuant to this article.\\n 2. A company aided by a loan made after May first, nineteen hundred\\nfifty-nine, may voluntarily be dissolved, without the consent of the\\ncommissioner or of the supervising agency, as the case may be, not less\\nthan twenty years after the occupancy date upon the payment in full of\\nthe remaining balance of principal and interest due and unpaid upon the\\nmortgage or mortgages and of any and all expenses incurred in effecting\\nsuch voluntary dissolution.\\n 3. Upon such dissolution, title to the project may be conveyed in fee\\nto the owner or owners of its capital stock or to any corporation\\ndesignated by it or them for the purpose, or the company may be\\nreconstituted pursuant to appropriate laws relating to the formation and\\nconduct of corporations, provided, however, that prior to any such\\ndissolution and conveyance or reconstitution, payment shall be made of\\nall current operating expenses, taxes, indebtedness and all accrued\\ninterest thereon and the par value of and accrued dividends on the\\noutstanding stock of such company. If after making such payments, and\\nafter conveyance of the project, a surplus remains in the treasury of\\nthe company, such surplus, except in the case of a project aided by a\\nstate loan made after May first, nineteen hundred fifty-nine, shall upon\\ndissolution, be paid into the general fund of the municipality which\\ngranted tax exemption. After such dissolution and conveyance, or such\\nreconstitution, the provisions of this article shall become and be\\ninapplicable to any such project and its owner or owners and any tax\\nexemption granted with respect to such project pursuant to section\\nthirty-three hereof shall cease and terminate.\\n 4. (a) Notwithstanding any contrary provision of subdivision one or\\nthree of this section or of any other law or local law, consent to\\ndissolve a company aided by a loan made prior to May first, nineteen\\nhundred fifty-nine shall be given by the commissioner or the supervising\\nagency, as the case may be, thirty-five years or more after the\\noccupancy date, provided that:\\n (i) such company's project or projects is or are located in a city of\\nless than one million and more than three hundred thousand persons;\\n (ii) the dissolution of such company is part of a refinancing plan to\\ncontinue the operation of the existing project or projects under this\\nchapter by a new company organized pursuant to the provisions of this\\narticle in corporate, partnership, or individual ownership form as the\\nexisting stockholders shall agree;\\n (iii) if the refinancing is done by a new first mortgage, the new\\ncompany shall be bound to pay from the proceeds of such refinancing the\\nremaining balance of the principal and interest on the original mortgage\\nand any interest due to debenture holders if such interest cannot first\\nbe paid out of the original company's surplus or reserves; or if the\\nrefinancing is done by a second mortgage, the new company shall be bound\\nto pay from the proceeds of such refinancing the interest due to\\ndebenture holders if such interest cannot first be paid out of the\\noriginal company's surplus or reserves; and\\n (iv) the new company shall be bound to use at least fifty percent of\\nthe net proceeds, which remain from such refinancing after having paid\\nthe legal fees and development costs connected therewith and after\\nhaving made the payments required by subparagraph (iii) of this\\nparagraph, to finance the costs of refurbishing the existing housing\\nunits of the project, or to build and operate under this chapter\\nadditional housing units for persons of low or moderate income or for\\ndisabled persons, within the same municipality wherein the original\\nproject is or projects are located, or to do both such refurbishing of\\nexisting units and such building and operating of such additional units;\\nany portion of the net proceeds remaining after utilization of at least\\nfifty percent thereof for the foregoing purposes shall be distributed or\\nused as the stockholders, partners or sole owner (as the case may be) of\\nthe new company shall decide.\\n (b) The New York state housing finance agency and the state of New\\nYork mortgage agency are hereby authorized and empowered to finance such\\nfirst or second mortgages for the foregoing refinancing purposes upon\\nsuch terms and conditions as each such agency deems appropriate.\\n (c) A company which is voluntarily dissolved in accordance with this\\nsubdivision shall not be required to pay the taxes referred to in\\nsubdivision one of this section nor any surplus remaining in its\\ntreasury as referred to in subdivision three of this section to the\\nmunicipality which grants the tax abatement for such project or\\nprojects, but instead, such surplus and all reserve accounts and\\ndebenture rights, titles, interests, contracts, accounts receivable,\\naccounts payable, and all other assets and liabilities of the dissolved\\ncompany shall be transferred to the new company organized for such\\nrefinancing purposes pursuant to such refinancing plan, and such new\\ncompany shall be considered for all the purposes of this chapter as a\\ncompany aided by a loan made subsequent to May first, nineteen hundred\\nfifty-nine, with the first date of occupancy deemed to be the date of\\nthe closing of the new first or the second mortgage entered into as part\\nof the refinancing plan described in subparagraphs (ii), (iii) and (iv)\\nof paragraph (a) of this subdivision; and any tax abatement granted by\\nsuch municipality for such project or projects shall continue to be\\napplied unless or until such municipality shall act to extend, modify,\\nenlarge or remove such tax abatement.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "36", "title" : "Sale of project prior to termination of tax exemption", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "36", "activeDate" : "2014-09-22", "sequenceNo" : 47, "repealedDate" : null, "fromSection" : "36", "toSection" : "36", "text" : " § 36. Sale of project prior to termination of tax exemption. 1.\\nExcept as otherwise provided in this article and prior to the expiration\\nof thirty-five years from the date of occupancy, a project, other than a\\nproject aided by a loan made after May first, nineteen hundred\\nfifty-nine, shall not be sold except to a company organized pursuant to\\nthe provisions of this article; prior to the expiration of twenty years\\nfrom the date of occupancy, a project aided by a loan made after May\\nfirst, nineteen hundred fifty-nine, shall not be sold except to a\\ncompany organized pursuant to the provisions of this article. Such\\nsuccessor company shall acquire such project subject to all the\\nprovisions of the loan and mortgage contract and the provisions of this\\narticle, and shall be entitled to all the benefits provided in such\\ncontract or granted under this article, and a company so conveying all\\nits projects may be dissolved with the consent of the commissioner or\\nthe supervising agency, as the case may be.\\n 2. In the event of any sale described in this section, the\\nstockholders of the dissolving company shall in no event receive more\\nthan the par value of their stock with accrued and unpaid dividends upon\\nsuch stock.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "36-A", "title" : "Additional powers of municipalities", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "36-A", "activeDate" : "2014-09-22", "sequenceNo" : 48, "repealedDate" : null, "fromSection" : "36-A", "toSection" : "36-A", "text" : " § 36-a. Additional powers of municipalities. In addition to any other\\npowers granted to a municipality by law, and notwithstanding the\\nprovisions of any other law, a municipality acting by its local\\nlegislative body shall have power:\\n 1. To undertake, plan, develop, construct or enter into contracts for\\nthe planning, development or construction of, or to own one or more\\nprojects or any part thereof, or to engage in one or more of such\\nactivities in respect to one or more projects or any part thereof. For\\nany of the purposes of this subdivision, a municipality may contract\\neither with a housing company incorporated under this article or with a\\nhousing development fund company incorporated pursuant to article eleven\\nof this chapter.\\n 2. (a) Acquire by purchase, gift, devise, lease, condemnation or\\notherwise, in accordance with the provisions of the appropriate general,\\nspecial or local law applicable to the acquisition of real or personal\\nproperty by such municipality, real or personal property or any interest\\ntherein necessary for or incidental to a project, including but not\\nlimited to air rights, and easements or other rights of user necessary\\nfor the use and development of such air rights, to be developed as air\\nrights sites for a project; provided, however, that the acquisition of\\nany air rights over railroad tracks, rights of way or facilities and\\neasements or other rights of user necessary for the use and development\\nof such air rights are to be subject to the provision of section\\nfifty-one-a of the railroad law. The acquisition of real property\\npursuant to a plan shall in every case be deemed to be and constitute a\\ncontinuous rather than separate takings.\\n (b) Property so acquired by a municipality shall be exempt from\\ntaxation until sold, leased for a term not exceeding ninety-nine years\\nor otherwise disposed of in accordance with the provisions of this\\nsection; provided however, that any such municipality shall have the\\npower and authority, with respect to such property, to pay or transfer,\\nout of funds available to it for the effectuating of such program or\\nproject annual sums in lieu of taxes to any taxing jurisdiction\\nproviding services to the project area, or to the part or portion\\nthereof within such taxing jurisdiction, in order that no such taxing\\njurisdiction shall suffer an inequitable loss of revenue by virtue of\\nsuch project; provided, further, that the amount so paid or transferred\\nfor any year with respect to any such property shall not exceed the\\nlesser of (1) the sum last levied for the benefit of such taxing\\njurisdiction as an annual tax on such property prior to the time of its\\nacquisition for project purposes or (2) such amount as shall be approved\\nby the commissioner pursuant to such rules, regulations, limitations and\\nconditions as he may prescribe, as an eligible and proper charge against\\nsuch project. Upon the sale, lease or disposition of such property to\\nany person, firm or corporation, not entitled to an exemption from\\ntaxation or entitled to only a partial tax exemption such property shall\\nimmediately become subject to taxation in whole or in part, as the case\\nmay be, and shall be taxed pro rata for the unexpired portion of the\\ntaxable year.\\n As used in this paragraph, the term \"taxing jurisdiction\" means any\\nmunicipal corporation or district corporation, including any school\\ndistrict or any special district, having the power to levy or collect\\ntaxes and benefit assessments upon real property, or in whose behalf\\nsuch taxes or benefit assessments may be levied or collected.\\n 3. To sell or lease for a term not exceeding ninety-nine years any\\nsuch project, or part thereof, at any stage before or at the date of or\\nafter the physical completion of such project, to a company which will\\nundertake, plan, construct, own, manage or operate such project in\\naccordance with the plan and the provisions of this article. In the\\nevent of a sale or lease of any such project prior to the physical\\ncompletion thereof, the municipality may agree to complete and may\\ncomplete construction and development of such project or cause the same\\nto be completed. Any such sale or lease may be made without public\\nbidding, public sale or public offering pursuant to such negotiated\\ncontract, agreement or lease, containing such provisions, limitations,\\nrequirements, terms and conditions, price or rental as the governing\\nbody of the municipality may deem necessary or desirable to effectuate\\nthe plan and the public policy and public purposes described in sections\\neleven and eleven-a of this article.\\n 4. Notwithstanding the provisions of section thirty-three of this\\narticle the real property in a project sold or leased as provided in\\nthis section, when the transfer thereunder becomes effective, shall be\\nexempt from local and municipal taxes, other than assessments for local\\nimprovements to such extent as may be granted by the local legislative\\nbody of the municipality. The tax exemption shall operate and continue\\nso long as capital loans of the company to which such project shall have\\nbeen sold or leased or any additional loan the proceeds of which are\\nprimarily used for the residential portion of the project, which\\nadditional loan is approved by the commissioner or the supervising\\nagency are outstanding.\\n Notes, bonds, mortgages and other obligations of such a company are\\ndeclared to be issued for a public purpose and to be public\\ninstrumentalities and, together with interest thereon, shall be exempt\\nfrom tax.\\n 5. The provisions of section thirteen of this article requiring the\\napproval by the commissioner of housing of the persons incorporating a\\nlimited-profit housing company and the provisions of section fourteen of\\nthis article requiring the consent of the commissioner of housing to the\\nfiling of the certificate of incorporation of such a company in the\\noffice of the secretary of state and the amendment thereof shall not\\napply to a corporation created pursuant to this article on a cooperative\\nbasis for the purchase or lease of a project pursuant to this section;\\nnor shall any of the provisions of this article conferring upon the\\ncommissioner of housing any powers in respect of limited-profit housing\\ncompanies apply to such a corporation. The application of this\\nsubdivision shall be limited to corporations undertaking a project with\\nthe aid of a municipal loan under this article.\\n 6. A project or part of a project sold or leased to a housing company\\npursuant to the provisions of this section thirty-six-a shall be owned\\nor operated by such housing company in accordance with the provisions of\\nthis article and in accordance with an agreement of sale or lease to be\\nentered into by the municipality and such housing company. Each such\\nagreement shall contain, in addition to such other terms and conditions\\nas may lawfully be agreed upon by the parties, the following provisions,\\nwhich shall be subject to any approvals which may be required by this\\narticle:\\n (a) Establishing a schedule of maximum rents which may be charged by\\nthe housing company.\\n (b) Prescribing the method by which tenants are to be selected for the\\nproject and criteria of tenant eligibility.\\n (c) Any such agreement of lease may provide for the transfer of title\\nof the real property so leased to the housing company at the end of the\\nterm or lease.\\n 7. A housing company shall have the power, in addition to any other\\npowers under this article to enter into and carry out the provisions of\\nany agreement authorized under this section or under section\\ntwenty-three-a or twenty-three-b of this article, and to enter into and\\ncarry out agreements in order to obtain insurance by the federal\\ngovernment of a mortgage for the purpose of refinancing all or any part\\nof a mortgage loan pursuant to section twenty-three of this article.\\n 8. Any project that received a tax exemption under this section may,\\nupon the expiration of the tax exemption period, be granted an\\nadditional tax exemption period of up to fifty years, or until such time\\nas the project is no longer operated under the restrictions and for the\\npurposes set forth in this article, whichever is sooner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "37", "title" : "Separability clause", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "37", "activeDate" : "2014-09-22", "sequenceNo" : 49, "repealedDate" : null, "fromSection" : "37", "toSection" : "37", "text" : " § 37. Separability clause. 1. Except as specifically provided in this\\narticle, nothing contained therein shall be deemed to limit or restrict\\nany power or authority granted to banking institutions, foundations,\\nlabor unions, veterans' organizations, or insurance companies or to any\\nother corporation or to any fiduciary by any other provision of law\\nheretofore or hereafter enacted.\\n 2. If any clause, sentence, paragraph, section or part of this article\\nshall be adjudged by any court of competent jurisdiction to be invalid\\nsuch judgment shall not affect, impair or invalidate the remainder\\nthereof, but shall be confined in its operation to the clause, sentence,\\nparagraph, section or part thereof directly involved in the controversy\\nin which such judgment shall have been rendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 44 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A3", "title" : "New York State Housing Finance Agency", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "3", "activeDate" : "2014-09-22", "sequenceNo" : 50, "repealedDate" : null, "fromSection" : "40", "toSection" : "62", "text" : " ARTICLE III\\n NEW YORK STATE HOUSING FINANCE AGENCY\\nSection 40. Short title.\\n 41. Statement of legislative findings and purposes.\\n 42. Definitions.\\n 43. New York state housing finance agency.\\n 44. Powers of the agency.\\n 44-a. Low rent dwelling accommodations.\\n 44-b. Mortgage modifications, evidence of pre-existing\\n indebtedness.\\n 44-c. Federally-aided mortgage loans.\\n 45. Transfer of officers and employees.\\n 45-a. Housing trust fund corporation.\\n 45-b. Affordable housing corporation.\\n 45-c. Homeless housing and assistance corporation.\\n 46. Notes and bonds of the agency.\\n 47. Reserve funds and appropriations.\\n 47-a. State university construction bonds and notes.\\n 47-b. Mental hygiene improvement bonds and notes.\\n 47-c. Special provisions related to certain bonds and notes.\\n 47-d. Health facilities bonds and notes.\\n 47-e. Housing program bonds and notes.\\n 48. Agreement with the state.\\n 49. State's right to require redemption of bonds.\\n 50. Remedies of noteholders and bondholders.\\n 51. Monies of the agency.\\n 51-a. Federal rental assistance program administrative fees.\\n 52. Notes and bonds as legal investment.\\n 53. Exemption from taxation of property and income.\\n 54. Exemption from taxation of notes and bonds.\\n 55. Assistance by state officers, departments, boards and\\n commissions.\\n 56. Reports.\\n 56-a. Indemnification of members, officers and employees.\\n 57. Insured mortgage reserve fund.\\n 58. Special revenue housing coverage reserve funds.\\n 59. Bond reserve insurance fund.\\n 59-a. Housing trust fund account.\\n 59-b. Affordable housing development account.\\n 59-c. Insured housing initiatives fund.\\n 59-d. Turnkey/enhanced housing account.\\n 59-e. Infrastructure development fund.\\n 59-g. Permanent housing for homeless families fund.\\n 59-h. Manufactured home cooperative fund.\\n 59-i. Homeless housing and assistance account.\\n 60. Housing project repair fund.\\n 61. Inconsistent provisions in other laws superseded.\\n 61-a Actions.\\n 62. Article not affected if in part unconstitutional.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "40", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "40", "activeDate" : "2014-09-22", "sequenceNo" : 51, "repealedDate" : null, "fromSection" : "40", "toSection" : "40", "text" : " § 40. Short title. This article may be cited as the \"New York state\\nhousing finance agency act.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "41", "title" : "Statement of legislative findings and purposes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2021-07-09", "2022-07-29", "2023-07-21", "2025-07-04" ], "docLevelId" : "41", "activeDate" : "2014-09-22", "sequenceNo" : 52, "repealedDate" : null, "fromSection" : "41", "toSection" : "41", "text" : " § 41. Statement of legislative findings and purposes. 1. There\\ncontinues to exist in the state a seriously inadequate supply of safe\\nand sanitary dwelling accommodations, non-housekeeping accommodations,\\naged care accommodations or accommodations for handicapped persons\\nwithin the financial reach of families and persons (including aged and\\nhandicapped persons) of low income. This condition is contrary to the\\npublic interest and threatens the health, safety, welfare, comfort and\\nsecurity of the people of the state.\\n 2. The ordinary operations of private enterprise cannot provide an\\nadequate supply of safe and sanitary dwelling accommodations,\\nnon-housekeeping accommodations, aged care accommodations and\\naccommodations for handicapped persons at rentals which families and\\npersons of low income can afford. In order to encourage the investment\\nof private capital and provide such dwelling accommodations,\\nnon-housekeeping accommodations, aged care accommodations and\\naccommodations for handicapped persons provision should be made for\\nmortgage loans, at low interest rates, to housing companies which,\\nsubject to state regulation as to rents, profits, dividends and\\ndisposition of their property, supply multiple dwelling accommodations,\\nnon-housekeeping accommodations, aged care accommodations and\\naccommodations for handicapped persons, and other facilities incidental\\nor appurtenant thereto, to such families and persons. For that purpose\\nthere should be created a corporate governmental agency of the state, to\\nbe known as the \"New York state housing finance agency,\" which, through\\nthe issuance of its bonds, notes or other obligations to the private\\ninvesting public, may attract a broad base of investment by the greatest\\nnumber of the general public and obtain the funds necessary to make or\\nfinance the making of such mortgage loans. Thus, private capital will be\\nencouraged to enter this field of investment and will help meet the\\nhousing needs of families and persons of low income. Provision should\\nalso be made for the New York state housing finance agency to lease such\\ndwelling accommodations and to receive appropriations from the state, in\\naid of providing housing in limited profit housing company projects for\\npersons and families of low income who would otherwise be eligible for\\noccupancy in low rent public housing.\\n * 2-a. Programs to attract capital to provide dwelling accommodations\\nwhich families and persons of low and moderate income can afford may not\\nbe economically feasible without adequate subsidy where all of the units\\nin the multiple dwelling accommodations to be financed are regulated as\\nto rents, profits, dividends and disposition of the owner's property. In\\nsuch cases the New York state housing finance agency should provide\\nresidential units for such families and persons by making loans, or\\nfinancing the making of such loans, to the owners of housing\\ndevelopments which will be required to supply, for a reasonable period\\nof time, a portion of residential units to such families and persons at\\nrentals they can afford. Further it is the policy of the state through\\nthe New York state housing finance agency to maximize as fully as\\npossible consistent with the economic feasibility of each housing\\ndevelopment the affordability, period of occupancy, and number of units\\nin those portions of each housing development which are designed to be\\naffordable to persons of low and moderate income.\\n * NB Repealed July 23, 2015\\n 3. There is also threatened in the state an inadequate supply of\\nacademic buildings and other facilities at the state-operated\\ninstitutions and statutory and contract colleges under the jurisdiction\\nof the state university of New York when needed and when scheduled under\\nthe approved master plan of the state university. In order to encourage\\nthe investment of private capital in such academic buildings and other\\nfacilities and to assure their timely construction, acquisition,\\nreconstruction, rehabilitation and improvement, the New York state\\nhousing finance agency should also be empowered, through the issuance of\\nits bonds, notes or other obligations to the private investing public,\\nto obtain a portion of the funds necessary to finance such academic\\nbuildings and other facilities at the state-operated institutions and\\nstatutory and contract colleges under the jurisdiction of the state\\nuniversity of New York.\\n 4. Further, it is the policy of the state to promote the redevelopment\\nand reconstruction of municipal urban renewal areas in a manner that\\nwill serve the civic, cultural and recreational needs of the community\\nas a whole. The ordinary operations of private enterprise cannot provide\\nadequate financing for the construction of civic, cultural and\\nrecreational structures and facilities and other non-profit capital\\ndevelopment projects invested with a public interest, which are needed\\nin connection with urban renewal programs. In order to encourage the\\ninvestment of private capital in such projects, and to assure the\\nexpeditious undertaking, financing and completion of the redevelopment\\nand reconstruction of urban renewal areas in the municipalities of the\\nstate, the New York state housing finance agency should also be\\nempowered, through the issuance of its bonds, notes or other obligations\\nto the private investing public, to obtain the funds necessary to make\\nmortgage loans, at low interest rates, to non-profit community\\ndevelopment corporations for the acquisition and construction of such\\nprojects, structures and facilities.\\n 5. Prompt provision of well-equipped, modern hospitals, schools and\\nother facilities related to the care, maintenance and treatment of\\nmentally ill persons, mental defectives and epileptics is also needed in\\nthe state. In order to encourage the investment of private capital in\\nsuch hospitals, schools and other mental hygiene facilities and to\\nassure their timely construction, acquisition, reconstruction,\\nrehabilitation and improvement, the New York state housing finance\\nagency should be empowered, through the issuance of its bonds, notes or\\nother obligations to the private investing public, to obtain a portion\\nof the funds necessary to finance the same and to meet the needs of\\npatients and staff at such facilities.\\n 6. A serious shortage of safe and sanitary nursing home accommodations\\nproviding therein nursing care, lodging and board by or under the\\nsupervision of a duly licensed physician to sick, invalid, infirm,\\ndisabled or convalescent persons of low income or providing\\nhealth-related service as defined in article twenty-eight of the public\\nhealth law to persons of low income or any combination of the foregoing,\\nand in addition thereto, providing nursing care and health-related\\nservice, or either of them, to persons of low income who are not\\noccupants of the project, whose need for such facilities and services\\ncannot readily be provided by the ordinary unaided operation of private\\nenterprise, exists in many communities throughout the state that it is\\nthe policy of the state to promote the provision of such nursing home\\naccommodations, including such other facilities as may be incidental and\\nappurtenant thereto; that there is need for non-profit corporations and\\nlimited-profit corporations to construct, acquire, reconstruct,\\nrehabilitate and improve such low cost nursing home accommodations. In\\norder to encourage the investment of private capital in such nursing\\nhomes, the New York state housing finance agency should also be\\nempowered, through the issuance of its bonds, notes or other obligations\\nto the private investing public, to obtain funds necessary to finance\\nnursing homes.\\n 7. There is a serious shortage throughout the state of facilities\\nsuitable for use for the care of children especially those of pre-school\\nage and primary school age whose parents are unable to provide such care\\nfor all or a substantial portion of the day or post-school day. A\\nsimilar shortage of residential child care facilities also exists.\\nExisting day care and residential child care facilities are overcrowded\\nwith long waiting lists. Many such facilities are so located that they\\nare not accessible to families in need of such services. The absence of\\nadequate day care and residential child care facilities is contrary to\\nthe interest of the people of the state, is detrimental to the health\\nand welfare of the child and his parents and often prevents the gainful\\nemployment of persons, who are otherwise qualified, because of the need\\nto provide such care in their home. In order to encourage the investment\\nof private capital in such facilities and to assure their timely\\nconstruction, acquisition, reconstruction, rehabilitation and\\nimprovement, the New York state housing finance agency should be\\nempowered, through the issuance of its bonds, notes or other obligations\\nto the private investing public, to obtain a portion of the funds\\nnecessary to finance such facilities and to meet the needs of the\\ncommunity.\\n 8. Prompt provision of new and improved community mental health and\\nmental retardation facilities is required for the care and treatment of\\nthe increasing number of persons afflicted with mental illness, mental\\ndeficiencies, epilepsy and behavior or emotional disorders; that such\\nfacilities should be located close to the people they serve in order to\\nspeed rehabilitation and restoration and to provide for out-patient and\\nin-patient care, including after care, diagnostic and rehabilitative\\nservices and residential accommodations for operation as hostels; that\\nit is the policy of the state to promote the provision of such community\\nmental health and mental retardation facilities; that there is a need\\nfor non-profit corporations to construct low cost community mental\\nhealth and mental retardation facilities. In order to encourage the\\ninvestment of private capital in such community mental health and mental\\nretardation facilities, and to assure the expeditious completion of such\\ncommunity mental health and mental retardation facilities, the New York\\nstate housing finance agency should be empowered, through the issuance\\nof its bonds, notes or other obligations to the private investing\\npublic, to obtain funds necessary to make mortgage loans, at low\\ninterest rates, to non-profit corporations for the construction,\\nacquisition, reconstruction, rehabilitation or improvement of such\\nmental health and mental retardation facilities.\\n 9. Many hospitals and other health facilities throughout the state are\\nbecoming obsolete and are no longer adequate to meet the needs of modern\\nmedicine. As a result of rapid technological changes, such facilities\\nrequire substantial structural or functional changes. Others are\\nunsuited for continued use by virtue of their location and the physical\\ncharacteristics of their existing plants and should be replaced. Such\\ninadequate and outmoded facilities deny to the people of the state the\\nbenefits of health care of the highest quality efficiently and promptly\\nprovided and at a reasonable cost. Their replacement and modernization\\nis essential to protect and prolong the lives of the state's population\\nand cannot be readily accomplished by the ordinary unaided operation of\\nprivate enterprise. It is the policy of the state to encourage the\\nprovision of modern, well-equipped health facilities, including such\\nother facilities as may be incidental and appurtenant thereto. In\\nfurtherance of this end and in order to obtain the investment of private\\ncapital in such hospitals and other health facilities, the New York\\nstate housing finance agency should also be empowered through the\\nissuance of its bonds, notes or other obligations to the private\\ninvesting public, to obtain the funds necessary to finance such hospital\\nand health facilities.\\n 10. Prompt provision of new and improved community senior citizens\\nfacilities is required for the increasing number of persons who are in\\nneed of programs and services for the aging. Such facilities should be\\nlocated close to the people they serve and should supplement the\\nprograms and services provided for such persons by the office for the\\naging pursuant to title one of article two of the elder law; that it is\\nthe policy of the state to promote the provision of such facilities;\\nthat there is need for non-profit corporations to construct low cost\\ncommunity senior citizens facilities. In order to encourage the\\ninvestment of private capital in such community senior citizens\\nfacilities, and to assure the expeditious completion of such facilities,\\nthe New York state housing finance agency should be empowered, through\\nthe issuance of its bonds, notes or other obligations to the private\\ninvesting public, to obtain funds necessary to make mortgage loans, at\\nlow interest rates, to non-profit corporations for the construction,\\nacquisition, reconstruction, rehabilitation or improvement of such\\nfacilities.\\n 11. It is frequently appropriate to combine and coordinate the\\ndevelopment, rehabilitation and provision of housing with the\\ndevelopment, rehabilitation and provision of health and health related\\nfacilities such as intermediate care, skilled nursing, aged treatment,\\nand hospice facilities for which there is also a need. In order to\\nencourage the investment of private capital in non-profit housing and\\nhealth facilities, and to assure the expeditious completion of such\\nfacilities, the New York state housing finance agency should be\\nempowered, through the issuance of its bonds, notes or other obligations\\nto the private investing public, to obtain funds necessary to finance\\nloans, for the construction, acquisition, reconstruction, rehabilitation\\nor improvement of such facilities.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "42", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2021-07-09", "2022-07-29", "2023-07-21", "2025-07-04" ], "docLevelId" : "42", "activeDate" : "2014-09-22", "sequenceNo" : 53, "repealedDate" : null, "fromSection" : "42", "toSection" : "42", "text" : " § 42. Definitions. As used or referred to in this article, unless a\\ndifferent meaning clearly appears from the context:\\n 1. \"Agency\" shall mean the corporate governmental agency created by\\nsection forty-three of this article.\\n 1-a. \"Amortized value\" shall mean, when used with respect to\\nsecurities purchased at a premium above or a discount below par, the\\nvalue as of any given date obtained by dividing the total amount of the\\npremium or discount at which such securities were purchased by the\\nnumber of days remaining to maturity on such securities at the time of\\nsuch purchase and by multiplying the amount so calculated by the number\\nof days having passed since the date of such purchase; and (a) in the\\ncase of securities purchased at a premium, by deducting the product thus\\nobtained from the purchase price, and (b) in the case of securities\\npurchased at a discount, by adding the product thus obtained to the\\npurchase price.\\n 2. \"Bonds\" and \"notes\" shall mean bonds and notes respectively, issued\\nby the agency pursuant to this article.\\n 3. \"Equity bonds\" and \"equity notes\" shall mean bonds and notes\\nrespectively, issued by the agency pursuant to subdivision four of\\nsection forty-six of this article.\\n 4. \"Equity loan\" shall mean a loan made by the agency to a mutual\\ncompany, mutual housing company, mutual redevelopment company, or\\nhousing development fund company which is organized pursuant to the\\nbusiness corporation law and article eleven of this chapter, in an\\namount not to exceed nine per centum of project cost and not in excess\\nof the aggregate face value of home owners purchase notes received by\\nsuch mutual company, mutual housing company, mutual redevelopment\\ncompany, or housing development fund company, as the case may be, for\\nthe issuance of shares.\\n 4-a. \"Federally-aided mortgage loan\" shall mean a loan secured by a\\nfirst mortgage lien on the real property of which a project consists and\\nthe personal property attached to or used in connection with the\\nconstruction, acquisition, reconstruction, rehabilitation, improvement\\nor operation of the project, made or financed by the agency to the owner\\nof such property, which loan is insured or co-insured by the federal\\ngovernment or in connection with which there has been assigned or\\npledged to the agency the right to receive housing assistance payments\\nto be made by the federal government under a contract entered into\\npursuant to section eight of the United States housing act of nineteen\\nhundred thirty-seven, as amended or supplemented, provided, however,\\nthat such term shall not include mortgage loans made by the agency and\\ninsured by the federal government pursuant to subsection (f) of section\\ntwo hundred twenty-three of such act, to refinance mortgage loans made\\nby the agency or the state prior to the first day of June, nineteen\\nhundred seventy-nine or theretofore or thereafter, amended, modified, or\\nincreased or loans provided for pursuant to subdivision twenty-nine-a of\\nsection forty-four of this article. Where all or part of the cost of\\nacquiring any real property included in the project is to be financed by\\na federally-aided mortgage loan the term \"owner\" shall mean the owner\\nupon such acquisition. Nothing contained herein shall limit or prohibit\\nthe agency from consenting to the modification of any instrument\\nexecuted in connection with a federally-aided mortgage loan, provided\\nthat such modification will not materially reduce the value of the\\nsecurity for such mortgage loan.\\n 4-b. \"Federally guaranteed security\" means any security, investment or\\nevidence of indebtedness which is issued pursuant to the national\\nhousing act or any successor provision of law, as amended, which is\\neither, directly or indirectly, insured or guaranteed in full as to the\\nrepayment of principal and interest by the United States of America or\\nany instrumentality thereof.\\n 5. \"Home owners purchase note\" shall mean home owners purchase note as\\ndefined in article one of this chapter.\\n 5-a. \"Insured mortgage reserve fund\" shall mean the fund created by\\nsection fifty-seven of this chapter.\\n 6. \"Mortgage loan\" shall mean a loan made by the agency to a company\\nin an amount not to exceed ninety per centum of the project cost, except\\nthat in the case of a mutual company, an urban rental company which has\\nnot been aided by any loan made prior to September first, nineteen\\nhundred sixty-eight, or a non-profit company incorporated pursuant to\\nthe provisions of the not-for-profit corporation law and this chapter\\nfor the purpose of providing housing for staff members, employees or\\nstudents of a college, university, hospital or child care institution\\nand their immediate families or in the case of a community development\\ncorporation the loan shall not exceed ninety-five per centum of the\\nproject cost and in the case of a non-profit company incorporated\\npursuant to the provisions of the not-for-profit corporation law and\\nthis chapter for the purpose of providing housing for aged or\\nhandicapped persons of low income or in the case of a low income\\nnon-profit housing company the loan shall not exceed the total project\\ncost, and secured by a first mortgage lien on the real property of which\\nthe project consists and the personal property attached to or used in\\nconnection with the construction, acquisition, reconstruction,\\nrehabilitation, improvement or operation of the project. \"Company,\"\\n\"mutual company,\" \"urban rental company,\" \"project cost\" and \"project\"\\nshall mean company, mutual company, urban rental company, project cost\\nand project, respectively, as defined in article two of this chapter.\\n 6-a. \"Mortgage loan\" shall also mean a loan made by the agency to a\\ncommunity senior citizens center and services company in an amount not\\nto exceed the total project cost of a project undertaken by such company\\npursuant to article seven-A of this chapter, and secured by a first\\nmortgage lien on the real property of which the project consists and the\\npersonal property attached to or used in connection with the\\nconstruction, acquisition, reconstruction, rehabilitation, improvement\\nor operation of the project.\\n 6-b. \"Mortgage loan\" shall also mean a loan made by the agency to an\\neligible borrower as defined in article twenty-eight-B of the public\\nhealth law in an amount not to exceed the total hospital project cost\\nand secured by a first mortgage lien on the real property of which the\\nhospital project consists and the personal property attached to or used\\nin connection with the construction, acquisition, reconstruction,\\nrehabilitation, improvement or operation of the hospital project. Such\\nloan may be further secured by such a lien upon other real property\\nowned by the eligible borrower. Notwithstanding the foregoing provisions\\nof this subdivision or any other provisions of this article to the\\ncontrary, any personal property may be excluded from the lien of the\\nmortgage provided (a) the commissioner of health finds that such\\nproperty is not essential for the rendition of required hospital\\nservices as such term is defined in article twenty-eight of the public\\nhealth law, and (b) the agency consents to such exclusion. \"Hospital\\nproject cost\" and \"hospital project\" shall mean hospital project cost\\nand hospital project, respectively, as defined in article twenty-eight-B\\nof the public health law.\\n 6-c. \"Mortgage loan\" shall also mean a loan made by the agency to a\\nlimited-profit nursing home company incorporated pursuant to the\\nprovisions of article twenty-eight-A of the public health law in an\\namount not to exceed ninety-five per centum of the nursing home project\\ncost, and in the case of a non-profit nursing home company incorporated\\npursuant to the provisions of article twenty-eight-A of the public\\nhealth law and the not-for-profit corporation law in an amount not to\\nexceed the total nursing home project cost, and secured by a first\\nmortgage lien on the real property of which the nursing home project\\nconsists and the personal property attached to or used in connection\\nwith the construction, acquisition, reconstruction, rehabilitation,\\nimprovement or operation of the nursing home project. Notwithstanding\\nthe foregoing provisions of this subdivision or any other provision of\\nthis article to the contrary, any personal property may be excluded from\\nthe lien of the mortgage provided (a) the commissioner of health finds\\nthat such property is not essential for the nursing home project as such\\nterm is defined in article twenty-eight-A of the public health law, and\\n(b) the agency consents to such exclusion. \"Nursing home company\",\\n\"limited-profit nursing home company\", \"non-profit nursing home\\ncompany\", \"nursing home project cost\" and \"nursing home project\" shall\\nmean nursing home company, limited-profit nursing home company,\\nnon-profit nursing home company, nursing home project cost and nursing\\nhome project, respectively, as defined in article twenty-eight-A of the\\npublic health law.\\n 6-d. \"Mortgage loan\" shall also mean a loan made by the agency to a\\ncompany incorporated pursuant to the provisions of article eight-B of\\nthe mental hygiene law and the not-for-profit corporation law in an\\namount not to exceed the total community mental health services project\\ncost or community mental retardation services project cost, and secured\\nby a first mortgage lien on the real property of which the community\\nmental health services project or community mental retardation services\\nproject consists and the personal property attached to or used in\\nconnection with the construction, acquisition, reconstruction,\\nrehabilitation, improvement or operation of the community mental health\\nservices project or community mental retardation services project.\\n\"Community mental health services company,\" \"community mental\\nretardation services company,\" \"community mental health services project\\ncost,\" \"community mental retardation services project cost,\" \"community\\nmental health services project\" and \"community mental retardation\\nservices project\" shall mean community mental health services company,\\ncommunity mental retardation services company, community mental health\\nservices project cost, community mental retardation services project\\ncost, community mental health services project and community mental\\nretardation services project, respectively, as defined in article\\neight-B of the mental hygiene law.\\n 6-e. \"Mortgage loan\" shall also mean a loan made by the agency to a\\nnon-profit corporation which is an eligible borrower as defined in title\\nfive-A of article six of the social services law in an amount not to\\nexceed the total youth facilities project cost, and secured by a first\\nmortgage lien on the real property of which the youth facilities project\\nconsists and the personal property attached to or used in connection\\nwith the construction, acquisition, reconstruction, rehabilitation,\\nimprovement or operation of the youth facilities project. \"Youth\\nfacilities project cost\" and \"youth facilities project\" shall mean youth\\nfacilities project cost and youth facilities project, respectively, as\\ndefined in title five-A of article six of the social services law.\\n 6-f. \"Mortgage loan\" shall also mean an instrument or instruments made\\nby a company to evidence residual indebtedness, which instrument or\\ninstruments are secured by a mortgage on the real property of the\\nproject.\\n * 6-g. \"Mortgage loan\" shall also mean a loan secured by a first\\nmortgage lien on the real property of which a project consists and the\\npersonal property attached to or used in connection with the\\nconstruction or rehabilitation of the project, made or financed by the\\nagency to the owner of such property, which property a municipal housing\\nauthority, constituted, created or established pursuant to article\\nthirteen of the public housing law, has agreed to purchase upon the\\ncompletion of such construction or rehabilitation.\\n * NB There are 2 sb 6-g's\\n * 6-g. \"Mortgage loan\" shall also mean a loan made by the agency to a\\nmutual housing company for the purpose of refinancing the existing\\nmortgage indebtedness of such company in an amount not to exceed the\\ncost of refinancing the existing mortgage indebtedness of such company\\nand necessary funds for the replacement, improvement and rehabilitation\\nof the project owned by such company, all costs incurred by such company\\nrelating to the refinancing of the existing mortgage indebtedness\\nincluding amounts required to establish escrow accounts, reserves and\\nworking capital as determined by the agency, and such other amounts as\\nare permitted by article four of this chapter, and secured by a first\\nmortgage lien on the real property of which the project consists and the\\npersonal property attached to or used in connection with the\\nconstruction, acquisition, reconstruction, rehabilitation, improvement\\nor operation of the project.\\n * NB (Operative pending ruling by Internal Revenue Service)\\n * NB There are 2 sb 6-g's\\n 7. \"Mutual company\", \"mutual housing company\" and \"mutual\\nredevelopment company\" shall mean mutual company, mutual housing company\\nand mutual redevelopment company as defined in articles two, four and\\nfive, respectively, of this chapter.\\n 8. \"Non-profit company\" shall mean a company incorporated pursuant to\\nthe provisions of the not-for-profit corporation law and article two of\\nthis chapter for the purpose of providing housing for staff members,\\nemployees or students of a college, university, hospital or child care\\ninstitution and their immediate families or for handicapped or aged\\npersons of low income or housing for persons of low income or housing\\nfor families of low income as defined under article two of this chapter.\\n 9. \"Community development corporation\" shall mean a corporation\\nincorporated pursuant to the provisions of the not-for-profit\\ncorporation law and article six-A of this chapter.\\n 10. \"Non-profit project bonds\" and \"non-profit project notes\" shall\\nmean bonds and notes respectively, issued by the agency for the purposes\\nof making mortgage loans to mutual companies, non-profit companies or\\ncommunity development corporations paying interest on such bonds and\\nnotes, establishing reserves to secure such bonds and notes, and paying\\nof all other expenditures of the agency incident to and necessary or\\nconvenient for the making of such mortgage loans.\\n 11. \"Hospital and nursing home project bonds\" and \"hospital and\\nnursing home project notes\" shall mean bonds and notes respectively,\\nissued by the agency for the purposes of making mortgage loans to\\nhospital corporations which are eligible borrowers as defined in article\\ntwenty-eight-B of the public health law or nursing home companies,\\npaying interest on such bonds and notes, establishing reserves to secure\\nsuch bonds and notes, and paying of all other expenditures of the agency\\nincident to and necessary or convenient for the making of such mortgage\\nloans.\\n 12. \"Urban rental project bonds\" and \"urban rental project notes\"\\nshall mean bonds and notes respectively, issued by the agency after\\nAugust thirty-first, nineteen hundred sixty-eight, for the purposes of\\nmaking mortgage loans to urban rental companies, paying interest on such\\nbonds and notes, establishing reserves to secure such bonds and notes,\\nand paying of all other expenditures of the agency incident to and\\nnecessary or convenient for the making of such mortgage loans.\\n 13. \"Youth facilities project bonds\" and \"youth facilities project\\nnotes\" shall mean bonds and notes, respectively, issued by the agency\\nfor the purposes of making mortgage loans to non-profit corporations\\nwhich are eligible borrowers as defined in title five-A of article six\\nof the social services law, paying interest on such bonds and notes,\\nestablishing reserves to secure such bonds and notes, and paying of all\\nother expenditures of the agency incident to and necessary or convenient\\nfor the making of such mortgage loans.\\n 14. \"Community mental health services and mental retardation services\\nproject bonds\" and \"community mental health services and mental\\nretardation services project notes\" shall mean bonds and notes,\\nrespectively, issued by the agency for the purposes of making mortgage\\nloans to companies incorporated pursuant to the not-for-profit\\ncorporation law and article eight-B of the mental hygiene law, paying\\ninterest on such bonds and notes, establishing reserves to secure such\\nbonds and notes, and paying of all other expenditures of the agency\\nincident to and necessary or convenient for the making of such mortgage\\nloans.\\n 14-a. \"Community mental health services and mental retardation\\nservices project revenue bonds\" and \"community mental health services\\nand mental retardation services project revenue notes\" shall mean bonds\\nand notes, respectively, issued by the agency for the purpose of making\\nmortgage loans to companies incorporated pursuant to the not-for-profit\\ncorporation law and article seventy-five of the mental hygiene law,\\npaying interest on such bonds and notes, establishing reserves to secure\\nsuch bonds and notes, and paying of all other expenditures of the agency\\nincident to and necessary or convenient for the making of such mortgage\\nloans.\\n 15. \"Community senior citizens services project bonds\" and \"community\\nsenior citizens services project notes\" shall mean bonds and notes,\\nrespectively, issued by the agency for the purposes of making mortgage\\nloans to companies incorporated pursuant to the not-for-profit\\ncorporation law and article seven-A of this chapter, paying interest on\\nsuch bonds and notes, establishing reserves to secure such bonds and\\nnotes, and paying of all other expenditures of the agency incident to\\nand necessary or convenient for the making of such mortgage loans.\\n 16. \"State of New York municipal bond bank agency bonds\" and \"State of\\nNew York municipal bond agency notes\" shall mean bonds and notes,\\nrespectively, issued by the state of New York municipal bond bank agency\\nfor the purposes of purchasing municipal bonds from municipalities.\\n 17. \"New York state medical care facilities finance agency bonds\" and\\n\"New York state medical care facilities finance agency notes\" shall mean\\nbonds and notes, respectively, issued by the New York state medical care\\nfacilities finance agency for the corporate purposes of the New York\\nstate medical care facilities finance agency.\\n 18. \"New York state project finance agency bonds\" and \"New York state\\nproject finance agency notes\" shall mean bonds and notes, respectively,\\nissued by the New York state project finance agency for the corporate\\npurposes of the New York state project finance agency.\\n 19. \"Residual indebtedness.\" Residual indebtedness shall be\\nindebtedness of a company in an amount equal to the unpaid principal\\nbalance due on the original mortgage plus all interest accrued thereon\\nat such time as the mortgage is refinanced less an amount equal to the\\nprincipal amount, when made, of the mortgage insured by the federal\\ngovernment in connection with the refinancing of a project. Such\\nindebtedness shall be secured by a mortgage which may be subordinate to\\nthe lien of any mortgage loan insured by the federal government and may\\ncontain such terms and conditions not inconsistent with this article as\\nmay be approved by the commissioner, and as the agency may deem\\nnecessary or desirable to secure the repayment of such residual\\nindebtedness.\\n * 20. \"Revenue housing bonds\" shall mean bonds issued by the agency\\nafter May thirty-first, nineteen hundred seventy-six for the purpose of\\nmaking mortgage loans to mutual companies, non-profit companies, or\\nurban rental companies, funding non-profit project notes and urban\\nrental project notes issued for the purpose of making such mortgage\\nloans, paying interest on such bonds, establishing reserves to secure\\nsuch bonds and paying all other expenditures of the agency incident to\\nand necessary or convenient for the making of such mortgage loans or the\\nfunding of such notes.\\n* NB (Effective until ruling by Internal Revenue Service)\\n * 20. \"Revenue housing bonds\" shall mean bonds issued by the agency\\nafter May thirty-first, nineteen hundred seventy-six for the purpose of\\nmaking mortgage loans to mutual companies, mutual housing companies,\\nnon-profit companies, or urban rental companies, funding non-profit\\nproject notes and urban rental project notes issued for the purpose of\\nmaking such mortgage loans, paying interest on such bonds, establishing\\nreserves to secure such bonds and paying all other expenditures of the\\nagency incident to and necessary or convenient for the making of such\\nmortgage loans or the funding of such notes.\\n* NB (Effective pending ruling by Internal Revenue Service)\\n 21. \"Special revenue housing coverage reserve funds\" shall mean the\\nfunds created by section fifty-eight of this article.\\n 22. \"Bond reserve insurance fund\" shall mean the fund created by\\nsection fifty-nine of this article.\\n * 23. \"Lending institution\" shall mean any bank or trust company or\\nsavings bank, or any corporation, association or other entity which is\\nowned or controlled by any one or more such bank or trust company or\\nsavings bank, or any savings and loan association, credit union, federal\\nnational mortgage association approved mortgage banker, national banking\\nassociation, federal savings and loan association, federal savings bank,\\npublic pension fund, pension fund with assets over fifty million\\ndollars, insurance company, federal credit union or other financial\\ninstitution or governmental agency of the United States which\\ncustomarily makes, purchases, holds, insures or services residential\\nmortgages.\\n * NB Effective until July 23, 2015\\n * 23. \"Lending institution\" shall mean any bank or trust company or\\nsavings bank, or any corporation, association or other entity which is\\nowned or controlled by any one or more such bank or trust company or\\nsavings bank, or any savings and loan association, industrial bank,\\ncredit union, federal national mortgage association approved mortgage\\nbanker, national banking association, federal savings and loan\\nassociation, pension fund, insurance company, federal credit union or\\nother financial institution or governmental agency of the United States\\nwhich customarily makes, purchases, holds or services residential\\nmortgages.\\n * NB Effective July 23, 2015\\n * 24. \"Housing development\" shall mean a specific work or improvement,\\nwhether or not to effectuate all or any part of a plan, and consisting\\nof five or more residential units, and including the lands, buildings\\nand improvements acquired, owned, constructed, managed or operated to\\nprovide such units and such incidental and appurtenant commercial,\\nrecreation, cultural, communal, dining, medical and nursing treatment,\\nday care or residential child care and community facilities as may be\\napproved by the agency. As used in connection with the term housing\\ndevelopment, the term residential unit shall refer to units suitable for\\nresidential use or accommodations included within the term housing as\\ndefined in subdivision nine of section twelve of this chapter.\\n * NB Repealed July 23, 2015\\n 25. \"Housing and non-profit health facility\" shall mean a specific\\nwork or improvement, whether or not to effectuate all or any part of a\\nplan consisting of five or more residential units, and at the election\\nof the agency such additional health and health related facilities as\\nthe agency may approve; and including the lands, buildings and\\nimprovements acquired, owned, constructed, managed or operated to\\nprovide such units and health, or health related facilities and such\\nincidental and appurtenant commercial, recreation, cultural, communal,\\ndining, parking, day care or residential child care, senior citizen and\\ncommunity facilities as may be approved by the agency acquired, owned,\\nconstructed, rehabilitated, improved, managed or operated by a\\nnon-profit company except that any portion thereof meeting the\\ndefinition of a housing development set forth in subdivision twenty-four\\nhereof may be separately owned by a for profit owner approved by the\\nagency. As used in connection with the term housing and non-profit\\nhealth facility, the term residential unit shall refer to units suitable\\nfor residential use or accommodations included within the term housing\\nas defined in subdivision nine of section twelve of this chapter, and\\nthe term non-profit company shall mean a company incorporated pursuant\\nto the provisions of the not-for-profit corporation law for the purpose\\nof providing housing for staff members, employees, students or users of\\na hospital, health, health related facility and their immediate families\\nor for the purpose of providing a hospital, health, or health related\\nfacility.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "43", "title" : "New York state housing finance agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2020-12-04", "2021-01-08", "2021-02-19" ], "docLevelId" : "43", "activeDate" : "2014-09-22", "sequenceNo" : 54, "repealedDate" : null, "fromSection" : "43", "toSection" : "43", "text" : " § 43. New York state housing finance agency. 1. There is hereby\\ncreated the \"New York state housing finance agency\". The agency shall be\\na corporate governmental agency constituting a public benefit\\ncorporation. Its membership shall consist of the commissioner of housing\\nand community renewal, the director of the budget, the commissioner of\\ntaxation and finance and four members to be appointed by the governor\\nwith the advice and consent of the senate. The members first appointed\\nby the governor shall serve for terms ending three, four, five and six\\nyears respectively from January first next succeeding the date of their\\nappointment. Their successors shall serve for terms of six years each.\\nMembers shall continue in office until their successors have been\\nappointed and qualified. In the event of a vacancy occurring in the\\noffice of any member by death, resignation or otherwise, the governor\\nshall appoint a successor with the advice and consent of the senate to\\nserve for the balance of the unexpired term. The provisions of section\\nthirty-nine of the public officers law shall apply to such members.\\n 2. The governor shall designate from among the members appointed by\\nhim or her a chairman, who shall serve as such during his or her term as\\nmember. The members, including the chairman, shall serve without salary\\nor other compensation, but each member, including the chairman, shall be\\nentitled to reimbursement for actual and necessary expenses incurred in\\nthe performance of his or her official duties and in the event that the\\nchairman shall also be a full time officer or employee of the agency,\\nthe chairman shall receive no salary as chairman but shall receive only\\nhis or her regular salary as officer or employee, not to exceed the\\naverage of the salaries paid to the appointed commissioners of the state\\ndepartments or the regular salary such officer or employee was receiving\\nat the time of his or her appointment as chairman, whichever is greater.\\n 3. Such members other than the commissioner of housing and community\\nrenewal, the director of the budget, the commissioner of taxation and\\nfinance and the chairman if he be a full time officer or employee of the\\nagency, may engage in private employment, or in a profession or\\nbusiness, subject to the limitations contained in sections seventy-three\\nand seventy-four of the public officers law. The agency shall, for the\\npurposes of sections seventy-three and seventy-four of the public\\nofficers law, be a \"state-agency,\" and such members shall be \"officers\"\\nof the agency for the purposes of said sections.\\n 4. Notwithstanding any inconsistent provisions of law, general,\\nspecial or local, no officer or employee of the state, or of any civil\\ndivision thereof, shall be deemed to have forfeited or shall forfeit his\\noffice or employment by reason of his acceptance of membership on the\\nagency created by this section; provided, however, a member who holds\\nsuch other public office or employment shall receive no additional\\ncompensation or allowance for services rendered pursuant to this\\narticle, but shall be entitled to reimbursement for his actual and\\nnecessary expenses incurred in the performance of such services.\\n 5. The governor may remove any member for inefficiency, neglect of\\nduty or misconduct in office after giving him a copy of the charges\\nagainst him, and an opportunity to be heard, in person or by counsel, in\\nhis defense, upon not less than ten days' notice. If any such member\\nshall be removed, the governor shall file in the office of the\\ndepartment of state a complete statement of charges made against such\\nmember, and his findings thereon, together with a complete record of the\\nproceeding. The holding of office by the commissioner of housing shall\\ncontinue to be governed by the provisions of section eleven of the\\npublic housing law.\\n 6. The agency and its corporate existence shall continue until\\nterminated by law, provided, however, that no such law shall take effect\\nso long as the agency shall have bonds, notes and other obligations\\noutstanding. Upon termination of the existence of the agency, all its\\nrights and properties shall pass to and be vested in the state.\\n 7. The powers of the agency shall be vested in and exercised by no\\nless than four of the members thereof then in office. The agency may\\ndelegate to one or more of its members, or its officers, agents and\\nemployees, such powers and duties as it may deem proper.\\n 8. The commissioner of housing and community renewal, the director of\\nthe budget and the commissioner of taxation and finance each may appoint\\na person from their respective division or department to represent such\\nmember, respectively, at all meetings of the agency from which such\\nmember may be absent. Any such representative so designated shall have\\nthe power to attend and to vote at any meeting of the agency from which\\nthe member so designating him as a representative is absent with the\\nsame force and effect as if the member designating him were present and\\nvoting. Such designation shall be by written notice filed with the\\nchairman of the agency by each of the said members. The designation of\\nsuch persons shall continue until revoked at any time by written notice\\nto the chairman by the respective member making the designation. Such\\ndesignation shall not be deemed to limit the power of the appointing\\nmember to attend and vote at any meeting of the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "44", "title" : "Powers of the agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2021-07-09", "2022-07-29", "2023-07-21", "2025-07-04" ], "docLevelId" : "44", "activeDate" : "2014-09-22", "sequenceNo" : 55, "repealedDate" : null, "fromSection" : "44", "toSection" : "44", "text" : " § 44. Powers of the agency. Except as otherwise limited by this\\narticle, the agency shall have power:\\n 1. To sue and be sued;\\n 2. To have a seal and alter the same at pleasure;\\n 3. To make and execute contracts and all other instruments necessary\\nor convenient for the exercise of its power and functions under this\\narticle;\\n 4. To make and alter by-laws for its organization and internal\\nmanagement and, subject to agreements with noteholders or bondholders,\\nto make rules and regulations governing the use of its property and\\nfacilities, which rules and regulations shall be filed with the\\ndepartment of state in the manner provided by section one hundred two of\\nthe executive law;\\n 5. To acquire, hold and dispose of personal property for its corporate\\npurposes;\\n 6. To appoint officers, agents and employees, prescribe their duties\\nand fix their compensation, subject to the provisions of the civil\\nservice law and to the rules and regulations of the civil service\\ncommission of this state;\\n 7. To borrow money and issue negotiable notes, bonds or other\\nobligations and to provide for the rights of the holders thereof;\\n 8. Subject to any agreements with noteholders or bondholders, to\\ninvest any funds held in reserve or sinking funds, including the insured\\nmortgage reserve fund and any special revenue housing coverage reserve\\nfund or any monies not required for immediate use or disbursement, at\\nthe discretion of the agency, in obligations of the state or the United\\nStates government or obligations the principal and interest of which are\\nguaranteed by the state or the United States government, or in any other\\nobligations in which the comptroller of the state of New York is\\nauthorized to invest pursuant to section ninety-eight of the state\\nfinance law;\\n 9. Subject to the approval of the commissioner in the case of mortgage\\nloans to other than hospital corporations which are eligible borrowers\\nas defined in article twenty-eight-B of the public health law or nursing\\nhome companies, non-profit corporations which are eligible borrowers as\\ndefined in title five-A of article six of the social services law, or\\ncompanies incorporated pursuant to the not-for-profit corporation law\\nand article seventy-five of the mental hygiene law, who shall be guided\\nby the provisions governing state loans contained in article two of this\\nchapter, to make mortgage loans, to participate with the state in making\\nmortgage loans and to undertake commitments to make any such mortgage\\nloans;\\n 9-a. Subject to the approval of the commissioner of social services of\\nthe state of New York, to make mortgage loans and to undertake\\ncommitments to make mortgage loans to community senior citizens centers\\nand services companies under and pursuant to article seven-A of this\\nchapter.\\n 10. Subject to the approval of the commissioner of housing and\\ncommunity renewal, the state commissioner of health, the state\\ncommissioner of mental hygiene or the state commissioner of social\\nservices, as the case may be, to sell, at public or private sale, any\\nmortgage or other obligation securing a mortgage loan made by the\\nagency;\\n * 10-a. To acquire and to contract to acquire, by assignment or\\notherwise, any mortgage securing a loan and any note or bond made by a\\nmutual housing company and to modify or satisfy such mortgage, bond or\\nnote and accept or make a new mortgage and other instruments for the\\npurpose of refinancing the existing indebtedness of such company.\\n* NB (Effective pending ruling by Internal Revenue Service)\\n 11. (a) In connection with the making or financing the making of\\nmortgage loans and commitments therefor, except mortgage loans and\\ncommitments made with hospital corporations which are eligible borrowers\\nas defined in article twenty-eight-B of the public health law, nursing\\nhome companies, non-profit corporations which are eligible borrowers as\\ndefined in title five-A of article six of the social services law, or\\ncompanies incorporated pursuant to the not-for-profit corporation law\\nand article seventy-five of the mental hygiene law, to make and collect\\nsuch fees and charges, including but not limited to reimbursement of all\\ncosts of financing by the agency, service charges and insurance\\npremiums, as the agency shall determine to be reasonable and as shall be\\napproved by the commissioner of housing;\\n (b) In connection with the making of mortgage loans and commitments\\ntherefor to hospital corporations which are eligible borrowers as\\ndefined in article twenty-eight-B of the public health law or nursing\\nhome companies, to make and collect from such corporations and companies\\nsuch fees and charges, including but not limited to reimbursement of all\\ncosts of financing by the agency, service charges and insurance\\npremiums, as the agency shall determine to be reasonable;\\n (c) In connection with the making of mortgage loans and commitments\\ntherefor to non-profit corporations which are eligible borrowers as\\ndefined in title five-A of article six of the social services law, to\\nmake and collect from such corporations such fees and charges, including\\nbut not limited to reimbursement of all costs of financing by the\\nagency, service charges and insurance premiums as the agency shall\\ndetermine to be reasonable.\\n (d) In connection with the making of mortgage loans and commitments\\ntherefor to companies incorporated pursuant to the not-for-profit\\ncorporation law and article seventy-five of the mental hygiene law, to\\nmake and collect from such companies such fees and charges, including\\nbut not limited to reimbursement of all costs of financing by the\\nagency, service charges and insurance premiums, as the agency shall\\ndetermine to be reasonable.\\n 11-a. In connection with the making of mortgage loans and commitments\\ntherefor to companies incorporated pursuant to the not-for-profit\\ncorporation law and article seven-A of this chapter, to make and collect\\nfrom such companies such fees and charges, including but not limited to\\nreimbursement of all costs of financing by the agency, service charges\\nand insurance premiums, as the agency shall determine to be reasonable.\\n 11-b. To make or finance the making of federally-aided mortgage loans\\npursuant to section forty-four-c of this article and, in connection with\\nsuch mortgage loans, to exercise such powers and undertake such\\nresponsibilities as may be required by any law, regulation or other\\nrequirement of the federal government.\\n 11-c. Subject to the provisions of any contract with noteholders and\\nbondholders (a) to make and contract for the making of mortgage loans\\nfor the construction or rehabilitation of projects which a municipal\\nhousing authority, constituted, created or established pursuant to\\narticle thirteen of the public housing law, has agreed to purchase on a\\nturnkey basis in accordance with a federally assisted program for the\\nproduction of public housing as authorized by the United States housing\\nact of nineteen hundred thirty-seven as amended to the date of enactment\\nof this subdivision of this section, upon the completion of such\\nconstruction or rehabilitation and (b) to make and to contract for the\\nmaking of loans to, or to purchase loans from banking or other lending\\ninstitutions for the purpose of financing such construction or\\nrehabilitation.\\n 12. In connection with any property on which it has made or financed a\\nmortgage loan, to foreclose on any such property or commence any action\\nto protect or enforce any right conferred upon it by any law, mortgage,\\ncontract or other agreement, and to bid for and purchase such property\\nat any foreclosure or at any other sale, or acquire or take possession\\nof any such property; and in such event the agency may complete,\\nadminister, pay the principal of and interest on any obligations\\nincurred in connection with such property, dispose of, and otherwise\\ndeal with, such property, in such manner as may be necessary or\\ndesirable to protect the interests of the agency therein;\\n 13. To enter into agreements to pay annual sums in lieu of taxes to\\nany political subdivision of the state with respect to any real property\\nowned by the agency; provided, however, that the amount so paid for any\\nyear upon any such property shall not exceed the sum last paid as taxes\\non such property prior to the time of its acquisition by the agency;\\n 14. To procure insurance against any loss in connection with its\\nproperty and other assets (including mortgages, mortgage loans and\\nfederally guaranteed securities secured by such mortgage loans) in such\\namounts, and from such insurers, as it deems desirable;\\n 15. (a) Subject to the approval of the commissioner and to the\\nprovisions of any contract with noteholders or bondholders, except with\\nany holders of hospital and nursing home project bonds or notes or youth\\nfacilities project bonds or notes, or community mental health services\\nand mental retardation services project bonds or notes, whenever it\\ndeems it necessary or desirable in the fulfillment of the purposes of\\nthis article, to consent to the modification, with respect to rate of\\ninterest, time of payment of any installment of principal or interest,\\nsecurity, or any other term, of any mortgage, mortgage loan, mortgage\\nloan commitment, contract or agreement of any kind to which the agency\\nis a party, except such mortgages, mortgage loans, mortgage loan\\ncommitments, contracts or agreements as may have been entered into with\\nhospital corporations which are eligible borrowers as defined in article\\ntwenty-eight-B of the public health law, nursing home companies or\\nnon-profit corporations which are eligible borrowers as defined in title\\nfive-A of article six of the social services law or companies\\nincorporated pursuant to the not-for-profit corporation law and article\\nseventy-five of the mental hygiene law;\\n (b) Subject to the provisions of any contract with holders of hospital\\nand nursing home project bonds or notes, whenever it deems it necessary\\nor desirable in the fulfillment of the purposes of this article, to\\nconsent to the modification, with respect to rate of interest, time of\\npayment of any installment of principal or interest, security, or any\\nother term of any mortgage, mortgage loan, mortgage loan commitment,\\ncontract or agreement of any kind between the agency and a hospital\\ncorporation which is an eligible borrower as defined in article\\ntwenty-eight-B of the public health law or a nursing home company;\\n (c) Subject to the provisions of any contract with holders of youth\\nfacilities project bonds or notes, whenever it deems it necessary or\\ndesirable in the fulfillment of the purposes of this article, to consent\\nto the modification, with respect to rate of interest, time of payment\\nof any installment of principal or interest, security, or any other term\\nof any mortgage, mortgage loan, mortgage loan commitment, contract or\\nagreement of any kind between the agency and a non-profit corporation\\nwhich is an eligible borrower pursuant to title five-A of article six of\\nthe social services law.\\n (d) Subject to the provisions of any contract with holders of\\ncommunity mental health services and mental retardation services project\\nbonds or notes, whenever it deems it necessary or desirable in the\\nfulfillment of the purposes of this article, to consent to the\\nmodification, with respect to rate of interest, time of payment of any\\ninstallment of principal or interest, security, or any other term of any\\nmortgage, mortgage loan, mortgage loan commitment, contract or agreement\\nof any kind between the agency and a company incorporated pursuant to\\nthe not-for-profit corporation law and article seventy-five of the\\nmental hygiene law.\\n 15-a. Subject to the provisions of any contract with holders of\\ncommunity senior citizens services project bonds or notes, whenever it\\ndeems it necessary or desirable in the fulfillment of the purposes of\\nthis article, to consent to the modification, with respect to rate of\\ninterest, time of payment of any installment of principal or interest,\\nsecurity, or any other term of any mortgage, mortgage loan, mortgage\\nloan commitment, contract or agreement of any kind between the agency\\nand a company incorporated pursuant to the not-for-profit corporation\\nlaw and article seven-A of this chapter.\\n 16. To accept any gifts or grants or loans of funds or property or\\nfinancial or other aid in any form from the federal government or any\\nagency or instrumentality thereof or from the state or from any other\\nsource and to comply, subject to the provisions of this article, with\\nthe terms and conditions thereof;\\n 17. To engage the services of private consultants on a contract basis\\nfor rendering professional and technical assistance and advice;\\n 18. Subject to the approval of the commissioner of housing and\\ncommunity renewal, to make equity loans to mutual companies, mutual\\nhousing companies, mutual redevelopment companies, and housing\\ndevelopment fund companies which are corporations organized pursuant to\\nthe business corporation law and article eleven of this chapter, in\\namounts not to exceed the aggregate face value of home owners purchase\\nnotes accepted by such mutual companies, mutual housing companies,\\nmutual redevelopment companies, or housing development fund companies,\\nas the case may be, as consideration for the issuance of shares pursuant\\nto the provisions of section nineteen of article two of this chapter,\\nsection seventy-eight of article four of this chapter, section one\\nhundred eight of article five of this chapter, or subdivision four of\\nsection five hundred seventy-three of article eleven of this chapter, as\\nthe case may be; such loans shall be repaid over or within such period\\nand shall be secured in such manner as the agency shall require and the\\ncommissioner shall approve.\\n 19. Subject to the approval of the commissioner of health pursuant to\\nthe provisions of article twenty-eight-A of the public health law, to\\nmake mortgage loans to non-profit nursing home companies incorporated\\npursuant to the provisions of article twenty-eight-A of the public\\nhealth law and the not-for-profit corporation law and to make mortgage\\nloans to limited-profit nursing home companies incorporated pursuant to\\nthe provisions of article twenty-eight-A of the public health law and to\\nundertake commitments to make any such mortgage loans.\\n 20. Subject to the approval of the commissioner, to purchase or to\\ncontract to purchase from a mutual company, or from any shareholder\\nthereof, as the case may be, the shares appertaining to the dwellings\\nleased by it for the purposes set forth in section forty-four-a of this\\narticle, to hold such shares or to sell or to contract to sell such\\nshares to the sublessees of the agency who are residents in such\\ndwellings, or to the designees of the mutual company. Such shares shall\\nbe purchased or sold by the agency for the par value thereof. The terms\\nunder which such shares may be sold, or be contracted to be sold shall\\nbe subject to the approval of the commissioner. Shares owned by the\\nagency may not be voted.\\n 21. Subject to the approval of the commissioner of social services\\npursuant to the provisions of title five-A of article six of the social\\nservices law, to make mortgage loans to non-profit corporations which\\nare eligible borrowers pursuant to the provisions of the aforesaid title\\nfive-A and to undertake commitments to make any such mortgage loans.\\n 21-a. Subject to the approval of the commissioner of social services\\nof the state of New York pursuant to the provisions of article seven-A\\nof this chapter, to make mortgage loans to companies incorporated\\npursuant to the provisions of such article and the not-for-profit\\ncorporation law and to undertake commitments to make any such mortgage\\nloans.\\n 22. Subject to the approval of the commissioner of mental hygiene\\npursuant to the provisions of article seventy-five of the mental hygiene\\nlaw, to make loans to companies incorporated pursuant to the provisions\\nof article seventy-five of the mental hygiene law and the not-for-profit\\ncorporation law and to undertake commitments to make any such mortgage\\nloans. No such loan or commitment made on or after June first, nineteen\\nhundred eighty-two, shall be made primarily for a purpose other than the\\nrefinancing of existing indebtedness pursuant to subdivision four of\\nsection 75.05 of the mental hygiene law.\\n 23. Subject to the approval of the commissioner of health pursuant to\\nthe provisions of article twenty-eight-B of the public health law, to\\nmake mortgage loans to hospital corporations which are eligible\\nborrowers as defined in article twenty-eight-B of the public health law\\nand to undertake commitments to make any such mortgage loans.\\n 24. To contract with the state of New York municipal bond bank agency\\nto render such services as the agency may deem appropriate, including\\nbut not limited to the use of the premises, personnel and personal\\nproperty of the agency and to charge the reasonable costs thereof and\\nprovide for the reimbursement to the agency for any expenses necessarily\\nincurred by the agency in carrying out the terms of such contract. Any\\nsuch contract shall be subject to the separate approval of the director\\nof the budget.\\n 25. To contract with the New York state medical care facilities\\nfinance agency to market and service any New York state medical care\\nfacilities finance agency bonds and New York state medical care\\nfacilities finance agency notes approved by the New York state medical\\ncare facilities finance agency, and to contract to render such other\\nservices as the New York state medical care facilities finance agency\\nmay request, including but not limited to the use of the premises,\\npersonnel and personal property of the agency, and to provide for\\nreimbursement to the agency from the New York state medical care\\nfacilities finance agency for any expenses necessarily incurred by the\\nagency in carrying out the terms of any such contract. Any such contract\\nshall be subject to the separate approval of the director of the budget.\\n 26. To contract with the New York state project finance agency to\\nmarket and service any New York state project finance agency bonds and\\nNew York state project finance agency notes approved by the New York\\nstate project finance agency, and to contract to render such other\\nservices as the New York state project finance agency may request,\\nincluding but not limited to the use of the premises, personnel and\\npersonal property of the agency, and to provide for reimbursement to the\\nagency from the New York state project finance agency for any expenses\\nnecessarily incurred by the agency in carrying out the terms of any such\\ncontract. Any such contract shall be subject to the separate approval of\\nthe director of the budget.\\n 27. To contract with the New York state urban development corporation\\nto market and service any New York state urban development corporation\\nbonds and New York state urban development corporation notes approved by\\nthe New York state urban development corporation and to contract to\\nrender such other services as the New York state urban development\\ncorporation may request, including but not limited to the use of the\\npremises, personnel and personal property of the agency, and to provide\\nfor reimbursement to the agency from the New York state urban\\ndevelopment corporation for any expenses necessarily incurred by the\\nagency in carrying out the terms of any such contract. Any such contract\\nshall be subject to the separate approval of the director of the budget.\\n 28. To participate in federal programs for the insurance of mortgage\\nloans including programs which require the agency to share any loss\\narising out of any mortgage loan insured by the federal government,\\nprovided that the agency's share of any such loss shall not exceed fifty\\npercent thereof.\\n 28-a. To acquire and enter into commitments to acquire any federally\\nguaranteed security to finance the making of mortgage loans pursuant to\\nsection forty-four-c of this article and to pledge or otherwise use any\\nsuch federally guaranteed security in such manner as the agency deems in\\nits best interest to secure or otherwise provide a source of repayment\\non bonds issued to finance the making of such mortgage loans.\\n 29. To do any and all things necessary or convenient to carry out its\\npurposes and exercise the powers expressly given and granted in this\\narticle.\\n * 29-a. (1) Subject to the provisions of any contract with noteholders\\nand bondholders (a) to make and contract for the making of loans for the\\nacquisition, construction or rehabilitation of housing developments for\\nthe purpose of providing residential units for occupancy by persons and\\nfamilies for whom the ordinary operations of private enterprise cannot\\nprovide an adequate supply of safe, sanitary and affordable housing\\naccommodations or for residential units located in an area designated as\\nblighted pursuant to article fifteen or sixteen of the general municipal\\nlaw, and (b) to make and to contract for the making of loans to or to\\npurchase loans from lending institutions for the purpose of financing\\nloans for such acquisition, construction or rehabilitation. No loans may\\nbe financed pursuant to this subdivision unless the agency finds that\\nportions of the housing developments are to be occupied by persons or\\nfamilies of low or moderate income. In determining whether the portions\\nof housing developments will be so occupied, the agency may consider and\\nrely upon the fact that the housing developments will be occupied by\\npersons and families in accordance with requirements for the interest on\\nobligations issued to finance them to be exempt from taxation pursuant\\nto section 103(b)(3) or 103(b)(4)(A) of the Internal Revenue Code of\\n1954, as amended.\\n (2) With regard to any loan made pursuant to this subdivision and\\nnotwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, or local law enacted pursuant thereto, the\\nrent stabilizaton law of nineteen hundred sixty-nine, or the emergency\\ntenant protection act of nineteen seventy-four, the owner of a housing\\ndevelopment otherwise subject to any such law or act, with the approval\\nof the agency, may establish the initial rent for each dwelling unit\\nwithin the project. If the initial rents are to be established pursuant\\nhereto, the agency shall notify occupants of the housing development, if\\nany, of any such proposed rental establishment and offer to meet at\\nleast once with the occupants prior to its approval.\\n (3) The powers granted by this subdivision may be exercised only if\\n(a) obligations of the agency have been issued to fund the loan made or\\npurchased by the agency and such obligations have received an investment\\ngrade rating from a recognized rating agency; (b) the loan made or\\npurchased by the agency is fully secured as to principal and interest by\\ninsurance or a commitment to insure issued by the state of New York\\nmortgage agency or by the general credit of a bank, national bank, trust\\ncompany, savings bank, savings and loan association, insurance company,\\ngovernmental agency of the United States, or any combination thereof; or\\n(c) obligations of the agency are purchased by a bank, national bank,\\ntrust company, savings bank, savings and loan association, insurance\\ncompany, governmental agency of the United States, or any wholly-owned\\nsubsidiary or combination thereof.\\n * NB Repealed July 23, 2015\\n 29-b. To carry out its powers and responsibilities with respect to\\npermanent housing projects for homeless families as provided for in\\narticle three-A of this chapter.\\n 30. (1) Subject to the provisions of any contract with noteholders and\\nbondholders (a) to make and contract for the making of loans for the\\nacquisition, refinancing, construction or rehabilitation of housing and\\nnon-profit health facilities and (b) to make and to contract for the\\nmaking of loans to or to purchase loans from lending institutions for\\nthe purposes of financing loans for such acquisition, construction or\\nrehabilitation.\\n (2) The powers granted by this subdivision may be exercised only if:\\n(a) the commissioner of health has approved any health and health\\nrelated facilities which are in addition to the residential unit and\\nhousing portion of the facility, pursuant to section twenty-eight\\nhundred two of the public health law in any case where the facility is\\nsubject to the provisions of such section or has approved the facility\\naccording to the guidelines prescribed in any other case; (b) with\\nrespect to any portion thereof owned by a for profit owner, the agency\\nmakes the finding required to finance housing developments under\\nparagraph one of subdivision twenty-nine-a of this section; (c) (i)\\nobligations of the agency have been issued to fund the loan made or\\npurchased by the agency and such obligations have received an investment\\ngrade rating from a recognized rating agency, or (ii) the loan made or\\npurchased by the agency is fully secured as to principal and interest by\\ninsurance or a commitment to insure issued by the state of New York\\nmortgage agency or by the general credit of a bank, national bank, trust\\ncompany, savings bank, savings and loan association, insurance company,\\nthe college construction loan insurance association, the student loan\\nmarketing association, or a governmental agency of the United States;\\nand (d) approval from the applicable state agencies as to the need for\\nthe project has been obtained prior to joint financing.\\n 31. To and shall develop, promote and ensure that, where possible,\\nminority groups which traditionally have been disadvantaged, and women\\nare afforded equal opportunity for contracts in connection with\\ndevelopment and construction contracts for developments, facilities and\\nprojects financed by the issuance of bonds, notes and other obligations\\nof the agency.\\n 32. To transfer funds in an amount to be agreed upon, at the request\\nof the director of the division of the budget, to the state treasury for\\ndeposit to the general fund as an expense of the agency. Such transfer\\nshall be made in such amounts and at such times as specified in an\\nagreement or agreements executed between the agency and the director of\\nthe budget with copies to be provided to the chairman of the assembly\\nways and means committee and the chairman of the senate finance\\ncommittee.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "44-A", "title" : "Low rent dwelling accommodations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "44-A", "activeDate" : "2014-09-22", "sequenceNo" : 56, "repealedDate" : null, "fromSection" : "44-A", "toSection" : "44-A", "text" : " § 44-a. Low rent dwelling accommodations. 1. Subject to the approval\\nof the commissioner and to the provisions of any contract with\\nnoteholders and bondholders, the agency shall have the power to lease\\ndwellings in a project, not to exceed twenty per centum of the dwellings\\nin such project, from a company, except that in the case of a project\\nlocated in an area in which the commissioner finds that unusually\\ndifficult housing conditions exist, the number of dwellings which may be\\nleased by the agency shall not exceed fifty per centum, and except that\\nthe agency may lease all or any portion of the dwellings in a non-profit\\ncompany project designed or intended for occupancy by aged persons, at\\nsuch rentals as may be fixed therefor by such company and approved by\\nthe commissioner or the supervising agency, as the case may be, pursuant\\nto the provisions of subdivision one of section thirty-one of this\\nchapter less an appropriate adjustment for the increased tax exemption,\\nif any, attributable to such dwellings pursuant to subdivision two of\\nsection thirty-three of this chapter; and to sublet such dwellings, in\\naccordance with subdivision two of this section, to persons or families\\neligible therefor in accordance with the provisions of paragraph (a) of\\nsubdivision two of section thirty-one of this chapter, except that\\ndwellings in a non-profit company project designed or intended for\\noccupancy by the aged shall be sublet only to aged persons, and except\\nthat in the case of mutual companies, dwellings may be leased only when\\nthe agency shall purchase the shares appertaining to such dwellings.\\n 2. The rental of any dwelling sublet in accordance with subdivision\\none of this section shall be fixed at an amount equal to twenty per\\ncentum of the probable aggregate annual income of the occupants thereof,\\ndetermined in accordance with section thirty-one of this chapter, at the\\ntime of the execution of such sublease and at a time thereafter\\nproximate to each anniversary date of the execution of such sublease and\\nat the time of any renewal or extension of such sublease, provided that\\nno such dwelling shall be sublet (a) at an average rental of less than\\nfifteen dollars per room per month or at a rental less than that of\\ncomparable dwellings in new state-aided public housing projects in the\\ncommunity, whichever is greater, or (b) to a person or family whose\\nprobable aggregate annual income exceeds five times the rental fixed\\ntherefor by the company pursuant to subdivision one of section\\nthirty-one of this chapter, provided however, such person or family may\\ncontinue to occupy such dwelling and pay to the agency such fixed\\nrental, including any surcharges which would otherwise be authorized if\\nsuch person or family were a tenant of the company, until the company\\nshall have entered into a lease with such person or family or until such\\nperson or family has vacated or has been caused to vacate such dwelling.\\n 3. Subject to the approval of the commissioner and to the provisions\\nof any contract with noteholders and bondholders, the agency shall have\\nthe power to lease dwellings, within areas designated to receive\\nbenefits under the federal demonstration cities and metropolitan\\ndevelopment act of nineteen hundred sixty-six, in a multiple dwelling\\nreceiving benefits and subject to control of its rents under article\\neight of this chapter from the owner thereof at such rentals as may be\\napproved by the governmental agency having jurisdiction pursuant to the\\nprovisions of section four hundred five of this chapter; and to sublet\\nsuch dwellings to persons or families eligible therefor in accordance\\nwith the provisions of subdivision three of section four hundred one of\\nthis chapter. The rental of any dwelling sublet pursuant to this\\nsubdivision shall be fixed at an amount equal to twenty per centum of\\nthe probable aggregate annual income of the occupants thereof,\\ndetermined in accordance with subdivision three of section four hundred\\none of this chapter, at the time of the execution of such sublease and\\nat the time of each anniversary of the execution of such sublease and at\\nthe time of any renewal or extension of such sublease, provided that no\\nsuch dwelling shall be sublet (a) at an average rental of less than\\nfifteen dollars per room per month or at a rental less than that of\\ncomparable dwellings in new state-aided public housing projects in the\\ncommunity, whichever is greater, or (b) to a person or family whose\\nprobable aggregate annual income exceeds five times the rental fixed\\ntherefor pursuant to section four hundred five of this chapter.\\n 4. The agency shall create and establish a special account, to be\\nknown as the low rent housing assistance account, and shall pay into\\nsuch account all monies appropriated and made available by the state for\\nthe purposes of such account and any other monies which may be made\\navailable to the agency for the purposes of such account from any other\\nsource or sources. All monies held in the low rent housing assistance\\naccounts shall be used by the agency (a) to meet, together with rentals\\nreceived therefor from the occupants, the agency's rent obligation to\\nthe company or owner of a multiple dwelling with respect to dwellings\\nleased pursuant to this section; (b) to make housing assistance payments\\npursuant to subdivision five of this section; (c) for the payment of\\nadministrative and other expenses of the agency allocable to its\\nactivities pursuant to this section, and (d) to reimburse the division\\nof housing and community renewal the reasonable costs of services\\nperformed by the commissioner of housing and community renewal and the\\ndivision of housing and community renewal in carrying out the provisions\\nof this section pursuant to section fifty-five of this article. Any\\nmonies held in the low rent housing assistance account not required for\\nimmediate disbursement may be invested in the manner permitted by\\nsubdivision eight of section forty-four of this article. Any income or\\ninterest earned by, or increment to such account shall be added to the\\nmonies held in such account for the purposes herein provided.\\n 5. (a) In lieu of leasing and subleasing housing accommodations\\npursuant to subdivisions one through three of this section, the agency\\nmay provide housing for persons and families of low income by making\\nhousing assistance payments to the company owning a project.\\n (b) A housing assistance payment pursuant to this subdivision may be\\nmade only with respect to occupants of a dwelling in a project who would\\nbe eligible for a sublease under the provisions of this section.\\n (c) Tenants receiving housing assistance payments shall pay a rent to\\nthe company equal to the rent they would pay under a sublease pursuant\\nto this section. Housing assistance payments equal to the difference\\nbetween such rent and the rental fixed for the dwelling pursuant to\\nsection thirty-one of this chapter shall be made by or on behalf of the\\nagency to the company.\\n (d) The agency and the division of housing and community renewal may\\nmake such regulations, not inconsistent with the provisions of this\\nsection, and enter into such agreements with the owners of projects as\\nmay be necessary or proper to carry out the provisions of this\\nsubdivision. Such agreements may, in the case of a project the mortgage\\non which is held by the agency, provide for the making of housing\\nassistance payments in the form of a credit against the company's\\npayments thereon.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "44-B", "title" : "Mortgage modifications, evidence of pre-existing indebtedness", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "44-B", "activeDate" : "2014-09-22", "sequenceNo" : 57, "repealedDate" : null, "fromSection" : "44-B", "toSection" : "44-B", "text" : " § 44-b. Mortgage modifications, evidence of pre-existing indebtedness.\\n1. Notwithstanding the provision of any law, general or special, the\\nagency shall have the power to:\\n (i) consent to and contract for the modification of any of the terms\\nof a mortgage, and note or bond secured thereby, made pursuant to this\\narticle for the purpose of obtaining insurance of such mortgage loan by\\nthe federal government in order to refinance all or any part of the\\nindebtedness evidenced by such mortgage and note or bonds, or\\n (ii) satisfy such mortgage loan in order to enable the company to\\nobtain insurance by the federal government of a mortgage loan made for\\nthe purpose of refinancing all or any part of the indebtedness evidenced\\nby such mortgage and note or bond.\\n Notwithstanding the provisions hereof, the agency on or after June\\nfifteen, nineteen hundred seventy-six, shall not modify or satisfy a\\nmortgage loan, pursuant to this subdivision one, where the principal\\namount of the mortgage loan insured by the federal government is less\\nthan eighty-five per centum of the principal amount outstanding on the\\noriginal mortgage loan at the time such original mortgage loan is\\nrefinanced, unless such modification or satisfaction is first approved\\nby the New York state public authorities control board created pursuant\\nto article one-A of the public authorities law.\\n 2. In the event that the existing mortgage loan is satisfied pursuant\\nto this section, the agency may in consideration of the issuance of such\\nsatisfaction accept a new mortgage and note or bond insured by the\\nfederal government in an amount equal to the maximum principal amount of\\na mortgage loan the federal government will insure or accept the\\nproceeds available to the housing company as a result of the\\nrefinancing.\\n 3. In the event that there is residual indebtedness, the housing\\ncompany shall make and the agency shall accept an instrument evidencing\\nsuch indebtedness in such form and upon such terms as the agency may\\napprove, provided that such terms are not inconsistent with subdivision\\ntwo of section twenty of this chapter.\\n 4. Notwithstanding any other provisions of this article where the\\ncommissioner has made the findings required in subdivision one of\\nsection twenty-six and where a project has been approved pursuant to\\nsubdivision five of section twenty-six of this chapter, the agency may\\nmake or contract to make a mortgage loan pursuant to subdivision two or\\nthree of this section without further findings by the commissioner or\\nfurther approval by the local legislative body.\\n 5. No company shall accept a mortgage loan to be insured by the\\nfederal government made for the purpose of refinancing the existing\\nmortgage loan of a company which shall exceed the amount which can be\\nsupported by the income derived from the operation of the project at the\\nrental rate determined by the commissioner that would be necessary to\\nmeet all necessary payments to be made by the company, of all expenses\\nincluding fixed charges, sinking funds, reserves and dividends on\\noutstanding stock as authorized by the commissioner, if the principal\\namount of the original mortgage loan of the company were to be fully\\nrepaid over the term of such mortgage loan by constant and equal\\npayments of principal and interest and if the interest rate on the\\ncompany's original mortgage loan was eight and one-half percent per\\nannum.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "44-C", "title" : "Federally-aided mortgage loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "44-C", "activeDate" : "2014-09-22", "sequenceNo" : 58, "repealedDate" : null, "fromSection" : "44-C", "toSection" : "44-C", "text" : " § 44-c. Federally-aided mortgage loans. 1. In addition to the powers\\nof the agency to make mortgage loans to companies organized pursuant to\\narticle two of this chapter and notwithstanding any limitations\\ncontained in such article or in this article in connection with mortgage\\nloans made to such companies, the agency may make or finance the making\\nof a federally-aided mortgage loan to the owner of a project upon such\\nterms and conditions not inconsistent with the provisions of this\\nsection as it shall require, the proceeds of which are substantially to\\nbe used to finance the construction, reconstruction, rehabilitation or\\nimprovement of a project intended to be occupied by three or more\\nfamilies. A federally-aided mortgage loan made or financed by the agency\\nshall not exceed an amount equal to the lesser of (i) the maximum\\nmortgage loan authorized or approved by the federal government or (ii)\\none hundred percent of the development cost of the project approved by\\nthe agency.\\n 2. No federally-aided mortgage loan shall be made or financed to a\\ncompany organized pursuant to article two of this chapter unless the\\ncommissioner has made the findings required by such article. No\\nfederally-aided mortgage loan shall be made or financed to any other\\nperson, firm, corporation, partnership or association unless (a) the\\ncommissioner finds that (i) the project is consistent with the needs of\\nthe state and the county, city, town or village in which it is located,\\nor with a plan or undertaking for the clearance, replanning,\\nreconstruction or rehabilitation of a substandard and insanitary area or\\nareas, and (ii) the plans and specifications for the project conform to\\nall applicable federal, state and local laws, ordinances, rules,\\nregulations or requirements, (in making such finding the commissioner\\nmay rely upon approvals, consents and certifications of governmental\\nauthorities exercising jurisdiction over the project, including the\\nfederal and state government, and any subdivision, agency, bureau, board\\nor commission thereof), and (b) the agency finds that (i) the estimated\\nrevenues of the project will be sufficient to cover all probable costs\\nof operations and maintenance, all installments of principal and\\ninterest on the indebtedness relating to the project, taxes, and such\\nother expenses, including the maintenance of reserves, as may be\\nprojected or required by the agency or the federal government, and (ii)\\nthe project is to be substantially occupied by persons or families of\\nlow-income. In determining whether a project will be substantially\\noccupied by persons or families of low-income the agency may consider\\nand rely upon the purpose of the federal program of mortgage insurance,\\nco-insurance, or housing assistance payments in connection with which\\nthe mortgage loan is made.\\n 3. A company organized pursuant to article two of this chapter which\\nsubsequent to the first day of June, nineteen hundred seventy-nine has\\nobtained a commitment from the agency to make or finance the making of a\\nfederally-aided mortgage loan and the project of such company shall not\\nbe subject to any restrictions, limitation or procedure imposed by or\\npursuant to such article relating to any matter which is the subject of\\nany restriction, limitation or procedure imposed by or pursuant to any\\napplicable law, regulation or requirement of the federal government or\\nagreement entered into pursuant thereto.\\n 4. As used in this section or in connection with a federally-aided\\nmortgage loan the term project shall mean a specific work or\\nimprovement, whether or not to effectuate all or any part of a plan, and\\nshall include the lands, buildings and improvements acquired, owned,\\nconstructed, managed or operated to provide dwelling accommodations and\\nsuch incidental and appurtenant commercial, recreational and community\\nfacilities as may be approved by the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "45", "title" : "Transfer of officers and employees", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "45", "activeDate" : "2014-09-22", "sequenceNo" : 59, "repealedDate" : null, "fromSection" : "45", "toSection" : "45", "text" : " § 45. Transfer of officers and employees. Officers and employees of\\nstate departments and agencies may be transferred to the agency and\\nofficers and employees of the agency may be transferred to state\\ndepartments and agencies without examination and without loss of any\\ncivil service status or rights. No such transfer may, however, be made\\nexcept with the approval of the head of the state department or division\\ninvolved and the director of the budget and the chairman of the agency,\\nand in compliance with the rules and regulations of the civil service\\ncommission of the state.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "45-A", "title" : "Housing trust fund corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-07", "2020-12-04", "2021-01-08", "2021-02-19", "2021-07-09" ], "docLevelId" : "45-A", "activeDate" : "2014-09-22", "sequenceNo" : 60, "repealedDate" : null, "fromSection" : "45-A", "toSection" : "45-A", "text" : " § 45-a. Housing trust fund corporation. 1. There is hereby established\\na public benefit corporation known as the \"housing trust fund\\ncorporation\" as a subsidiary corporation of the agency.\\n 2. The agency may transfer to such subsidiary corporation any real,\\npersonal or mixed property in order to carry out the purposes of article\\neighteen of this chapter. Such subsidiary corporation shall have all the\\nprivileges, immunities, tax exemption and other exemptions of the agency\\nto the extent the same are not inconsistent with this section.\\n 3. The membership of such subsidiary corporation shall consist of the\\ncommissioner of housing and community renewal, who shall also serve as\\nits chairperson, the chairman of the agency and one additional member to\\nbe appointed by the chairperson of the housing trust fund corporation\\nwho shall serve at the pleasure of such chairperson. The powers of the\\ncorporation shall be vested in and excercised by no less than two of the\\nmembers thereof then in office. The corporation may delegate to one or\\nmore of its members, or its officers, agents and employees, such duties\\nand powers as it may deem proper.\\n 3-a. The chairman of the agency may appoint an officer or employee of\\nthe agency to represent him at all meetings of the corporation from\\nwhich he may be absent. Any such representative so designated shall have\\nthe power to attend and to vote at any meeting of the corporation from\\nwhich the chairman of the agency is absent with the same force and\\neffect as if the chairman of the agency were present and voting. Such\\ndesignation shall be by written notice filed with the chairperson of the\\ncorporation. The designation of such person shall continue until revoked\\nat any time by written notice to such chairperson. Such designation\\nshall not be deemed to limit the power of the chairman of the agency to\\nattend and vote at any meeting of the corporation.\\n 4. No officer or member of the corporation shall receive any\\nadditional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of his duties, by reason of his serving as a member,\\ndirector, or trustee of such subsidiary corporation.\\n 5. Notwithstanding any inconsistent provisions of law, general,\\nspecial or local, no officer or employee of the state, or of any civil\\ndivision thereof, or any public benefit corporation, shall be deemed to\\nhave forfeited or shall forfeit his office or employment by reason of\\nhis acceptance of membership on the corporation created by this section.\\n 6. The fiscal year of such subsidiary corporation shall begin with the\\nfirst day of April of each year and end with the next following\\nthirty-first day of March.\\n 7. The corporation shall have the power to:\\n (a) Sue and be sued;\\n (b) Have a seal and alter the same at pleasure;\\n (c) Make and alter by-laws for its organization and internal\\nmanagement and make rules and regulations governing the use of its\\nproperty and facilities;\\n (d) Make and execute contracts and all other instruments necessary or\\nconvenient for the exercise of its powers and functions under this\\nchapter;\\n (e) Acquire, hold and dispose of real or personal property for its\\ncorporate purposes;\\n (f) Engage the services of private consultants on a contract basis for\\nrendering professional and technical assistance advice;\\n (g) Procure insurance against any loss in connection with its\\nactivities, properties and other assets, in such amount and from such\\ninsurers as it deems desirable; and\\n (h) Invest any funds of the corporation, or any other monies under its\\ncustody and control not required for immediate use or disbursement, at\\nthe discretion of the corporation, in obligations of the state or the\\nUnited States government or obligations the principal and interest of\\nwhich are guaranteed by the state or the United States government, or in\\nany other obligations in which the comptroller of the state is\\nauthorized to invest pursuant to section ninety-eight of the state\\nfinance law.\\n 8. The corporation will encourage the creation of local housing\\npartnerships; such partnerships may include but not be limited to\\nmembers of the business community, the financial community, housing\\ndevelopers, builders, not-for-profit organizations and community leaders\\nwho are committed to the development of low income housing within such\\ncommunity.\\n 9. The corporation will facilitate the coordination of local housing\\npartnerships and existing state, federal and local programs which\\npromote the development of low income housing.\\n 10. The corporation may do any and all things necessary or convenient\\nto carry out and exercise the powers given and granted by this section\\nand article eighteen of this chapter including, but not limited to\\ncontracting with the commissioner of the division of housing and\\ncommunity renewal to administer any of the provisions of the special\\nneeds housing act of 1988 and articles eighteen and eighteen-A of this\\nchapter.\\n 11. The division of housing and community renewal and all other state\\nofficers, departments, boards, divisions, commissions, public\\nauthorities and public benefit corporations may render such services to\\nthe corporation within their respective functions as may be requested by\\nthe corporation.\\n 10. Notwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the corporation pursuant to\\narticles eighteen and eighteen-A of this chapter shall not be subject to\\nthe provisions of article one-A of the public authorities law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "45-B", "title" : "Affordable housing corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2020-12-04", "2021-01-08", "2021-02-19" ], "docLevelId" : "45-B", "activeDate" : "2014-09-22", "sequenceNo" : 61, "repealedDate" : null, "fromSection" : "45-B", "toSection" : "45-B", "text" : " § 45-b. Affordable housing corporation. 1. There is hereby established\\na public benefit corporation known as the \"affordable housing\\ncorporation\" as a subsidiary corporation of the agency.\\n 2. The agency may transfer to such subsidiary corporation any real,\\npersonal or mixed property in order to carry out the purposes of article\\nnineteen of this chapter. Such subsidiary corporation shall have all the\\nprivileges, immunities, tax exemption and other exemptions of the agency\\nto the extent the same are not inconsistent with this section.\\n 3. The membership of such subsidiary corporation shall consist of the\\nmembers of the agency, as may be constituted from time to time. The\\nchairperson of the agency shall serve as chairperson of the corporation.\\nThe powers of the corporation shall be vested in and excercised by no\\nless than four of the members thereof then in office. The corporation\\nmay delegate to one or more of its members, or its officers, agents and\\nemployees, such duties and powers as it may deem proper.\\n 3-a. The commissioner of housing and community renewal, the director\\nof the budget and the commissioner of taxation and finance each may\\nappoint a person from their respective division or department to\\nrepresent such member, respectively, at all meetings of the corporation\\nfrom which such member may be absent. Any such representative so\\ndesignated shall have the power to attend and to vote at any meeting of\\nthe corporation from which the member so designating him as a\\nrepresentative is absent with the same force and effect as if the member\\ndesignating him were present and voting. Such designation shall be by\\nwritten notice filed with the chairman of the corporation by each of the\\nsaid members. The designation of such persons shall continue until\\nrevoked at any time by written notice to the chairman by the respective\\nmember making the designation. Such designation shall not be deemed to\\nlimit the power of the appointing member to attend and vote at any\\nmeeting of the corporation.\\n 4. No officer or member of the corporation shall receive any\\nadditional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of his duties, by reason of his serving as a member,\\ndirector, or trustee of such subsidiary corporation.\\n 5. Notwithstanding any inconsistent provisions of law, general,\\nspecial or local, no officer or employee of the state, or of any civil\\ndivision thereof, or any public benefit corporation, shall be deemed to\\nhave forfeited or shall forfeit his office or employment by reason of\\nhis acceptance of membership on the corporation created by this section.\\n 6. The fiscal year of such subsidiary corporation shall begin with the\\nfirst day of April of each year and end with the next following\\nthirty-first day of March.\\n 7. The corporation shall have the power to:\\n (a) Sue and be sued;\\n (b) Have a seal and alter the same at pleasure;\\n (c) Make and alter by-laws for its organization and internal\\nmanagement and make rules and regulations governing the use of its\\nproperty and facilities;\\n (d) Make and execute contracts and all other instruments necessary or\\nconvenient for the exercise of its powers and functions under this\\nchapter;\\n (e) Acquire, hold and dispose of real or personal property for its\\ncorporate purposes;\\n (f) Engage the services of private consultants on a contract basis for\\nrendering professional and technical assistance advice;\\n (g) Procure insurance against any loss in connection with its\\nactivities, properties and other assets, in such amount and from such\\ninsurers as it deems desirable; and\\n (h) Invest any funds of the corporation, or any other monies under its\\ncustody and control not required for immediate use or disbursement, at\\nthe discretion of the corporation, in obligations of the state or the\\nUnited States government or obligations the principal and interest of\\nwhich are guaranteed by the state or the United States government, or in\\nany other obligations in which the comptroller of the state is\\nauthorized to invest pursuant to section ninety-eight of the state\\nfinance law.\\n 8. The corporation may do any and all things necessary or convenient\\nto carry out and exercise the powers given and granted by this section\\nand article nineteen of this chapter including, but not limited to\\ncontracting with the commissioner of the division of housing and\\ncommunity renewal to administer any of the provisions of article\\nnineteen of this chapter.\\n 9. The agency and all other state officers, departments, boards,\\ndivisions, commissions, public authorities and public benefit\\ncorporations may render such services to the corporation within their\\nrespective functions as may be requested by the corporation.\\n 10. Notwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the corporation pursuant to\\narticle nineteen of this chapter shall not be subject to the provisions\\nof article one-A of the public authorities law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "45-C", "title" : "Homeless housing and assistance corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "45-C", "activeDate" : "2014-09-22", "sequenceNo" : 62, "repealedDate" : null, "fromSection" : "45-C", "toSection" : "45-C", "text" : " § 45-c. Homeless housing and assistance corporation. 1. There is\\nhereby established a public benefit corporation known as the \"homeless\\nhousing and assistance corporation\" as a subsidiary corporation of the\\nagency.\\n 2. The agency may transfer to such subsidiary corporation any real,\\npersonal or mixed property in order to carry out the purposes of title\\none of article two-A of the social services law. Such subsidiary\\ncorporation shall have all the privileges, immunities, tax exemption and\\nother exemptions of the agency to the extent the same are not\\ninconsistent with this section.\\n 3. The membership of such subsidiary corporation shall consist of the\\ncommissioner of social services, who shall also serve as its\\nchairperson, the chairperson of the agency and one additional member to\\nbe appointed by the chairperson of the homeless housing and assistance\\ncorporation, who shall serve at the pleasure of such chairperson. The\\npowers of the corporation shall be vested in and exercised by no less\\nthan two of the members thereof then in office. The corporation may\\ndelegate to one or more of its members, or its officers, agents and\\nemployees, such duties and powers as it may deem proper.\\n 3-a. The commissioner of social services, and the chairman of the\\nagency may each appoint an individual to represent them at all meetings\\nof the corporation from which they may be absent. Any such\\nrepresentative so designated shall have the power to attend and to vote\\nat any meeting of the corporation as if the commissioner of social\\nservices or chairperson of the agency were present and voting. Such\\ndesignation shall be by written notice filed with the chairperson of the\\ncorporation. The designation of such person shall continue until revoked\\nat any time by written notice to such chairperson. Such designation\\nshall not be deemed to limit the power of the commissioner of social\\nservices or the chairperson of the agency to attend and vote at any\\nmeeting of the corporation.\\n 4. No officer or member of the corporation shall receive any\\nadditional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of his duties, by reason of his serving as a member,\\ndirector, or trustee of such subsidiary corporation.\\n 5. Notwithstanding any inconsistent provisions of law, general,\\nspecial or local, no officer or employee of the state, or of any civil\\ndivision thereof, or any public benefit corporation, shall be deemed to\\nhave forfeited or shall forfeit his office or employment by reason of\\nhis acceptance of membership on the corporation created by this section.\\n 6. The fiscal year of such subsidiary corporation shall begin with the\\nfirst day of April of each year and end with the next following\\nthirty-first day of March.\\n 7. The corporation shall have the power to:\\n (a) Sue and be sued;\\n (b) Have a seal and alter the same at pleasure;\\n (c) Make and alter by-laws for its organization and internal\\nmanagement and make rules and regulations governing the use of its\\nproperty and facilities;\\n (d) Make and execute contracts and all other instruments necessary or\\nconvenient for the exercise of its powers and functions under this\\nchapter;\\n (e) Acquire, hold and dispose of real or personal property for its\\ncorporate purposes;\\n (f) Engage the services of private consultants on a contract basis for\\nrendering professional and technical assistance advice;\\n (g) Procure insurance against any loss in connection with its\\nactivities, properties and other assets, in such amount and from such\\ninsurance as it deems desirable; and\\n (h) Invest any funds of the corporation, or any other monies under its\\ncustody and control not required for immediate use or disbursement, at\\nthe discretion of the corporation, in obligations of the state or the\\nUnited States government or obligations the principal and interest of\\nwhich are obligations in which the comptroller of the state is\\nauthorized to invest pursuant to section ninety-eight of the state\\nfinance law.\\n 8. The corporation may do any and all things necessary or convenient\\nto carry out and exercise the powers given and granted by this section\\nand title one of article two-A of the social services law including, but\\nnot limited to contracting with the commissioner of social services to\\nadminister any of the provisions of title one of article two-A of the\\nsocial services law.\\n 9. The agency and all other state officers, departments, boards,\\ndivisions, commissions, public authorities and public benefit\\ncorporations may render such services to the corporation within their\\nrespective functions as may be requested by the corporation.\\n 10. Notwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the corporation pursuant to\\ntitle one of article two-A of the social services law shall not be\\nsubject to the provisions of article one-A of the public authorities\\nlaw.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "46", "title" : "Notes and bonds of the agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "46", "activeDate" : "2014-09-22", "sequenceNo" : 63, "repealedDate" : null, "fromSection" : "46", "toSection" : "46", "text" : " § 46. Notes and bonds of the agency. 1. (a) Subject to the provisions\\nof section forty-seven of this article, the agency shall have power and\\nis hereby authorized from time to time to issue its negotiable bonds and\\nnotes in conformity with applicable provisions of the uniform commercial\\ncode in such principal amount as, in the opinion of the agency, shall be\\nnecessary to provide sufficient funds for achieving its corporate\\npurposes, including the making or financing the making of mortgage\\nloans, the payment of interest on bonds and notes of the agency,\\nestablishment of reserves to secure such bonds and notes, and all other\\nexpenditures of the agency incident to and necessary or convenient to\\ncarry out its corporate purposes and powers;\\n (b) The agency shall have power, from time to time, to issue renewal\\nnotes, to issue bonds to pay notes and whenever it deem refunding\\nexpedient, to refund any bonds by the issuance of new bonds, whether the\\nbonds to be refunded have or have not matured, and to issue bonds partly\\nto refund bonds then outstanding and partly for any other purpose. The\\nrefunding bonds shall be sold and the proceeds applied to the purchase,\\nredemption or payment of the bonds to be refunded;\\n (c) Except as may otherwise be expressly provided by the agency, every\\nissue of its notes or bonds shall be general obligations of the agency\\npayable out of any revenues or monies of the agency, subject only to any\\nagreements with the holders of particular notes or bonds pledging any\\nparticular receipts or revenues;\\n 2. a. The notes and bonds, except as provided in paragraph (c) of\\nsubdivision four of this section, shall be authorized by resolution of\\nthe members, shall bear such date or dates, and shall mature at such\\ntime or times, in the case of any such note, or any renewals thereof,\\nissued for achieving its corporate purposes other than the making or\\nfinancing the making of mortgage loans, not exceeding the term of any\\napplicable lease or sublease, and in the case of any such note, or any\\nrenewals thereof, issued for the purpose of making or financing the\\nmaking of mortgage loans, not exceeding the term for the repayment of\\nthe mortgage loan or the federally guaranteed securities acquired to\\nfinance such mortgage loan, and in the case of any such bond not\\nexceeding fifty years from the date of issue, as such resolution or\\nresolutions may provide.\\n b. In no event, however, shall any such note mature, in the case of a\\nnote or any renewals thereof, issued for the purpose of achieving its\\ncorporate purposes other than the making or financing the making of\\nmortgage loans, later than eight years from the date of issue of such\\noriginal note, and, in the case of a note or any renewals thereof,\\nissued for the purpose of making or financing the making of mortgage\\nloans, later than ten years from the date of issue of such original\\nnote, unless in each year at least that amount of principal is required\\nto be paid as would be required if (i) the principal of and interest on\\nany such note were payable in such manner that the total annual charges\\nrequired for the payment of principal and interest were approximately\\nequal and constant for the period of such lease, sublease or mortgage,\\nas the case may be, and (ii) at the expiration of the term of such\\nlease, sublease or mortgage, the total of such required payments were\\nsufficient to pay the full principal amount of such note; provided\\nhowever, that such manner of payment of principal shall be required only\\nfrom the date of the issuance of such note or from the commencement of\\nthe lease or sublease term in the case of a lease or sublease and from\\nthe occupancy date in the case of a mortgage whichever later occurs.\\nSuch payment of principal may be made either to the holder of such note\\nor into a sinking fund. Notwithstanding the foregoing, no such note\\nshall be issued pursuant to this paragraph b unless the state director\\nof the budget has approved the issuance of any such note in writing\\nprior to such issuance.\\n c. The notes and bonds shall bear interest at such rate or rates, be\\nin such denominations, be in such form, either coupon or registered,\\ncarry such registration privileges, be executed in such manner, be\\npayable in such medium of payment, at such place or places and be\\nsubject to such terms of redemption as such resolution or resolutions\\nmay provide. The notes and bonds of the agency may be sold by the\\nagency, at public or private sale, at such price or prices as the agency\\nshall determine. No notes or bonds of the agency may be sold by the\\nagency at private sale, however, unless such sale and the terms thereof\\nhave been approved in writing by (a) the comptroller, where such sale is\\nnot to the comptroller, or (b) the director of the budget, where such\\nsale is to the comptroller.\\n 3. Except as provided in paragraph (d) of subdivision four of this\\nsection, any resolution or resolutions authorizing any notes or bonds or\\nany issue thereof may contain provisions, which shall be a part of the\\ncontract with the holders thereof, as to:\\n (a) pledging all or any part of the fees and charges made or received\\nby the agency, and all or any part of the monies received in payment of\\nmortgage loans or the federally guaranteed securities acquired to\\nfinance such mortgage loans and interest thereon, and other monies\\nreceived or to be received, to secure the payment of the notes or bonds\\nor of any issue thereof, subject to such agreements with bondholders or\\nnoteholders as may then exist;\\n (b) pledging all or any part of the assets of the agency, including\\nmortgages or the federally guaranteed securities acquired to finance\\nsuch mortgage loans and obligations securing the same, to secure the\\npayment of the notes or bonds or of any issue of notes or bonds, subject\\nto such agreements with noteholders or bondholders as may then exist;\\n (c) the use and disposition of the gross income from mortgages owned\\nor financed by the agency and payment of principal of mortgages owned by\\nthe agency;\\n (d) the setting aside of reserves or sinking funds and the regulation\\nand disposition thereof;\\n (e) limitations on the purpose to which the proceeds of sale of notes\\nor bonds may be applied and pledging such proceeds to secure the payment\\nof the notes or bonds or of any issue thereof;\\n (f) limitations on the issuance of additional notes or bonds; the\\nterms upon which additional notes or bonds may be issued and secured;\\nthe refunding of outstanding or other notes or bonds;\\n (g) the procedure, if any, by which the terms of any contract with\\nnoteholders or bondholders may be amended or abrogated, the amount of\\nnotes or bonds the holders of which must consent thereto, and the manner\\nin which such consent may be given;\\n (h) limitations on the amount of monies to be expended by the agency\\nfor operating, administrative or other expenses of the agency;\\n (i) vesting in a trustee or trustees such property, rights, powers and\\nduties in trust as the agency may determine, which may include any or\\nall of the rights, powers and duties of the trustee appointed by the\\nbondholders pursuant to this article, and limiting or abrogating the\\nright of the bondholders to appoint a trustee under this article or\\nlimiting the rights, powers and duties of such trustee;\\n (j) any other matters, of like or different character, which in any\\nway affect the security or protection of the notes or bonds.\\n 4. (a) Subject to the provisions of subdivisions three and four of\\nsection forty-seven of this article and notwithstanding anything to the\\ncontrary hereinabove provided in this section, the agency shall have\\npower and is hereby authorized from time to time to issue negotiable\\nbonds and notes in such principal amount, as, in the opinion of the\\nagency, shall be necessary to provide sufficient funds for the making of\\nequity loans, the payment of interest on bonds and notes issued to\\nprovide funds for the making of such equity loans, the establishment of\\nreserves to secure such bonds and notes, and all other expenditures of\\nthe agency incident to and necessary or convenient for the making of\\nsuch equity loans;\\n (b) The provisions of paragraphs (b), (c) and (d) of subdivision one\\nof this section shall apply to equity notes and bonds issued by the\\nagency for the making of equity loans.\\n (c) The provisions of subdivision two of this section shall apply to\\nequity notes and bonds issued by the agency for the making of equity\\nloans except that any such equity notes, or any renewals thereof, and\\nany such equity bond shall mature at such time or times as the\\nresolution of the members shall provide, but in no event at a time\\nsubsequent to six months after the latest maturity date of the last\\nmaturing equity loan made from the proceeds of such equity notes or\\nbonds.\\n (d) Any resolution or resolutions authorizing any equity notes or\\nequity bonds or any issue thereof for the making of equity loans may\\ncontain any of the provisions set forth in subdivision three of this\\nsection, which shall be a part of the contract with the holders thereof,\\nexcept that no such resolution or resolutions shall pledge any fees or\\ncharges collected by the agency pursuant to subdivision eleven of\\nsection forty-four, income from mortgages owned by the agency, or any\\npayments of principal of mortgages owned by the agency.\\n 5. It is the intention hereof that any pledge made by the agency shall\\nbe valid and binding from the time when the pledge is made; that the\\nmonies or property so pledged and thereafter received by the agency\\nshall immediately be subject to the lien of such pledge without any\\nphysical delivery thereof or further act; and that the lien of any such\\npledge shall be valid and binding as against all parties having claims\\nof any kind in tort, contract or otherwise against the agency,\\nirrespective of whether such parties have notice thereof. Neither the\\nresolution nor any other instrument by which a pledge is created need be\\nrecorded.\\n 6. Neither the members of the agency nor any person executing the\\nnotes or bonds shall be liable personally on the notes or bonds or be\\nsubject to any personal liability or accountability by reason of the\\nissuance thereof.\\n 7. The agency, subject to such agreements with noteholders or\\nbondholders as may then exist, shall have power out of any funds\\navailable therefor to purchase notes or bonds of the agency, which shall\\nthereupon be cancelled, at a price not exceeding (a) if the notes or\\nbonds are then redeemable, the redemption price then applicable plus\\naccrued interest to the next interest payment date thereon, or (b) if\\nthe notes or bonds are not then redeemable, the redemption price\\napplicable on the first date after such purchase upon which the notes or\\nbonds become subject to redemption plus accrued interest to such date.\\n 8. The state shall not be liable on notes or bonds of the agency and\\nsuch notes and bonds shall not be a debt of the state, and such notes\\nand bonds shall contain on the face thereof a statement to such effect.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47", "title" : "Reserve funds and appropriations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2016-07-29", "2017-08-04", "2019-08-02", "2021-07-09", "2022-07-29", "2025-01-31" ], "docLevelId" : "47", "activeDate" : "2014-09-22", "sequenceNo" : 64, "repealedDate" : null, "fromSection" : "47", "toSection" : "47", "text" : " § 47. Reserve funds and appropriations. 1. (a) The agency shall create\\nand establish a special fund (herein referred to as capital reserve\\nfund), and shall pay into such capital reserve fund (1) any monies\\nappropriated and made available by the state for the purposes of such\\nfund, (2) any proceeds of sale of notes or bonds other than state\\nuniversity construction notes or state university construction bonds,\\nequity notes or equity bonds, non-profit project notes or non-profit\\nproject bonds, hospital and nursing home project notes or hospital and\\nnursing home project bonds, urban rental project notes or urban rental\\nproject bonds, health facilities notes or health facilities bonds, youth\\nfacilities project notes or youth facilities project bonds, community\\nmental health services and mental retardation services project notes or\\ncommunity mental health services and mental retardation services project\\nbonds, community senior citizens services project notes or community\\nsenior citizens services project bonds, mental hygiene improvement notes\\nor mental hygiene improvement bonds and revenue housing bonds, and bonds\\nand notes for the housing program to the extent provided in the\\nresolution of the agency authorizing the issuance thereof, and (3) any\\nother moneys which may be made available to the agency for the purpose\\nof such fund from any other source or sources. All moneys held in the\\ncapital reserve fund, except as hereinafter provided, shall be used\\nsolely for the payment of the principal of bonds of the agency other\\nthan state university construction bonds, equity bonds, non-profit\\nproject bonds, hospital and nursing home project bonds, urban rental\\nproject bonds, health facilities bonds, youth facilities project bonds,\\ncommunity mental health services and mental retardation services project\\nbonds, community senior citizens services project bonds, mental hygiene\\nimprovement bonds and revenue housing bonds, and bonds and notes for the\\nhousing program as the same mature, required payments to any sinking\\nfund established in a resolution of the agency for the amortization of\\nterm bonds (hereinafter referred to as \"sinking fund payments\"), the\\npurchase or redemption of bonds of the agency other than state\\nuniversity construction bonds, equity bonds, non-profit project bonds,\\nhospital and nursing home project bonds, urban rental project bonds,\\nhealth facilities bonds, youth facilities project bonds, community\\nmental health services and mental retardation services project bonds,\\ncommunity senior citizens services project bonds, mental hygiene\\nimprovement bonds and revenue housing bonds, and bonds and notes for the\\nhousing program the payment of interest on such bonds of the agency or\\nthe payment of any redemption premium required to be paid when such\\nbonds are redeemed prior to maturity; provided, however, that monies in\\nsuch fund shall not be withdrawn therefrom at any time in such amount as\\nwould reduce the amount of such fund to less than the maximum amount of\\nprincipal and interest maturing and becoming due and sinking fund\\npayments required to be made in any succeeding calendar year on all\\nbonds of the agency then outstanding other than state university\\nconstruction bonds, equity bonds, non-profit project bonds, hospital and\\nnursing home project bonds, urban rental project bonds, health\\nfacilities bonds, youth facilities project bonds, community mental\\nhealth services and mental retardation services project bonds, community\\nsenior citizens services project bonds, mental hygiene improvement bonds\\nand revenue housing bonds and bonds and notes for the housing program,\\nexcept for the purpose of paying principal of, interest and sinking fund\\npayments becoming due on such bonds of the agency maturing and becoming\\ndue and for the payment of which other moneys of the agency are not\\navailable. For the purposes of this subdivision one, in computing the\\nmaximum amount of principal maturing at a single future date (herein\\ncalled \"term bonds\") in any succeeding calendar year, the principal\\namount of any such term bonds which are subject to mandatory redemption\\nprior to such future date by sinking fund payments shall not be included\\nin the computation determining the maximum amount of principal maturing\\nin said future year. Any income or interest earned by, or increment to,\\nthe capital reserve fund due to the investment thereof may be\\ntransferred by the agency to the general reserve fund or other fund of\\nthe agency to the extent it does not reduce the amount of the capital\\nreserve fund below the maximum amount of principal and interest maturing\\nand becoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on all such bonds of the agency then\\noutstanding other than state university construction bonds, equity\\nbonds, non-profit project bonds, hospital and nursing home project\\nbonds, urban rental project bonds, health facilities bonds, youth\\nfacilities project bonds, community mental health services and mental\\nretardation services project bonds, community senior citizens services\\nproject bonds, mental hygiene improvement bonds and revenue housing\\nbonds and bonds and notes for the housing program.\\n (b) The agency shall not issue bonds other than state university\\nconstruction bonds, equity bonds, non-profit project bonds, hospital and\\nnursing home project bonds, urban rental project bonds, health\\nfacilities bonds, youth facilities project bonds, community mental\\nhealth services and mental retardation services project bonds, community\\nsenior citizens services project bonds, mental hygiene improvement bonds\\nand revenue housing bonds and bonds and notes for the housing program at\\nany time secured by the capital reserve fund if the maximum amount of\\nprincipal and interest maturing and becoming due and sinking fund\\npayments required to be made in a succeeding calendar year on such bonds\\nthen to be issued and on all other bonds of the agency then outstanding\\nother than state university construction bonds, equity bonds, non-profit\\nproject bonds, hospital and nursing home project bonds, urban rental\\nproject bonds, health facilities bonds, youth facilities project bonds,\\ncommunity mental health services and mental retardation services project\\nbonds, community senior citizens services project bonds, mental hygiene\\nimprovement bonds and revenue housing bonds and bonds and notes for the\\nhousing program will exceed the amount of the capital reserve fund at\\nthe time of issuance unless the agency, at the time of issuance of such\\nbonds, shall deposit in such fund from the proceeds of the bonds so to\\nbe issued, or otherwise, an amount which, together with the amount then\\nin such fund, will be not less than the maximum amount of principal and\\ninterest maturing and becoming due and sinking fund payments required to\\nbe made in any succeeding calendar year on such bonds then to be issued\\nand on all other bonds of the agency then outstanding other than state\\nuniversity construction bonds, equity bonds, non-profit project bonds,\\nhospital and nursing home project bonds, urban rental project bonds,\\nhealth facilities bonds, youth facilities project bonds, community\\nmental health services and mental retardation services project bonds,\\ncommunity senior citizens services project bonds, mental hygiene\\nimprovement bonds and revenue housing bonds and bonds and notes for the\\nhousing program.\\n (c) The agency shall not issue bonds and notes other than state\\nuniversity construction bonds and state university construction notes,\\nhospital and nursing home project bonds and hospital and nursing home\\nproject notes, health facilities bonds and health facilities notes,\\nyouth facilities project bonds and youth facilities project notes,\\ncommunity mental health services and mental retardation services project\\nbonds and community mental health services and mental retardation\\nservices project notes, community senior citizens services project notes\\nor community senior citizens services project bonds and mental hygiene\\nimprovement bonds and mental hygiene improvement notes and bonds and\\nnotes for the housing program for any of its corporate purposes in an\\naggregate principal amount exceeding eighteen billion seven hundred\\neighty million dollars, excluding bonds and notes issued to refund\\noutstanding bonds and notes.\\n (d) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article, provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\ncapital reserve fund of an amount equal to the maximum amount of\\nprincipal and interest maturing and becoming due and sinking fund\\npayments required to be made in any succeeding calendar year on all\\nbonds of the agency then outstanding other than state university\\nconstruction bonds, equity bonds, non-profit project bonds, hospital and\\nnursing home project bonds, urban rental project bonds, health\\nfacilities bonds, youth facilities project bonds, community mental\\nhealth services and mental retardation services project bonds, community\\nsenior citizens services project bonds, mental hygiene improvement bonds\\nand revenue housing bonds and bonds and notes for the housing program.\\nIn order further to assure such maintenance of the capital reserve fund,\\nthere shall be annually apportioned and paid to the agency for deposit\\nin the capital reserve fund such sum, if any, as shall be certified by\\nthe chairman of the agency to the governor and director of the budget as\\nnecessary to restore the capital reserve fund to an amount equal to the\\nmaximum amount of principal and interest maturing and becoming due and\\nsinking fund payments required to be made in any succeeding calendar\\nyear on the bonds of the agency then outstanding other than state\\nuniversity construction bonds, equity bonds, non-profit project bonds,\\nhospital and nursing home project bonds, urban rental project bonds,\\nhealth facilities bonds, youth facilities project bonds, community\\nmental health services and mental retardation services project bonds,\\ncommunity senior citizens services project bonds, mental hygiene\\nimprovement bonds and revenue housing bonds and bonds and notes for the\\nhousing program. The chairman of the agency shall annually, on or\\nbefore December first, make and deliver to the governor and director of\\nthe budget his certificate stating the amount, if any, required to\\nrestore the capital reserve fund to the amount aforesaid and the amount\\nso stated, if any, shall be apportioned and paid to the agency during\\nthe then current state fiscal year. The principal amount of bonds\\nsecured by the capital reserve fund to which state funds are\\napportionable pursuant to this paragraph shall be limited to the total\\namount of bonds and notes outstanding on the effective date of this act,\\nplus the total amount of bonds and notes contracted after the effective\\ndate of this act to finance projects in progress on the effective date\\nof this act as determined by the New York state public authorities\\ncontrol board created pursuant to section fifty of the public\\nauthorities law whose affirmative determination shall be conclusive as\\nto all matters of law and fact solely for the purposes of the\\nlimitations contained in this paragraph, but in no event shall the total\\namount of bonds so secured by such a capital reserve fund or funds\\nexceed three hundred thirty-eight million dollars, excluding bonds\\nissued to refund such outstanding bonds until the date of redemption of\\nsuch outstanding bonds. As outstanding bonds so secured are paid, the\\namount so secured shall be reduced accordingly but the redemption of\\nsuch outstanding bonds from the proceeds of refunding bonds shall not\\nreduce the amount so secured.\\n (e) In computing the amount of the capital reserve fund for the\\npurposes of this section, securities in which all or a portion of such\\nfund shall be invested shall be valued at par or if purchased at less\\nthan par, at their cost to the agency.\\n 2. The agency shall create and establish a special fund (herein\\nreferred to as general reserve fund) and shall pay into such fund all\\nfees and charges collected by the agency pursuant to paragraph (a) of\\nsubdivision eleven of section forty-four of this article, or otherwise,\\nother than fees and charges collected in connection with the making of\\nmortgage loans (or commitments therefor) to mutual companies, non-profit\\ncompanies, urban rental companies or community development corporations,\\nand any monies which the agency shall transfer from the capital reserve\\nfund pursuant to the provisions of paragraph (a) of subdivision one of\\nthis section. Such monies and any other monies paid into the general\\nreserve fund may, in the discretion of the agency but subject to\\nagreements with bondholders and noteholders, be used by the agency (a)\\nfor the repayment of advances from the state in accordance with the\\nprovisions of repayment agreements between the agency and the director\\nof the budget, (b) to reimburse the division of housing and community\\nrenewal the reasonable costs of the services performed by the\\ncommissioner of housing and community renewal and division of housing\\nand community renewal pursuant to section fifty-five of this article,\\n(c) to pay all costs, expenses and charges of financing, including fees\\nand expenses of trustees and paying agents, (d) for transfers to the\\ncapital reserve fund, (e) for the payment of the principal of and\\ninterest on bonds or notes other than state university construction\\nbonds or state university construction notes, equity bonds or equity\\nnotes, non-profit project bonds or non-profit project notes, hospital\\nand nursing home project bonds or hospital and nursing home project\\nnotes, urban rental project bonds or urban rental project notes, health\\nfacilities bonds or health facilities notes, youth facilities project\\nbonds or youth facilities project notes, community mental health\\nservices and mental retardation services project bonds or community\\nmental health services and mental retardation services project notes,\\ncommunity senior citizens services project notes or community senior\\ncitizens services project bonds, mental hygiene improvement bonds or\\nmental hygiene improvement notes and revenue housing bonds and bonds and\\nnotes for the housing program issued by the agency when the same shall\\nbecome due whether at maturity or on call for redemption and for the\\npayment of any redemption premium required to be paid where such bonds\\nor notes are redeemed prior to their stated maturities, and to purchase\\nbonds or notes other than state university construction bonds or state\\nuniversity construction notes, equity bonds or equity notes, non-profit\\nproject bonds or non-profit project notes, hospital and nursing home\\nproject bonds or hospital and nursing home project notes, urban rental\\nproject bonds or urban rental project notes, health facilities bonds or\\nhealth facilities notes, youth facilities project bonds or youth\\nfacilities project notes, community mental health services and mental\\nretardation services project bonds or community mental health services\\nand mental retardation services project notes, community senior citizens\\nservices project notes or community senior citizens services project\\nbonds, mental hygiene improvement bonds or mental hygiene improvement\\nnotes and revenue housing bonds and bonds and notes for the housing\\nprogram issued by the agency, or (f) for such other corporate purposes\\nof the agency as the agency in its discretion shall determine and\\nprovide.\\n 3. (a) The agency shall create and establish a special fund (herein\\nreferred to as equity reserve fund), and shall pay into such equity\\nreserve fund (1) any monies appropriated and made available by the state\\nfor the purposes of such fund, (2) any proceeds of sale of equity notes\\nor equity bonds, to the extent provided in the resolution of the agency\\nauthorizing the issuance thereof, and (3) any other monies which may be\\nmade available to the agency for the purpose of such fund from any other\\nsource or sources. All moneys held in the equity reserve fund, except as\\nhereinafter provided, shall be used solely for the payment of the\\nprincipal of equity bonds of the agency, as the same mature, the\\npurchase of equity bonds of the agency, the payment of interest on\\nequity bonds of the agency or the payment of any redemption premium\\nrequired to be paid when such bonds are redeemed prior to maturity;\\nprovided, however, that moneys in such fund shall not be withdrawn\\ntherefrom at any time in such amount as would reduce the amount of such\\nfund to less than the maximum amount of principal and interest maturing\\nand becoming due in any succeeding calendar year on all equity bonds of\\nthe agency then outstanding, except for the purpose of paying principal\\nand interest on equity bonds of the agency maturing and becoming due and\\nfor the payment of which other monies of the agency are not available.\\nAny income or interest earned by, or increment to, the equity reserve\\nfund due to the investment thereof may be transferred to the equity loan\\nfund or other fund of the agency to the extent it does not reduce the\\namount of the equity reserve fund below the maximum amount of principal\\nand interest maturing and becoming due in any succeeding calendar year\\non all equity bonds of the agency then outstanding.\\n (b) The agency shall not issue equity bonds at any time secured by the\\nequity reserve fund if the maximum amount of principal and interest\\nmaturing and becoming due in a succeeding calendar year on the equity\\nbonds then to be issued and on all other equity bonds of the agency then\\noutstanding will exceed the amount of the equity reserve fund at the\\ntime of issuance, unless the agency, at the time of issuance of such\\nbonds, shall deposit in such fund from the proceeds of the bonds so to\\nbe issued, or otherwise, an amount which together with the amount then\\nin such fund, will be not less than the maximum amount of principal and\\ninterest maturing and becoming due in any succeeding calendar year on\\nthe equity bonds then to be issued and on all other equity bonds of the\\nagency then outstanding.\\n (c) The agency shall not issue equity bonds and equity notes in an\\naggregate principal amount exceeding fifty million dollars, excluding\\nequity bonds and notes issued to refund outstanding equity bonds and\\nnotes.\\n (d) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article, provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\nequity reserve fund of an amount equal to the maximum amount of\\nprincipal and interest maturing and becoming due in any succeeding\\ncalendar year on all equity bonds of the agency then outstanding. In\\norder further to assure such maintenance of the equity reserve fund,\\nthere shall be annually apportioned and paid to the agency for deposit\\nin the equity reserve fund such sum, if any, as shall be certified by\\nthe chairman of the agency to the governor and director of the budget as\\nnecessary to restore the equity reserve fund to an amount equal to the\\nmaximum amount of principal and interest maturing and becoming due in\\nany succeeding calendar year on the equity bonds of the agency then\\noutstanding. The chairman of the agency shall annually, on or before\\nDecember first, make and deliver to the governor and director of the\\nbudget his certificate stating the amount, if any, required to restore\\nthe equity reserve fund to the amount aforesaid and the amount so\\nstated, if any, shall be apportioned and paid to the agency during the\\nthen current state fiscal year. The principal amount of bonds secured by\\nthe equity reserve fund to which state funds are apportionable pursuant\\nto this paragraph shall be limited to the total amount of bonds and\\nnotes outstanding on the effective date of this act, plus the total\\namount of bonds and notes contracted after the effective date of this\\nact to finance projects in progress on the effective date of this act,\\nas determined by the New York state public authorities control board\\ncreated pursuant to section fifty of the public authorities law whose\\naffirmative determination shall be conclusive as to all matters of law\\nand fact solely for the purposes of the limitations contained in this\\nparagraph, but in no event shall the total amount of bonds so secured by\\nsuch a equity reserve fund or funds exceed three hundred fifteen\\nthousand dollars, excluding bonds issued to refund such outstanding\\nbonds until the date of redemption of such outstanding bonds. As\\noutstanding bonds so secured are paid, the amount so secured shall be\\nreduced accordingly but the redemption of such outstanding bonds from\\nthe proceeds of refunding bonds shall not reduce the amount so secured.\\n (e) In computing the amount of the equity reserve fund for the\\npurposes of this section, securities in which all or a portion of such\\nfund shall be invested shall be valued at par if purchased at par, or if\\npurchased at other than par, at amortized value.\\n 4. The agency shall create and establish a special fund (herein\\nreferred to as equity loan fund) and shall pay into such fund any monies\\nwhich the agency shall transfer from the equity reserve fund pursuant to\\nthe provisions of paragraph (a) of subdivision three of this section and\\nany monies received in payment of principal of or interest on equity\\nloans. Such monies and any other monies paid into the equity loan fund\\nmay, in the discretion of the agency, but subject to agreements with the\\nholders of equity bonds and equity notes be used by the agency (a) for\\nthe repayment of advances from the state in accordance with the\\nprovisions of repayment agreements between the agency and the director\\nof the budget, (b) to reimburse the division of housing the reasonable\\ncosts of the services performed by the commissioner of housing and\\ndivision of housing pursuant to section fifty-five of this article, (c)\\nto pay all costs, expenses and charges of financing equity loans,\\nincluding fees and expenses of trustees and paying agents, (d) for\\ntransfers to the equity reserve fund, (e) for the payment of the\\nprincipal of and interest on equity bonds or equity notes issued by the\\nagency when the same shall become due whether at maturity or on call for\\nredemption and for the payment of any redemption premium required to be\\npaid where such bonds or notes are redeemed prior to their stated\\nmaturities, and to purchase equity bonds or equity notes issued by the\\nagency, or (f) for such other corporate purposes of the agency as the\\nagency in its discretion shall determine and provide.\\n 5. (a) The agency may create and establish one or more additional\\nreserve funds to be known as debt service reserve funds and may pay into\\nsuch reserve funds (1) any moneys appropriated and made available by the\\nstate for the purposes of such funds, (2) any proceeds of sale of\\nnon-profit project notes or non-profit project bonds, to the extent\\nprovided in the resolution of the agency authorizing the issuance\\nthereof, and (3) any other moneys which may be made available to the\\nagency for the purposes of such funds from any other source or sources.\\nThe moneys held in or credited to any debt service reserve fund\\nestablished under this subdivision except as hereinafter provided, shall\\nbe used solely for the payment of the principal of non-profit project\\nbonds of the agency secured by such reserve fund, as the same mature,\\nrequired payments to any sinking fund established in a resolution of the\\nagency for the amortization of term bonds (hereinafter referred to as\\n\"sinking fund payments\"), the purchase or redemption of such non-profit\\nproject bonds of the agency, the payment of interest on such non-profit\\nproject bonds of the agency or the payment of any redemption premium\\nrequired to be paid when such bonds are redeemed prior to maturity;\\nprovided, however, that moneys in any such fund shall not be withdrawn\\ntherefrom at any time in such amount as would reduce the amount of such\\nfund to less than the maximum amount of principal, interest maturing and\\nbecoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on the non-profit project bonds of the agency\\nthen outstanding and secured by such reserve fund, except for the\\npurpose of paying principal and interest and sinking fund payments\\nbecoming due on the non-profit project bonds of the agency secured by\\nsuch reserve fund maturing and becoming due and for the payment of which\\nother moneys of the agency are not available. For the purposes of this\\nsubdivision five, in computing the maximum amount of principal maturing\\nat a single future date (herein called \"term bonds\") in any succeeding\\ncalendar year, the principal amount of any such term bonds which are\\nsubject to mandatory redemption prior to such future date by sinking\\nfund payments shall not be included in the computation determining the\\nmaximum amount of principal maturing in said future year. Any income or\\ninterest earned by, or increment to, any such debt service reserve fund\\ndue to the investment thereof may be transferred to any other fund or\\naccount of the agency to the extent it does not reduce the amount of\\nsuch debt service reserve fund below the maximum amount of principal and\\ninterest maturing and becoming due and sinking fund payments required to\\nbe made in any succeeding calendar year on all non-profit project bonds\\nof the agency then outstanding and secured by such reserve fund.\\n (b) The agency shall not issue non-profit project bonds at any time if\\nthe maximum amount of principal and interest maturing and becoming due\\nand sinking fund payments required to be made in a succeeding calendar\\nyear on the non-profit project bonds outstanding and then to be issued\\nand secured by a debt service reserve fund will exceed the amount of\\nsuch reserve account at the time of issuance, unless the agency, at the\\ntime of issuance of such bonds, shall deposit in such reserve fund from\\nthe proceeds of the bonds so to be issued, or otherwise, an amount which\\ntogether with the amount then in such reserve fund, will be not less\\nthan the maximum amount of principal and interest maturing and becoming\\ndue and sinking fund payments required to be made in any succeeding\\ncalendar year on the non-profit project bonds then to be issued and on\\nall other non-profit project bonds of the agency then outstanding and\\nsecured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in each\\ndebt service reserve fund of an amount equal to the maximum amount of\\nprincipal and interest maturing and becoming due and sinking fund\\npayments required to be made in any succeeding calendar year on all\\nnon-profit project bonds of the agency then outstanding and secured by\\nsuch reserve fund. In order further to assure the maintenance of such\\ndebt service reserve funds, there shall be annually apportioned and paid\\nto the agency for deposit in each debt service reserve fund such sum, if\\nany, as shall be certified by the chairman of the agency to the governor\\nand director of the budget as necessary to restore such reserve fund to\\nan amount equal to the maximum amount of principal and interest maturing\\nand becoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on the non-profit project bonds of the agency\\nthen outstanding and secured by such reserve fund. The chairman of the\\nagency shall annually, on or before December first, make and deliver to\\nthe governor and director of the budget his certificate stating the sum,\\nif any, required to restore each such debt service reserve fund to the\\namount aforesaid, and the sum or sums so certified, if any, shall be\\napportioned and paid to the agency during the then current state fiscal\\nyear. The principal amount of bonds secured by a debt service reserve\\nfund or funds to which state funds are apportionable pursuant to this\\nparagraph shall be limited to the total amount of bonds and notes\\noutstanding on the effective date of this act, plus the total amount of\\nbonds and notes contracted after the effective date of this act to\\nfinance projects in progress on the effective date of this act as\\ndetermined by the New York state public authorities control board\\ncreated pursuant to section fifty of the public authorities law whose\\naffirmative determination shall be conclusive as to all matters of law\\nand fact solely for the purpose of the limitations contained in this\\nparagraph, but in no event shall the total amount of bonds so secured by\\nsuch a debt service reserve fund or funds exceed seven hundred\\nninety-three million dollars, excluding bonds issued to refund such\\noutstanding bonds until the date of redemption of such outstanding\\nbonds. As outstanding bonds so secured are paid, the amount so secured\\nshall be reduced accordingly but the redemption of such outstanding\\nbonds from the proceeds of refunding bonds shall not reduce the amount\\nso secured.\\n (d) In computing any debt service reserve fund for the purposes of\\nthis section, securities in which all or a portion of such reserve fund\\nshall be invested shall be valued at par, or if purchased at less than\\npar, at their cost to the agency.\\n 6. (a) The agency may create and establish a special fund to be known\\nas hospital and nursing home capital reserve fund and may pay into such\\nreserve funds (1) any monies appropriated and made available by the\\nstate for the purposes of such funds, (2) any proceeds of sale of\\nhospital and nursing home project notes or hospital and nursing home\\nproject bonds, to the extent provided in the resolution of the agency\\nauthorizing the issuance thereof, and (3) any other monies which may be\\nmade available to the agency for the purposes of such accounts from any\\nother source or sources. The monies held in or credited to the capital\\nreserve fund established under this subdivision except as hereinafter\\nprovided, shall be used solely for the payment of the principal of\\nhospital and nursing home project bonds of the agency secured by such\\nreserve fund, as the same mature, required payments to any sinking fund\\nestablished in a resolution of the agency for the amortization of term\\nbonds (hereinafter referred to as \"sinking fund payments\") the purchase\\nor redemption of such hospital and nursing home project bonds of the\\nagency, the payment of interest on such hospital and nursing home\\nproject bonds of the agency, or the payment of any redemption premium\\nrequired to be paid when such bonds are redeemed prior to maturity;\\nprovided, however, that monies in any such fund shall not be withdrawn\\ntherefrom at any time in such amount as would reduce the amount of such\\nfund to less than the maximum amount of principal and interest maturing\\nand becoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on the hospital and nursing home project bonds\\nof the agency then outstanding and secured by such reserve fund, except\\nfor the purpose of paying principal, interest on hospital and nursing\\nhome project bonds of the agency secured by such reserve fund maturing\\nand becoming due and sinking fund payments becoming due and for the\\npayment of which other monies of the agency are not available. For the\\npurposes of this subdivision six, in computing the maximum amount of\\nprincipal maturing at a single future date (herein called \"term bonds\")\\nin any succeeding calendar year, the principal amount of any such term\\nbonds which are subject to mandatory redemption prior to such future\\ndate by sinking fund payments shall not be included in the computation\\ndetermining the maximum amount of principal maturing in said future\\nyear. Any income or interest earned by, or increment to, any such\\nhospital and nursing home capital reserve fund due to the investment\\nthereof may be transferred to the hospital and nursing home general\\nreserve fund or other fund of the agency, to the extent it does not\\nreduce the amount of such hospital and nursing home capital reserve fund\\nbelow the maximum amount of principal and interest maturing and becoming\\ndue and sinking fund payments required to be made in any succeeding\\ncalendar year on all hospital and nursing home project bonds of the\\nagency then outstanding and secured by such reserve fund.\\n (b) The agency shall not issue hospital and nursing home project bonds\\nand notes in an aggregate principal amount exceeding one billion nine\\nhundred fifty million dollars excluding hospital and nursing home\\nproject bonds and hospital and nursing home project notes issued to\\nrefund outstanding hospital and nursing home project bonds and hospital\\nand nursing home project notes, nor shall it issue hospital and nursing\\nhome project bonds at any time secured by the hospital and nursing home\\ncapital reserve fund if the maximum amount of principal and interest\\nmaturing and becoming due and sinking fund payments required to be made\\nin a succeeding calendar year on the hospital and nursing home project\\nbonds outstanding and then to be issued and secured by the hospital and\\nnursing home capital reserve fund will exceed the amount of such reserve\\nfund at the time of issuance, unless the agency, at the time of issuance\\nof such bonds, shall deposit in such reserve fund from the proceeds of\\nthe bonds so to be issued, or otherwise, an amount which together with\\nthe amount then in such reserve fund, will be not less than the maximum\\namount of principal and interest maturing and becoming due and sinking\\nfund payments required to be made in any succeeding calendar year on the\\nhospital and nursing home project bonds then to be issued and on all\\nother hospital and nursing home project bonds of the agency then\\noutstanding and secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\nhospital and nursing home capital reserve fund of an amount equal to the\\nmaximum amount of principal and interest maturing and becoming due and\\nsinking fund payments to be made in any succeeding calendar year on all\\nhospital and nursing home project bonds of the agency then outstanding\\nand secured by such reserve fund. In order further to assure the\\nmaintenance of such hospital and nursing home capital reserve fund,\\nthere shall be annually apportioned and paid to the agency for deposit\\nin such hospital and nursing home capital reserve fund such sum, if any,\\nas shall be certified by the chairman of the agency to the governor and\\ndirector of the budget as necessary to restore such reserve fund to an\\namount equal to the maximum amount of principal and interest maturing\\nand becoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on the hospital and nursing home project bonds\\nof the agency then outstanding and secured by such reserve fund. The\\nchairman of the agency shall annually, on or before December first, make\\nand deliver to the governor and director of the budget his certificate\\nstating the sums, if any, required to restore such hospital and nursing\\nhome capital reserve fund to the amount aforesaid, and the sums so\\ncertified, if any, shall be apportioned and paid to the agency during\\nthe then current state fiscal year. The principal amount of bonds\\nsecured by the hospital and nursing home capital reserve fund to which\\nstate funds are apportionable pursuant to this paragraph shall be\\nlimited to the total amount of bonds and notes outstanding on the\\neffective date of this act, plus the total amount of bonds and notes\\ncontracted after the effective date of this act to finance projects on\\nprogress on the effective date of this act as determined by the New York\\nstate public authorities control board created pursuant to section fifty\\nof the public authorities law whose affirmative determination shall be\\nconclusive as to all matters of law and fact solely for the purposes of\\nthe limitations contained in this paragraph, but in no event shall the\\ntotal amount of bonds so secured by such a capital reserve fund or funds\\nexceed nine hundred sixteen million dollars, excluding bonds issued to\\nrefund such outstanding bonds until the date of redemption of such\\noutstanding bonds. As outstanding bonds so secured are paid, the amount\\nso secured shall be reduced accordingly but the redemption of such\\noutstanding bonds from the proceeds of refunding bonds shall not reduce\\nthe amount so secured.\\n (d) In computing any hospital and nursing home capital reserve fund\\nfor the purposes of this section, securities in which all or a portion\\nof such reserve fund shall be invested shall be valued at par, or if\\npurchased at less than par, at their cost to the agency.\\n 7. The agency shall create and establish one or more additional\\nspecial funds (herein referred to as hospital and nursing home general\\nreserve funds) and shall, to the extent provided in the applicable bond\\nresolution of the agency authorizing the issuance of hospital and\\nnursing home project bonds, pay into any such fund the fees and charges\\ncollected by the agency pursuant to paragraph (b) of subdivision eleven\\nof section forty-four of this article and any monies which the agency\\nshall transfer from the hospital and nursing home capital reserve fund\\npursuant to the provisions of paragraph (a) of subdivision six of this\\nsection. Such monies and any other monies paid into a hospital and\\nnursing home general reserve fund may, in the discretion of the agency,\\nbut subject to agreements with bondholders and noteholders, be used by\\nthe agency (a) for the repayment of advances from the state in\\naccordance with the provisions of repayment agreements between the\\nagency and the director of the budget, (b) to reimburse the department\\nof health the reasonable costs of the services performed by the\\ncommissioner of health and the department of health pursuant to\\nsubdivision three of section fifty-five of this article, (c) to pay all\\ncosts, expenses and charges of financing, including fees and expenses of\\ntrustees and paying agents, (d) for transfers to the hospital and\\nnursing home capital reserve fund, (e) for the payment of principal and\\ninterest on hospital and nursing home project bonds and notes issued by\\nthe agency when the same shall become due whether at maturity or on call\\nfor redemption and for the payment of any redemption premium required to\\nbe paid where such hospital and nursing home project bonds and notes are\\nredeemed prior to their stated maturities and to purchase hospital and\\nnursing home project bonds or notes issued by the agency, or (f) for\\nsuch other corporate purposes of the agency as the agency in its\\ndiscretion shall determine and provide.\\n 8. (a) The agency may create and establish one or more additional\\nreserve funds to be known as health facilities reserve funds and may pay\\ninto such reserve funds (1) any monies appropriated and made available\\nby the state for the purposes of such funds, (2) any proceeds of sale of\\nhealth facilities notes or health facilities bonds, to the extent\\nprovided in the resolution of the agency authorizing the issuance\\nthereof, and (3) any other monies which may be made available to the\\nagency for the purposes of such funds from any other source or sources.\\nThe monies held in or credited to any health facilities reserve fund\\nestablished under this subdivision, except as hereinafter provided,\\nshall be used solely for the payment of the principal of health\\nfacilities bonds of the agency secured by such reserve fund, as the same\\nmature, required payments to any sinking fund established in a\\nresolution of the agency for the amortization of term bonds (hereinafter\\nreferred to as \"sinking fund payments\") the purchase or redemption of\\nsuch health facilities bonds of the agency, the payment of interest on\\nsuch health facilities bonds of the agency, or the payment of any\\nredemption premium required to be paid when such bonds are redeemed\\nprior to maturity; provided, however, that monies in any such fund shall\\nnot be withdrawn therefrom at any time in such amount as would reduce\\nthe amount of such fund to less than the maximum amount of principal and\\ninterest maturing and becoming due and sinking fund payments required to\\nbe made in any succeeding calendar year on the health facilities bonds\\nof the agency then outstanding and secured by such reserve fund, except\\nfor the purpose of paying principal, interest and sinking fund payments\\nbecoming due on the health facilities bonds of the agency secured by\\nsuch reserve fund maturing and becoming due and for the payment of which\\nother monies of the agency are not available. For the purposes of this\\nsubdivision eight, in computing the maximum amount of principal maturing\\nat a single future date (herein called \"term bonds\") in any succeeding\\ncalendar year, the principal amount of any such term bonds which are\\nsubject to mandatory redemption prior to such future date by sinking\\nfund payments shall not be included in the computation determining the\\nmaximum amount of principal maturing in said future year. Any income or\\ninterest earned by, or increment to, any such health facilities reserve\\nfund due to the investment thereof may be transferred to any other fund\\nor account of the agency to the extent it does not reduce the amount of\\nsuch health facilities reserve fund below the maximum amount of\\nprincipal and interest maturing and becoming due and sinking fund\\npayments required to be made in any succeeding calendar year on all\\nhealth facilities bonds of the agency then outstanding and secured by\\nsuch reserve fund.\\n (b) The agency shall not issue health facilities bonds at any time if\\nthe maximum amount of principal and interest maturing and becoming due\\nand sinking fund payments required to be made in a succeeding calendar\\nyear on the health facilities bonds outstanding and then to be issued\\nand secured by any health facilities reserve fund will exceed the amount\\nof such reserve account at the time of issuance, unless the agency, at\\nthe time of issuance of such bonds, shall deposit in such reserve fund\\nfrom the proceeds of the bonds so to be issued, or otherwise, an amount\\nwhich together with the amount then in such reserve fund will be not\\nless than the maximum amount of principal and interest maturing and\\nbecoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on the health facilities bonds then to be\\nissued and on all other health facilities bonds of the agency then\\noutstanding and secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article, provision is\\nmade in paragraph (a) of this subdivision for the accumulation in each\\nhealth facilities reserve fund of an amount equal to the maximum amount\\nof principal and interest maturing and becoming due and sinking fund\\npayments required to be made in any succeeding calendar year on all\\nhealth facilities bonds of the agency then outstanding and secured by\\nsuch reserve fund. In order further to assure the maintenance of such\\nhealth facilities reserve funds, there shall be annually apportioned and\\npaid to the agency for deposit in each health facilities reserve fund\\nsuch sum, if any, as shall be certified by the chairman of the agency to\\nthe governor and director of the budget as necessary to restore such\\nreserve fund to an amount equal to the maximum amount of principal and\\ninterest maturing and becoming due and sinking fund payments required to\\nbe made in any succeeding calendar year on the health facilities bonds\\nof the agency then outstanding and secured by such reserve fund. The\\nchairman of the agency shall annually, on or before December first, make\\nand deliver to the governor and director of the budget his certificate\\nstating the sums, if any, required to restore each such health\\nfacilities reserve fund to the amount aforesaid, and the sums so\\ncertified, if any, shall be apportioned and paid to the agency during\\nthe then current state fiscal year. The principal amount of bonds\\nsecured by a health facilities reserve fund or funds to which state\\nfunds are apportionable pursuant to this paragraph shall be limited to\\nthe total amount of bonds and notes outstanding on the effective date of\\nthis act, plus the total amount of bonds and notes contracted after the\\neffective date of this act to finance projects in progress on the\\neffective date of this act as determined by the New York state public\\nauthorities control board created pursuant to section fifty of the\\npublic authorities law whose affirmative determination shall be\\nconclusive as to all matters of law and fact solely for the purposes of\\nthe limitations contained in this paragraph, but in no event shall the\\ntotal amount of bonds so secured by such a reserve fund or funds exceed\\nsix hundred seventy-five million dollars, excluding bonds issued to\\nrefund such outstanding bonds until the date of redemption of such\\noutstanding bonds. As outstanding bonds so secured are paid, the amount\\nso secured shall be reduced accordingly but the redemption of such\\noutstanding bonds from the proceeds of refunding bonds shall not reduce\\nthe amounts so secured.\\n (d) In computing any health facilities reserve fund for the purposes\\nof this section, securities in which all or a portion of such reserve\\nfund shall be invested shall be valued at par, or if purchased at less\\nthan par, at their cost to the agency.\\n 9. (a) The agency may create and establish one or more additional\\nreserve funds to be known as urban rental debt service reserve funds and\\nmay pay into such reserve funds (1) any monies appropriated and made\\navailable by the state for the purposes of such funds, (2) any proceeds\\nof sale of urban rental project notes or urban rental project bonds, to\\nthe extent provided in the resolution of the agency authorizing the\\nissuance thereof, and (3) any other monies which may be made available\\nto the agency for the purposes of such funds from any other source or\\nsources. The monies held in or credited to any urban rental debt service\\nreserve fund established under this subdivision except as hereinafter\\nprovided, shall be used solely for the payment of the principal of urban\\nrental project bonds of the agency secured by such reserve fund, as the\\nsame mature, required payments to any sinking fund established in a\\nresolution of the agency for the amortization of term bonds (hereinafter\\nreferred to as \"sinking fund payments\"), the purchase or redemption of\\nsuch urban rental project bonds of the agency, the payment of interest\\non such urban rental project bonds of the agency, or the payment of any\\nredemption premium required to be paid when such bonds are redeemed\\nprior to maturity; provided, however, that monies in any such fund shall\\nnot be withdrawn therefrom at any time in such amount as would reduce\\nthe amount of such fund to less than the maximum amount of principal and\\ninterest maturing and becoming due and sinking fund payments required to\\nbe made in any succeeding calendar year on the urban rental project\\nbonds of the agency then outstanding and secured by such reserve fund,\\nexcept for the purpose of paying principal, interest and sinking fund\\npayments becoming due on the urban rental project bonds of the agency\\nsecured by such reserve fund maturing and becoming due and for the\\npayment of which other monies of the agency are not available. For the\\npurposes of this subdivision nine, in computing the maximum amount of\\nprincipal maturing at a single future date (herein called \"term bonds\")\\nin any succeeding calendar year, the principal amount of any such term\\nbonds which are subject to mandatory redemption prior to such future\\ndate by sinking fund payments shall not be included in the computation\\ndetermining the maximum amount of principal maturing in said future\\nyear. Any income or interest earned by, or increment to, any such urban\\nrental debt service reserve fund due to the investment thereof may be\\ntransferred to any other fund or account of the agency to the extent it\\ndoes not reduce the amount of such urban rental debt service reserve\\nfund below the maximum amount of principal and interest maturing and\\nbecoming due and sinking fund payments required to be made in any\\nsucceeding calendar year on all urban rental project bonds of the agency\\nthen outstanding and secured by such reserve fund.\\n (b) The agency shall not issue urban rental project bonds at any time\\nif the maximum amount of principal and interest maturing and becoming\\ndue and sinking fund payments required to be made in any succeeding\\ncalendar year on the urban rental project bonds outstanding and then to\\nbe issued and secured by an urban rental debt service reserve fund will\\nexceed the amount of such reserve account at the time of issuance,\\nunless the agency, at the time of issuance of such bonds, shall deposit\\nin such reserve fund from the proceeds of the bonds so to be issued, or\\notherwise, an amount which together with the amount then in such reserve\\nfund, will be not less than the maximum amount of principal and interest\\nmaturing and becoming due and sinking fund payments required to be made\\nin any succeeding calendar year on the urban rental project bonds then\\nto be issued and on all other urban rental project bonds of the agency\\nthen outstanding and secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in each\\nurban rental debt service reserve fund of an amount equal to the maximum\\namount of principal and interest maturing and becoming due and sinking\\nfund payments required to be made in any succeeding calendar year on all\\nurban rental project bonds of the agency then outstanding and secured by\\nsuch reserve fund. In order further to assure the maintenance of such\\nurban rental debt service reserve funds, there shall be annually\\napportioned and paid to the agency for deposit in each urban rental debt\\nservice reserve fund such sum, if any, as shall be certified by the\\nchairman of the agency to the governor and director of the budget as\\nnecessary to restore such reserve fund to an amount equal to the maximum\\namount of principal and interest maturing and becoming due and sinking\\nfund payments required to be made in any succeeding calendar year on the\\nurban rental project bonds of the agency then outstanding and secured by\\nsuch reserve fund. The chairman of the agency shall annually, on or\\nbefore December first, make and deliver to the governor and director of\\nthe budget his certificate stating the sums, if any, required to restore\\neach such urban rental debt service reserve fund to the amount\\naforesaid, and the sums so certified, if any, shall be apportioned and\\npaid to the agency during the then current state fiscal year. The\\nprincipal amount of bonds secured by an urban rental debt service\\nreserve fund or funds to which state funds are apportionable pursuant to\\nthis paragraph shall be limited to the total amount of bonds and notes\\noutstanding on the effective date of this act, plus the total amount of\\nbonds and notes contracted after the effective date of this act to\\nfinance projects in progress on the effective date of this act as\\ndetermined by the New York state public authorities control board\\ncreated pursuant to section fifty of the public authorities law whose\\naffirmative determination shall be conclusive as to all matters of law\\nand fact solely for the purposes of the limitations contained in this\\nparagraph, but in no event shall the total amount of bonds so secured by\\nsuch a debt service reserve fund or funds exceed six hundred forty-five\\nmillion dollars, excluding bonds issued to refund such outstanding bonds\\nuntil the date of redemption of such outstanding bonds. As outstanding\\nbonds so secured are paid, the amount so secured shall be reduced\\naccordingly but the redemption of such outstanding bonds from the\\nproceeds of refunding bonds shall not reduce the amount so secured.\\n (d) In computing any urban rental debt service reserve fund for the\\npurposes of this section, securities in which all or a portion of such\\nreserve fund shall be invested shall be valued at par if purchased at\\npar, or if purchased at other than par, at amortized value.\\n 10. (a) The agency may create and establish a special fund to be known\\nas youth facilities capital reserve fund and may pay into such reserve\\nfunds (1) any monies appropriated and made available by the state for\\nthe purposes of such funds, (2) any proceeds of sale of youth facilities\\nproject notes or youth facilities project bonds, to the extent provided\\nin the resolution of the agency authorizing the issuance thereof, and\\n(3) any other monies which may be made available to the agency for the\\npurposes of such accounts from any other source or sources. The monies\\nheld in or credited to the capital reserve fund established under this\\nsubdivision except as hereinafter provided, shall be used solely for the\\npayment of principal of youth facilities project bonds of the agency\\nsecured by such reserve fund, as the same mature, the purchase of such\\nyouth facilities project bonds of the agency, the payment of interest on\\nyouth facilities project bonds of the agency, or the payment of any\\nredemption premium required to be paid when such bonds are redeemed\\nprior to maturity; provided, however, that monies in any such fund shall\\nnot be withdrawn therefrom at any time in such amount as would reduce\\nthe amount of such fund to less than the maximum amount of principal and\\ninterest maturing and becoming due in any succeeding calendar year on\\nthe youth facilities project bonds of the agency then outstanding and\\nsecured by such reserve fund, except for the purpose of paying principal\\nand interest on youth facilities project bonds of the agency secured by\\nsuch reserve fund maturing and becoming due and for the payment of which\\nother monies of the agency are not available. Any income or interest\\nearned by, or increment to, any such youth facilities capital reserve\\nfund due to the investment thereof may be transferred to the youth\\nfacilities general reserve fund or other fund of the agency, to the\\nextent it does not reduce the amount of such youth facilities capital\\nreserve fund below the maximum amount of principal and interest maturing\\nand becoming due in any succeeding calendar year on all youth facilities\\nproject bonds of the agency then outstanding and secured by such reserve\\nfund.\\n (b) The agency shall not issue youth facilities project bonds and\\nnotes in an aggregate principal amount exceeding one hundred million\\ndollars excluding youth facilities project bonds and youth facilities\\nproject notes issued to refund outstanding youth facilities project\\nbonds and youth facilities project notes, nor shall it issue youth\\nfacilities project bonds at any time secured by the youth facilities\\ncapital reserve fund if the maximum amount of principal and interest\\nmaturing and becoming due in a succeeding calendar year on the youth\\nfacilities project bonds outstanding and then to be issued and secured\\nby the youth facilities capital reserve fund will exceed the amount of\\nsuch reserve fund at the time of issuance, unless the agency, at the\\ntime of issuance of such bonds, shall deposit in such reserve fund from\\nthe proceeds of the bonds so to be issued, or otherwise, an amount which\\ntogether with the amount then in such reserve fund, will be not less\\nthan the maximum amount of principal and interest maturing and becoming\\ndue in any succeeding calendar year on the youth facilities project\\nbonds then to be issued and on all other youth facilities project bonds\\nof the agency then outstanding and secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\nyouth facilities capital reserve fund of an amount equal to the maximum\\namount of principal and interest maturing and becoming due in any\\nsucceeding calendar year on all youth facilities project bonds of the\\nagency then outstanding and secured by such reserve fund. In order\\nfurther to assure the maintenance of such youth facilities capital\\nreserve fund, there shall be annually apportioned and paid to the agency\\nfor deposit in such youth facilities capital reserve fund such sum, if\\nany, as shall be certified by the chairman of the agency to the governor\\nand director of the budget as necessary to restore such reserve fund to\\nan amount equal to the maximum amount of principal and interest maturing\\nand becoming due in any succeeding calendar year on the youth facilities\\nproject bonds of the agency then outstanding and secured by such reserve\\nfund. The chairman of the agency shall annually, on or before December\\nfirst, make and deliver to the governor and director of the budget his\\ncertificate stating the sums, if any, required to restore such youth\\nfacilities capital reserve fund to the amount aforesaid, and the sums so\\ncertified, if any, shall be apportioned and paid to the agency during\\nthe then current state fiscal year. The principal amount of bonds\\nsecured by the youth facilities capital reserve fund to which state\\nfunds are apportionable pursuant to this paragraph shall be limited to\\nthe total amount of bonds and notes outstanding on the effective date of\\nthis act, plus the total amount of bonds and notes contracted after the\\neffective date of this act to finance projects in progress on the\\neffective date of this act as determined by the New York state public\\nauthorities control board created pursuant to section fifty of the\\npublic authorities law whose affirmative determination shall be\\nconclusive as to all matters of law and fact solely for the purposes of\\nthe limitations contained in this paragraph, but in no event shall the\\ntotal amount of bonds so secured by such a capital reserve fund exceed\\ntwenty-four million dollars, excluding bonds issued to refund such\\noutstanding bonds until the date of redemption of such outstanding\\nbonds. As outstanding bonds so secured are paid, the amount so secured\\nshall be reduced accordingly but the redemption of such outstanding\\nbonds from the proceeds of refunding bonds shall not reduce the amount\\nso secured.\\n (d) In computing any youth facilities capital reserve fund for the\\npurpose of this section, securities in which all or a portion of such\\nreserve fund shall be invested shall be valued at par if purchased at\\npar, or if purchased at other than par, at amortized value.\\n 11. The agency shall create and establish a special fund (herein\\nreferred to as the youth facilities general reserve fund) and shall pay\\ninto such fund all fees and charges collected by the agency pursuant to\\nparagraph (c) of subdivision eleven of section forty-four of this\\narticle and any monies which the agency shall transfer from the youth\\nfacilities capital reserve fund pursuant to the provisions of paragraph\\n(a) of subdivision ten of this section. Such monies and any other monies\\npaid into the youth facilities general reserve fund may, in the\\ndiscretion of the agency, but subject to agreements with bondholders and\\nnoteholders, be used by the agency (a) for the repayment of advances\\nfrom the state in accordance with the provisions of repayment agreements\\nbetween the agency and the director of the budget, (b) to reimburse the\\ndepartment of social services the reasonable costs of the services\\nperformed by the commissioner of social services and the department of\\nsocial services pursuant to subdivision four of section fifty-five of\\nthis article, (c) to pay all costs, expenses and charges of financing,\\nincluding fees and expenses of trustees and paying agents, (d) for\\ntransfers to the youth facilities capital reserve fund, (e) for the\\npayment of principal of and interest on youth facilities project bonds\\nand notes issued by the agency when the same shall become due whether at\\nmaturity or on call for redemption and for the payment of any redemption\\npremium required to be paid where such youth facilities project bonds\\nand notes are redeemed prior to their stated maturities and to purchase\\nyouth facilities project bonds or notes issued by the agency, or (f) for\\nsuch other corporate purposes of the agency as the agency in its\\ndiscretion shall determine and provide.\\n 12. (a) The agency may create and establish a special fund to be known\\nas community mental health services and mental retardation services\\ncapital reserve fund and may pay into such reserve funds (1) any monies\\nappropriated and made available by the state for the purposes of such\\nfunds, (2) any proceeds of sale of community mental health services and\\nmental retardation services project notes or community mental health\\nservices and mental retardation services project bonds, to the extent\\nprovided in the resolution of the agency authorizing the issuance\\nthereof, and (3) any other monies which may be made available to the\\nagency for the purposes of such accounts from any other source or\\nsources. The monies held in or credited to the capital reserve fund\\nestablished under this subdivision except as hereinafter provided, shall\\nbe used solely for the payment of principal of community mental health\\nservices and mental retardation services project bonds of the agency\\nsecured by such reserve fund, as the same mature, the purchase of such\\ncommunity mental health services and mental retardation services project\\nbonds of the agency, the payment of interest on such community mental\\nhealth services and mental retardation services project bonds of the\\nagency, or the payment of any redemption premium required to be paid\\nwhen such bonds are redeemed prior to maturity; provided, however, that\\nmonies in any such fund shall not be withdrawn therefrom at any time in\\nsuch amount as would reduce the amount of such fund to less than the\\nmaximum amount of principal and interest maturing and becoming due in\\nany succeeding calendar year on the community mental health services and\\nmental retardation services project bonds of the agency then outstanding\\nand secured by such reserve fund, except for the purpose of paying\\nprincipal and interest on community mental health services and mental\\nretardation services project bonds of the agency secured by such reserve\\nfund maturing and becoming due and for the payment of which other monies\\nof the agency are not available. Any income or interest earned by, or\\nincrement to, any such community mental health services and mental\\nretardation services capital reserve fund due to the investment thereof\\nmay be transferred to the community mental health services and mental\\nretardation services general reserve fund or other fund of the agency,\\nto the extent it does not reduce the amount of such community mental\\nhealth services and mental retardation services capital reserve fund\\nbelow the maximum amount of principal and interest maturing and becoming\\ndue in any succeeding calendar year on all community mental health\\nservices and mental retardation services project bonds of the agency\\nthen outstanding and secured by such reserve fund.\\n (b) The agency shall not issue community mental health services and\\nmental retardation services project bonds and notes in an aggregate\\nprincipal amount exceeding one hundred million dollars excluding\\ncommunity mental health services and mental retardation services project\\nbonds and community mental health services and mental retardation\\nservices project notes issued to refund outstanding community mental\\nhealth services and mental retardation services project bonds and\\ncommunity mental health services and mental retardation services project\\nnotes, nor shall it issue community mental health services and mental\\nretardation services project bonds at any time secured by the community\\nmental health services and mental retardation services capital reserve\\nfund if the maximum amount of principal and interest maturing and\\nbecoming due in a succeeding calendar year on the community mental\\nhealth services and mental retardation services project bonds\\noutstanding and then to be issued and secured by the community mental\\nhealth services and mental retardation services capital reserve fund\\nwill exceed the amount of such reserve fund at the time of issuance,\\nunless the agency, at the time of issuance of such bonds, shall deposit\\nin such reserve fund from the proceeds of the bonds so to be issued, or\\notherwise, an amount which together with the amount then in such reserve\\nfund, will be not less than the maximum amount of principal and interest\\nmaturing and becoming due in any succeeding calendar year on the\\ncommunity mental health services and mental retardation services project\\nbonds then to be issued and on all other community mental health\\nservices and mental retardation services project bonds of the agency\\nthen outstanding and secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\ncommunity mental health services and mental retardation services capital\\nreserve fund of an amount equal to the maximum amount of principal and\\ninterest maturing and becoming due in any succeeding calendar year on\\nall community mental health services and mental retardation services\\nproject bonds of the agency then outstanding and secured by such reserve\\nfund. In order further to assure the maintenance of such community\\nmental health services and mental retardation services capital reserve\\nfund, there shall be annually apportioned and paid to the agency for\\ndeposit in such community mental health services and mental retardation\\nservices capital reserve fund such sum, if any, as shall be certified by\\nthe chairman of the agency to the governor and director of the budget as\\nnecessary to restore such reserve fund to an amount equal to the maximum\\namount of principal and interest maturing and becoming due in any\\nsucceeding calendar year on the community mental health services and\\nmental retardation services project bonds of the agency then outstanding\\nand secured by such reserve fund. The chairman of the agency shall\\nannually, on or before December first, make and deliver to the governor\\nand director of the budget his certificate stating the sums, if any,\\nrequired to restore such community mental health services and mental\\nretardation services capital reserve fund to the amount aforesaid, and\\nthe sums so certified, if any, shall be apportioned and paid to the\\nagency during the then current state fiscal year. The principal amount\\nof bonds secured by the community mental health services and mental\\nretardation services capital reserve fund to which state funds are\\napportionable pursuant to this paragraph shall be limited to the total\\namount of bonds and notes outstanding on the effective date of this act,\\nplus the total amount of bonds and notes contracted after the effective\\ndate of this act to finance projects in progress on the effective date\\nof this act as determined by the New York state public authorities\\ncontrol board created pursuant to section fifty of the public\\nauthorities law whose affirmative determination shall be conclusive as\\nto all matters of law and fact solely for the purposes of the\\nlimitations contained in this paragraph, but in no event shall the total\\namount of bonds so secured by such a capital reserve fund or funds\\nexceed thirteen million dollars, excluding bonds issued to refund such\\noutstanding bonds until the date of redemption of such outstanding\\nbonds. As outstanding bonds so secured are paid, the amount so secured\\nshall be reduced accordingly but the redemption of such outstanding\\nbonds from the proceeds of refunding bonds shall not reduce the amount\\nso secured.\\n (d) In computing any community mental health services and mental\\nretardation services capital reserve fund for the purposes of this\\nsection, securities in which all or a portion of such reserve fund shall\\nbe invested shall be valued at par if purchased at par, or if purchased\\nat other than par, at amortized value.\\n 13. The agency shall create and establish a special fund (herein\\nreferred to as community mental health services and mental retardation\\nservices general reserve fund) and shall pay into such fund all fees and\\ncharges collected by the agency pursuant to paragraph (c) of subdivision\\neleven of section forty-four of this article and any monies which the\\nagency shall transfer from the community mental health services and\\nmental retardation services capital reserve fund pursuant to the\\nprovisions of paragraph (a) of subdivision ten of this section. Such\\nmonies and any other monies paid into the community mental health\\nservices and mental retardation services general reserve fund may, in\\nthe discretion of the agency, but subject to agreements with bondholders\\nand noteholders, be used by the agency (a) for the repayment of advances\\nfrom the state in accordance with the provisions of repayment agreements\\nbetween the agency and the director of the budget, (b) to reimburse the\\ndepartment of mental hygiene the reasonable costs of the services\\nperformed by the commissioner of mental hygiene and the department of\\nmental hygiene pursuant to subdivision four of section fifty-five of\\nthis article, including the reasonable costs of such services performed\\nby the health and mental hygiene facilities improvement corporation upon\\nrequest by the commissioner of mental hygiene pursuant to the provisions\\nof section 75.25 of the mental hygiene law, (c) to pay all costs,\\nexpenses and charges of financing, including fees and expenses of\\ntrustees and paying agents, (d) for transfers to the community mental\\nhealth services and mental retardation services capital reserve fund,\\n(e) for the payment of principal of and interest on community mental\\nhealth services and mental retardation services project bonds and notes\\nissued by the agency when the same shall become due whether at maturity\\nor on call for redemption and for the payment of any redemption premium\\nrequired to be paid where such community mental health services and\\nmental retardation services project bonds and notes are redeemed prior\\nto their stated maturities and to purchase community mental health\\nservices and mental retardation services project bonds or notes issued\\nby the agency, or (f) for such other corporate purposes of the agency as\\nthe agency in its discretion shall determine and provide.\\n 14. (a) The agency may create and establish a special fund to be known\\nas community senior citizens services capital reserve fund and may pay\\ninto such reserve fund (1) any moneys appropriated and made available by\\nthe state for the purposes of such fund, (2) any proceeds of sale of\\ncommunity senior citizens services project notes or community senior\\ncitizens services project bonds, to the extent provided in the\\nresolution of the agency authorizing the issuance thereof, and (3) any\\nother moneys which may be made available to the agency for the purposes\\nof such accounts from any other source or sources. The moneys held in or\\ncredited to the capital reserve fund established under this subdivision\\nexcept as hereinafter provided, shall be used solely for the payment of\\nprincipal of community senior citizens services project bonds of the\\nagency secured by such reserve fund, as the same mature, the purchase of\\nsuch community senior citizens services project bonds of the agency, the\\npayment of interest on such community senior citizens services project\\nbonds of the agency, or the payment of any redemption premium required\\nto be paid when such bonds are redeemed prior to maturity; provided,\\nhowever, that moneys in any such fund shall not be withdrawn thereform\\nat any time in such amount as would reduce the amount of such fund to\\nless than the maximum amount of principal and interest maturing and\\nbecoming due in any succeeding calendar year on the community senior\\ncitizens services project bonds of the agency then outstanding and\\nsecured by such reserve fund, except for the purpose of paying principal\\nand interest on community senior citizens services project bonds of the\\nagency secured by such reserve fund maturing and becoming due and for\\nthe payment of which other moneys of the agency are not available. Any\\nincome or interest earned by, or increment to, any such community senior\\ncitizens services capital reserve fund due to the investment thereof may\\nbe transferred to the community senior citizens services general reserve\\nfund or other fund of the agency, to the extent it does not reduce the\\namount of such community senior citizens services capital reserve fund\\nbelow the maximum amount of principal and interest maturing and becoming\\ndue in any succeeding calendar year on all community senior citizens\\nservices project bonds of the agency then outstanding and secured by\\nsuch reserve fund.\\n (b) The agency shall not issue community senior citizens services\\nproject bonds and notes in an aggregate principal amount exceeding fifty\\nmillion dollars excluding community senior citizens services project\\nbonds and community senior citizens services project notes issued to\\nrefund outstanding community senior citizens services project bonds and\\ncommunity senior citizens services project notes, nor shall it issue\\ncommunity senior citizens services project bonds at any time secured by\\nthe community senior citizens capital reserve fund if the maximum amount\\nof principal and interest maturing and becoming due in a succeeding\\ncalendar year on the community senior citizens services project bonds\\noutstanding and then to be issued and secured by the community senior\\ncitizens services capital reserve fund will exceed the amount of such\\nreserve fund at the time of issuance, unless the agency, at the time of\\nissuance of such bonds, shall deposit in such reserve fund from the\\nproceeds of the bonds so to be issued, or otherwise, an amount which\\ntogether with the amount then in such reserve fund, will be not less\\nthan the maximum amount of principal and interest maturing and becoming\\ndue in any succeeding calendar year on the community senior citizens\\nservices project bonds then to be issued and on all other community\\nsenior citizens services project bonds of the agency then outstanding\\nand secured by such reserve fund.\\n (c) To assure the continued operation and solvency of the agency for\\nthe carrying out of the public purposes of this article provision is\\nmade in paragraph (a) of this subdivision for the accumulation in the\\ncommunity senior citizens services capital reserve fund of an amount\\nequal to the maximum amount of principal and interest maturing and\\nbecoming due in any succeeding calendar year on all community senior\\ncitizens services project bonds of the agency then outstanding and\\nsecured by such reserve fund. In order further to assure the maintenance\\nof such community senior citizens services capital reserve fund, there\\nshall be annually apportioned and paid to the agency for deposit in such\\ncommunity senior citizens services capital reserve fund such sum, if\\nany, as shall be certified by the chairman of the agency to the governor\\nand director of the budget as necessary to restore such reserve fund to\\nan amount equal to the maximum amount of principal and interest maturing\\nand becoming due in any succeeding calendar year on the community senior\\ncitizens services project bonds of the agency then outstanding and\\nsecured by such reserve fund. The chairman of the agency shall annually,\\non or before December first, make and deliver to the governor and\\ndirector of the budget his certificate stating the sums, if any,\\nrequired to restore such community senior citizens services capital\\nreserve fund to the amount aforesaid, and the sums so certified, if any,\\nshall be apportioned and paid to the agency during the then current\\nstate fiscal year. The principal amount of bonds secured by the\\ncommunity senior citizens services capital reserve fund to which state\\nfunds are apportionable pursuant to this paragraph shall be limited to\\nthe total amount of bonds and notes outstanding on the effective date of\\nthis act, plus the total amount of bonds and notes contracted after the\\neffective date of this act to finance projects in progress on the\\neffective date of this act as determined by the New York state public\\nauthorities control board created pursuant to section fifty of the\\npublic authorities law whose affirmative determination shall be\\nconclusive as to all matters of law and fact solely for the purposes of\\nthe limitations contained in this paragraph, but in no event shall the\\ntotal amount of bonds so secured by such a capital reserve fund or funds\\nexceed two million eight hundred thousand dollars, excluding bonds\\nissued to refund such outstanding bonds until the date of redemption of\\nsuch outstanding bonds. As outstanding bonds so secured are paid, the\\namount so secured shall be reduced accordingly but the redemption of\\nsuch outstanding bonds from the proceeds of refunding bonds shall not\\nreduce the amount so secured.\\n (d) In computing any community senior citizens services capital\\nreserve fund for the purposes of this section, securities in which all\\nor a portion of such reserve fund shall be invested shall be valued at\\npar if purchased at par, or if purchased at other than par, at amortized\\nvalue.\\n 15. The agency shall create and establish a special fund (herein\\nreferred to as community senior citizens services general reserve fund)\\nand shall pay into such fund all fees and charges collected by the\\nagency pursuant to subdivision eleven-a of section forty-four of this\\narticle and any moneys which the agency shall transfer from the\\ncommunity senior citizens services capital reserve fund pursuant to the\\nprovisions of paragraph (a) of subdivision fourteen of this section.\\nSuch moneys and any other moneys paid into the community senior citizens\\nservices general reserve fund may, in the discretion of the agency, but\\nsubject to agreements with bondholders and noteholders, be used by the\\nagency (a) for the repayment of advances from the state in accordance\\nwith the provisions of repayment agreements between the agency and the\\ndirector of the budget, (b) to reimburse the department of social\\nservices of the state of New York for the reasonable costs of the\\nservices performed by such department pursuant to subdivision six of\\nsection fifty-five of this article, (c) to pay all costs, expenses and\\ncharges of financing, including fees and expenses of trustees and paying\\nagents, (d) for transfers to the community senior citizens services\\ncapital reserve fund, (e) for the payment of principal of and interest\\non community senior citizens services project bonds and notes issued by\\nthe agency when the same shall become due whether at maturity or on call\\nfor redemption and for the payment of any redemption premium required to\\nbe paid where such community senior citizens services project bonds and\\nnotes are redeemed prior to their stated maturities and to purchase\\ncommunity senior citizens services project bonds or notes issued by the\\nagency, or (f) for such other corporate purposes of the agency as it, in\\nits discretion, shall determine and provide.\\n 16. (a) The agency may create and establish one or more special funds\\nto be known as community mental health services and mental retardation\\nservices capital reserve funds and may pay into such reserve funds (1)\\nany monies appropriated and made available by the state for the purposes\\nof such funds, (2) any proceeds of the sale of community mental health\\nservices and mental retardation services project revenue bonds or notes,\\nto the extent provided in the resolution of the agency authorizing the\\nissuance thereof, and (3) any other monies which may be made available\\nto the agency for the purposes of such fund or funds from any other\\nsource or sources. The monies held in or credited to a capital reserve\\nfund established under this subdivision, except as hereinafter provided\\nand as provided in agreements with bondholders and noteholders, shall be\\nused solely for the payment of principal of community mental health\\nservices and mental retardation services project revenue bonds of the\\nagency secured by such reserve fund, as the same mature, required\\npayments to any sinking fund established in a resolution of the agency\\nfor the amortization of term bonds (hereinafter referred to as \"sinking\\nfund payments\"), the purchase of such revenue bonds of the agency, the\\npayment of interest on such revenue bonds of the agency, or the payment\\nof any redemption premium required to be paid when such bonds are\\nredeemed prior to maturity. Any income or interest earned by, or\\nincrement to, any such community mental health services and mental\\nretardation services capital reserve fund due to the investment thereof\\nmay be transferred to the agency, subject to agreements with bondholders\\nand noteholders.\\n (b) In computing any community mental health services and mental\\nretardation services capital reserve fund for the purposes of this\\nsection, securities in which all or a portion of such reserve fund shall\\nbe invested shall be valued at par if purchased at par, or if purchased\\nat other than par, at the amortized value.\\n (c) The agency shall create and establish one or more special funds\\n(herein referred to as community mental health services and mental\\nretardation services general reserve funds) and shall to the extent\\nprovided in the applicable bond resolution of the agency authorizing the\\nissuance of community mental services and mental retardation services\\nproject revenue bonds, pay into any such fund the fees and charges\\ncollected by the agency pursuant to paragraph (d) of subdivision eleven\\nof section forty-four of this article and any monies which the agency\\nshall transfer from a community mental health services and mental\\nretardation services capital reserve fund pursuant to the provisions of\\nparagraph (a) of this subdivision. Such monies and any other monies paid\\ninto a community mental health services and mental retardation service\\ngeneral reserve fund may, in the discretion of the agency, but subject\\nto agreements with bondholders and noteholders, be used by the agency\\n(i) for the repayment of advances from the state in accordance with the\\nprovisions of repayment agreements between the agency and the director\\nof the budget, (ii) to reimburse the department of mental hygiene the\\nreasonable costs of the services performed by the commissioner of mental\\nhygiene and the department of mental hygiene pursuant to subdivision\\nfive of section fifty-five of this article, including the reasonable\\ncosts of such services performed by the facilities development\\ncorporation upon request by the commissioner of mental hygiene pursuant\\nto the provisions of section 75.25 of the mental hygiene law, (iii) to\\npay all costs, expenses and charges of financing, including fees and\\nexpenses of trustees and paying agents, (iv) for transfers to a\\ncommunity mental health services and mental retardation services capital\\nreserve fund, (v) for the payment of principal of and interest on\\ncommunity mental health services and mental retardation services project\\nrevenue bonds and notes issued by the agency when the same shall become\\ndue whether at maturity or on call for redemption and for the payment of\\nany redemption premium required to be paid where such community mental\\nhealth services and mental retardation services project revenue bonds\\nand notes are redeemed prior to their stated maturities and to purchase\\ncommunity mental health services and mental retardation services revenue\\nbonds or notes issued by the agency, or (vi) for such other corporate\\npurposes of the agency as the agency in its discretion shall determine\\nand provide.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47-A", "title" : "State university construction bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "47-A", "activeDate" : "2014-09-22", "sequenceNo" : 65, "repealedDate" : null, "fromSection" : "47-A", "toSection" : "47-A", "text" : " § 47-a. State university construction bonds and notes. 1.\\nDefinitions. For the purposes of section forty-seven and of this\\nsection:\\n a. \"State university facility\" shall mean a classroom, lecture hall,\\nlibrary, laboratory or other academic building, or any structure on or\\nimprovement to real property of any kind or description, including\\nfixtures and equipment which are an integral part of any such building,\\nstructure or improvement, a walkway or roadway, and improvements and\\nconnections for water, sewer, gas, electrical, telephone, heating, air\\nconditioning and other utility services at a state-operated institution\\nor statutory or contract college under the jurisdiction of the state\\nuniversity of New York, and shall include a housing unit or any\\nemergency temporary housing, with necessary and usual attendant and\\nrelated facilities and equipment, for the use of students, faculty and\\nstaff, and their families, at such an institution or statutory or\\ncontract college.\\n b. \"State university construction bonds\" and \"state university\\nconstruction notes\" shall mean bonds and notes respectively, issued by\\nthe agency pursuant to subdivision two of this section.\\n 2. Additional powers of the agency.\\n a. The agency shall have power to cause state university facilities to\\nbe constructed, acquired, reconstructed, rehabilitated or improved on\\nany real property leased or made available by the state university of\\nNew York, or any state-operated institution or statutory or contract\\ncollege under the jurisdiction of the state university of New York,\\nunder an agreement with the state university construction fund created\\nby section three hundred seventy-one of the education law and in\\nconnection therewith may authorize the state university construction\\nfund to act as its agent for the purpose of constructing, acquiring,\\nreconstructing, rehabilitating or improving such state university\\nfacilities.\\n b. The agency shall have power and is hereby authorized from time to\\ntime to issue negotiable bonds and notes in conformity with applicable\\nprovisions of the uniform commercial code in such principal amount as,\\nin the opinion of the agency, shall be necessary, after taking into\\naccount other monies which may be available for the purpose, to provide\\nsufficient funds for the construction, acquisition, reconstruction,\\nrehabilitation or improvement of state university facilities pursuant to\\nthe preceding paragraph of this subdivision, the payment of interest on\\nstate university construction bonds and state university construction\\nnotes issued for such purposes, the establishment of reserves to secure\\nsuch bonds and notes, and all other expenditures of the agency incident\\nto and necessary or convenient for any such construction, acquisition,\\nreconstruction, rehabilitation or improvement; provided, however, that\\nthe agency shall not issue state university construction bonds and state\\nuniversity construction notes in an aggregate principal amount exceeding\\nthree billion dollars, excluding state university construction bonds and\\nstate university construction notes issued to refund outstanding state\\nuniversity construction bonds or state university construction notes. In\\nno event, however, shall the agency issue state university construction\\nbonds or state university construction notes after August first,\\nnineteen hundred eighty-eight, except state university construction\\nbonds or state university construction notes issued to refund\\noutstanding state university construction bonds or state university\\nconstruction notes; provided, however, that only state university\\nconstruction bonds to be issued to refund state university construction\\nbonds may be issued after August first, nineteen hundred eighty-eight.\\nSuch bonds shall be excluded from such limitation as to the aggregate\\nprincipal amount of state university construction bonds and state\\nuniversity construction notes if the present value of the aggregate debt\\nservice on the refunding bonds does not exceed the present value of the\\naggregate debt service on the bonds refunded thereby. For purposes\\nhereof, the present value of the aggregate debt service of the refunding\\nbonds and the aggregate debt service of the bonds refunded, shall be\\ncalculated by utilizing the true interest cost of the refunding bonds,\\nwhich shall be that rate arrived at by doubling the semi-annual interest\\nrate (compounded semi-annually) necessary to discount the debt service\\npayments on the refunding bonds from the payment dates thereof to the\\ndate of issue of the refunding bonds to the purchase price of the\\nrefunding bonds, including interest accrued thereon prior the issuance\\nthereof.\\n 3. Application of other provisions of article. Except as stated in\\nsection forty-seven, the other provisions of this article shall apply to\\nstate university construction bonds and state university construction\\nnotes issued by the agency pursuant to this section, provided, however,\\nthat such bonds and notes, subject to any agreements with the holders of\\nparticular bonds or notes pledging any specified portions thereof, shall\\nbe secured by a pledge to the payment thereof of (i) rentals paid to the\\nagency with respect to state university facilities financed with the\\nproceeds of such bonds and notes, and (ii) any other assets, monies or\\naccounts pledged or assigned to the agency as security for the payment\\nof such rentals, and provided further that no resolution or resolutions\\nauthorizing state university construction bonds and state university\\nconstruction notes shall (i) pledge all or any part of the fees and\\ncharges made or received by the agency pursuant to subdivision eleven of\\nsection forty-four in connection with the making of mortgage loans or\\ncommitments therefor, or all or any part of the monies received in\\npayment of such mortgage loans and interest thereon, or (ii) pledge all\\nor any part of the mortgages of the agency or obligations securing the\\nsame, or (iii) provide as to the use and disposition of the gross income\\nfrom mortgages owned by the agency or as to the payment of principal of\\nmortgages owned by the agency, or (iv) pledge all or any part of the\\nrentals paid to the agency under leases, subleases or other agreements\\nfor health facilities or mental hygiene facilities entered into by the\\nagency in accordance with this article, or (v) pledge or assign all or\\nany part of any other assets, monies or accounts pledged or assigned to\\nthe agency as security for the payment of rentals for such health\\nfacilities or mental hygiene facilities.\\n 4. Repayment fund. The agency shall create and establish a special\\nfund (herein referred to as state university repayment fund) and shall\\npay into such fund any monies which the agency shall receive in payment\\nof rentals due under one or more lease agreements referred to in\\nsubdivision three of this section. Such monies and any other monies paid\\ninto the state university repayment fund may, in the discretion of the\\nagency but subject to agreements with the holders of state university\\nconstruction bonds and state university construction notes, be used by\\nthe agency (a) for the repayment of advances, if any, from the state to\\nthe agency in connection with state university facilities in accordance\\nwith the provisions of repayment agreements between the agency and the\\ndirector of the budget, (b) to pay all costs, expenses and charges of\\nfinancing the construction, acquisition, reconstruction, rehabilitation\\nor improvement of state university facilities on any real property\\nleased or made available to the agency by the state university of New\\nYork, including fees and expenses of trustees and paying agents and the\\nreasonable costs of services performed by the commissioner of housing\\nand division of housing in respect thereof, and (c) for the payment of\\nthe principal of and interest on state university construction bonds or\\nstate university construction notes issued by the agency when the same\\nshall become due whether at maturity or on call for redemption and for\\nthe payment of any redemption premium required to be paid where such\\nbonds or notes are redeemed prior to their stated maturities, and to\\npurchase state university construction bonds or state university\\nconstruction notes issued by the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47-B", "title" : "Mental hygiene improvement bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2022-07-29", "2023-09-15" ], "docLevelId" : "47-B", "activeDate" : "2014-09-22", "sequenceNo" : 66, "repealedDate" : null, "fromSection" : "47-B", "toSection" : "47-B", "text" : " § 47-b. Mental hygiene improvement bonds and notes. 1. Definitions.\\nFor the purposes of section forty-seven and of this section:\\n a. \"Community mental health and retardation facility\" shall mean a\\nbuilding, a unit within a building, a laboratory, a classroom, a housing\\nunit, a dining hall, an activities center, a library, or any structure\\non or improvement to real property of any kind or description, including\\nfixtures and equipment which are an integral part of such building, unit\\nor structure or improvement, a walkway, a roadway or a parking lot and\\nimprovements and connections for water, sewer, gas, electrical,\\ntelephone, heating, air conditioning and other utility services, or a\\ncombination of any of the foregoing, whether for patient care and\\ntreatment or staff, staff family or service use, located in a city, or\\nin a county not wholly included within a city, authorized to provide\\ncommunity mental health services in accordance with the provisions of\\narticle forty-one of the mental hygiene law, which is utilized or to be\\nutilized for the administration and conduct of programs for the mentally\\nill or the mentally retarded, or both, and for the provision of services\\ntherefor. A community mental health and retardation facility shall also\\nmean and include a residential facility to be operated as a community\\nresidence for the mentally disabled, and a treatment facility for use in\\nthe conduct of an alcoholism treatment program or of a substance abuse\\ntreatment program as defined in the mental hygiene law.\\n b. \"Mental hygiene facility\" shall mean a building, a unit within a\\nbuilding, a laboratory, a classroom, a housing unit, a dining hall, an\\nactivities center, a library, or any structure on or improvement to real\\nproperty of any kind or description, including fixtures and equipment\\nwhich are an integral part of any such building, unit, structure or\\nimprovement, a walkway, a roadway or a parking lot, and improvements and\\nconnections for water, sewer, gas, electrical, telephone, heating, air\\nconditioning and other utility services, or a combination of any of the\\nforegoing, whether for patient care and treatment or staff, staff family\\nor service use, located at or related to any state hospital, any state\\nschool, or any state psychiatric or research institute now or hereafter\\nestablished under the professional jurisdiction, supervision and control\\nof the state department of mental hygiene. A mental hygiene facility\\nshall mean and include a \"community mental health and retardation\\nfacility\", unless such facility is expressly excepted or the context\\nclearly requires otherwise, and shall also mean and include a treatment\\nfacility for use in the conduct of an alcoholism or substance abuse\\ntreatment program as defined in the mental hygiene law, unless such\\nfacility is expressly excepted or the context clearly requires\\notherwise. The definition contained in this subdivision shall not be\\nconstrued to exclude therefrom a facility to be made available under\\nlicense or permit from the health and mental hygiene facilities\\nimprovement corporation to a voluntary agency at the request of the\\ncommissioners of the offices of the department of mental hygiene having\\njurisdiction thereof for use in providing community mental health and\\nretardation services, or for use in the conduct of an alcoholism or\\nsubstance abuse treatment program.\\n c. \"Mental hygiene improvement bonds\" and \"mental hygiene improvement\\nnotes\" shall mean bonds and notes, respectively, issued by the agency\\npursuant to subdivision two of this section.\\n d. \"Mental hygiene facilities improvement program\" shall mean a\\nprogram undertaken by the agency and the health and mental hygiene\\nfacilities improvement corporation for the purpose of constructing,\\nacquiring, reconstructing, rehabilitating or improving mental hygiene\\nfacilities or causing such facilities to be constructed, acquired,\\nreconstructed, rehabilitated or improved pursuant to the health and\\nmental hygiene facilities improvement act and this article.\\n 2. Additional powers of the agency.\\n a. The agency shall have power to lease one or more existing mental\\nhygiene facilities from the trustees of the health and mental hygiene\\nfacilities improvement corporation and to construct, acquire,\\nreconstruct, rehabilitate and improve new mental hygiene facilities at\\nsuch facilities, or on any real property leased from the said\\ncorporation, and to cause such new facilities to be constructed,\\nacquired, reconstructed, rehabilitated or improved by the trustees of\\nthe said corporation as its agent, all in accordance with a lease,\\nsublease or other agreement entered into between the agency and the\\ntrustees of the said corporation pursuant to subdivision four of section\\nnine of the health and mental hygiene facilities improvement act.\\n b. The agency shall have power and is hereby authorized from time to\\ntime to issue negotiable bonds and notes in conformity with applicable\\nprovisions of the uniform commercial code in such principal amount as,\\nin the opinion of the agency, shall be necessary, after taking into\\naccount other monies which may be available for the purpose, to provide\\nsufficient funds for the construction, acquisition, reconstruction,\\nrehabilitation or improvement of mental hygiene facilities pursuant to\\nthe preceding paragraph of this subdivision, the payment of interest on\\nmental hygiene improvement bonds and mental hygiene improvement notes\\nissued for such purposes, the establishment of reserves to secure such\\nbonds and notes, and all other expenditures of the agency incident to\\nand necessary or convenient for any such construction, acquisition,\\nreconstruction, rehabilitation or improvement; provided, however, that\\nthe agency shall not issue mental hygiene improvement bonds and mental\\nhygiene improvement notes in an aggregate principal amount exceeding\\nseven hundred five million dollars, excluding mental hygiene improvement\\nbonds and mental hygiene improvement notes issued to refund outstanding\\nmental hygiene improvement bonds or mental hygiene improvement notes.\\n 3. Application of other provisions of article. Except as stated in\\nsection forty-seven, the other provisions of this article shall apply to\\nmental hygiene improvement bonds and mental hygiene improvement notes\\nissued by the agency pursuant to this section, provided, however, that\\nsuch bonds and notes, subject to any agreements with the holders of\\nparticular bonds or notes pledging any specified portions thereof, shall\\nbe secured by a pledge to the payment thereof of (i) rentals paid to the\\nagency with respect to mental hygiene facilities financed with the\\nproceeds of such bonds and notes, and (ii) any other assets, monies or\\naccounts pledged or assigned to the agency as security for the payment\\nof such rentals, and provided further that no resolution or resolutions\\nauthorizing mental hygiene improvement bonds and mental hygiene\\nimprovement notes shall (i) pledge all or any part of the fees and\\ncharges made or received by the agency pursuant to subdivision eleven of\\nsection forty-four in connection with the making of mortgage loans or\\ncommitments therefor, or all or any part of the monies received in\\npayment of such mortgage loans and interest thereon, or (ii) pledge all\\nor any part of the mortgages of the agency or obligations securing the\\nsame, or (iii) provide as to the use and disposition of the gross income\\nfrom mortgages owned by the agency or as to the payment of principal of\\nmortgages owned by the agency, or (iv) pledge all or any part of the\\nrentals paid to the agency under leases, subleases or other agreements\\nfor state university facilities or health facilities entered into by the\\nagency in accordance with this article, or (v) pledge or assign all or\\nany part of any other assets, monies or accounts pledged or assigned to\\nthe agency as security for the payment of rentals for such state\\nuniversity facilities or health facilities.\\n 4. Mental hygiene facilities fund. The agency shall create and\\nestablish a special fund (herein referred to as mental hygiene\\nfacilities fund) and shall pay into such fund any monies which the\\nagency shall receive in payment of rentals due under one or more leases,\\nsubleases or other agreements entered into pursuant to subdivision four\\nof section nine of the health and mental hygiene facilities improvement\\nact and any other monies which the agency shall receive from the health\\nand mental hygiene facilities improvement corporation as security for or\\nin payment of such rentals. Such monies and any other monies paid into\\nthe mental hygiene facilities fund may, in the discretion of the agency,\\nbut subject to agreements with the holders of mental hygiene improvement\\nbonds and mental hygiene improvement notes, be used by the agency (a)\\nfor the repayment of advances, if any, from the state to the agency in\\nconnection with mental hygiene facilities, and any real property\\nrequired therefor, in accordance with the provisions of repayment\\nagreements related thereto which have been entered into with the\\ndirector of the budget, (b) to pay all costs, expenses and charges of\\nfinancing mental hygiene facilities including fees and expenses of\\ntrustees and paying agents, (c) to pay the administrative and other\\nexpenses of the agency allocable to the services performed by the agency\\nin the financing of the construction, acquisition, reconstruction,\\nrehabilitation or improvement of mental hygiene facilities and matters\\nrelating thereto, (d) for the payment of the principal of and interest\\non mental hygiene improvement bonds or mental hygiene improvement notes\\nissued by the agency when the same shall become due whether at maturity\\nor by call for redemption and for the payment of any redemption premium\\nrequired to be paid where such bonds or notes are redeemed prior to\\ntheir stated maturities, and to purchase mental hygiene improvement\\nbonds or mental hygiene improvement notes issued by the agency, or (e)\\nfor such other corporate purposes of the agency relating to the carrying\\nout of its functions, powers and duties with respect to the financing of\\nthe construction, acquisition, reconstruction, rehabilitation or\\nimprovement of mental hygiene facilities as the agency in its discretion\\nshall determine and provide.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47-C", "title" : "Special provisions related to certain bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2022-07-29" ], "docLevelId" : "47-C", "activeDate" : "2014-09-22", "sequenceNo" : 67, "repealedDate" : null, "fromSection" : "47-C", "toSection" : "47-C", "text" : " § 47-c. Special provisions related to certain bonds and notes.\\nNotwithstanding any other provision of law, general or special:\\n 1. Any public corporation or officer responsible for the acquisition\\nof real property or the planning, supervision or administration of\\nfacilities thereon which may be constructed, acquired, reconstructed,\\nrehabilitated or improved by the agency pursuant to this article is\\nhereby authorized for and on behalf and in the name of the people of the\\nstate of New York, to execute and deliver to the agency, for such\\nconsideration, if any, as may be determined by such public corporation\\nor officer and the agency, but not to exceed the cost of acquisition\\nthereof and the cost of improvements thereon, a lease for a term not\\nexceeding fifty years or a quitclaim deed conveying to the agency all\\nthe right, title and interest of the people of the state of New York in\\nand to any of the lands acquired by such public corporation or officer\\nfor such facilities, and in and to any of the improvements thereon, for\\nthe purpose of constructing, reconstructing, rehabilitating or improving\\nthereon one or more facilities pursuant to this article for lease or\\nsublease to any such public corporation or officer, in accordance with\\nthe terms of an agreement entered into among them in accordance with\\nlaw. The agency is hereby authorized to accept any such lease or\\nconveyance, to lease or sublease such lands, improvements and facilities\\nto such public corporation or officer, and to hold the same subject to\\nthe terms of any such lease, conveyance, sublease or other agreement,\\nand such public corporation or officer is hereby authorized, with the\\napproval of the governor, or where so designated by the governor for\\nsuch purpose, the director of the budget, to lease or sublease any such\\nlands or improvements or the facilities constructed, reconstructed,\\nrehabilitated or improved thereon pursuant to this article or other\\nprovisions of law, and to hold such lands, improvements and facilities\\nsubject to the terms of any such lease, sublease or other agreement.\\n 2. a. In the event that the agency shall fail, within five years from\\nthe date of a lease or conveyance authorized pursuant to subdivision one\\nof this section, to construct, reconstruct, rehabilitate or improve the\\nfacility or facilities thereon for which the conveyance was made, as\\nprovided for in a lease, sublease or other agreement entered into with\\nsuch public corporation or officer, or in the event that such facility\\nor facilities shall cease to be used for the purposes intended, then and\\nin either event but subject to the terms of any lease, sublease or other\\nagreement undertaken by the agency, such lands, and the improvements and\\nfacilities thereon, shall revert to the people of the state of New York\\nwith right of re-entry thereupon, and such lease or deed shall be made\\nsubject to such conditions; provided, however, that as a condition\\nprecedent to the exercise of such right of re-entry the state of New\\nYork, or such public corporation or officer, shall pay to the agency an\\namount equal to the purchase price of such lands and improvements, the\\ndepreciated cost of any facility or facilities constructed,\\nreconstructed, rehabilitated or improved thereon, and all other costs of\\nthe agency incident to the acquisition of such lands and the financing\\nof construction, reconstruction, rehabilitation or improvement relating\\nto such facility or facilities, all as provided in the aforesaid lease,\\nsublease or other agreement entered into with such public corporation or\\nofficer.\\n b. In the event that the agency shall determine that any portions of\\nthe lands leased or conveyed pursuant to subdivision one hereof are in\\nexcess of the lands needed to construct, reconstruct, rehabilitate or\\nimprove the facility or facilities thereon for which the conveyance was\\nmade, as provided in a lease, sublease or other agreement entered into\\nwith such public corporation or officer, the agency may terminate its\\nlease with respect to such excess portions of such lands or reconvey\\nsuch excess portions to the people of the state of New York; provided,\\nhowever, that the state of New York or such public corporation or\\nofficer shall pay to the agency an amount equal to the consideration, if\\nany, paid by the agency to such public corporation or officer allocable\\nto such excess lands and such other costs of the agency as are incident\\nto the acquisition of such excess lands, all as may be approved by such\\npublic corporation or officer and the agency. Any monies so paid to the\\nagency shall be used and applied, subject to the provisions of any\\ncontract with noteholders and bondholders, for the sole purpose of\\npaying costs and expenses of the agency incident to the financing of the\\nfacility or facilities to be constructed, reconstructed, rehabilitated\\nor improved on such other portions of the land as shall have been leased\\nor conveyed to the agency pursuant to subdivision one hereof.\\n 3. The attorney general shall pass upon the form and sufficiency and\\nmanner of execution of any deed of conveyance and of any lease or\\nsublease of lands authorized to be given under subdivision one of this\\nsection and the same shall not be effective unless so approved by him.\\n 4. The cost of construction, acquisition, reconstruction,\\nrehabilitation or improvement of facilities undertaken by the agency\\npursuant to this article may include the cost of acquisition of any land\\nand improvements leased or conveyed to the agency in accordance with\\nsubdivision one of this section and the cost of the original\\nfurnishings, equipment, machinery and apparatus determined by the\\nresponsible public corporation or officer to be needed to furnish and\\nequip such facilities upon the completion of work. The agency shall have\\npower to acquire or lease and to hold land and improvements required for\\nthe construction, acquisition, reconstruction, rehabilitation or\\nimprovement of facilities undertaken by the agency pursuant to this\\narticle and to provide the original furnishings, equipment, machinery\\nand apparatus determined by the responsible public corporation or\\nofficer to be needed to furnish and equip such facilities upon the\\ncompletion of work and to issue its bonds and notes to provide\\nsufficient funds to pay the cost thereof.\\n 5. Any public corporation or officer referred to in subdivision one of\\nthis section is hereby authorized and empowered, in connection with any\\nlease, sublease or other agreement with the agency to which such public\\ncorporation or officer is a party, and subject to such agreements with\\nthird parties as may then exist, to:\\n (a) pledge or assign to the agency all or any portion of the revenues\\nand monies received or to be received by such public corporation or\\nofficer, which may be available for the purpose of paying rentals for\\nthe use of the facilities constructed, acquired, reconstructed,\\nrehabilitated or improved or to be constructed, acquired, reconstructed,\\nrehabilitated or improved under such agreement, so that the payment of\\nsuch rentals may be fully secured and protected; provided, however, that\\nsuch pledge or assignment shall not extend to appropriations or advances\\nfrom the state except appropriations or advances made specifically for\\nthe purpose of paying all or any part of such rentals;\\n (b) use and dispose of such revenues and monies, or any portions\\nthereof, for the purpose of defraying, in whole or in part, (1) the cost\\nof acquiring any real property for the purpose of constructing,\\nacquiring, reconstructing, rehabilitating or improving facilities\\nthereon which may be constructed, acquired, reconstructed, rehabilitated\\nor improved by the agency pursuant to this article, (2) the cost of\\nfinancing the construction, acquisition, reconstruction, rehabilitation\\nor improvement of such facilities, and (3) the cost of acquiring the\\noriginal furnishings, equipment, machinery and apparatus needed to\\nfurnish and equip such facilities upon the completion of work;\\n (c) set aside rental reserves and to agree to the maintenance,\\nregulation and disposition thereof;\\n (d) agree to limitations on the purposes to which the proceeds of sale\\nof agency notes or bonds may be applied and to the pledging of such\\nproceeds to secure the payment of agency notes or bonds or of any issue\\nthereof;\\n (e) agree to limitations on the making of additional leases, subleases\\nor agreements with the agency or with others, and the terms upon which\\nsuch additional leases, subleases or agreements may be made;\\n (f) recognize and give effect to such assignment, upon receipt of any\\nnotice of assignment by the agency of any such lease, sublease or other\\nagreement with the agency, or of any of its rights under such lease,\\nsublease or other agreement, and to pay the assignee thereof rentals or\\nother payments then due or which may become due under any such lease,\\nsublease or other agreement which has been so assigned by the agency;\\nand\\n (g) agree to any other matters, of like or different character, which\\nin any way affect the security or protection of the rental payments\\nrequired to be made under the terms of such lease, sublease or other\\nagreement with the agency.\\n 6. (a) Any state university facility, as defined in section\\nforty-seven-a of this article, which has been constructed, acquired,\\nreconstructed, rehabilitated or improved, in whole or in part, out of\\nmonies advanced to the state university of New York, the state\\nuniversity construction fund, the state office of general services or\\nthe dormitory authority since August first, nineteen hundred sixty-two\\npursuant to appropriations or reappropriations as advances from the\\ncapital construction fund, and the lands upon which such a facility is\\nlocated, may be leased or conveyed to the agency by the state university\\nof New York, the state university construction fund or the dormitory\\nauthority in accordance with the provisions of subdivisions one through\\nfive of this section, notwithstanding that the construction,\\nacquisition, reconstruction, rehabilitation or improvement of such\\nfacility may have been completed by the state university of New York,\\nthe state university construction fund, the dormitory authority or the\\nstate office of general services, or may have been undertaken or may\\nhereafter be undertaken by the dormitory authority under agreement with\\nthe state university of New York or the state university construction\\nfund.\\n (b) Subject to such agreements with third parties as may then exist,\\nthe state university of New York and the state university construction\\nfund are hereby authorized and empowered to enter into leases, subleases\\nand other agreements with the agency with respect to any state\\nuniversity facility described in paragraph (a), and the lands upon which\\nsuch a facility is or may be located, in accordance with the provisions\\nof section three hundred seventy-eight of the education law and the\\nprovisions of subdivisions one through five of this section; and the\\nagency is hereby authorized and empowered to accept any lease or\\nconveyance of any such state university facility, and the lands upon\\nwhich such a facility is or may be located, to acquire, construct,\\nreconstruct, rehabilitate or improve any such facility and to issue\\nbonds and notes to provide sufficient funds therefor in accordance with\\nthe provisions of section forty-seven-a of this article and the\\nprovisions of subdivisions one through five of this section.\\n (c) Any mental hygiene facility, as defined in section forty-seven-b\\nof this article, which has been constructed, acquired, reconstructed,\\nrehabilitated or improved, in whole or in part, out of monies advanced\\nor deemed to have been advanced to the health and mental hygiene\\nfacilities improvement corporation, the state department of mental\\nhygiene or the office of general services, since April first, nineteen\\nhundred sixty-three pursuant to appropriations or reappropriations as\\nadvances from the capital construction fund, and the lands upon which\\nsuch a facility is located, may be leased or conveyed to the agency by\\nthe health and mental hygiene facilities improvement corporation or the\\ncommissioner of mental hygiene in accordance with the provisions of\\nsubdivisions one through five of this section, notwithstanding that the\\nconstruction, acquisition, reconstruction, rehabilitation or improvement\\nof such facility may have been completed by the health and mental\\nhygiene facilities improvement corporation, the state department of\\nmental hygiene or the office of general services.\\n (d) Subject to such agreements with third parties as may then exist,\\nthe health and mental hygiene facilities improvement corporation is\\nhereby authorized and empowered to enter into leases, subleases and\\nother agreements with the agency with respect to any mental hygiene\\nfacility described in paragraph (c), and the lands upon which such a\\nfacility is or may be located, in accordance with the provisions of\\nsubdivision four of section nine of the health and mental hygiene\\nfacilities improvement act and the provisions of subdivisions one\\nthrough five of this section; and the agency is hereby authorized and\\nempowered to accept any lease or conveyance of any such mental hygiene\\nfacility, and the lands upon which such a facility is or may be located,\\nto acquire, construct, reconstruct, rehabilitate or improve any such\\nfacility, and to issue bonds and notes to provide sufficient funds\\ntherefor in accordance with the provisions of section forty-seven-b of\\nthis article and the provisions of subdivisions one through five of this\\nsection.\\n 7. a. The agency shall have the power to acquire by lease or deed from\\nthe health and mental hygiene facilities improvement corporation any\\nreal property acquired by the corporation pursuant to the provisions of\\nsubdivision six of section nine of the health and mental hygiene\\nfacilities improvement act (i) for the purpose of constructing,\\nreconstructing, rehabilitating or improving thereon one or more\\ncommunity mental health and retardation facilities or (ii) for the\\npurpose of financing the acquisition, construction, reconstruction,\\nrehabilitation or improvement thereon of one or more community mental\\nhealth and retardation facilities, pursuant to the provisions of this\\narticle and the health and mental hygiene facilities improvement act.\\nThe agency is hereby authorized to lease or sublease such real property\\nand facilities thereon to the corporation for the purpose of making the\\nsame available to a city or a county not wholly within a city, for use\\nand occupancy in accordance with the provisions of a lease, sublease or\\nother agreement between the corporation and such city or county.\\n b. In the event that the agency shall fail, within five years after\\nthe date of a lease or conveyance of such real property from such city\\nor county to the corporation, to construct, reconstruct, rehabilitate or\\nimprove the community mental health and retardation facility or facility\\nthereon for which such lease or conveyance was made, as provided for in\\na lease, sublease or other agreement entered into by such city or county\\nand the corporation, then, subject to the terms of any lease, sublease\\nor other agreement undertaken by the agency, such real property and any\\nfacilities thereon shall revert to the corporation with right of\\nre-entry thereupon, and such lease or deed shall be made subject to such\\ncondition of reverter and re-entry; provided, however, that as a\\ncondition precedent to the exercise of such right of re-entry the\\ncorporation shall pay to the agency an amount equal to the sum of the\\npurchase price of such real property, the depreciated cost of any\\ncommunity mental health and retardation facility or facilities\\nconstructed, reconstructed, rehabilitated or improved thereon and all\\nother costs of the agency incident to the acquisition of such lands and\\nthe financing of construction, reconstruction, rehabilitation or\\nimprovement relating to such community mental health and retardation\\nfacility or facilities, all as provided in the aforesaid lease, sublease\\nor other agreement entered into with the corporation.\\n c. No real property or interest therein shall be acquired by the\\nagency pursuant to this subdivision unless the title thereto shall be\\napproved by the attorney general.\\n d. The attorney general shall pass upon the form and sufficiency and\\nmanner of execution of any deed of conveyance and of any lease or\\nsublease of real property authorized to be acquired by the agency\\npursuant to this subdivision and the same shall not be effective unless\\nsuch deed, lease or sublease shall be so approved by him.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47-D", "title" : "Health facilities bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "47-D", "activeDate" : "2014-09-22", "sequenceNo" : 68, "repealedDate" : null, "fromSection" : "47-D", "toSection" : "47-D", "text" : " § 47-d. Health facilities bonds and notes. 1. Definitions. For the\\npurposes of section forty-seven and this section:\\n a. \"Municipality\" means a county, city or town constituting a social\\nservices district as defined in sections two, sixty-one, seventy-five\\nand seventy-five-a of the social services law, or any two or more of the\\nforegoing which are acting jointly to provide a health facility or\\nhealth facilities.\\n b. \"Health facility\" means a building, a unit within a building, a\\nlaboratory, a classroom, a housing unit, a dining hall, an activities\\ncenter, a library, or any structure on or improvement to real property\\nof any kind or description, including fixtures and equipment which are\\nan integral part of any such building, unit, structure or improvement, a\\nwalkway, a roadway or a parking lot, and improvements and connections\\nfor water, sewer, gas, electrical, telephone, heating, air conditioning\\nand other utility services, or a combination of any of the foregoing,\\nwhether for patient care and treatment of staff, staff family or service\\nuse, located at or related to or constituting a hospital of, and located\\nin, a municipality.\\n c. \"Health facilities bonds\" and \"health facilities notes\" shall mean\\nbonds and notes, respectively, issued by the agency pursuant to\\nsubdivision two of this section.\\n d. \"Health facilities improvement program\" shall mean a program\\nundertaken by the agency and the health and mental hygiene facilities\\nimprovement corporation for the purpose of constructing, acquiring,\\nreconstructing, rehabilitating or improving health facilities or causing\\nsuch facilities to be constructed, acquired, reconstructed,\\nrehabilitated or improved pursuant to the health and mental hygiene\\nfacilities improvement act and this article.\\n 2. Additional powers of the agency. In accordance with any agreement\\nentered into pursuant to this article and the health and mental hygiene\\nfacilities improvement act: a. The agency shall have powers: (i) to\\nlease or purchase one or more existing health facilities from a\\nmunicipality and cause such facility or facilities to be reconstructed,\\nrehabilitated or improved by the health and mental hygiene facilities\\nimprovement corporation, created by the health and mental hygiene\\nfacilities improvement act, as its agent or, on any real property leased\\nor purchased from a municipality to cause one or more health facilities\\nto be constructed by the health and mental hygiene facilities\\nimprovement corporation as its agent; (ii) to lease or purchase from any\\nperson, firm or corporation real property for the purpose of causing\\nhealth facilities to be constructed, reconstructed, rehabilitated or\\nimproved by the health and mental hygiene facilities improvement\\ncorporation as its agent; (iii) to lease or sublease to a municipality\\nhealth facilities which have been constructed, acquired, reconstructed,\\nrehabilitated or improved by the agency pursuant to this article and the\\nhealth and mental hygiene facilities improvement act; and (iv) to do all\\nor any combination of the foregoing.\\n b. The agency shall have power and is hereby authorized from time to\\ntime to issue negotiable bonds and notes in such principal amount as, in\\nthe opinion of the agency, shall be necessary, after taking into account\\nother monies which may be available for the purpose, to provide\\nsufficient funds for the construction, acquisition, reconstruction,\\nrehabilitation or improvement of health facilities pursuant to this\\nsubdivision two, the payment of interest on health facilities bonds and\\nhealth facilities notes issued for such purposes, the establishment of\\nreserves to secure such bonds and notes, and all other expenditures of\\nthe agency incident to and necessary or convenient for any such\\nconstruction, acquisition, reconstruction, rehabilitation or\\nimprovement, provided, however, that the agency shall not issue health\\nfacilities bonds and health facilities notes in an aggregate principal\\namount exceeding eight hundred million dollars, excluding health\\nfacilities bonds and health facilities notes issued to refund\\noutstanding health facilities bonds or health facilities notes.\\n 3. Application of other provisions of article. Except as stated in\\nsection forty-seven, the other provisions of this article shall apply to\\nhealth facilities bonds and health facilities notes issued by the agency\\npursuant to this section, provided, however, that such bonds and notes,\\nsubject to any agreements with the holders of particular bonds or notes\\npledging any specified portions thereof, shall be secured by a pledge to\\nthe payment thereof of (i) rentals paid to the agency with respect to\\nhealth facilities financed with the proceeds of such bonds and notes,\\nand (ii) any other assets, monies or accounts pledged or assigned to the\\nagency as security for the payment of such rentals, and provided further\\nthat no resolution or resolutions authorizing health facilities bonds\\nand health facilities notes shall (i) pledge all or any part of the fees\\nand charges made or received by the agency pursuant to subdivision\\neleven of section forty-four in connection with the making of mortgage\\nloans or commitments therefor, or all or any part of the monies received\\nin payment of such mortgage loans and interest thereon, or (ii) pledge\\nall or any part of the mortgages of the agency or obligations securing\\nthe same, or (iii) provide as to the use and disposition of the gross\\nincome from mortgages owned by the agency or as to the payment of\\nprincipal of mortgages owned by the agency, or (iv) pledge all or any\\npart of the rentals paid to the agency under leases, subleases or other\\nagreements for state university facilities and mental hygiene facilities\\nentered into by the agency in accordance with this article, or (v)\\npledge or assign all or any part of any other assets, monies or accounts\\npledged or assigned to the agency as security for the payment of rentals\\nfor such state university facilities and mental hygiene facilities.\\n 4. Health facilities income accounts. a. The agency shall create and\\nestablish one or more special accounts (herein referred to as health\\nfacilities income accounts) and shall pay into such accounts any monies\\nwhich the agency shall receive in payment of rentals due under one or\\nmore leases or subleases entered into pursuant to subdivision two of\\nthis section and any other monies which the agency shall receive from a\\nmunicipality as security for or in payment of such rentals. Such monies\\nand any other monies paid into such health facilities income accounts,\\nmay, in the discretion of the agency, but subject to agreements with the\\nholders of health facilities bonds and health facilities notes, be used\\nby the agency (1) for the repayment of advances, if any, from the state\\nto the agency in connection with health facilities, and any real\\nproperty required therefor, in accordance with the provisions of\\nrepayment agreements related thereto which have been entered into with\\nthe director of the budget, (2) to pay all costs, expenses and charges\\nof financing the health facilities applicable to such account or\\naccounts including fees and expenses of trustees and paying agents, (3)\\nto pay the administrative and other expenses of the agency allocable to\\nthe services performed by the agency in the financing of the\\nconstruction, acquisition, reconstruction, rehabilitation or improvement\\nof health facilities and matters relating thereto, (4) for the payment\\nof the principal of and interest on health facilities bonds or health\\nfacilities notes issued by the agency when the same shall become due\\nwhether at maturity or by call for redemption and for the payment of any\\nredemption premium required to be paid where such bonds or notes are\\nredeemed prior to their stated maturities, and to purchase health\\nfacilities bonds or health facilities notes issued by the agency, or (5)\\nfor such other corporate purposes of the agency relating to the carrying\\nout of its functions, powers and duties with respect to the financing of\\nthe construction, acquisition, reconstruction, rehabilitation or\\nimprovement of health facilities as the agency in its discretion shall\\ndetermine and provide.\\n b. To assure the continued payment of rentals due under one or more\\nleases or subleases entered into pursuant to subdivision two of this\\nsection, the agency shall annually, not later than November first in\\neach year, make and deliver to the appropriate chief fiscal officer of\\nthe municipality a certificate setting forth the amount, if any, due and\\nnot paid for the preceding fiscal year of the agency under such lease or\\nsublease with such municipality. In the event of the failure or\\ninability of the municipality to pay over the stated amount to the\\nagency on or before December first of the same year, the agency shall\\nforthwith make and deliver to the comptroller of the state of New York,\\nthe director of the budget of the state of New York and the\\ncommissioners of health and social services of the state of New York a\\nfurther certificate restating the amount due and not paid, and such\\namount shall be paid over to the agency, upon the warrant of the\\ncomptroller on vouchers certified as correct by the commissioner of\\nhealth and approved by the commissioner of social services, out of the\\nnext payment of state aid to such municipality pursuant to section three\\nhundred sixty-eight-a of the social services law or funds appropriated\\nfor the purpose of making payments on behalf of such municipality\\npursuant to section three hundred sixty-seven-b of such law. To the\\nextent any such payments to the agency are made from state aid payments\\npursuant to section three hundred sixty-eight-a of such law, the amount\\nof such payments shall be deducted from the corresponding apportionment\\nof state aid otherwise credited to such municipality, and the state\\nshall not be obligated to pay, nor shall such municipality be entitled\\nto receive, by virtue of such deduction, any additional or increased\\napportionment or payment of state aid pursuant to section three hundred\\nsixty-eight-a of the social services law. To the extent any such\\npayments to the agency are made from funds appropriated for the purpose\\nof making payments on behalf of such municipality pursuant to section\\nthree hundred sixty-seven-b of such law, the amount of such payments may\\nbe deducted from any other payments of state assistance to such\\nmunicipality under the social services law and the state shall not be\\nobligated to pay, nor shall the municipality be entitled to receive, by\\nvirtue of such deduction, any additional or increased apportionment or\\npayment of such state assistance, provided, however, that nothing\\ncontained in this sentence shall be construed to limit, impair, impede,\\nor otherwise adversely affect in any manner the rights or remedies of\\nthe purchasers and holders and owners of any bonds or notes of the state\\nor any agency or instrumentality, public benefit corporation or\\npolitical subdivision thereof under which such purchasers and holders\\nand owners have any right of payment of such bonds or notes by recourse\\nto such state assistance monies.\\n 5. Special provisions. Notwithstanding any other provision of law,\\ngeneral, special or local, or any provision of any charter or ordinance:\\n a. A municipality is hereby authorized to execute and deliver to the\\nagency for such consideration as may be determined by the municipality,\\nthe agency and the health and mental hygiene facilities improvement\\ncorporation, but not to exceed the cost of acquisition thereof to the\\nmunicipality and the cost of improvements thereon, a lease for a term\\nnot exceeding fifty years or a quit claim deed conveying to the agency\\nall right, title and interest of such municipality in and to real\\nproperty, for the purpose of constructing, reconstructing,\\nrehabilitating, or improving one or more health facilities pursuant to\\nthis article and the health and mental hygiene facilities improvement\\nact for subsequent lease or sublease to such municipality, in accordance\\nwith the terms of any agreement entered into pursuant to this article\\nand the health and mental hygiene facilities improvement act.\\n b. A municipality is hereby authorized to lease or sublease from the\\nagency the health facilities constructed, reconstructed, rehabilitated\\nor improved pursuant to this article and the health and mental hygiene\\nfacilities improvement act, in accordance with the terms of any\\nagreement entered into pursuant to this article and such act. At such\\ntime as all rentals due or to become due to the agency pursuant to the\\nterms of any such lease or sublease have been paid or such lease or\\nsublease is terminated pursuant to the provisions thereof, the\\njurisdiction of the agency over the real property leased or conveyed\\npursuant to paragraph a of this subdivision, together with the\\nimprovements thereon shall cease and all interest real and personal in\\nsuch real property and improvements vested in the agency shall vest in\\nthe municipality with right of re-entry thereon, provided, however if\\nsuch real property were leased or conveyed to the agency by a\\nmunicipality which constituted a city social services district which\\ndistrict was dissolved pursuant to the provisions of chapter\\ntwenty-eight of the laws of nineteen hundred seventy-two, all interest\\nreal and personal in such real property and improvements vested in the\\nagency shall vest in the municipality which formerly constituted the\\ncity social services district with right of re-entry thereon.\\n c. No real property or interest therein shall be acquired by the\\nagency pursuant to this subdivision unless title thereto shall have been\\napproved by the attorney general.\\n d. The attorney general shall pass upon the form and sufficiency and\\nmanner of execution of any deed of conveyance and of any lease or\\nsublease to which the agency and a municipality are parties, and the\\nsame shall not be effective unless approved by him.\\n e. In the event that the agency shall fail within five years from the\\ndate of a lease or conveyance authorized pursuant to paragraph a of this\\nsubdivision five to construct, reconstruct, rehabilitate or improve the\\nhealth facilities thereon for which the lease or conveyance was made, as\\nprovided for in any agreement entered into pursuant to this article and\\nthe health and mental hygiene facilities improvement act, or in the\\nevent that such health facilities shall cease to be used for the\\npurposes intended, then and in either event but subject to the terms of\\nany lease, sublease or other agreement between the agency and the\\nmunicipality, such real property and any health facilities thereon,\\nshall revert to the municipality with right of re-entry thereupon and\\nsuch lease or deed shall be made subject to such conditions; provided,\\nhowever, that as a condition precedent to the exercise of such right of\\nre-entry the municipality shall pay to the agency an amount equal to the\\npurchase price of such real property, the depreciated cost of any health\\nfacilities constructed, reconstructed, rehabilitated or improved, and\\nall other costs of the agency incident to the acquisition of such real\\nproperty and the financing of construction, reconstruction,\\nrehabilitation or improvement relating to such facilities, all as\\nprovided in the aforesaid lease, sublease or other agreement entered\\ninto with such municipality.\\n f. In the event that the agency shall determine that any portions of\\nthe real property leased or conveyed pursuant to paragraph a of this\\nsubdivision five are in excess of the real property needed to construct,\\nreconstruct, rehabilitate or improve the facility or facilities thereon\\nfor which the conveyance was made, as provided in any agreement entered\\ninto pursuant to this article and the health and mental hygiene\\nfacilities improvement act, the agency may terminate its lease with\\nrespect to such excess portions of such real property or reconvey such\\nexcess portions to the municipality, provided, however, that the\\nmunicipality shall pay to the agency an amount equal to the\\nconsideration, if any, paid by the agency to such municipality allocable\\nto such excess real property and such other costs of the agency as are\\nincident to the acquisition of such excess real property, all as may be\\napproved by such municipality and the agency. Any monies so paid to the\\nagency shall be used and applied, subject to the provisions of any\\ncontract with noteholders and bondholders, for the sole purpose of\\npaying costs and expenses of the agency incident to the financing of the\\nhealth facilities to be constructed, reconstructed, rehabilitated or\\nimproved on such other portions of the real property as shall have been\\nleased or conveyed to the agency pursuant to paragraph a of this\\nsubdivision five.\\n g. The cost of construction, acquisition, reconstruction,\\nrehabilitation or improvement of health facilities undertaken by the\\nagency pursuant to this article and the health and mental hygiene\\nfacilities improvement act may include the cost of acquisition of any\\nreal property leased or conveyed to the agency in accordance with\\nparagraph a of this subdivision five and the cost of the original\\nfurnishings, equipment, machinery and apparatus needed to furnish and\\nequip such facilities upon the completion of the work. The agency shall\\nhave power to acquire or lease and to hold real property required for\\nthe construction, acquisition, reconstruction, rehabilitation or\\nimprovement of the health facilities undertaken by the agency pursuant\\nto this article and the health and mental hygiene facilities improvement\\nact and to provide the original furnishings, equipment, machinery and\\napparatus needed to furnish and equip such facilities upon the\\ncompletion of work and to issue its bonds and notes to provide\\nsufficient funds to pay the cost thereof.\\n h. A municipality is hereby authorized and empowered, in connection\\nwith any lease, sublease or other agreement with the agency to which\\nsuch municipality is a party, and subject to such agreements with third\\nparties as may then exist, to:\\n (1) pledge or assign to the agency all or any portion of the revenues\\nand monies received or to be received by the municipality, which may be\\navailable for the purpose of paying rentals for the use of the health\\nfacilities constructed, acquired, reconstructed, rehabilitated or\\nimproved under such agreement, so that the payment of such rentals may\\nbe fully secured and protected;\\n (2) use and dispose of such revenues and monies, or any portions\\nthereof, for the purpose of defraying, in whole or in part (a) the cost\\nof acquiring any real property for the purpose of constructing,\\nacquiring, reconstructing, rehabilitating or improving facilities\\nthereon which may be constructed, acquired, reconstructed, rehabilitated\\nor improved by the agency pursuant to this article and the health and\\nmental hygiene facilities improvement act, (b) the cost of financing the\\nconstruction, acquisition, reconstruction, rehabilitation or improvement\\nof such facilities, and (c) the cost of acquiring the original\\nfurnishings, equipment, machinery and apparatus needed to furnish and\\nequip such facilities upon the completion of the work;\\n (3) set aside rental reserves and to agree to the maintenance,\\nregulation and disposition thereof;\\n (4) agree to limitations on the purposes to which the proceeds of sale\\nof agency notes or bonds may be applied and to the pledging of such\\nproceeds to secure the payment of agency notes or bonds or of any issued\\nthereof;\\n (5) agree to limitations on the making of additional leases, subleases\\nor agreements with the agency or with others, and the terms upon which\\nsuch additional leases, subleases or agreements may be made;\\n (6) upon receipt of any notice of assignment by the agency of any such\\nlease, sublease or other agreement with the agency, or of any of its\\nrights under such lease, sublease or other agreement, recognize and give\\neffect to such assignment and to pay the assignee thereof rentals or\\nother payments then due or which may become due under any such lease,\\nsublease or other agreement which has been so assigned by the agency;\\nand\\n (7) agree to any other matters, of like or different character, which\\nin any way affect the security or protection of the rental payments\\nrequired to be made under the terms of such lease, sublease or other\\nagreement with the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "47-E", "title" : "Housing program bonds and notes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-04-17", "2015-05-15", "2015-08-14", "2016-04-08", "2017-04-21", "2018-04-27", "2019-04-19", "2019-06-28", "2020-04-17", "2021-04-23", "2022-04-22", "2023-05-12", "2024-05-03", "2025-05-16", "2026-05-29" ], "docLevelId" : "47-E", "activeDate" : "2014-09-22", "sequenceNo" : 69, "repealedDate" : null, "fromSection" : "47-E", "toSection" : "47-E", "text" : " § 47-e. Housing program bonds and notes. 1. Definitions. For the\\npurposes of this section and paragraph (c) of subdivision one of section\\nforty-seven of this chapter:\\n (a) \"Housing program\" shall mean the housing assistance projects or\\nprograms funded from an appropriation or an apportionment to the:\\n (1) housing assistance fund created by section ninety-two-q of the\\nstate finance law;\\n (2) the affordable housing corporation and deposited in the affordable\\nhousing development account established pursuant to section fifty-nine-b\\nof this chapter;\\n (3) the housing trust fund corporation and deposited in the housing\\ntrust fund account established pursuant to section fifty-nine-a of this\\nchapter; and\\n (4) the homeless housing and assistance account established pursuant\\nto section fifty-nine-i of this chapter.\\n (5) Housing project repair fund created by section sixty of this\\nchapter.\\n (b) \"Housing program bonds and housing program notes\" shall mean bonds\\nand notes issued by the agency pursuant to subdivision two of this\\nsection.\\n (c) \"Code\" shall mean the federal internal revenue code.\\n 2. (a) Subject to the provisions of chapter fifty-nine of the laws of\\ntwo thousand, in order to enhance and encourage the promotion of housing\\nprograms and thereby achieve the stated purposes and objectives of such\\nhousing programs, the agency shall have the power and is hereby\\nauthorized from time to time to issue negotiable housing program bonds\\nand notes in such principal amount as shall be necessary to provide\\nsufficient funds for the repayment of amounts disbursed (and not\\npreviously reimbursed) pursuant to law or any prior year making capital\\nappropriations or reappropriations for the purposes of the housing\\nprogram; provided, however, that the agency may issue such bonds and\\nnotes in an aggregate principal amount not exceeding two billion nine\\nhundred ninety-nine million ninety-nine thousand dollars, plus a\\nprincipal amount of bonds issued to fund the debt service reserve fund\\nin accordance with the debt service reserve fund requirement established\\nby the agency and to fund any other reserves that the agency reasonably\\ndeems necessary for the security or marketability of such bonds and to\\nprovide for the payment of fees and other charges and expenses,\\nincluding underwriters' discount, trustee and rating agency fees, bond\\ninsurance, credit enhancement and liquidity enhancement related to the\\nissuance of such bonds and notes. No reserve fund securing the housing\\nprogram bonds shall be entitled or eligible to receive state funds\\napportioned or appropriated to maintain or restore such reserve fund at\\nor to a particular level, except to the extent of any deficiency\\nresulting directly or indirectly from a failure of the state to\\nappropriate or pay the agreed amount under any of the contracts provided\\nfor in subdivision four of this section.\\n (b) In computing for the purposes of this section the aggregate amount\\nof bonds and notes of the agency issued pursuant to this section, there\\nshall be excluded (i) the amount of bonds and notes issued that would\\nconstitute interest under the code, and (ii) the amount of bonds and\\nnotes issued to refund bonds and notes, provided, that the amount so\\nexcluded under this subparagraph (ii) may exceed the amount of the bonds\\nand notes which the refunding bonds or notes were issued to refund only\\nif the present value of the aggregate debt service on the refunding\\nbonds or notes does not exceed the present value of the aggregate debt\\nservice of the bonds or notes to be refunded, such present value in each\\ncase to be calculated by using the effective interest rate of the\\nrefunding bonds or notes, which shall be that rate arrived at by\\ndoubling the semi-annual interest rate (compounded semi-annually)\\nnecessary to discount the debt service payments on the refunding bonds\\nor notes from the payment date thereof to the date of issue of the\\nrefunding bonds or notes and to the price bid therefor, or to the\\nproceeds received by the agency from the sale thereof, in each case\\nincluding estimated accrued interest.\\n (c) The agency shall annually prepare and approve a bond sale report\\nwhich shall include the agency's bond sale guidelines, amendments to\\nsuch guidelines since the last agency report, and, if necessary, an\\nexplanation of the bond sale guidelines and the results of any sale\\nincluding, but not limited to, the underwriter's discount and net\\ninterest costs of bonds sold during the fiscal year. Such bond sale\\nreport shall also identify which of the agency's bond sales were\\nconducted as public sales and which were conducted as private sales and\\nof those, which were taxable, and describe the participation of minority\\nand women-owned business enterprise firms in such sales. Such bond sale\\nreport may be part of any other annual report that the agency is\\nrequired to make. The agency shall annually submit its bond sale report\\nto the comptroller and copies thereof to the senate finance committee\\nand the assembly ways and means committee. The agency shall make\\navailable to the public copies of its bond sale report upon reasonable\\nrequest therefor. Nothing contained in this subdivision shall be deemed\\nto alter, affect the validity of, modify the terms of or impair any\\ncontract or agreement made or entered into in violation of, or without\\ncompliance with, the provisions of this subdivision.\\n (d) The bonding authority granted by this section and the issuance of\\nbonds for the purposes described therein shall in no way act to:\\n (i) delay or impede the obligation, encumbrance and timely\\ndisbursement of funds appropriated or reappropriated for the housing\\nprogram, or any financial commitments made pursuant to such program as\\ndefined in this section;\\n (ii) impair or impede the continued operation and administration of\\nsuch program by the agency, any of its subsidiaries or the division of\\nhousing and community renewal pursuant to law and rules and regulations\\nthereby established.\\n 3. Subject to any agreements with the holders of particular bonds or\\nnotes pledging any specified portions thereof, the housing program bonds\\nand notes shall be secured by a pledge to the payment thereof of the\\nstate payments made pursuant to the service contracts referred to in\\nsubdivision four of this section.\\n 4. (a) Notwithstanding the provisions of any general or special law to\\nthe contrary, and subject to the making of annual appropriations\\ntherefor by the legislature, in order to assist the agency and its\\nsubsidiary corporations in undertaking and providing services with\\nrespect to housing programs and in consideration of the undertaking\\nthereof and the benefits to be derived therefrom by the people of the\\nstate, the director of the budget is authorized in any state fiscal year\\nto enter into one or more service contracts, none of which shall exceed\\nthirty years in duration, with the agency, upon such terms as the\\ndirector of the budget and the agency agree, so as to provide annually\\nto the agency in the aggregate a sum not to exceed the annual debt\\nservice payments required for the bonds and notes issued pursuant to\\nthis section.\\n (b) Any service contract entered into pursuant to paragraph (a) of\\nthis subdivision shall provide that the obligation of the director of\\nthe budget or of the state to fund or to pay the amounts therein\\nprovided for shall not constitute a debt of the state within the meaning\\nof any constitutional or statutory provision and shall be deemed\\nexecutory only to the extent of moneys available and that no liability\\nshall be incurred by the state beyond the moneys available for the\\npurpose, and that such obligation is subject to annual appropriation by\\nthe legislature.\\n (c) Any such contract or any payments made or to be made thereunder\\nmay be assigned and pledged by the agency as security for its bonds and\\nnotes authorized by this section.\\n 5. (a) Subject to the provisions of chapter fifty-nine of the laws of\\ntwo thousand, upon the issuance of housing program bonds or notes, the\\nagency shall apply such amount of the proceeds thereof as shall be\\ndesignated and specified in the bond or note resolution or resolutions\\nauthorizing the issuance of such bonds or notes to the specific funds\\nand/or accounts of one or more housing programs. The bond resolution or\\nresolutions authorizing the issuance of such bonds or notes shall only\\nallocate net proceeds of bonds or notes to a particular fund or account\\nof a housing program if the legislature has authorized pursuant to law\\nor any prior year an advance to such fund or account, and the amount of\\nsuch bond or note proceeds so allocated to such fund or account shall\\nnot exceed the total amount so authorized to be advanced. Such proceeds\\nshall be disbursed to such a fund or account in accordance with such\\nallocation only for application to the repayment of advances previously\\nor thereupon made and not previously repaid. Such proceeds may not be\\ntransferred from an entity authorized to administer a housing program to\\nthe state or a fund of the state, except in repayment of such advances.\\nExcept in the case of refunding bonds or notes authorized hereunder, any\\nnet proceeds not so allocated or disbursed shall be utilized first to\\npay debt service on the applicable bonds or notes in the current or the\\nsucceeding fiscal year and second to the redemption of such bonds;\\nprovided that such application may be adjusted to comply with applicable\\nfederal law as to federal tax exemption. For purposes of this paragraph,\\nearnings from the investment of net proceeds shall be treated as net\\nproceeds.\\n (b) Each of the entities authorized to administer the respective\\nhousing programs is hereby authorized to accept advances of funds\\nreferred to in paragraph (a) of this subdivision and to apply any such\\nadvances in such manner authorized by law and to repay any such advances\\nfrom the proceeds of housing program bonds or notes deposited therewith\\npursuant to paragraph (a) of this subdivision.\\n (c) The state comptroller is hereby authorized to receive from the\\nagency repayments of moneys, if any, advanced by the state for purposes\\nof the housing program and to deposit the same to the credit of the\\ncapital projects fund, the housing program fund, the housing assistance\\nfund or other appropriate fund.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "48", "title" : "Agreement with the state", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "48", "activeDate" : "2014-09-22", "sequenceNo" : 70, "repealedDate" : null, "fromSection" : "48", "toSection" : "48", "text" : " § 48. Agreement with the state. The state does hereby pledge to and\\nagree with the holders of any notes or bonds issued under this article,\\nthat the state will not limit or alter the rights hereby vested in the\\nagency to fulfill the terms of any agreements made with the holders\\nthereof, or in any way impair the rights and remedies of such holders\\nuntil such notes or bonds, together with the interest thereon, with\\ninterest on any unpaid installments of interest, and all costs and\\nexpenses in connection with any action or proceeding by or on behalf of\\nsuch holders, are fully met and discharged. The agency is authorized to\\ninclude this pledge and agreement of the state in any agreement with the\\nholders of such notes or bonds.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "49", "title" : "State's right to require redemption of bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "49", "activeDate" : "2014-09-22", "sequenceNo" : 71, "repealedDate" : null, "fromSection" : "49", "toSection" : "49", "text" : " § 49. State's right to require redemption of bonds. Notwithstanding\\nand in addition to any provisions for the redemption of bonds which may\\nbe contained in any contract with the holders of the bonds, the state\\nmay, upon furnishing sufficient funds therefor, require the agency to\\nredeem, prior to maturity, as a whole, any issue of bonds on any\\ninterest payment date not less than twenty years after the date of the\\nbonds of such issue at one hundred five per centum of their face value\\nand accrued interest or at such lower redemption price as may be\\nprovided in the bonds in case of the redemption thereof as a whole on\\nthe redemption date. Notice of such redemption shall be published in at\\nleast two newspapers publishing and circulating respectively in the\\ncities of Albany and New York at least twice, the first publication to\\nbe at least thirty days before the date of redemption. The provisions of\\nthis section relating to the state's right to require redemption of\\nbonds, shall not apply to state-supported debt, as defined in section\\nsixty-seven-a of the state finance law, issued by the agency. Such\\nagency bonds shall remain subject to redemption pursuant to any contract\\nwith the holders of such bonds.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "50", "title" : "Remedies of noteholders and bondholders", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "50", "activeDate" : "2014-09-22", "sequenceNo" : 72, "repealedDate" : null, "fromSection" : "50", "toSection" : "50", "text" : " § 50. Remedies of noteholders and bondholders. 1. In the event that\\nthe agency shall default in the payment of principal of or interest on\\nany issue of notes or bonds after the same shall become due, whether at\\nmaturity or upon call for redemption, and such default shall continue\\nfor a period of thirty days, or in the event that the agency shall fail\\nor refuse to comply with the provisions of this article, or shall\\ndefault in any agreement made with the holders of any issue of notes or\\nbonds, the holders of twenty-five per centum in aggregate principal\\namount of the notes or bonds of such issue then outstanding, by\\ninstrument or instruments filed in the office of the clerk of the county\\nof Albany and approved or acknowledged in the same manner as a deed to\\nbe recorded, may appoint a trustee to represent the holders of such\\nnotes or bonds for the purposes herein provided.\\n 2. Such trustee may, and upon written request of the holders of\\ntwenty-five per centum in principal amount of such notes or bonds then\\noutstanding shall, in his or its own name:\\n (a) by action or special proceeding in accordance with the civil\\npractice law and rules, enforce all rights of the noteholders or\\nbondholders, including the right to require the agency to collect fees\\nand charges and interest and amortization payments on mortgage loans\\nmade by it adequate to carry out any agreement as to, or pledge of, such\\nfees and charges and interest and amortization payments on such\\nmortgages, and other properties and to require the agency to carry out\\nany other agreements with the holders of such notes or bonds and to\\nperform its duties under this title;\\n (b) bring suit upon such notes or bonds;\\n (c) by action or special proceeding require the agency to account as\\nif it were the trustee of an express trust for the holders of such notes\\nor bonds;\\n (d) by action or special proceeding enjoin any acts or things which\\nmay be unlawful or in violation of the rights of the holders of such\\nnotes or bonds;\\n (e) declare all such notes or bonds due and payable, and if all\\ndefaults shall be made good, then, with the consent of the holders of\\ntwenty-five per centum of the principal amount of such notes or bonds\\nthen outstanding, to annul such declaration and its consequences.\\n 3. Such trustee shall in addition to the foregoing have and possess\\nall of the powers necessary or appropriate for the exercise of any\\nfunctions specifically set forth herein or incident to the general\\nrepresentation of bondholders or noteholders in the enforcement and\\nprotection of their rights.\\n 4. The supreme court shall have jurisdiction of any suit, action or\\nproceeding by the trustee on behalf of such noteholders or bondholders.\\nThe venue of any such suit, action or proceeding shall be laid in the\\ncounty of Albany.\\n 5. Before declaring due and payable the principal of notes or bonds\\nissued in connection with any mortgage or other obligation securing a\\nmortgage loan made by the agency, the trustee shall first give thirty\\ndays' notice in writing to the governor, to the agency, to the\\ncommissioner of housing and community renewal, the state commissioner of\\nhealth, the state commissioner of mental hygiene or the state\\ncommissioner of social services, as the case may be, and to the attorney\\ngeneral of the state.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "51", "title" : "Monies of the agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "51", "activeDate" : "2014-09-22", "sequenceNo" : 73, "repealedDate" : null, "fromSection" : "51", "toSection" : "51", "text" : " § 51. Monies of the agency. 1. All monies of the agency, except as\\notherwise authorized or provided in this article, shall be paid to the\\ncommissioner of taxation and finance as agent of the agency, who shall\\nnot commingle such monies with any other monies. Such monies shall be\\ndeposited in a separate bank account or accounts. The monies in such\\naccounts shall be paid out on checks signed by the commissioner of\\ntaxation and finance on requisition of the chairman of the agency or of\\nsuch other officer or employee or officers or employees as the agency\\nshall authorize to make such requisition. All deposits of such monies\\nshall, if required by the commissioner of taxation and finance or the\\nagency, be secured by obligations of the United States or of the state\\nof a market value equal at all times to the amount of the deposit and\\nall banks and trust companies are authorized to give such security for\\nsuch deposits.\\n Notwithstanding the provisions of this section, the agency shall have\\npower, subject to the approval of the commissioner of taxation and\\nfinance, to contract with the holders of any of its notes or bonds, as\\nto the custody, collection, securing, investment, and payment of any\\nmonies of the agency, of any monies held in trust or otherwise for the\\npayment of notes or bonds, and to carry out such contract. Monies held\\nin trust or otherwise for the payment of notes or bonds or in any way to\\nsecure notes or bonds and deposits of such monies may be secured in the\\nsame manner as monies of the agency, and all banks and trust companies\\nare authorized to give such security for such deposits.\\n 2. Subject to agreements with noteholders and bondholders and the\\napproval of the comptroller, the agency shall prescribe a system of\\naccounts.\\n 3. The comptroller, or his legally authorized representative, is\\nhereby authorized and empowered from time to time to examine the books\\nand accounts of the agency including its receipts, disbursements,\\ncontracts, reserve funds, sinking funds, investments, and any other\\nmatters relating to its financial standing. Such an examination shall be\\nconducted by the comptroller at least once in every five years; the\\ncomptroller is authorized, however, to accept from the agency, in lieu\\nof such an examination, an external examination of its books and\\naccounts made at the request of the agency.\\n 4. The agency shall submit to the governor, chairman of the senate\\nfinance committee, chairman of the assembly ways and means committee and\\nthe comptroller, within thirty days of the receipt thereof by the\\nagency, a copy of the report of every external examination of the books\\nand accounts of the agency other than copies of the reports of such\\nexaminations made by the comptroller.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "51-A", "title" : "Federal rental assistance program administrative fees", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "51-A", "activeDate" : "2014-09-22", "sequenceNo" : 74, "repealedDate" : null, "fromSection" : "51-A", "toSection" : "51-A", "text" : " § 51-a. Federal rental assistance program administrative fees. All\\nadministrative fee monies received by the agency from the federal\\ngovernment pursuant to section eight of the United States housing act of\\n1937, as amended by the Housing and Community Development Act of 1974\\nand subsequent amendments, shall be allocated according to the following\\nschedule:\\n 1. ninety percent of such fees shall be allocated to the\\nnot-for-profit corporations or local government agencies providing\\nservices under such section eight;\\n 2. ten percent of such fees shall be retained by the state and unless\\notherwise allocated pursuant to an agreement between the agency and the\\ndivision of housing and community renewal:\\n (a) ninety-five percent of such amount shall be allocated to the\\ndivision of housing and community renewal; and\\n (b) five percent shall be retained by the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "52", "title" : "Notes and bonds as legal investment", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "52", "activeDate" : "2014-09-22", "sequenceNo" : 75, "repealedDate" : null, "fromSection" : "52", "toSection" : "52", "text" : " § 52. Notes and bonds as legal investment. The notes and bonds of the\\nagency are hereby made securities in which all public officers and\\nbodies of this state and all municipalities and municipal subdivisions,\\nall insurance companies and associations, and other persons carrying on\\nan insurance business, all banks, bankers, trust companies, savings\\nbanks and savings associations, including savings and loan associations,\\nbuilding and loan associations, investment companies and other persons\\ncarrying on a banking business, all administrators, guardians,\\nexecutors, trustees and other fiduciaries, and all other persons\\nwhatsoever who are now or may hereafter be authorized to invest in bonds\\nor other obligations of the state, may properly and legally invest\\nfunds, including capital, in their control or belonging to them.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "53", "title" : "Exemption from taxation of property and income", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "53", "activeDate" : "2014-09-22", "sequenceNo" : 76, "repealedDate" : null, "fromSection" : "53", "toSection" : "53", "text" : " § 53. Exemption from taxation of property and income. The property of\\nthe agency and its income and operations shall be exempt from taxation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "54", "title" : "Exemption from taxation of notes and bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "54", "activeDate" : "2014-09-22", "sequenceNo" : 77, "repealedDate" : null, "fromSection" : "54", "toSection" : "54", "text" : " § 54. Exemption from taxation of notes and bonds. It is hereby\\ndetermined that the creation of the agency is in all respects for the\\nbenefit of the people of the state and for the improvement of their\\nhealth, safety, welfare, comfort and security, and that said purposes\\nare public purposes and that the agency will be performing an essential\\ngovernmental function in the exercise of the powers conferred upon it by\\nthis article. The state covenants with the purchasers and all subsequent\\nholders and transferees of notes and bonds issued by the agency, in\\nconsideration of the acceptance of and payment for the notes and bonds,\\nthat the notes and bonds of the agency, issued pursuant to this article\\nand the income therefrom and all its fees, charges, gifts, grants,\\nrevenues, receipts, and other monies received or to be received, pledged\\nto pay or secure the payment of such notes or bonds shall at all times\\nbe free from taxation, except for estate and gift taxes and taxes on\\ntransfers.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "55", "title" : "Assistance by state officers, departments, boards and commissions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2022-07-29" ], "docLevelId" : "55", "activeDate" : "2014-09-22", "sequenceNo" : 78, "repealedDate" : null, "fromSection" : "55", "toSection" : "55", "text" : " § 55. Assistance by state officers, departments, boards and\\ncommissions. 1. The department of audit and control, department of law,\\ncommissioner of housing and division of housing, and all other state\\nofficers, departments, boards, divisions and commissions may render such\\nservices to the agency within their respective functions as may be\\nrequested by the agency.\\n 2. The commissioner of housing and community renewal and the division\\nof housing and community renewal are hereby designated to act for and in\\nbehalf of the agency in servicing the mortgage loans and equity loans of\\nthe agency, except mortgage loans made to hospital corporations which\\nare eligible borrowers as defined in article twenty-eight-B of the\\npublic health law, nursing home companies, non-profit corporations which\\nare eligible borrowers as defined in title five-A of article six of the\\nsocial services law, or companies incorporated pursuant to the\\nnot-for-profit corporations law and article seventy-five of the mental\\nhygiene law, and in carrying out the provisions of section forty-four-a\\nof this article, and shall perform such functions and services in\\nconnection with the making, servicing and collection of such loans and\\npursuant to such section forty-four-a of this article as shall be\\nrequested by the agency. The agency shall pay to the division of housing\\nand community renewal from any of the monies available for such purpose,\\nsuch amounts as are necessary to reimburse it for the reasonable costs\\nof the services performed by the commissioner of housing and community\\nrenewal and the division of housing and community renewal pursuant to\\nthis section.\\n 3. The state commissioner of health and the state department of health\\nare hereby designated to act for and in behalf of the agency in\\nservicing the nursing home company mortgage loans of the agency and the\\nmortgage loans of the agency to hospital corporations which are eligible\\nborrowers as defined in article twenty-eight-B of the public health law,\\nand shall perform such functions and services in connection with the\\nmaking, servicing and collection of such loans as shall be requested by\\nthe agency. The agency shall pay to the department of health from any\\nmonies of the agency available for such purpose, such amounts as are\\nnecessary to reimburse the department of health for the reasonable cost\\nof the services performed by the commissioner of health and department\\nof health pursuant to this section.\\n 4. The state commissioner of social services and the state department\\nof social services are hereby designated to act for and in behalf of the\\nagency in servicing the youth facilities project mortgage loans of the\\nagency and shall perform such functions and services in connection with\\nthe making, servicing and collection of such loans as shall be requested\\nby the agency. The agency shall pay to the department of social services\\nfrom any monies of the agency available for such purpose, such amounts\\nas are necessary to reimburse the department of social services for the\\nreasonable cost of the services performed by the commissioner of social\\nservices and department of social services pursuant to this section.\\n 5. The state commissioner of mental hygiene and the state department\\nof mental hygiene are hereby designated to act for and in behalf of the\\nagency in servicing the community mental health services and mental\\nretardation services companies mortgage loans of the agency and shall\\nperform such functions and services in connection with the making,\\nservicing and collection of such loans as shall be requested by the\\nagency. The agency shall pay to the department of mental hygiene from\\nany monies of the agency available for such purpose, such amounts as are\\nnecessary to reimburse the department of mental hygiene for the\\nreasonable cost of the services performed by the commissioner of mental\\nhygiene and department of mental hygiene pursuant to this section,\\nincluding such amounts as are necessary to reimburse the health and\\nmental hygiene facilities improvement corporation for the reasonable\\ncost of such services performed by the health and mental hygiene\\nfacilities improvement corporation upon request by the commissioner of\\nmental hygiene pursuant to the provisions of section 75.25 of the mental\\nhygiene law.\\n 6. The department of social services of the state of New York is\\nhereby designated to act for and in behalf of the agency in servicing\\nthe community senior citizens centers and services companies mortgage\\nloans of the agency and shall perform such functions and services in\\nconnection with the making, servicing and collection of such loans as\\nshall be requested by the agency. The agency shall pay to such\\ndepartment from any moneys of the agency available for such purposes,\\nsuch amounts as are necessary to reimburse such department for the\\nreasonable cost of the services performed by such department pursuant to\\nthis section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "56", "title" : "Reports", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2023-09-15", "2025-07-04" ], "docLevelId" : "56", "activeDate" : "2014-09-22", "sequenceNo" : 79, "repealedDate" : null, "fromSection" : "56", "toSection" : "56", "text" : " * § 56. Reports. 1. The agency shall submit to the governor, the\\nchairman of the senate finance committee, the chairman of the assembly\\nways and means committee, the comptroller and the director of the budget\\nwithin ninety days after the end of its fiscal year, a complete and\\ndetailed report setting forth: (1) its operations and accomplishments;\\n(2) its receipts and expenditures during such fiscal year in accordance\\nwith the categories or classifications established by the agency for its\\noperating and capital outlay purposes, including a listing of all\\nprivate consultants engaged by the agency on a contract basis and a\\nstatement of the total amount paid to each such private consultant; (3)\\nits assets and liabilities at the end of its fiscal year, including a\\nschedule of its mortgage loans and commitments and the status of\\nreserve, special or other funds; and (4) a schedule of its bonds and\\nnotes outstanding at the end of its fiscal year, together with a\\nstatement of the amounts redeemed and incurred during such fiscal year.\\n 2. The agency shall provide the commissioner of housing and community\\nrenewal, on a timely basis, with the data and other information\\nnecessary to compile the report or reports required pursuant to section\\ntwenty of the public housing law.\\n * NB Effective until July 23, 2015\\n * § 56. Annual report. The agency shall submit to the governor, the\\nchairman of the senate finance committee, the chairman of the assembly\\nways and means committee, the comptroller and the director of the budget\\nwithin ninety days after the end of its fiscal year, a complete and\\ndetailed report setting forth: (1) its operations and accomplishments;\\n(2) its receipts and expenditures during such fiscal year in accordance\\nwith the categories or classifications established by the agency for its\\noperating and capital outlay purposes, including a listing of all\\nprivate consultants engaged by the agency on a contract basis and a\\nstatement of the total amount paid to each such private consultant; (3)\\nits assets and liabilities at the end of its fiscal year, including a\\nschedule of its mortgage loans and commitments and the status of\\nreserve, special or other funds; and (4) a schedule of its bonds and\\nnotes outstanding at the end of its fiscal year, together with a\\nstatement of the amounts redeemed and incurred during such fiscal year.\\n * NB Effective July 23, 2015\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "56-A", "title" : "Indemnification of members, officers and employees", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "56-A", "activeDate" : "2014-09-22", "sequenceNo" : 80, "repealedDate" : null, "fromSection" : "56-A", "toSection" : "56-A", "text" : " § 56-a. Indemnification of members, officers and employees. The state\\nshall save harmless and indemnify the respective members, officers and\\nemployees of the agency and its subsidiary corporations pursuant to\\nsection seventeen of the public officers law against any claim, demand,\\nsuit or judgment arising by reason of any act or omission to act by such\\nmember, officer or employee occurring in the discharge of his duties and\\nwithin the scope of his service on behalf of the agency or its\\nsubsidiary corporations. In the event of any claim, demand, suit or\\njudgment based on allegations that financial loss was sustained by any\\nperson in connection with the acquisition, disposition or holding of\\nnotes, bonds or other obligations of the agency, a member, officer or\\nemployee of the agency shall be saved harmless and indemnified\\nnotwithstanding any limitations contained in such section seventeen,\\nunless such individual is found by a final judicial determination not to\\nhave acted, in good faith, for a purpose which he reasonably believed to\\nbe in the best interests of the agency or not to have had reasonable\\ncause to believe that his conduct was lawful. All of the provisions of\\nsection seventeen of the public officers law which are not inconsistent\\nwith this section shall apply to the members, officers and employees of\\nthe agency or its subsidiary corporations, including the provisions\\nrelating to the defense by the attorney general or private counsel of\\nany civil action and the payment of legal costs incurred in connection\\nwith the defense of any such action. Any member, officer or employee of\\nthe agency or its subsidiary corporations seeking to be saved harmless\\nor indemnified or to claim any other benefits available pursuant to this\\nsection or section seventeen of the public officers law shall comply\\nwith the procedural requirements of such section seventeen. As used in\\nthis section the terms \"member\", \"officer\" and \"employee\" shall include\\na former member, officer or employee, his estate or judicially appointed\\npersonal representative.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "57", "title" : "Insured mortgage reserve fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "57", "activeDate" : "2014-09-22", "sequenceNo" : 81, "repealedDate" : null, "fromSection" : "57", "toSection" : "57", "text" : " § 57. Insured mortgage reserve fund. 1. The agency shall create and\\nestablish a special fund, to be known as the insured mortgage reserve\\nfund, and shall pay into such fund all monies appropriated and made\\navailable by the state for the purposes of such fund and any other\\nmonies from any other source or sources available therefor. The monies\\nheld in such fund shall be used (1) to meet the agency's obligations\\nunder an agreement with the federal government pursuant to subdivision\\ntwenty-eight of section forty-four of this article, (2) to meet the\\nagency's obligations to pay the principal of and interest on notes\\nissued for the purpose of making a mortgage loan to a company which\\nmortgage loan or a subsequent mortgage loan to such company has been\\ninsured by the federal government, only however to the extent that all\\nother revenues of the agency, including the proceeds of any sale,\\nassignment or other disposition of a mortgage loan insured by the\\nfederal government, available for such purposes are not sufficient to\\nmeet such obligations of the agency, (3) to establish escrow accounts as\\nmay be required by the federal government as a condition for the\\nissuance of mortgage insurance, (4) to pay for installation of such life\\nsafety devices as may be required by the federal government which\\ndevices are in addition to and not in substitution for any requirement\\nheretofore imposed on the company, and (5) to pay closing costs arising\\nout of the company's obtaining mortgage insurance from the federal\\ngovernment. Any income or interest earned by, or increment to the\\ninsured mortgage reserve fund may be used for authorized purposes\\nincluding, but not limited to, the addition of such income or interest\\nearned, or increment to the monies held in such fund for the purposes\\nherein provided, the repayment of appropriation expenditures made to the\\ncredit of such fund, or to secure the payment of the principal of and\\ninterest on notes or revenue housing bonds. Any portion of the monies\\nheld in such fund shall, if the federal government so requires, be\\nsegregated from any other portion thereof and applied solely to meet the\\nagency's obligations under any agreement made pursuant to subdivision\\ntwenty-eight of section forty-four, provided that the amount so\\nsegregated shall not exceed the maximum obligation under any such\\ncontract or contracts.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "58", "title" : "Special revenue housing coverage reserve funds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "58", "activeDate" : "2014-09-22", "sequenceNo" : 82, "repealedDate" : null, "fromSection" : "58", "toSection" : "58", "text" : " § 58. Special revenue housing coverage reserve funds. The agency may\\ncreate and establish one or more special funds to be known as special\\nrevenue housing coverage reserve funds and may pay into such reserve\\nfunds any monies appropriated and made available by the state for the\\npurpose of such funds and any other monies which may be made available\\nto the agency for the purposes of such funds from any other source or\\nsources. The monies held in or credited to any such fund, except as\\nhereinafter provided, shall be used solely for the payment of the\\nprincipal of or interest on the revenue housing bonds of the agency\\nsecured by such fund as the same shall become due, whether at maturity\\nor upon call for redemption, and for the payment of any redemption\\npremium required to be paid when such bonds are redeemed prior to\\nmaturity. Any income or interest earned by, or increment to any such\\nspecial revenue housing coverage reserve fund may be used for authorized\\npurposes including, but not limited to, the addition of such income or\\ninterest earned, or increment to the monies held in such fund for the\\npurposes herein provided, or the repayment of appropriation expenditures\\nmade to the credit of such fund.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59", "title" : "Bond reserve insurance fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59", "activeDate" : "2014-09-22", "sequenceNo" : 83, "repealedDate" : null, "fromSection" : "59", "toSection" : "59", "text" : " § 59. Bond reserve insurance fund. The agency shall create and\\nestablish a special fund, to be known as the bond reserve insurance fund\\nand shall pay into such fund all monies appropriated and made available\\nby the state for the purposes of such fund and any other monies which\\nmay be made available to the agency for the purposes of such fund from\\nany other source or sources. All monies held in the bond reserve\\ninsurance fund shall be used by the agency to meet the agency's\\nobligation to repay principal and interest on its outstanding bonds,\\nsolely to the extent all other revenues of the agency available for such\\npurposes are not sufficient to meet such obligations of the agency. Any\\nincome or interest earned by, or increment to the bond reserve insurance\\nfund may be used for authorized purposes including, but not limited to,\\nthe addition of such income or interest earned, or increment to the\\nmonies held in such fund for the purposes herein provided, or the\\nrepayment of appropriation expenditures made to the credit of such fund.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-A", "title" : "Housing trust fund account", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-A", "activeDate" : "2014-09-22", "sequenceNo" : 84, "repealedDate" : null, "fromSection" : "59-A", "toSection" : "59-A", "text" : " § 59-a. Housing trust fund account. The housing trust fund corporation\\ncreated by section forty-five-a of this chapter shall create and\\nestablish a special account to be known as the housing trust fund\\naccount and shall pay into such account any moneys which may be made\\navailable to such corporation for the purposes of such account from any\\nsource including but not limited to moneys appropriated by and made\\navailable pursuant to appropriation by the state and any income or\\ninterest earned by, or increment to, the account due to the investment\\nthereof or loans made pursuant to article eighteen of this chapter. The\\nmoneys held in or credited to the housing trust fund account established\\nunder this section shall be expended solely to carry out the provisions\\nof article eighteen of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-B", "title" : "Affordable housing development account", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-B", "activeDate" : "2014-09-22", "sequenceNo" : 85, "repealedDate" : null, "fromSection" : "59-B", "toSection" : "59-B", "text" : " § 59-b. Affordable housing development account. The affordable housing\\ncorporation created by section forty-five-b of this chapter shall create\\nand establish a special account to be known as the affordable housing\\ndevelopment account and shall pay into such account any moneys which may\\nbe made available to such corporation for the purposes of such account\\nfrom any source including but not limited to moneys appropriated by and\\nmade available pursuant to appropriation by the state and any income or\\ninterest earned by, or increment to, the account due to the investment\\nthereof or loans made pursuant to article nineteen of this chapter. The\\nmoneys held in or credited to the affordable housing development account\\nestablished under this section shall be expended solely to carry out the\\nprovisions of article nineteen of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-C", "title" : "Insured housing initiatives fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-C", "activeDate" : "2014-09-22", "sequenceNo" : 86, "repealedDate" : null, "fromSection" : "59-C", "toSection" : "59-C", "text" : " § 59-c. Insured housing initiatives fund. 1. The agency shall create\\nand establish a special fund to be known as the insured housing\\ninitiatives fund and shall pay into such fund any moneys which may be\\nmade available to the agency for the purposes of such fund from any\\nsource, including, but not limited to, moneys appropriated by and made\\navailable pursuant to appropriation by the state and any income or\\ninterest earned by, or increment to, the fund due to the investment\\nthereof or moneys payable to the agency under any contract entered into\\npursuant to subdivision two of this section. Subject to the provisions\\nof any contract with bondholders and noteholders and any contract\\nauthorized pursuant to this section for the provision of insurance,\\nletters of credit or other financial mechanisms, the moneys held in or\\ncredited to the insured housing initiatives fund established under this\\nsubdivision, in the discretion of the agency, shall be used by the\\nagency in accordance with subdivision two of this section to enable it\\nto reduce the debt service that would otherwise be payable by the agency\\non its bonds, notes and other obligations issued to make loans pursuant\\nto subdivision twenty-nine-a of section forty-four of this article, and\\nthereby to reduce the obligations of the borrower to the agency. The\\nreduction in debt service as a result of any contract entered into\\npursuant to subdivision two of this section shall result solely in the\\nreduction of rents payable by low income individuals or families\\nresiding in those units in the housing development assisted by the fund\\nthat are required to be occupied by such individuals or families for\\ninterest on obligations issued to finance such housing development to be\\nexempt from taxation pursuant to section 103(b)(4) of the internal\\nrevenue code of 1954, as amended. Provided, however, to the extent that\\nsuch rents for such units are affordable to persons or families whose\\nincome is not in excess of sixty-five percent of median income for the\\narea, as defined by the agency, then any remaining savings or benefits\\nshall be applied to the further reduction of such rents for such units,\\nand/or the reduction of rents payable by other low income individuals or\\nfamilies residing in the housing development assisted by such fund\\nand/or the increase in the occupancy of low income individuals or\\nfamilies residing in such housing development in excess of that required\\npursuant to section 103(b)(4) of the internal revenue code of 1954, as\\namended.\\n 2. The agency may enter into contracts for the provision of insurance,\\nletters of credit or other financial mechanisms designed to reduce such\\ndebt service on bonds, notes and other obligations of the agency in\\naccordance with this section, so long as such obligations receive an\\ninvestment grade rating from a recognized rating agency. The moneys held\\nin or credited to the fund shall not be used to pay the principal of or\\ninterest on such obligations of the agency, the principal of or interest\\non the obligations of the borrower to the agency or any fees of the\\nagency.\\n 3. For the purposes of this section, \"low income individuals or\\nfamilies\" shall mean persons or families with incomes of no more than\\neighty percent of the median income for the area, as defined by the\\nagency.\\n 4. The agency shall account separately for all moneys received by the\\nfund.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-D", "title" : "Turnkey/enhanced housing account", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-D", "activeDate" : "2014-09-22", "sequenceNo" : 87, "repealedDate" : null, "fromSection" : "59-D", "toSection" : "59-D", "text" : " § 59-d. Turnkey/enhanced housing account. The housing trust fund\\ncorporation created by section forty-five-a of this article shall create\\nand establish a special account to be known as the \"turnkey/enhanced\\nhousing account\" and shall pay into such account any moneys which may be\\nmade available to such corporation for the purposes of such account from\\nany source including but not limited to moneys appropriated by and made\\navailable pursuant to appropriation by the state and any income or\\ninterest earned by, or increment to, the account due to the investment\\nthereof or loans made from the account pursuant to article eighteen-A of\\nthis chapter. The moneys held in or credited to the turnkey/enhanced\\nhousing account established under this section shall be expended solely\\nto carry out the provisions of and to pay expenses associated with\\narticle eighteen-A of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-E", "title" : "Infrastructure development fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-E", "activeDate" : "2014-09-22", "sequenceNo" : 88, "repealedDate" : null, "fromSection" : "59-E", "toSection" : "59-E", "text" : " § 59-e. Infrastructure development fund. The agency shall create and\\nestablish a special fund to be known as the \"infrastructure development\\nfund\" and shall pay into such fund any moneys which may be made\\navailable to the corporation for the purposes of such fund from any\\nsource, including but not limited to moneys appropriated by and made\\navailable pursuant to appropriation by the state and any income or\\ninterest earned by, or increment to, the fund due to the investment\\nthereof. The moneys held in or credited to the fund shall be expended\\nsolely to carry out the provisions of and to pay expenses associated\\nwith article twenty-one of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-G", "title" : "Permanent housing for homeless families fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-G", "activeDate" : "2014-09-22", "sequenceNo" : 89, "repealedDate" : null, "fromSection" : "59-G", "toSection" : "59-G", "text" : " § 59-g. Permanent housing for homeless families fund. The agency shall\\ncreate and establish a special fund to be known as the \"permanent\\nhousing for homeless families fund\" and shall pay into such fund any\\nmoneys which may be made available to the agency for the purposes of\\nsuch fund from any source, including but not limited to moneys\\nappropriated by and made available pursuant to appropriation by the\\nstate and moneys made available by cities with a population of one\\nmillion or more and any income or interest earned by, or increment to,\\nthe fund due to the investment thereof. The moneys held in or credited\\nto the fund shall be expended solely to carry out the provisions of and\\nto pay expenses associated with article three-A of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-H", "title" : "Manufactured home cooperative fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-H", "activeDate" : "2014-09-22", "sequenceNo" : 90, "repealedDate" : null, "fromSection" : "59-H", "toSection" : "59-H", "text" : " § 59-h. Manufactured home cooperative fund. The agency shall create\\nand establish a special fund to be known as the manufactured home\\ncooperative fund and shall pay into such fund any moneys which may be\\nmade available to such agency for the purposes of such fund from any\\nsource including but not limited to moneys appropriated by and made\\navailable pursuant to appropriation by the state, civil penalties\\nimposed pursuant to subdivision v of section two hundred thirty-three of\\nthe real property law and any income or loan repayments or interest\\nearned by, or increment to, the fund due to the investment thereof or\\nloans made pursuant to article twenty of this chapter. The moneys held\\nin or credited to the manufactured home cooperative fund established\\nunder this section shall be expended solely to carry out the provisions\\nof article twenty of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "59-I", "title" : "Homeless housing and assistance account", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "59-I", "activeDate" : "2014-09-22", "sequenceNo" : 91, "repealedDate" : null, "fromSection" : "59-I", "toSection" : "59-I", "text" : " § 59-i. Homeless housing and assistance account. The homeless housing\\nand assistance corporation created by section forty-five-c of this\\nchapter shall create and establish a special account to be known as the\\nhomeless housing and assistance account and shall pay into such account\\nany moneys which may be made available to such corporation for the\\npurposes of such account from any source including but not limited to\\nmoneys appropriated by and made available pursuant to appropriation by\\nthe state and any income or interest earned by, or increment to, the\\naccount due to the investment thereof. The moneys held in or credited to\\nthe homeless housing and assistance account established under this\\nsection shall be expended solely to carry out the provisions of title\\none of article two-A of the social services law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "60", "title" : "Housing project repair fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "60", "activeDate" : "2014-09-22", "sequenceNo" : 92, "repealedDate" : null, "fromSection" : "60", "toSection" : "60", "text" : " § 60. Housing project repair fund. 1. As used in this section, (a) the\\nterm \"current economic rent\" shall mean the rent or carrying charges\\ndetermined by the commissioner to be sufficient, together with monies\\navailable to the company from the state, the federal government, or any\\nother source, to provide for the payment of (i) all current mortgage\\ninterest, fees, charges, and amortization, (ii) all current real\\nproperty taxes and water and sewer charges, or payments in lieu thereof,\\n(iii) all other current operating expenses of the project, and (iv) all\\ncurrent payments into reserve funds required by the commissioner;\\nprovided, however, that any payments required for reserves for\\nreplacements shall be in an amount which on an aggregate annual basis is\\nnot less than six-tenths of one percent of the cost for constructing\\nsuch project as determined by the commissioner, except that in the case\\nof a project receiving payments pursuant to this section which otherwise\\nwould be made from such reserve for replacements, the commissioner shall\\ntake such payments into account in determining the necessary amount of\\npayments to reserves for replacements; and\\n (b) the term \"total economic rent\" shall mean the sum of the current\\neconomic rent, as defined in paragraph (a) of this subdivision, plus an\\namount sufficient to amortize all mortgage repayment arrearages,\\nincluding fees and charges, and all real property tax arrearages,\\nincluding applicable interest, if any, and all water and sewer charge\\narrearages, including applicable interest, if any, of the company.\\n 2. The agency shall create and establish a special fund, to be known\\nas the housing project repair fund and shall pay into such fund all\\nmonies appropriated and made available to the agency by the state for\\nthe purposes of such fund and any other monies which may be made\\navailable to the agency for the purposes of such fund from any other\\nsource or sources.\\n 3. Monies held in the housing project repair fund may be used by the\\nagency to provide for the correction of construction-related problems in\\nhousing projects financed by the agency by means of the necessary\\nrepair, reconstruction or replacement of any of the facilities or site\\nconditions, the cost of which was included in the project cost and which\\nform an integral part of the project, and for such other purposes which\\nmay be necessary to effectuate the provisions of this section. A\\nconstruction-related problem shall mean any deficiency or defect in the\\ndesign, construction or site preparation of a project, its buildings,\\nutilities and grounds; provided, however, a deficiency which results\\nfrom conformance to design and construction standards in effect at the\\ntime of such construction shall not constitute such a construction\\nrelated problem. The agency shall not expend monies from the fund as\\npayment to any housing company for the correction of a\\nconstruction-related problem unless the following conditions have been\\nmet:\\n a. The agency has either (1) received a certification by an\\nindependent consultant with appropriate qualifications engaged by the\\nagency certifying (i) the scope and total cost of the corrective work\\nrequired to be performed at the project after taking into consideration\\nemergency conditions, if any, which may exist, and such other factors as\\nmay be appropriate; (ii) the cost effectiveness of alternative methods\\nof performing the corrective work; and (iii) the extent to which the\\ncorrective work to be performed results from a construction-related\\nproblem, or (2) equivalent findings have been made in arbitration or\\nother fact finding procedures established by agreement between a housing\\ncompany, the commissioner and the agency; and\\n b. The agency has found and determined that (i) the projected annual\\naggregate rent revenues for the project and any other monies available\\nto the company from the state or federal government or any other source\\nas certified by the commissioner constitute current economic rent, or\\n(ii) a mortgage modification agreement has been entered into with the\\nhousing company which operates the project, after consultation with the\\ncommissioner and in accordance with the guidelines approved by the\\ndirector of the budget. Such a mortgage modification agreement shall be\\nentered into only in the event that the agency projects that the\\nimposition of total economic rent will require the company to vary\\nrental rates or carrying charges by an amount that exceeds the rental\\nrates or carrying charges of a company in effect immediately prior to\\nthe date of such a modification by the greater of twenty percentum or\\nten dollars per room per month. A mortgage modification agreement may\\npermit the variation of rental rates or carrying charges over a period\\nagreed upon by the agency and the housing company not to exceed\\nseventy-five months from the effective date of the initial variation in\\nrental rates or carrying charges so as to result in the imposition of a\\ncurrent economic rent level at a date no later than the beginning of the\\nseventy-sixth month, and shall make provision for the payment by the\\nhousing company of all current real property taxes and water and sewer\\ncharges, or payments in lieu thereof, and for the payment by the housing\\ncompany of (i) all real property tax arrearages, including applicable\\ninterest, if any, over a period not to exceed fifteen years from the\\neffective date of the initial variation in rental rates or carrying\\ncharges, (ii) all water and sewer charge arrearages, including\\napplicable interest, if any, over a period not to exceed fifteen years\\nfrom the effective date of the initial variation in rental rates or\\ncarrying charges, (iii) all mortgage repayment arrearages, including\\nfees and charges, over a period not to exceed the scheduled date of the\\nexpiration of the mortgage repayment period pursuant to the provisions\\nof the original mortgage and (iv) any mortgage repayment deficiencies\\naccumulated during the term of the mortgage modification agreement over\\na period not to exceed ten years from the expiration of such agreement.\\n 4. Monies shall not be available from the fund to reimburse a housing\\ncompany for work performed or contracted on account of which such\\nhousing company has received a credit against monies otherwise payable\\nto the agency as mortgage repayments prior to the effective date of this\\nsection, nor for work required to maintain, or correct deficiencies or\\ndefects in, construction performed or contracted for by a municipality\\nor public utility, nor for work for which federal monies are available\\nas determined by the commissioner, and the agency shall not expend\\nmonies beyond those required to meet the portion of the cost of\\ncorrection of a condition which constitutes a construction-related\\nproblem, as determined by the agency; provided, however, that monies\\nfrom the fund may be used to pay for the costs associated with the\\nhiring of an independent consultant engaged by the agency to effectuate\\nthe purposes of this section and for otherwise administering the\\nprovisions of this section.\\n 5. Notwithstanding any other provision of this section the agency\\nshall allocate fifteen per centum of the monies from the fund as payment\\nto housing companies financed by the agency or the state for energy\\nconservation improvements or tenant health and safety improvements\\nprovided that the following conditions are met:\\n a. The agency has received a certification from the commissioner that\\nenergy saving or other modifications to the project will either (i)\\nresult in savings projected over a seven year term or (ii) rectify an\\nimminent threat to tenant health and safety, and there is no alternative\\nsource of funding to make such modifications.\\n b. The agency has reviewed the findings of the commissioner and is in\\nagreement with such findings.\\n c. The agency has determined that the requirements of paragraph b of\\nsubdivision three of this section have been satisfied.\\n d. The agency has determined that a plan for performing energy\\nconservation or tenant health and safety improvements as submitted by\\nthe housing company is the most cost-effective alternative available to\\nthe housing company.\\n The agency shall apportion such allocations among housing companies in\\nan equitable manner and shall not make any such allocation in a given\\nyear to a housing company which will, in such year, receive ten percent\\nor more of the monies available in the fund for the correction of\\nconstruction-related problems.\\n 6. To assist in the administration of this section, the agency is\\nauthorized to request the assistance of and utilize the services of any\\nstate department, agency, board, commission or public benefit\\ncorporation, and any such department, agency, board, commission or\\npublic benefit corporation is authorized to provide such assistance and\\nservice.\\n 7. Nothing contained in this section or in the administration or\\napplication hereof shall be construed as creating any private right of\\naction on the part of any persons, firm or corporation against the state\\nof New York, the agency, the division of housing and community renewal,\\nor any officer or employee thereof based upon a construction-related\\nproblem and neither the certification or finding of the existence of a\\nconstruction-related problem as provided in this section nor the\\nimplementation of the provisions of this section may be asserted as a\\ndefense by way of answer, counterclaim, or otherwise in any action or\\nproceeding brought to enforce the provisions of a mortgage or any\\nrelated agreement made by the agency with respect to a project, or\\nbrought by the commissioner with respect to a project, or brought by the\\ncommissioner to enforce any of the provisions of this chapter or any\\norder made by him pursuant to this chapter. In any case where monies\\nheld in the housing project repair fund have been expended to provide\\nfor the correction of any construction-related problem, the agency shall\\naccede to any and all rights and remedies which the housing company on\\nwhose behalf such payment was made may have against any third party with\\nrespect to any such construction-related problem to the extent of such\\npayment.\\n 8. Notwithstanding any other provisions of this section, no monies\\nshall be expended from the housing project repair fund unless the agency\\nhas submitted a plan to the director of the budget and the comptroller\\ndescribing the work required to repair the construction-related or other\\nproblem, or problems, which also describes the method to be used for the\\nawarding of contracts for such work, and the director of the budget and\\nthe comptroller have approved the plan and all contracts let pursuant\\nthereto as being in accordance with the provisions of this section and\\nin accordance with subdivision two of section one hundred twelve of the\\nstate finance law. In addition, no monies shall be expended from the\\nhousing project repair fund unless the director of the budget has\\napproved a plan detailing the scheduling of the work to be performed to\\nrepair any such construction-related or other problem or problems and\\nthe scheduling of the payments for total cost of the work to be\\nperformed. In addition, no monies in excess of the total cost of any\\ncorrective work certified in accordance with paragraph a of subdivision\\nthree of this section shall be expended from such fund without the\\napproval of the director of the budget.\\n 9. Notwithstanding any other law, no monies shall be provided pursuant\\nto this section unless a company shall require the tenants and occupants\\nresiding in the housing project or projects to submit an annual income\\naffidavit as prescribed by the commissioner or the supervising agency,\\nas the case may be, together with proper documentation as and if\\nprescribed by the commissioner or the supervising agency, as the case\\nmay be. Upon submission of such affidavit and documentation, if any, the\\ncompany shall assess such tenant or occupant the rental surcharge, if\\napplicable, prescribed pursuant to section thirty-one of this chapter on\\nthe basis of the verified income of such tenant or occupant. If the\\ntenant or occupant shall fail to submit such affidavit and\\ndocumentation, or if such verification shall result in a disagreement\\ncaused by understatement of income and the tenant shall have failed to\\ncorrect such original affidavit and documentation on forms specified by\\nthe commissioner within sixty days of notification by certified mail by\\nthe commissioner addressed to the tenant, the commissioner shall so\\nnotify the company. Thereupon, the company shall assess such tenant or\\noccupant the maximum rental surcharge permitted pursuant to section\\nthirty-one of this chapter, and provided further, that the company, with\\nthe approval of the commissioner or the supervising agency, as the case\\nmay be, may proceed to remove said tenant or occupant from occupancy on\\nthe ground that said tenant or occupant has materially misrepresented\\nincome. The failure of the tenant to accurately verify such income shall\\nbe prima facie evidence that such material misrepresentation was made by\\nthe tenant. The provisions of any other law to the contrary\\nnotwithstanding, solely for the purpose of verification of income, the\\ncommissioner or the supervising agency, as the case may be, may contract\\nwith the department of taxation and finance for services performed by\\nsuch department in verifying income information forwarded by a company,\\nthe commissioner, or the supervising agency to such department. Nothing\\ncontained herein shall be construed to authorize the commissioner to\\ncontract with such department to provide any income information\\nwhatsoever and such agreement shall be limited solely to the\\nverification of income information. No officer or employee of the\\ndivision of housing and community renewal, the supervising agency, or a\\ncompany shall be subject to any civil or criminal liability by reason of\\nhis forwarding to the department of taxation and finance of any income\\ninformation pursuant to this subdivision, unless (i) such information is\\nknowingly and willfully materially misrepresented by such officer or\\nemployee or (ii) such information is knowingly and willfully divulged to\\nany person, except in the discharge of such officer's or employee's\\nduties solely for the purpose of verification of income, for any reason\\nwhatsoever. The commissioner or the supervising agency as the case may\\nbe, shall promulgate rules and regulations to effect the provisions of\\nthis subdivision. The provisions of the state freedom of information act\\nshall not apply to any income information obtained by a company, the\\ncommissioner, or the supervising agency, as the case may be, pursuant to\\nthe provisions of this subdivision.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "61", "title" : "Inconsistent provisions in other laws superseded", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "61", "activeDate" : "2014-09-22", "sequenceNo" : 93, "repealedDate" : null, "fromSection" : "61", "toSection" : "61", "text" : " § 61. Inconsistent provisions in other laws superseded. Insofar as the\\nprovisions of this article are inconsistent with the provisions of any\\nother law, general, special or local, the provisions of this article\\nshall be controlling.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "61-A", "title" : "Actions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "61-A", "activeDate" : "2014-09-22", "sequenceNo" : 94, "repealedDate" : null, "fromSection" : "61-A", "toSection" : "61-A", "text" : " § 61-a. Actions. Except in an action for wrongful death, in any case\\nfounded upon tort a notice of claim shall be required as a condition\\nprecedent to the commencement of an action or special proceeding against\\nthe agency, any of its subsidiary corporations, or any officer,\\nappointee or employee thereof, and the provisions of section fifty-e of\\nthe general municipal law shall govern the giving of such notice. No\\nsuch action shall be commenced more than one year and ninety days after\\nthe cause of action therefor shall have accrued. An action for wrongful\\ndeath shall be commenced in accordance with the notice of claim and time\\nlimitation provisions of title eleven of article nine of the public\\nauthorities law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "62", "title" : "Article not affected if in part unconstitutional", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "62", "activeDate" : "2014-09-22", "sequenceNo" : 95, "repealedDate" : null, "fromSection" : "62", "toSection" : "62", "text" : " § 62. Article not affected if in part unconstitutional. If any\\nsection, subdivision, paragraph, sentence, clause or provision of this\\narticle shall be unconstitutional or be ineffective in whole or in part,\\nto the extent that it is not unconstitutional or ineffective, it shall\\nbe valid and effective and no other section, subdivision, paragraph,\\nsentence, clause or provision shall on account thereof be deemed invalid\\nor ineffective.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 45 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A3-A", "title" : "Permanent Housing For Homeless Families", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "3-A", "activeDate" : "2014-09-22", "sequenceNo" : 96, "repealedDate" : null, "fromSection" : "63", "toSection" : "69", "text" : " ARTICLE III-A\\n PERMANENT HOUSING FOR HOMELESS FAMILIES\\nSection 63. Legislative findings and declaration.\\n 64. Definitions.\\n 65. Permanent housing for homeless families site review\\n advisory board.\\n 65-a. Permanent housing projects for homeless families.\\n 65-b. Funds for permanent housing projects for homeless\\n families.\\n 65-c. Approval of funding agreement; issuance of requests for\\n proposals.\\n 65-d. Selection of developers.\\n 66. Authorized courses of action.\\n 67. Liability on obligations.\\n 68. State/city allocations of permanent housing projects for\\n homeless families.\\n 69. Compliance; general and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "63", "title" : "Legislative findings and declaration", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "63", "activeDate" : "2014-09-22", "sequenceNo" : 97, "repealedDate" : null, "fromSection" : "63", "toSection" : "63", "text" : " § 63. Legislative findings and declaration. The legislature hereby\\nfinds and declares that many homeless families live in overcrowded and\\noften dilapidated welfare hotels in cities with a population of one\\nmillion or more; that welfare hotel placements are expensive and yet\\noffer only minimal shelter services; and that while the state and cities\\nwith a population of one million or more must continue to develop cost\\neffective alternatives to welfare hotels, ultimately permanent housing\\nis the only real answer to the homeless problem. It is further found\\nthat absent development of more permanent housing, lengths of stay in\\ntemporary shelters will continue to increase forcing an even more rapid\\nescalation in the welfare hotel population and the concomitant growth in\\ntotal state emergency shelter spending.\\n The legislature further finds that the New York state infrastructure\\ntrust fund provides a unique opportunity to increase permanent housing\\nfor homeless families. The legislature therefore finds that the state\\nshould dedicate New York state infrastructure trust fund moneys to the\\ncreation of permanent housing for families in cities with a population\\nof one million or more who are homeless or at risk of being homeless and\\nprimarily for families referred from hotels, motels or tier II shelters\\nfor families; that such state funds shall be matched by an equal amount\\nof city funding and that the city of New York in the most recent\\nhomeless families plan submitted to the council of the city of New York\\nby the human resources administration has proposed to provide\\neighty-five million dollars for such funding; that permanent housing\\nprojects shall be constructed or rehabilitated and sites selected in\\naccordance with a homeless families plan.\\n The legislature further finds that the key elements of such projects\\nshall be: identification by the city of proposed project sites; review\\nby an advisory board of the sites proposed by the city in order to\\nidentify those buildings and properties that can be expeditiously\\ndeveloped and produce the maximum number of units at the lowest cost per\\nunit; approval of recommended sites by the city; administration of\\nconstruction or rehabilitation activities by the New York state housing\\nfinance agency; and selection of a developer or developers to design,\\nconstruct or rehabilitate permanent housing projects for homeless\\nfamilies.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "64", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "64", "activeDate" : "2014-09-22", "sequenceNo" : 98, "repealedDate" : null, "fromSection" : "64", "toSection" : "64", "text" : " § 64. Definitions. The following terms, whenever used or referred to\\nin this article, unless the context indicates otherwise, shall have the\\nfollowing meanings:\\n 1. \"Agency\" shall mean the New York state housing finance agency.\\n 2. \"City\" shall mean cities with a population of one million or more.\\n 3. \"Eligible homeless families\" shall mean in cities with a population\\nof one million or more families who are homeless or who live in\\ntemporary or transitional housing and are unable to secure permanent and\\nstable housing without special assistance, or families who live in\\npermanent housing who are in danger of becoming homeless, or such other\\ncategories of families at risk of being homeless as determined by the\\ncommissioner of social services or a social services district.\\n 4. \"Permanent housing for homeless families site review advisory\\nboard\" or \"board\" shall mean the board referred to in section sixty-five\\nof this article.\\n 5. \"Permanent housing project for homeless families\" or \"project\"\\nshall mean a specific work or improvement, including lands, buildings\\nand improvements acquired, owned, constructed, renovated, rehabilitated,\\nmanaged or operated pursuant to this article, and such incidental or\\nappurtenant facilities as may be approved by the agency.\\n 6. \"Eligible project costs\" shall mean the reasonable and necessary\\ncost of any and all undertakings for planning, financing, land\\nacquisition, demolition, construction, rehabilitation, equipment and\\nsite development, and such other expenses incurred in relation to the\\nproject with respect to units to be occupied by eligible homeless\\nfamilies as the agency may deem appropriate to effectuate the purposes\\nof this article.\\n 7. \"State\" shall mean the state of New York.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "65", "title" : "Permanent housing for homeless families site review advisory board", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "65", "activeDate" : "2014-09-22", "sequenceNo" : 99, "repealedDate" : null, "fromSection" : "65", "toSection" : "65", "text" : " § 65. Permanent housing for homeless families site review advisory\\nboard. 1. There is hereby created the permanent housing for homeless\\nfamilies site review advisory board. The board will consist of the state\\ncommissioner of housing and community renewal, the state commissioner of\\nsocial services, the commissioner of the department of housing\\npreservation and development of the city, the commissioner/administrator\\nof the human resources administration of the city, and two\\nrepresentatives of organizations involved in providing housing. The\\ngovernor of the state and the mayor of the city shall each appoint one\\nof the aforementioned representatives to the board. Any action taken by\\nthe members shall require the affirmative vote of a majority of the\\nmembers. Any member who is not appointed by the governor or mayor may\\nselect a designee from their respective departments or divisions. Any\\nsuch designees shall have the power to attend and to vote at any meeting\\nof the board from which the member is absent with the same force and\\neffect as if the member were present and voting. Such designation shall\\nbe by written notice filed with the board. The designation of such\\nperson shall continue until revoked at any time by written notice to the\\nboard. Notwithstanding any inconsistent provisions of law, general,\\nspecial or local, no officer or employee of the state, or of any civil\\ndivision thereof, or any public benefit corporation, shall be deemed to\\nhave forfeited or shall forfeit his or her office or employment by\\nreason of acceptance of membership on the board created by this section.\\n 2. In carrying out its duties under this article the board may request\\nthe assistance of appropriate city and state agencies, public benefit\\ncorporations and public authorities. The aforesaid agencies, public\\nbenefit corporations and public authorities are authorized to provide\\nsuch assistance within their respective functions as the board may\\nrequire.\\n 3. Notwithstanding any other provision of law, the board shall be\\nauthorized to let contracts in such manner as it deems appropriate and\\nto execute all instruments as necessary to carry out its\\nresponsibilities. The board may contract with the agency to provide for\\nthe reasonable and necessary expenses of the board.\\n 4. Moneys in the permanent housing for homeless families fund may not\\nbe used to pay for any administrative or other expenses of the agency or\\nboard, provided however, that moneys in such fund may be used to pay for\\neligible project costs.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "65-A", "title" : "Permanent housing projects for homeless families", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "65-A", "activeDate" : "2014-09-22", "sequenceNo" : 100, "repealedDate" : null, "fromSection" : "65-A", "toSection" : "65-A", "text" : " § 65-a. Permanent housing projects for homeless families. 1. Site\\nidentification; initial project description. For each proposed permanent\\nhousing project for homeless families, the city will identify a site or\\nsites for development of permanent housing for homeless families. If the\\nsite or sites are proposed to the board for rehabilitation, any building\\nor buildings on the site must be vacant. Prior to any action by the\\nboard, the city must submit to the board an initial project description\\nwhich sets forth, to the extent known, (a) a detailed physical\\ndescription of the property and the number of eligible homeless families\\nestimated to be served by the project; (b) the tenant population that\\nwill be served by the project and how the project will address the needs\\nof these tenants; (c) a description of other funding sources that will\\nbe used to develop the project, if any; (d) the category of permanent\\nhousing proposed to be established; (e) a plan which provides that the\\nunits for eligible homeless families provided under this article will to\\nthe maximum extent practicable be occupied by eligible homeless families\\nreferred from hotels, motels or shelters that are regulated by title\\neighteen of the official compilation of codes, rules and regulations of\\nthe state of New York; (f) where relevant, information stating whether\\nthe city intends to convey the project to a not-for-profit corporation\\nor housing development fund company, and, unless stated otherwise, it\\nwill be assumed that the city will hold title to the project once\\ncompleted; (g) a proposed development timetable; (h) the names,\\naddresses and business background of the principals involved, the nature\\nof their fiduciary relationship and their financial relationship, past,\\npresent and future, to the project and to each other; (i) information\\nregarding the operation of such project and the affordability of such\\nproject for eligible homeless families; and (j) such other information\\nas the board may require. The board will also require in the project\\ndescription that the costs associated with the construction or\\nrehabilitation of those portions of projects that are not designed for\\noccupancy by eligible homeless families are paid for by other funding\\nprograms or sources, and that completed projects must meet all\\napplicable city or state codes governing such construction or\\nrehabilitation. With the approval of the city, a not-for-profit\\ncorporation, housing development fund company or a person, firm or\\ncorporation that will agree to limit its profits or rate of return of\\ninvestors in accordance with a formula established or approved by the\\nagency, may submit to the board one or more sites along with a project\\ndescription in the form prescribed above.\\n 2. After receipt of the initial project description described above,\\nthe board will review each proposed site and identify those sites that\\nthe board finds suitable for construction or rehabilitation for\\npermanent housing for eligible homeless families. No site may be\\nconsidered by the board unless the project proposed for the site will\\ncarry out the objectives of the homeless families plan most recently\\nsubmitted to the council of the city by the New York city human\\nresources administration. In its review, the board will give preference\\nto those projects that will result in the lowest costs per unit, can be\\ncompleted in the least amount of time, serve the greatest need for such\\nhousing and also provide housing for occupants who are not eligible\\nhomeless families.\\n 3. After it has completed its review, the board shall advise the mayor\\nof the city of its recommendations concerning the suitability of\\nproposed sites for development as permanent housing for the homeless. No\\nproject shall be undertaken by the agency pursuant to this article\\nunless the project site has been approved by the advisory board.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "65-B", "title" : "Funds for permanent housing projects for homeless families", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "65-B", "activeDate" : "2014-09-22", "sequenceNo" : 101, "repealedDate" : null, "fromSection" : "65-B", "toSection" : "65-B", "text" : " § 65-b. Funds for permanent housing projects for homeless families.\\nThe agency is authorized to receive and administer funds provided by the\\nstate and a city, as well as grants-in-aid and gifts of real and\\npersonal property, including money, from any source whatsoever, to be\\nused to develop permanent housing accommodations for eligible homeless\\nfamilies. In carrying out its duties under this article the agency may\\nrequire the assistance of appropriate city and state departments or\\nagencies, public benefit corporations and public authorities. The\\naforesaid departments, agencies, public benefit corporations and public\\nauthorities are authorized to provide such assistance within their\\nrespective functions as the agency may require.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "65-C", "title" : "Approval of funding agreement; issuance of requests for proposals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "65-C", "activeDate" : "2014-09-22", "sequenceNo" : 102, "repealedDate" : null, "fromSection" : "65-C", "toSection" : "65-C", "text" : " § 65-c. Approval of funding agreement; issuance of requests for\\nproposals. The city's funds for such projects shall be provided as\\npayments, grants or loans pursuant to a funding agreement or agreements\\nwith the agency. Any such agreement shall include the amount of funding\\nto be provided by the city, the manner in which the city will make the\\nfunds available to the agency or the agency's designee, and a\\ndescription of the projects and project sites, and shall be subject to\\nthe approval of the mayor and the local legislative body of the city.\\nNotwithstanding any inconsistent provisions of law, general, special or\\nlocal, or charter, the mayor and the local legislative body shall take\\naction to approve or disapprove such agreement within sixty days of its\\nsubmission, provided, however, that if the mayor fails to approve or\\ndisapprove the agreement during such period the mayor shall be deemed to\\nhave approved the agreement and provided further that if the local\\nlegislative body fails to approve or disapprove such agreement during\\nsuch period the local legislative body shall be deemed to have approved\\nthe agreement. In the case of a project for which a not-for-profit\\ncorporation, housing development fund company or limited profit entity\\nhas provided sites with the city's approval, approval by the mayor and\\nthe local legislative body shall not be required under this section\\nwhere such project has already received approval from the mayor and the\\nlocal legislative body. Upon approval by the mayor and the local\\nlegislative body of such agreement, and upon satisfaction of such other\\nconditions as the agency may establish, including but not limited to,\\nsatisfactory assurances from the city that projects on approved sites\\nwill receive expedited reviews by city departments and agencies having\\njurisdiction over the project, the agency is authorized to issue one or\\nmore requests for proposals to developers who shall be not-for-profit\\norganizations or persons, partnerships, corporations or other entities\\nthat will agree to limit their profits or rate of return of investors in\\naccordance with a formula established or approved by the agency with\\nrespect to the project, for the development, design, construction, or\\nrehabilitation of permanent housing projects for eligible homeless\\nfamilies. Approval of an agreement by the mayor and the local\\nlegislative body pursuant to this section shall not itself require\\ncompliance with any local land use review procedure, nor shall it\\nconstitute an action for purposes of article eight of the environmental\\nconservation law, provided, however, that this section shall not grant\\nany exemption from such procedures or laws if otherwise applicable.\\nNotwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the agency pursuant to this\\narticle shall not be subject to the provisions of article one-A of the\\npublic authorities law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "65-D", "title" : "Selection of developers", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "65-D", "activeDate" : "2014-09-22", "sequenceNo" : 103, "repealedDate" : null, "fromSection" : "65-D", "toSection" : "65-D", "text" : " § 65-d. Selection of developers. Following receipt by the agency of\\nproposals in response to such request, the agency shall evaluate the\\nproposals in consultation with appropriate city departments and agencies\\nand recommend to the mayor of the city for his approval developers who\\nare suitable and qualified to develop, design, construct or rehabilitate\\none or more permanent housing projects for eligible homeless families.\\nThe agency is authorized to contract with any developer who is approved\\nby the mayor for the development, design, construction or rehabilitation\\nof such projects.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "66", "title" : "Authorized courses of action", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "66", "activeDate" : "2014-09-22", "sequenceNo" : 104, "repealedDate" : null, "fromSection" : "66", "toSection" : "66", "text" : " § 66. Authorized courses of action. For each project, the agency will\\nreview and approve or disapprove a final project description containing\\nthe information specified in section sixty-five-a of this article. The\\nfinal project description shall include the identity of the project\\nowner. After consultation with the city and review of responses to\\nrequests for proposals and within the limit of funds available in the\\npermanent housing for homeless families fund, the agency shall award\\nsuch contracts as it deems appropriate to developers in order to provide\\none or more projects for which it has approved a final project\\ndescription. In proceeding with a project, the agency is authorized to\\ntake such courses of action, including, but not limited to, the\\nfollowing, as may be necessary or useful in enabling the agency to\\naccomplish its purposes:\\n 1. The developer may hold title to the project during development,\\nconstruction and rehabilitation;\\n 2. In order to facilitate project development, the agency may enter\\ninto a license agreement with the holder of the title to the project;\\n 3. Upon completion of construction or rehabilitation of the project by\\na developer who has taken title to the project, title shall be conveyed\\nin accordance with the approved final project description, or, in the\\nabsence of a not-for-profit corporation or housing development fund\\ncompany designated by the city to receive title to the project, title\\nshall be conveyed to the city.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "67", "title" : "Liability on obligations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "67", "activeDate" : "2014-09-22", "sequenceNo" : 105, "repealedDate" : null, "fromSection" : "67", "toSection" : "67", "text" : " § 67. Liability on obligations. 1. Except for obligations which the\\nagency assumes by contract for the construction, rehabilitation and\\ndevelopment period of any project, neither the agency nor the state\\nshall have any responsibility or liability as to the construction,\\nrehabilitation, operation, maintenance, repair or use of projects unless\\notherwise specifically provided by statute.\\n 2. Any contract entered into pursuant to this article between the\\nagency and the developer or owner of a project shall cite and set forth\\nsubdivision one of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "68", "title" : "State/city allocations of permanent housing projects for homeless families", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "68", "activeDate" : "2014-09-22", "sequenceNo" : 106, "repealedDate" : null, "fromSection" : "68", "toSection" : "68", "text" : " § 68. State/city allocations of permanent housing projects for\\nhomeless families. 1. No contract shall be entered into by the agency or\\nits designee in connection with the administration of projects,\\nincluding the payment of project costs, unless the agency is assured to\\nits satisfaction that the city has provided or will provide fifty\\npercent of such costs to the agency or its designee. Moneys received\\nfrom sources other than the city or the state may, at the agency's\\ndiscretion, be expended without regard to such limitation.\\nNotwithstanding any other provision of law, payments, grants and loans\\nmay be deposited by the agency directly with a lending institution at or\\nbefore the time of initial loan closing pursuant to an escrow agreement\\nsatisfactory to the agency.\\n 2. Moneys expended by the agency for the purposes of this article\\nshall not substitute for locally funded operating or capital\\nexpenditures which the city would have allocated through its normal\\nbudgetary process to programs that provide permanent housing for\\nhomeless families in the absence of the funds provided for this program.\\nAll such moneys shall be used to increase locally funded operating or\\ncapital expenditures for permanent housing for homeless families to a\\nlevel which is greater than the level which would have existed if such\\nmoneys had not been provided by the state. Nothing in this subdivision\\nshall require the city to allocate funds for housing programs if in the\\ncity's judgment such allocation would require an increase in taxation or\\na reduction in other city services.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "69", "title" : "Compliance; general and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "69", "activeDate" : "2014-09-22", "sequenceNo" : 107, "repealedDate" : null, "fromSection" : "69", "toSection" : "69", "text" : " § 69. Compliance; general and administrative provisions. 1. The owner\\nof each project shall be responsible for assuring compliance with the\\nterms and conditions of the approved project description and this\\narticle. Any project owned by a not-for-profit corporation or a housing\\ndevelopment fund company shall be subject to such terms and conditions\\nfor a period of thirty-five years or such longer period as may be\\nprovided in the project description. No project may be transferred\\nexcept in accordance with the project description, and the project\\ndescription may not be changed without the approval of the agency.\\n 2. The agency shall issue and promulgate guidelines for the\\nadministration of this article. The guidelines shall include provisions\\nconcerning approval of project descriptions, the eligibility of\\ndevelopers for contracts under this article; funding criteria and the\\nfunding determination process; supervision and evaluation of contracting\\ndevelopers; reporting, budgeting and record-keeping requirements;\\nprovisions for modification and termination of contracts and recapture\\nof funds; and such other matters not inconsistent with the purposes and\\nprovisions of this article as the agency shall deem necessary or\\nappropriate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 11 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A4", "title" : "Limited Dividend Housing Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "4", "activeDate" : "2014-09-22", "sequenceNo" : 108, "repealedDate" : null, "fromSection" : "70", "toSection" : "97", "text" : " ARTICLE IV\\n LIMITED DIVIDEND HOUSING COMPANIES\\nSection 70. General policy.\\n 71. Definitions.\\n 72. Housing companies; how created.\\n 73. Consent of commissioner to creation of housing companies.\\n 74. Application of other laws.\\n 75. Designation of and service of process on secretary of\\n state and registered agent.\\n 76. Limited return on capital and debentures.\\n 77. Time of payment of subscription or capital contributions.\\n 78. Consideration for capital and bonds.\\n 79. Minimum amount of capital and debentures.\\n 80. Income debentures.\\n 81. Mortgages and mortgage bonds.\\n 82. Limitations.\\n 82-a. Redevelopment loans.\\n 83. Execution of housing company projects.\\n 84. Regulation of housing companies.\\n 84-a. Additional supervision and regulation of housing\\n companies.\\n 85. Control of rentals.\\n 85-a. Selection of tenants and occupants.\\n 85-b. Resale price of shares.\\n 86. Reduction of rentals in housing company projects.\\n 87. Increase of rentals in housing company projects.\\n 88. Surplus.\\n 89. Consolidated projects; operation of more than one project.\\n 90. Purchase by housing companies.\\n 91. Proceedings against housing companies.\\n 92. Reorganization.\\n 93. Tax exemptions.\\n 94. Foreclosure.\\n 95. Judgments against housing companies not relating to\\n mortgage indebtedness.\\n 96. Voluntary dissolution.\\n 97. Corporations in existence prior to enactment of article.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "70", "title" : "General policy", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "70", "activeDate" : "2014-09-22", "sequenceNo" : 109, "repealedDate" : null, "fromSection" : "70", "toSection" : "70", "text" : " § 70. General policy. It is hereby declared to be the policy of this\\narticle to encourage the investment of the savings of the people in low\\nrent housing accommodations, to protect such investment against loss and\\nto assure a fair return thereon. To this end, every responsible official\\nof the state shall, wherever necessary, take all reasonable steps to the\\nend that the security and safety of the mortgages referred to in this\\narticle shall be safeguarded and to maintain public confidence in the\\nstock and obligations of housing companies created under this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "71", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "71", "activeDate" : "2014-09-22", "sequenceNo" : 110, "repealedDate" : null, "fromSection" : "71", "toSection" : "71", "text" : " § 71. Definitions. The following terms, whenever used or referred to\\nin this act, shall be construed as follows:\\n 1. The term \"housing company\" means a limited-dividend housing\\ncorporation, a partnership (general or limited) or a trust organized\\npursuant to this article.\\n 2. The term \"project\" means a specific work or improvement undertaken\\nby a housing company, which shall include lands, buildings and\\nimprovements acquired or constructed to provide dwelling accommodations\\nwithin the rental limitations prescribed by this article, and such\\nstores, offices, social, recreational, communal or other non-housing\\nfacilities as may be deemed by the commissioner to be incidental or\\nappurtenant to a project.\\n 3. The term \"mutual\" when applied to a housing company shall mean a\\nhousing company which is a corporation operated exclusively for the\\nbenefit of the persons or families who are entitled to occupancy in a\\nproject of such housing company by reason of ownership of shares in such\\nhousing company.\\n 4. The term \"local and municipal taxes\" means taxes levied by a\\ncounty, city, village, town, school and special district but shall not\\ninclude assessments for local improvements.\\n 5. The term \"state urban development corporation project\" means a\\nproject of a limited-dividend housing company which is a subsidiary of\\nthe New York state urban development corporation, as the term\\n\"subsidiary\" is defined in the New York state urban development\\ncorporation act.\\n 6. The term \"capital\" means, in the case of a corporation, its capital\\nshares issued and outstanding; in the case of a partnership, the\\naggregate value of the money and property contributed by the partners\\nfor the purpose of carrying on the business of the partnership, so far\\nas such is credited to the partners on capital account; and in the case\\nof a trust, the aggregate value of the money or property subject to the\\ntrust.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "72", "title" : "Housing companies; how created", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "72", "activeDate" : "2014-09-22", "sequenceNo" : 111, "repealedDate" : null, "fromSection" : "72", "toSection" : "72", "text" : " § 72. Housing companies; how created. 1. Three or more persons may\\nbecome a housing company which is a corporation, for the purpose of\\ncarrying out a project or projects, on making, signing, acknowledging\\nand filing a certificate which shall contain:\\n (1) The name of the proposed housing company.\\n (2) The purposes for which it is to be formed which shall be as\\nfollows: To acquire, construct, maintain and operate projects.\\n (3) The amount of the capital shares, and if any be preferred shares,\\nthe preference thereof.\\n (4) The number of shares of which the capital shall consist, all of\\nwhich shall have a par value.\\n (5) The city, village or town and county or borough in which its\\nprincipal business office is to be located and the address to which the\\nsecretary of state shall mail a copy of process in any action or\\nproceeding against the housing company which may be served upon him.\\n (6) Its duration, which shall not be less than twenty years.\\n (7) The number of directors, which shall not be less than three.\\n (8) The names and post-office addresses of the directors for the first\\nyear.\\n (9) The names and post-office addresses of the subscribers to the\\ncertificate and a statement of the number of shares which each agrees to\\ntake in the housing company.\\n (10) A provision that the real property of the housing company shall\\nnot be sold, transferred or assigned except under and pursuant to the\\nterms and provisions of this article.\\n (11) A declaration that all of the subscribers to the certificate are\\nof full age; that at least two-thirds of them are citizens of the United\\nStates and that at least one of them is a resident of the state of New\\nYork; that at least one of the persons named as a director is a citizen\\nof the United States and a resident of the state of New York.\\n (12) That the secretary of state is designated as the agent of the\\nhousing company upon whom process in any action or proceeding against it\\nmay be served.\\n 2. (1) A housing company may be created as a general partnership by\\nthe partners signing, acknowledging and filing as hereinafter provided a\\ncertificate which shall contain:\\n (a) The matters set out in paragraphs one, two, five, six, and ten of\\nsubdivision one of this section.\\n (b) The names and post-office addresses of the partners.\\n (c) A statement of the capital of the partnership.\\n (d) A declaration that all the partners are of full age, that at least\\ntwo-thirds of them are citizens of the United States, and that at least\\none of them is a resident of the state of New York.\\n (2) A housing company may be created as a limited partnership by the\\npartners filing as provided herein a copy of the certificate filed with\\nthe county clerk pursuant to article eight of the partnership law. The\\npartners shall at the same time sign, acknowledge and file a further\\ncertificate which shall contain the matters set out in paragraphs one,\\ntwo, five, six and ten of subdivision one of this section and a\\ndeclaration that all the general partners are of full age, and at least\\ntwo-thirds of them are citizens of the United States, and at least one\\nof them is a resident of the state of New York.\\n 3. A housing company may be created as a trust by the settlor signing,\\nacknowledging and filing as hereinafter provided a certificate which\\nshall contain:\\n (1) The matters set out in paragraphs one, two, five, six, and ten of\\nsubdivision one of this section.\\n (2) A statement of the capital of the trust.\\n (3) The name and post-office address of the trustee or trustees.\\n (4) The name and post-office address of any person having a beneficial\\ninterest, whether vested or contingent, under the trust.\\n (5) A declaration that all the trustees are of full age; that at least\\ntwo-thirds of them are citizens of the United States, and that at least\\none of them is a resident of the state of New York.\\n 4. A certificate made pursuant to this section shall further contain a\\ndeclaration that the housing company has been organized to serve a\\npublic purpose and that it shall remain at all times subject to the\\nsupervision and control of the commissioner or of other appropriate\\nstate authority; that all real estate acquired by it and all structures\\nerected by it, shall be deemed to be acquired for the purpose of\\npromoting the public health and safety and subject to the provisions of\\nthis article, and that the shareholders, partners or in the case of a\\ntrust, the settlor, trustees or beneficiaries as their interest may\\nappear, shall be deemed to have agreed that they shall at no time\\nreceive or accept from the housing company, in repayment of their\\ninvestment or interest in its capital, any sums in excess of the par\\nvalue of the shares, or of the amount of their contribution to, or\\nbeneficial interest in capital, together with cumulative distributions\\nupon capital at the rate of six per centum per annum, and that any\\nsurplus in excess of such amount if said company shall be dissolved, or\\nterminated, in the case of a housing company which is a trust, shall be\\npaid into the general fund of the state of New York if the buildings and\\nimprovements of the project have not received exemption from taxation by\\nthe municipality pursuant to subdivision three or four of section\\nninety-three, or if the company has not received a loan from the\\nmunicipality, but if such tax exemption or loan has been received, any\\nremaining surplus shall be paid into the general fund of the\\nmunicipality.\\n 5. A certificate made pursuant to the provisions of this section may\\nprovide that in the event that income debenture certificates are issued\\nby the housing company, the owners thereof may be given the same right\\nto vote as they would have if possessed of shares of equivalent par\\nvalue in the case of a corporation or if they had contributed capital in\\nthe case of a partnership or had a beneficial interest under the trust\\nvested in the case of a trust, of the amount of the income debenture\\ncertificates held by them.\\n If provision is made for the issuance of income debenture\\ncertificates, interest shall be paid by the housing company on income\\ndebenture certificates only out of net earnings of the housing company\\nthat would be applicable to payment of distributions if there were no\\nincome debentures.\\n 6. The certificate may permit the retirement of income debenture\\ncertificates and capital of the housing company if, as and when there\\nshall be funds available in the treasury of the housing company from the\\nreceipt of amortization or sinking fund installments for that purpose as\\nprovided for by this article, but the amount so retired shall not exceed\\nninety per centum of the par value of shares or amount of the capital\\nand the face value of income debentures issued and outstanding at the\\ntime of the final completion of the building or buildings embraced in\\nthe project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "73", "title" : "Consent of commissioner to creation of housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "73", "activeDate" : "2014-09-22", "sequenceNo" : 112, "repealedDate" : null, "fromSection" : "73", "toSection" : "73", "text" : " § 73. Consent of commissioner to creation of housing companies. 1. If\\nany certificate made pursuant to subdivision one of section seventy-two\\nshall be presented to the secretary of state he shall not file said\\ncertificate unless there shall accompany the same a certificate of the\\ncommissioner that he consents to the filing of such certificate. In the\\ncase of a housing company which is a partnership or trust, the\\ncertificate shall be filed with the commissioner.\\n 2. The commissioner shall not accept for filing a certificate of a\\nhousing company which is a partnership (general or limited) or a trust\\nunless there has first been filed with him a partnership agreement or\\ntrust agreement as the case may be, the terms and conditions of which\\nshall be subject to his approval.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "74", "title" : "Application of other laws", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "74", "activeDate" : "2014-09-22", "sequenceNo" : 113, "repealedDate" : null, "fromSection" : "74", "toSection" : "74", "text" : " § 74. Application of other laws. The provisions of the business\\ncorporation law as hereafter from time to time amended shall apply to\\nhousing companies which are corporations, and the provisions of all\\napplicable law shall apply to housing companies which are partnerships\\nor trusts, except where any such provisions are in conflict with this\\narticle.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "75", "title" : "Designation of and service of process on secretary of state and registered agent", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "75", "activeDate" : "2014-09-22", "sequenceNo" : 114, "repealedDate" : null, "fromSection" : "75", "toSection" : "75", "text" : " § 75. Designation of and service of process on secretary of state and\\nregistered agent. The provisions of sections three hundred four, three\\nhundred five and three hundred six of the business corporation law shall\\napply to housing companies heretofore or hereafter organized as\\ncorporations under this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "76", "title" : "Limited return on capital and debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "76", "activeDate" : "2014-09-22", "sequenceNo" : 115, "repealedDate" : null, "fromSection" : "76", "toSection" : "76", "text" : " § 76. Limited return on capital and debentures. No shareholder,\\npartner or beneficiary of a trust having an interest vested in\\npossession in any housing company formed hereunder shall receive any\\ndistribution on capital in any one year in excess of six per centum per\\nannum except that when in any preceding year distributions in the amount\\nprescribed in the certificate shall not have been paid on the said\\ncapital, the shareholders, partners or beneficiaries, as the case may\\nbe, may be paid such deficiency without interest out of any surplus\\nearned in any succeeding years. This provision shall likewise be\\napplicable to income debenture certificates and interest thereon at the\\nrate specified in such certificates shall be cumulative.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "77", "title" : "Time of payment of subscription or capital contributions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "77", "activeDate" : "2014-09-22", "sequenceNo" : 116, "repealedDate" : null, "fromSection" : "77", "toSection" : "77", "text" : " § 77. Time of payment of subscription or capital contributions. 1.\\nSubscriptions to the shares or income debentures of a housing company\\norganized as a corporation shall be paid at such times and in such\\ninstallments as the board of directors and the commissioner may require.\\nIf any default shall be made in the payment of any installment as so\\nrequired, the board of directors may enforce said subscription by\\nappropriate action and upon their failure so to do said subscription may\\nbe enforced by the commissioner. At the option of the board of directors\\nwith the consent of the commissioner, the board of directors may upon\\nsuch default declare the shares or income debentures and all previous\\npayments thereon forfeited, after the expiration of twenty days from the\\nservice on the defaulting shareholder personally, or by mail directed to\\nhim at his address as shown on the books of the housing company, of a\\nwritten notice requiring him to make payment within twenty days from the\\nservice of the notice at a place specified therein and stating that, in\\ncase of failure to do so, his shares or income debentures and all\\nprevious payments thereon will be forfeited. Such shares or income\\ndebentures if forfeited may be reissued or reoffered for subscription.\\nIf a receiver of the housing company has been appointed, all unpaid\\nsubscriptions shall be paid at such times and in such installments as\\nsuch receiver or the court may direct.\\n 2. Capital contributions to a housing company organized as a\\npartnership (general or limited) or a trust shall be paid at such times\\nand in such installments as shall be provided by the partnership\\nagreement or trust agreement. Such partnership agreement or trust\\nagreement shall contain provisions for enforcement of the terms and\\nconditions thereof by the partners or trustees, or upon their failure to\\ndo so, by the commissioner, if any payment so required shall not be\\nmade. If a receiver of the housing company has been appointed, all\\nunpaid capital contributions shall be paid at such times and in such\\ninstallments as such receiver or the court may direct.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "78", "title" : "Consideration for capital and bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "78", "activeDate" : "2014-09-22", "sequenceNo" : 117, "repealedDate" : null, "fromSection" : "78", "toSection" : "78", "text" : " § 78. Consideration for capital and bonds. No housing company which is\\na corporation shall issue shares, nor shall a housing company which is a\\npartnership credit sums to the partners on capital account, nor shall a\\nhousing company which is a trust subject amounts to the trust, and no\\nhousing company shall issue bonds or income debentures, except for money\\nor property actually received for the use and lawful purposes of the\\nhousing company, provided, however, that a mutual housing company may\\nissue shares for home owners purchase notes if the purchase transaction\\nhas received the written endorsement of the commissioner in accordance\\nwith supplementary rules and regulations of the commissioner made\\ntherefor and if at least two hundred dollars in money or property is\\nreceived by such mutual housing company toward the issuance of such\\nshares. The consideration for all capital, bonds or income debentures\\nbased upon property received shall equal a valuation approved by the\\ncommissioner and such valuation shall be used in computing actual or\\nestimated cost.\\n In no event shall the capital of, and income debentures issued by, the\\nhousing company be less than the total of twenty per centum of the\\nactual cost, as defined in this article, of any project or projects\\nundertaken pursuant to this article.\\n The commissioner may permit capital to be increased, or income\\ndebentures to be issued, to an amount not exceeding three per centum of\\nthe estimated total cost, or three per centum of the actual cost, if\\nactual cost should exceed estimated cost, of a project for working\\ncapital to be used in connection with such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "79", "title" : "Minimum amount of capital and debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "79", "activeDate" : "2014-09-22", "sequenceNo" : 118, "repealedDate" : null, "fromSection" : "79", "toSection" : "79", "text" : " § 79. Minimum amount of capital and debentures. The entire amount of\\ncapital, together with any income debentures of a housing company shall\\nbe equivalent to at least twenty per centum of the actual cost of the\\nproject or projects which it operates except that in the case of a\\nhousing company which receives a loan from the New York state urban\\ndevelopment corporation, created by the New York state urban development\\ncorporation act, such amount shall be equivalent to at least five per\\ncentum of such actual cost. The provisions of this section shall not be\\napplicable to any housing company if such company shall receive a loan\\nfrom a municipality pursuant to section ninety-three of the public\\nhousing law, or if funds made available by the federal government or any\\ninstrumentality thereof, or any mortgage or mortgage bonds insured by\\nthe federal housing administrator or any other instrumentality of the\\nfederal government are used in financing the project in whole or in\\npart.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "80", "title" : "Income debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "80", "activeDate" : "2014-09-22", "sequenceNo" : 119, "repealedDate" : null, "fromSection" : "80", "toSection" : "80", "text" : " § 80. Income debentures. With the approval of the commissioner the\\ncertificate, or an amended certificate, may authorize the issuance of\\nincome debenture certificates bearing no greater interest than six per\\ncentum per annum. In the case of a housing company organized as a\\ncorporation the directors thereof may, with the consent of two-thirds of\\nthe holders of the preferred shares issued and outstanding, offer to the\\nshareholders of the housing company, the privilege of exchanging their\\nshares in such quantities and at such times as may be approved by the\\ncommissioner for such income debenture certificates. In no event shall\\nthe amount of shares of the housing company be less than ten per centum\\nof the total of shares and income debentures.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "81", "title" : "Mortgages and mortgage bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "81", "activeDate" : "2014-09-22", "sequenceNo" : 120, "repealedDate" : null, "fromSection" : "81", "toSection" : "81", "text" : " § 81. Mortgages and mortgage bonds. 1. (a) Any housing company formed\\nunder this article may, subject to the approval of the commissioner,\\nborrow funds and secure the repayment thereof by bond or note and\\nmortgage or by an issue of bonds under trust indenture. Each mortgage or\\nissue of bonds by a housing company formed hereunder shall relate only\\nto a single specified project and no other and said bonds shall be\\nsecured by mortgage upon all of the real property of which said project\\nconsists.\\n (b) First lien bonds or notes of such housing company when secured by\\na mortgage not exceeding four-fifths of the estimated cost prior to the\\ncompletion of the project, or four-fifths of the appraised value or\\nactual cost, whichever shall be less, after such completion, as\\ncertified by the commissioner, are hereby declared securities in which\\nall public officers and bodies of the state and of the municipal\\nsubdivisions, all insurance companies and associations, and all savings\\nbanks and savings institutions, including savings and loan associations,\\nin the state may properly and legally invest the funds within their\\ncontrol.\\n 2. The bonds and notes so issued and secured and the mortgage or trust\\nindentures relating thereto, may create a first or senior lien and a\\nsecond or junior lien upon the real property embraced in any project;\\nprovided, however, that the total mortgage liens shall not exceed eighty\\nper centum of the estimated cost prior to the completion of the project,\\nor eighty per centum of the appraised value or actual cost, whichever\\nshall be less, as certified by the commissioner after such completion.\\nWhere there is a first and a second mortgage lien upon the property\\nembraced in a project, only the first or senior lien thereon shall be\\ndeemed a security in which such officers, bodies, corporations and\\nassociations may invest the funds within their control. Such bonds and\\nmortgages, notes and mortgages or trust indentures may contain such\\nother clauses and provisions as shall be approved by the commissioner,\\nincluding the right to assignment of rents and entry into possession in\\ncase of default and including in the case of a housing company which is\\na partnership or trust the right of the partners or trustees, as the\\ncase may be, to be free of any personal liability thereunder; but the\\noperation of the housing project in the event of such entry by mortgagee\\nor receiver shall be subject to the regulations of the commissioner\\nunder this article. Provisions for the amortization of the bonded\\nindebtedness or notes of indebtedness of companies formed under this\\narticle shall be subject to the approval of the commissioner.\\n 3. (a) So long as funds made available by the federal government or\\nany instrumentality thereof or any mortgage, mortgage bonds or notes\\nguaranteed or insured by the federal government or any instrumentality\\nthereof, or any mortgage or mortgage bonds or notes secured by\\nobligations so guaranteed or insured, or tax exempt obligations issued\\npursuant to section eleven of the United States housing act of nineteen\\nhundred thirty-seven, are used in financing, in whole or in part, any\\nproject under this article, the capital structure of a housing company\\nundertaking such project and the proportionate amount of the cost of the\\nlands and improvements to be represented by mortgages, bonds or notes\\nshall be entirely in the discretion of the commissioner; and all\\nrestrictions as to the amounts to be represented by mortgages, mortgage\\nbonds, mortgage notes, income debentures or shares shall be inapplicable\\nto such projects or to housing companies undertaking such projects,\\nexcept that the bonds, notes, mortgages, debentures and shares covering\\nany project shall not exceed the actual final cost of such project, as\\ndefined in this article.\\n (b) Notwithstanding anything contained in paragraph (b) of subdivision\\none of this section, first lien bonds or other obligations of housing\\ncompanies, secured by a first mortgage upon all of the real property of\\na project and not exceeding the estimated cost prior to the completion\\nof the project, or the appraised value or actual cost, whichever shall\\nbe less, after such completion, as certified by the commissioner, are\\nhereby declared securities in which all public officers and bodies of\\nthe state and of the municipal subdivisions, all insurance companies and\\nassociations, and all savings banks and savings institutions, including\\nsavings and loan associations, in the state may properly and legally\\ninvest the funds within their control, provided that\\n (1) the federal housing commissioner has insured, or has made a\\ncommitment to insure, such mortgage; or\\n (2) such bonds or other obligations are guaranteed or insured to at\\nleast forty per centum of the principal amount thereof under title three\\nof an act of congress of the United States entitled the \"Servicemen's\\nReadjustment Act of 1944,\" or are secured by obligations so guaranteed\\nor insured; or\\n (3) such bonds or other obligations evidence a loan for the purpose of\\nfinancing construction and are to be guaranteed or insured under said\\ntitle three, as hereinabove provided, upon completion of such\\nconstruction, and all funds advanced on such loan are guaranteed or\\ninsured under said title three to the extent of at least thirty per\\ncentum of such advance, or are secured by obligations so guaranteed or\\ninsured.\\n * 4. So long as funds made available by the New York state urban\\ndevelopment corporation, pursuant to the New York state urban\\ndevelopment corporation act, are used in financing, in whole or in part,\\nany project under this article, all restrictions as to the amounts to be\\nrepresented by mortgages, mortgage bonds, mortgage notes, income\\ndebentures or capital shall be inapplicable to such projects or to\\nhousing companies undertaking such projects, provided however that any\\nmortgage loan from the New York state urban development corporation to\\nhousing companies undertaking such projects shall not exceed ninety-five\\nper centum of project cost, as certified by the commissioner.\\n* NB (Effective until ruling by Internal Revenue Service)\\n * 4. So long as funds made available by the New York state urban\\ndevelopment corporation or the New York state housing finance agency,\\npursuant to the New York state urban development corporation act or the\\nNew York state housing finance agency act, as the case may be, are used\\nin financing, in whole or in part, any project under this article, all\\nrestrictions as to the amounts to be represented by mortgages, mortgage\\nbonds, mortgage notes, income debentures or capital shall be\\ninapplicable to such projects or to housing companies undertaking such\\nprojects, provided however that any mortgage loan from the New York\\nstate urban development corporation or the New York state housing\\nfinance agency, as the case may be, to housing companies undertaking\\nsuch projects shall not exceed ninety-five per centum of project cost,\\nas certified by the commissioner.\\n* NB (Effective pending ruling by Internal Revenue Service)\\n 5. The capital structure of a housing company acquiring a project from\\na company organized pursuant to article eleven of this chapter may be\\nfixed by the commissioner, notwithstanding any limitations in this\\narticle as to the amount to be represented by mortgages, debentures or\\ncapital.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "82", "title" : "Limitations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "82", "activeDate" : "2014-09-22", "sequenceNo" : 121, "repealedDate" : null, "fromSection" : "82", "toSection" : "82", "text" : " § 82. Limitations. No housing company shall:\\n 1. Acquire any real property or interest therein unless it shall first\\nhave obtained approval of the project from the commissioner, and a\\ncertificate that such acquisition is necessary or convenient for the\\npublic purpose defined in this article, and unless any deed, lease or\\nother instrument by which such real property or interest therein is\\nacquired contains a statement that the conveyance is to a housing\\ncompany organized pursuant to article four of the private housing\\nfinance law.\\n 2. Sell, exchange, transfer or assign any real property except (a) to\\na municipality wherein a project is to be located, for public purposes\\nonly and upon such terms and conditions, with or without compensation,\\nas the commissioner may approve, or with the written consent of the\\ncommissioner to another housing company formed under this chapter, and\\n(b) for a price not in excess of the cost of the said property less any\\namounts paid in amortization of the mortgage indebtedness and the\\nretirement of capital, plus so much of the distribution on capital of\\nthe said housing company as shall have been unpaid, and accrued interest\\non the mortgage indebtedness and income debenture certificates. Real\\nproperty surplus to the needs of the housing company may be sold,\\nexchanged, transferred or assigned to any person, partnership, trust,\\nfirm or corporation upon such terms and conditions as the commissioner\\nmay approve.\\n 3. Encumber or lease all or any part of its real property to any other\\nperson, partnership, trust, firm, or public or private corporation,\\nwithout the written consent of the commissioner, provided, however, that\\nleases conforming to the regulations and rules of the commissioner and\\nfor actual occupancy by the lessees may be made without the consent of\\nthe commissioner. Any conveyance, encumbrance, lease or sub-lease made\\nin violation of the provisions of this section and any transfer or\\nassignment thereof shall be void.\\n 4. Pay interest returns on its mortgage indebtedness at a higher rate\\nthan six per centum per annum, or at the rates of interest of mortgages\\nor mortgage bonds insured by the federal housing administration or any\\nother instrumentality of the federal government applicable at the time\\nthe housing company incurs the mortgage indebtedness, or at such higher\\nrates as may be approved by the commissioner, or pay interest upon its\\nincome debenture certificates at a rate higher than six per centum per\\nannum.\\n 5. Issue its shares, in the case of a housing company which is a\\ncorporation, credit sums to partners on capital account, in the case of\\na housing company which is a partnership, subject amounts to the trust,\\nin the case of a housing company which is a trust, and no housing\\ncompany shall issue debentures and bonds covering any project undertaken\\nby it in an amount greater in the aggregate than the total actual final\\ncost of such project, including the lands, improvements, charges for\\nfinancing and supervision approved by the commissioner and interest and\\nother carrying charges during construction, and an allowance for working\\ncapital to be approved by the commissioner but not exceeding three per\\ncentum of the estimated cost or of the total actual final cost of the\\nproject if that shall be greater than the estimated cost.\\n 6. Mortgage any real property without first having obtained the\\nconsent of the commissioner.\\n 7. Issue any securities or evidences of indebtedness without first\\nhaving obtained the approval of the commissioner.\\n 8. Use any building erected or acquired by it for other than housing\\npurposes, except that when permitted by law the story of the building\\nabove the cellar or basement and the space below such story may be used\\nfor stores, co-operative or community purposes, and when permitted by\\nlaw the roof may be used for co-operative or community purposes.\\n 9. Charge or accept any rental for housing accommodations in any\\nproject constructed, acquired, operated or managed by it in excess of\\nthe prices approved by the commissioner.\\n 10. Enter into contracts for the payment of salaries to officers,\\nemployees, directors, partners, trustees or beneficiaries except subject\\nto the approval of the commissioner and under such regulations as the\\ncommissioner may from time to time prescribe.\\n 11. Enter into contracts for the construction or for the substantial\\nrepair, improvement or operation of projects except subject to the\\napproval of the commissioner and under such regulations as the\\ncommissioner may from time to time prescribe.\\n 12. Voluntarily dissolve, or in the case of a trust, terminate,\\nwithout first having obtained the consent of the commissioner.\\n 13. Make any guaranty without the approval of the commissioner.\\n 14. Without the prior approval of the commissioner as to the terms and\\nconditions thereof, sell, lease, or otherwise convey all or any part of\\na project to an authority.\\n The commissioner may declare that any of the limitations set forth in\\nthis section shall be inapplicable, in whole or in part, to mutual\\nhousing companies after the period of municipal tax exemption granted to\\nsuch mutual housing company projects pursuant to this article has\\nexpired.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "82-A", "title" : "Redevelopment loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "82-A", "activeDate" : "2014-09-22", "sequenceNo" : 122, "repealedDate" : null, "fromSection" : "82-A", "toSection" : "82-A", "text" : " § 82-a. Redevelopment loans. Notwithstanding any provision of section\\neighty-one or eighty-two of this article to the contrary, where a\\nhousing company undergoes a comprehensive redevelopment plan, the\\ncommissioner may approve a loan and encumbrance of such project in an\\namount in excess of actual cost of the project, provided that such\\namount represents cost of capital improvements, redevelopment or\\nacquisition by a new owner, any consequent rent increase is not unduly\\nburdensome to the tenants, and the housing company enters into an\\nagreement to remain subject to the provisions of this article for a\\nperiod of no less than fifteen years from issuance of the loan and\\nencumbrance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "83", "title" : "Execution of housing company projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "83", "activeDate" : "2014-09-22", "sequenceNo" : 123, "repealedDate" : null, "fromSection" : "83", "toSection" : "83", "text" : " § 83. Execution of housing company projects. No building or\\nconstruction shall be undertaken by any housing company without the\\napproval of the commissioner. Such approval shall be conditioned upon:\\n 1. The submission of a plan in such form and with such assurances as\\nthe commissioner may prescribe, to raise at least twenty per centum of\\nthe actual cost of the lands and improvements through investment in the\\ncapital of such housing company together with the sale of income\\ndebentures, where provided for by such plan; and to raise the balance by\\nmortgage bonds which shall not exceed eighty per centum of the actual\\ncost of the said project. The plan may provide for the raising of\\nworking capital in an amount to be approved by the commissioner not to\\nexceed three per centum of the actual cost through investment in the\\ncapital and sale of income debentures of the housing company. Wherever\\nreference is made in this article to cost of projects, or of buildings\\nand improvements in projects, such cost shall include charges for\\nfinancing and supervision approved by the commissioner, including a\\nreasonable proportion to be fixed by the commissioner, of the expenses\\nof the commissioner, applicable to the examination and supervision of\\nthe project, and carrying charges during construction required in the\\nproject, including interest on borrowed, and where approved by the\\ncommissioner, on invested capital. Notwithstanding the provisions of any\\nother general, special or local laws, all moneys payable by the project\\nto reimburse the commissioner for his expenses applicable to the\\nexamination and supervision of the project during construction as herein\\nprovided shall be paid to the executive department.\\n 2. The acceptance of a designee of the commissioner as a member of the\\nboard of directors of said housing company. In the case of all mutual\\ncompanies an additional director shall be designated by the commissioner\\nat the creation of the company and shall serve from the time of such\\ndesignation at least until a board of directors has been elected by the\\ntenants entitled to occupancy in the project by reason of ownership of\\nshares in such company. Such directors appointed by the commissioner\\nneed not be stockholders or meet other qualifications which may be\\nprescribed by the certificate of incorporation or the by-laws. In the\\nabsence of fraud or bad faith the director appointed by the commissioner\\nshall not be personally liable for the debts, obligations or liabilities\\nof the corporation.\\n 3. The approval by the commissioner of the plans, specifications and\\nestimated costs of the proposed housing facilities in respect to the\\nconformity thereof to reasonable standards of health, sanitation, safety\\nand provision for light and air.\\n 4. When required by the commissioner, and except in the case of a\\nhousing company which is a subsidiary of the New York state urban\\ndevelopment corporation, created by the New York state urban development\\ncorporation act, the designation by the commissioner with respect to\\neach project approved by him of a trustee, which shall be a banking\\ncorporation authorized to perform trust functions, and such trustee\\nshall receive moneys received by the housing company as its capital, or\\nas proceeds of its mortgage bonds, notes or income debentures and make\\npayment therefrom for the acquisition of land, the construction of\\nimprovements and other items entering into cost of land and improvements\\nupon presentation of draft, check or order signed by a proper officer or\\ndesignee of the housing company and countersigned by the said\\ncommissioner or a person designated by him for said purpose. Any funds\\nremaining in the custody of said trustee after the completion of the\\nsaid project and payment or arrangement in a manner satisfactory to the\\ncommissioner for payment in full therefor shall be paid to the housing\\ncompany.\\n 5. No such project shall be approved in contravention of any planning,\\nzoning, sanitary and building laws, ordinances and regulations\\napplicable to the municipality in which the project is situated.\\n 6. Notwithstanding the provisions of subdivision five hereof, no state\\nurban development corporation project shall be approved unless it\\ncomplies with the requirements of local laws, ordinances, codes,\\ncharters or regulations applicable to the construction, reconstruction,\\nrehabilitation, alteration or improvement of such project, except where\\nthe state urban development corporation, in its discretion, finds such\\ncompliance not feasible or practicable, in which event no such project\\nshall be approved unless it complies with the requirements of the state\\nbuilding construction code, formulated by the state building code\\ncouncil pursuant to article eighteen of the executive law, applicable to\\nsuch construction, reconstruction, rehabilitation, alteration or\\nimprovement. No county, city, town or village shall have power to modify\\nor change the drawings, plans or specifications for the construction,\\nreconstruction, rehabilitation, or improvement of any such project or\\nthe construction, plumbing, heating, lighting or other mechanical branch\\nof work necessary to complete the work in question, nor to require that\\nany person, firm or corporation employed on any such work shall perform\\nany such work in any other or different manner than that provided by\\nsuch plans and specifications, nor to require that any such person, firm\\nor corporation obtain any other or additional authority, approval,\\npermit or certificate, from such county, city, town or village as a\\ncondition of doing such work, nor shall any condition whatever be\\nimposed by any such county, city, town or village in relation to the\\nwork being done, and the doing of any such work by any person, firm or\\ncorporation in accordance with the terms of such drawings, plans,\\nspecifications or contracts shall not subject said person, firm or\\ncorporation to any liability or penalty, civil or criminal, other than\\nas may be stated in such contracts or incidental to the proper\\nenforcement thereof; nor shall any county, city, town or village have\\npower to require that any subsidiary of the New York state urban\\ndevelopment corporation, or any lessee therefrom or successor in\\ninterest thereto, obtain any other or additional authority, approval,\\npermit, certificate or certificate of occupancy from such county, city,\\ntown or village as a condition of owning, using, maintaining, operating\\nor occupying any project acquired, constructed, reconstructed,\\nrehabilitated or improved by any such subsidiary of the New York state\\nurban development corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "84", "title" : "Regulation of housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "84", "activeDate" : "2014-09-22", "sequenceNo" : 124, "repealedDate" : null, "fromSection" : "84", "toSection" : "84", "text" : " § 84. Regulation of housing companies. The commissioner may:\\n 1. Order such repairs as will preserve the health and safety of the\\noccupants of such buildings and structures owned or operated by housing\\ncompanies, and the maintenance thereof in proper condition and repair.\\n 2. Order all housing companies to do such acts as may be necessary to\\ncomply with the provisions of the law, the rules and regulations adopted\\nby the commissioner, or the terms of any project approved by the\\ncommissioner, or to refrain from doing any acts in violation thereof.\\n 3. Examine all housing companies and keep informed as to their general\\ncondition, their capitalization and the manner in which their property\\nis constructed, leased, operated or managed with respect to their\\ncompliance with all provisions of law and orders of the commissioner.\\n 4. Either himself or through his inspectors or employees duly\\nauthorized by him, enter in or upon and inspect the property, equipment,\\nbuildings, plants, offices, apparatus and devices of any housing\\ncompanies; examine all books, contracts, records, documents and papers\\nof any housing companies and by subpoena duces tecum compel the\\nproduction thereof.\\n 5. In his discretion, prescribe uniform methods and forms of keeping\\naccounts, records and books to be observed by housing companies, and\\nafter a hearing to prescribe by order accounts in which particular\\noutlays and receipts shall be entered, charged or credited.\\n 6. Require every housing company to file with the commissioner an\\nannual report setting forth such information as the commissioner may\\nrequire, verified by the oath of the president, vice-president,\\ntreasurer, secretary, general manager or receiver, if any, thereof, or\\nby the person required to file the same. Such report shall be in the\\nform, cover the period and be filed at the time prescribed by the\\ncommissioner. The commissioner may further require specific answers to\\nquestions upon which the commissioner may desire information and may\\nalso require such housing company to file periodic reports in the form,\\ncovering the period, and at the time prescribed by the commissioner.\\n 7. (a) Administer oaths, take affidavits, hear testimony and take\\nproof under oath at public or private hearings; (b) subpoena and require\\nthe attendance of witnesses and the production of books and papers\\npertaining to any investigation and inquiries authorized by this article\\nand examine them in relation to any matter concerning which the power to\\ninvestigate is granted; (c) issue commissions for the examination of\\nwitnesses who are out of the state or unable to attend before him or are\\nexcused from attendance; (d) investigate into the affairs of a housing\\ncompany and into the dealings, transactions or relationships of such\\ncompany with third persons; (e) intervene, as a matter of right, in any\\naction or proceeding of which notice shall be given, affecting the\\nproject of a housing company; (f) take such steps in such action or\\nproceeding as may be necessary to protect the public interest.\\n With regard to duties or liabilities arising out of this article, the\\nstate or the commissioner may be sued in the same manner as a private\\nperson. No costs shall be awarded against the commissioner or the state\\nin any such litigation.\\n 8. Waive, in whole or in part, any of the regulatory powers over\\nmutual housing companies vested in him by this article after the period\\nof municipal tax exemption granted to such mutual housing company\\nprojects pursuant to this article has expired.\\n 8-a. Notwithstanding any other provision of law, with respect to\\nprojects completed prior to July first, nineteen hundred eighty-five, no\\nlimited dividend housing company shall be required to pay the\\ncommissioner any fees for the audit or other regulation of the company.\\n 9. From time to time make, amend and repeal rules and regulations for\\ncarrying into effect the provisions of this article.\\n 10. Modify supervision of a housing company upon finding that\\nduplicative supervisory functions may impose an undue regulatory burden\\nor unnecessary expenditure of agency resources, by taking such actions\\nas are deemed appropriate, including consolidating supervisory functions\\nassociated with different programs, and entering into memoranda of\\nunderstanding with other agencies for the allocation of supervisory\\nfunctions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "84-A", "title" : "Additional supervision and regulation of housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "84-A", "activeDate" : "2014-09-22", "sequenceNo" : 125, "repealedDate" : null, "fromSection" : "84-A", "toSection" : "84-A", "text" : " § 84-a. Additional supervision and regulation of housing companies.\\nThe commissioner shall require that every company file with him, within\\nsix months of the effective date of regulations implementing this\\nsection and in such format as the commissioner shall prescribe an energy\\naudit report which identifies potential energy-saving building\\nimprovements, including alterations, modifications and adjustments to\\nthe building structure, heating, cooling, lighting and ventilation\\nsystems; their relative costs; potential energy and cost savings; and\\nsimple payback periods, which for the purpose of this section shall mean\\nthat period of time within which the estimated cost of such\\nimprovements, exclusive of the cost of capital, would be recovered from\\nthe savings generated by reduced energy consumption resulting from the\\nimprovements. The energy audit shall be conducted by a public utility,\\nan engineer or architect licensed by the state, or the managing agent or\\nother representative of the company. A copy of the energy audit report,\\nrequired herein, shall be given to any duly constituted tenant's\\nassociation or cooperator's advisory council and a copy shall be\\navailable for inspection and copying by any individual tenant who\\nrequests it. The commissioner shall also require that every company\\ncertify by March thirty-first, nineteen hundred eighty-four that all\\ncompatible conservation measures identified in the energy audit report\\nwhich have simple payback period of one year or less have been\\nimplemented; provided, however, if the commissioner determines within\\nsixty days of the date the energy audit report is filed that one or more\\nof such identified conservation measures cannot be implemented by March\\nthirty-first, nineteen hundred eighty-four, given the projected rent\\nrevenues and any other monies available to the company from reserve\\nfunds, loans or grants from the state or federal government or any other\\nsource, the implementation of such conservation measures shall be\\nprovided for according to a schedule prescribed by the commissioner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "85", "title" : "Control of rentals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "85", "activeDate" : "2014-09-22", "sequenceNo" : 126, "repealedDate" : null, "fromSection" : "85", "toSection" : "85", "text" : " § 85. Control of rentals. 1. The commissioner shall fix the maximum\\nrental per room to be charged the tenants of the dwellings furnished by\\na housing company, the average of such rentals for the dwellings in any\\nproject not to exceed the maximum average rental prescribed by law,\\nexcept as provided in section eighty-seven. Such maximum average rental\\nrate shall be determined upon the basis of the actual final cost of the\\nproject containing such rooms so as to secure, together with all other\\nincome of the housing company, a sufficient income to meet all necessary\\npayments to be made by said housing company, as hereinafter prescribed,\\nand such room rental rates shall be subject to revision by the\\ncommissioner from time to time. The payments to be made by a housing\\ncompany shall be\\n (a) All fixed charges, and all operating and maintenance charges and\\nexpenses which shall include a charge to be fixed by the commissioner to\\nreimburse him in whole or in part for the expenses of inspection,\\nsupervision and auditing, taxes, assessments, insurance, amortization\\ncharges in amounts approved by the commissioner to amortize the mortgage\\nindebtedness in whole or in part, improvements and additions to the\\nprojects to the extent and in the amount approved by the commissioner;\\ndepreciation charges if, when and to the extent deemed necessary by the\\ncommissioner; reserves, sinking funds and expenses essential to\\noperation and management of the project in amounts approved by the\\ncommissioner.\\n (b) A distribution not exceeding the maximum fixed by this article\\nupon the capital of the housing company allotted to the project by the\\ncommissioner, and interest on income debentures.\\n (c) Where feasible in the discretion of the commissioner a sinking\\nfund in an amount to be fixed by the commissioner for the gradual\\nretirement of the capital, and income debentures of the housing company\\nto the extent permitted by this article. When tenants own shares or\\nincome debentures in a housing company, a sinking fund may with the\\napproval and subject to the regulations of the commissioner be set up\\nand maintained out of the net profits applicable to surplus and used\\nsubject to the regulations of the commissioner for the purchase at not\\nto exceed par and accrued interest of the shares and income debentures\\nheld by tenants ceasing to be occupants of the buildings; shares so\\npurchased may be resold by the housing companies. The moneys payable by\\nthe project to reimburse the commissioner for the expenses of\\ninspection, supervision and auditing as herein provided shall be paid to\\nthe executive department. Letting, subletting or assignment of leases of\\napartments in such buildings or structures at greater rentals than\\nprescribed by the order of the commissioner are prohibited and all such\\nleases shall be void for all purposes.\\n 2. For the purpose of calculating rentals in such dwellings, alcoves,\\ndining bays, and similar accommodations where their existence is legally\\npermissible, and bathrooms in the case of apartments of three rooms or\\nless, may, in the discretion of the commissioner, be counted as half\\nrooms; bathrooms in apartments of four rooms or more shall not be\\ncounted as rooms or half rooms.\\n 3. In projects where the land is leased from a municipality the value\\nof the land shall be taken at a sum fixed by the board, body or officer\\ndesignated by the local legislative body and approved by the\\ncommissioner. For all the purposes of this article (including the\\nprovisions of section eighty-one) the determination of the actual or\\nestimated cost of projects involving leased lands shall be made on the\\nbasis provided in section eighty-three and other sections of this\\narticle in the case of projects involving land purchased in fee by a\\nhousing company, except that in projects involving leased land the value\\nof the land leased, ascertained in the manner described above, shall be\\nused instead of the cost of the land in determining the total cost of\\nthe land and improvements comprising the project. In projects involving\\nleased land, the rental, if any, during the period of construction may\\nbe included as part of the cost of the project. The sections of this\\narticle requiring the investment of at least one-fifth of the cost of\\nthe projects capital and income debentures shall not apply to projects\\ninvolving leased land but in such projects the value of the land,\\nascertained in the manner described above, plus the amount obtained by\\nthe investment in the capital and income debentures of the housing\\ncompany shall be at least one-fifth of the cost of the project, and the\\namounts, if any, to be raised by mortgage indebtedness shall not exceed\\nfour-fifths of such cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "85-A", "title" : "Selection of tenants and occupants", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "85-A", "activeDate" : "2014-09-22", "sequenceNo" : 127, "repealedDate" : null, "fromSection" : "85-A", "toSection" : "85-A", "text" : " § 85-a. Selection of tenants and occupants. 1. The dwellings in a\\nhousing company project, other than a mutual project, shall be available\\n (a) If such project was completed or acquired on or after July first,\\nnineteen hundred fifty-five, for persons or families whose probable\\naggregate annual income at the time of admission does not exceed seven\\ntimes the rental (including the value or cost to them of heat, light,\\nwater and cooking fuel) of the dwellings to be furnished such persons or\\nfamilies, except that in the case of persons or families with three or\\nmore dependents, such ratio shall not exceed eight to one;\\n (b) If such project was completed prior to July first, nineteen\\nhundred fifty-five, for persons or families whose probable aggregate\\nannual income at the time of admission does not exceed seven times the\\nrental (including the value or cost to them of heat, light, water and\\ncooking fuel) of the dwellings to be furnished such persons or families,\\nexcept that in the case of persons or families with three or more\\ndependents, such ratio shall not exceed eight to one;\\n (c) In the event that the income of a person or family residing in a\\nproject increases and the ratio to the rental of the dwelling becomes\\ngreater than prescribed by law for admission or in this subdivision,\\nwhichever is greater, and the income is not more than fifty per centum\\nabove the income so prescribed for admission to the dwelling and such\\nincreased income continues for a period of three months or more, the\\nhousing company may permit such person or family to continue to remain\\nin occupancy provided the housing company is convinced that such person\\nor family cannot secure other safe and sanitary dwelling accommodations,\\nor by reason of other facts the removal of such person or family from\\nthe project would occasion other undue hardship to such person or\\nfamily. However, such person or family shall pay a rental surcharge in\\naccordance with a schedule of surcharges promulgated by the company with\\nthe approval of the commissioner and in no event shall such removal be\\neffected against any person or family which was in occupancy prior to\\nJuly first, nineteen hundred eighty-three;\\n (d) In the event that the ratio of the income of a person or family to\\nthe rental of the dwelling becomes greater than that prescribed by law\\nfor admission or in this subdivision, whichever is greater, and is more\\nthan fifty per centum above the income so prescribed for admission to\\nthe dwelling and such increased income continues for a period of three\\nmonths, the housing company shall require such person or family to\\nremove from the dwelling and may take such steps, including summary\\nproceedings, as are necessary to effect the removal of the person or\\nfamily. A three months' period shall be given such person or family to\\nfind new accommodations. Pending removal from the dwelling, such person\\nor family shall pay a rental surcharge in accordance with a schedule\\npromulgated by the company with the approval of the commissioner. In no\\nevent shall a removal otherwise authorized by this paragraph be effected\\nagainst any person or family which was in occupancy prior to July first,\\nnineteen hundred eighty-three.\\n 2. The dwellings in any mutual housing company project shall be\\navailable\\n (a) In the case of such projects constructed or acquired on or after\\nJuly first, nineteen hundred fifty-five, for such persons or families\\nwhose probable aggregate annual income during the period of occupancy\\ndoes not exceed, the greater of (i) the median income for such persons\\nor families for the metropolitan statistical area in which the project\\nis located, or if a project is located outside a metropolitan\\nstatistical area, the median income for such persons or families for the\\ncounty in which the project is located, as most recently determined by\\nthe United States department of housing and urban development, in which\\ncase any person or family becoming eligible for admission pursuant to\\nthis subparagraph shall pay, from the time of admission, a rental\\nsurcharge as provided for in subdivision three of this section, computed\\non the basis of the income limitations applicable to such persons or\\nfamilies in the absence of this subparagraph, or (ii) seven times the\\nrental (including the value or cost to them of heat, light, water and\\ncooking fuel) of the dwellings to be furnished such persons or families,\\nexcept that in the case of persons or families with three or more\\ndependents, such ratio shall not exceed eight to one. For the purpose of\\ndetermining the eligibility of tenant cooperators in a mutual housing\\ncompany project, there shall be added to the total annual carrying\\ncharges an amount equal to six per centum of the investment of a person\\nor family in the equity obligations of such housing company and, to the\\nextent authorized by the commissioner or the supervising agency as the\\ncase may be, the value or cost to them of repainting and the replacement\\nof fixtures and appliances;\\n (b) In the case of such projects constructed prior to July first,\\nnineteen hundred fifty-five, for such persons or families whose probable\\naggregate annual income during the period of occupancy does not exceed,\\nthe greater of (i) the median income for such persons or families for\\nthe metropolitan statistical area in which the project is located, or if\\na project is located outside a metropolitan statistical area, the median\\nincome for such persons or families for the county in which the project\\nis located, as most recently determined by the United States department\\nof housing and urban development, in which case any person or family\\nbecoming eligible for admission pursuant to this subparagraph shall pay,\\nfrom the time of admission, a rental surcharge as provided for in\\nsubdivision three of this section, computed on the basis of the income\\nlimitations applicable to such persons or families in the absence of\\nthis subparagraph, or (ii) seven times the rental (including the value\\nor cost to them of heat, light, water and cooking fuel) of the dwellings\\nto be furnished such persons or families, except that in the case of\\npersons or families with three or more dependents, such ratio shall not\\nexceed eight to one; provided, however, that, in the discretion of the\\ncommissioner upon application of the mutual housing company, the income\\nlimitations set forth in paragraph (a) of this subdivision shall be\\napplicable to such projects, and, in such case, investment in the equity\\nobligations of such housing companies shall include: the value of the\\nstock of said housing company at time of purchase; all moneys paid\\ntowards the rental of the dwellings which are allocated to the reduction\\nof the principal amount of the mortgage loan secured by a mortgage lien\\non the real property of the housing company; and all accruals to equity,\\napproved by the commissioner, resulting from capital improvements;\\n (c) The limitations as to income contained hereinabove in paragraphs\\n(a) and (b) of this subsection shall not apply in mutual housing company\\nprojects after the period of municipal tax exemption of such project has\\nexpired, and provided the commissioner has waived his rights over the\\ncontrol of rentals and selection of tenants under this article;\\n (d) No occupant whose income increases shall be compelled to vacate\\nthe project unless the ratio of his income to rental of the dwelling\\nbecomes greater by fifty per centum or more than is prescribed by law at\\nthe time of admission or in this subdivision, whichever is greater, and\\nunless at the same time he shall be discharged from all liability on any\\nnote, bond or other evidence of indebtedness relating thereto, and there\\nshall be repaid to such person by the housing company all sums paid to\\nsuch company for or on account of the purchase of stock or income\\ndebentures as a condition of such occupancy. The housing company may,\\nwith the approval of the commissioner, permit such occupant whose income\\nincreases and the ratio of income to rental of the dwelling becomes\\ngreater by fifty per centum or more than is prescribed by law at the\\ntime of admission or in this subdivision, whichever is greater, to\\noccupy the dwelling for not more than three years from the time such\\nincrease in income first accrues unless such occupancy is extended with\\nthe approval of the commissioner. In no event shall a removal otherwise\\nauthorized by this paragraph be effected against any person or family\\nwhich has been in occupancy prior to July first, nineteen hundred\\neighty-three. However, such occupant shall pay a rental surcharge in\\naccordance with a schedule of surcharges promulgated by the company with\\nthe approval of the commissioner.\\n 3. Twenty-five per centum of rental surcharges collected pursuant to\\nthis section on account of rentals payable prior to July first, nineteen\\nhundred eighty-three shall be paid by the company to the municipality\\nwhich has granted tax exemption pursuant to section ninety-three of this\\narticle as a credit against the grant of tax exemption, the value of\\nsuch tax exemption and of such credit to be determined on an individual\\ndwelling unit basis. In the event that such tax exemption has not been\\ngranted, or in the event the period of tax exemption has expired, or in\\nthe event that a sum equal to the total of all accrued taxes as to\\nindividual dwelling units where such tax exemption was granted have been\\npaid to the municipality, the excess, if any, of surcharges and all\\nsurcharges imposed after June thirtieth, nineteen hundred eighty-three\\nshall be applied to the expenses of operation and management as approved\\nby the commissioner.\\n 4. The commissioner may approve or disapprove an application for a\\nlease in accordance with the income limits prescribed herein and, where\\nthere is discrimination in violation of section six hundred two of this\\nchapter, may compel a housing company to grant a lease or renewal\\nthereof to a person or family as a tenant in the project.\\n 5. The \"probable aggregate annual income\" means the annual income of\\nthe chief wage earner of the family plus all other income of members of\\nthe family over the age of twenty-one years, plus a proportion of the\\nincome of members under the age of twenty-one years to be determined by\\nthe commissioner, excluding therefrom a deduction of fifteen thousand\\ndollars from the income of secondary wage earners of the family or a\\nlarger deduction if approved by the commissioner or the supervising\\nagency, as the case may be, except that the company, as approved by the\\ncommissioner, may exclude a proportion of the income of other members of\\nthe family over the age of twenty-one years for the purpose of\\ndetermining eligibility for admission or continued occupancy, or for\\nestablishing the rental of such family, or for all such purposes.\\n 6. A company may rent one or more dwelling units to a social services\\nofficial or duly authorized agency, as defined in section three hundred\\nseventy-one of the social services law, for the operation of agency\\nboarding homes or group homes or to any public agency as defined in\\nsection four hundred sixty-one of the general municipal law, which\\nprovides residences and social services to dependent aged persons.\\n 7. (a) For the purpose of enabling lower income elderly persons to\\ncontinue in occupancy without paying rentals in excess of a fair\\nproportion of their income, any municipality having a population of less\\nthan one million is authorized to make and to contract to make periodic\\npayments to a company in an amount not exceeding the difference between\\nthe rent or carrying charges for the dwellings occupied by such lower\\nincome persons and one-third of their net probable aggregate annual\\nincome, where such rent or carrying charges exceed such one-third of\\nincome; provided that the aggregate amount of periodic payments to be\\nmade in accordance with contracts entered into by the municipality\\nduring any fiscal year thereof pursuant to this subdivision, subdivision\\nnine of section thirty-one, section one hundred twenty-six and section\\nfive hundred seventy-seven-a of this chapter shall not exceed the\\naggregate amount of all real property taxes paid or payable during such\\nfiscal year by all companies organized pursuant to this article, article\\nII, article V and article XI of this chapter and the aggregate estimated\\nreceipts of all such companies in such fiscal year from rental\\nsurcharges collected or to be collected pursuant to this chapter.\\n (b) Such payments shall be made only on account of a person or family\\nin occupancy where the head of the household is sixty-two years of age\\nor older and is not a recipient of public assistance pursuant to the\\nsocial services law, and where the net probable aggregate annual income\\nof the person or family in occupancy does not exceed six thousand five\\nhundred dollars a year. Notwithstanding the provisions of subdivision\\ntwenty-nine of section two of this chapter net probable aggregate annual\\nincome as used in this subdivision shall mean annual income of family\\nmembers from all sources after deduction of federal, state and city\\nincome taxes; provided that any municipality may provide that increases\\nin benefits under the social security act which take effect after such\\nperson or family has assumed occupancy shall not be taken into account.\\n (c) A company having a contract with the municipality pursuant to this\\nsubdivision may not collect from persons or families in occupancy on\\nwhose account such payments are made any rentals in excess of the\\namounts specified in such contract.\\n 8. Notwithstanding the provisions of this section, persons or families\\nwith two or more dependents whose probable aggregate annual income does\\nnot exceed one hundred twenty-five percent of the limitations as to\\nincome applicable without reference to this subdivision, shall also be\\neligible for admission to the project on the understanding that any\\nperson or family becoming eligible by reason hereof, shall pay from the\\ntime of admission a rental surcharge computed on the basis of the income\\nratios applicable to such person or family in the absence of this\\nsubdivision. In applying the provisions of paragraphs (c) and (d) of\\nsubdivision one and of paragraph (d) of subdivision two of this section\\nto a family becoming eligible by reason of this subdivision, the \"ratio\\nprescribed by law\" shall mean such ratio as would be prescribed in the\\nabsence of this subdivision.\\n 9. Notwithstanding the provisions of this section or any law to the\\ncontrary, any limited dividend mutual housing company which:\\n (a) owns or operates a project or projects that are located in the\\ncounty of Queens and were constructed or acquired prior to July first,\\nnineteen hundred sixty-five; and\\n (b) did not receive a loan, construction subsidy, mortgage, mortgage\\nguarantee or any other form of financial assistance from the state of\\nNew York or from any state agency, authority or public benefit\\ncorporation created by the state; and\\n (c) is no longer required to pay rental surcharges to the municipality\\nin which it is located; and\\n (d) has commenced paying real property taxes on the value of the land\\nand improvements pursuant to a resolution adopted by the governing body\\nof the municipality in which it is located; and\\n (e) has determined, by a two-thirds vote of the directors of the\\nhousing company taken on or before July first of each year that rental\\nsurcharges based on incomes of persons or families residing in the\\nproject, as specified in this article or any other provision of law, are\\nnot required for the purpose of maintaining or operating said project or\\nprojects. Any such vote shall be preceded by a timely notice to the\\nproject's shareholders that such vote will take place;\\n shall be excused from undertaking a survey of the aggregate and\\nindividual annual incomes of persons or families residing in such\\nproject or projects constructed or acquired by such housing company, and\\nshall not be required to impose rental surcharges based on the incomes\\nof such persons or families.\\n 10. A housing company shall accept federal reimbursement under section\\neight of the Housing and Community Development Act of 1974 in lieu of\\nsuch amount in rent payment for a person qualifying under such act and\\nresiding in a project of such company. A housing company shall not\\nreject an applicant for an apartment solely on the basis that all or\\npart of the rent shall be paid under section eight of the Housing and\\nCommunity Development Act of 1974.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "85-B", "title" : "Resale price of shares", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "85-B", "activeDate" : "2014-09-22", "sequenceNo" : 128, "repealedDate" : null, "fromSection" : "85-B", "toSection" : "85-B", "text" : " § 85-b. Resale price of shares. Notwithstanding any other provision of\\nthis article and subject to any regulation not inconsistent with this\\nsection which may be promulgated by the commissioner:\\n (a) The resale price of shares in a mutual company shall be fixed by\\nthe mutual company, subject to the approval of the commissioner, and\\nshall be equal to (1) the consideration the selling tenant-cooperator\\npaid for such shares and (2) any capital assessments and voluntary\\ncapital contributions approved by the commissioner and paid by the\\nselling tenant-cooperator to the mutual company, to the extent not\\nalready included in the consideration paid for such shares, and, if\\nestablished by the mutual company, (3) a proportionate share of the\\nactual aggregate amortization paid on all existing and prior mortgages\\non the project in reduction of total outstanding principal indebtedness\\nduring such period as shall be fixed by the board of directors of the\\nmutual company, to the extent not already included in the consideration\\npaid for such shares, and (4) reasonable administrative charges.\\n (b) The aggregate amount to be paid to the selling tenant-cooperator\\nwith respect to the sale of the selling tenant-cooperator's shares shall\\nbe fixed by the board of directors of the mutual company, subject to the\\napproval of the commissioner, and shall be equal to (1) the\\nconsideration the selling tenant-cooperator paid for such shares, (2)\\nany capital assessments and voluntary capital contributions approved by\\nthe commissioner and paid by the selling tenant-cooperator to the mutual\\ncompany, to the extent not already included in the consideration paid\\nfor such shares, and (3) a proportionate share of the actual aggregate\\namortization paid by the selling tenant-cooperator on all existing and\\nprior mortgages on the project in reduction of total outstanding\\nprincipal indebtedness during such period as shall be fixed by the board\\nof directors pursuant to subdivision (a) of this section, to the extent\\nnot already included in the consideration paid for such shares. To the\\nextent that a selling tenant-cooperator may be entitled to an amount\\nless than the resale price of his shares, the difference shall be\\nretained by the mutual company.\\n (c) The board of directors may, subject to the approval of the\\ncommissioner, establish a general policy pursuant to which a selling\\ntenant-cooperator who had occupied more than one dwelling unit is paid\\nan amount measured by his proportionate share of the actual aggregate\\namortization paid during his period of occupancy on all existing or\\nprior mortgages on the project. To the extent that a selling\\ntenant-cooperator may be entitled to an amount greater than the resale\\nprice of shares, the difference may be paid to the selling\\ntenant-cooperator by the mutual company.\\n (d) The \"proportionate share of the actual aggregate amortization paid\\non all existing and prior mortgages on the project\" referred to in\\nsubdivision (a) of this section shall be in the same ratio to such\\nactual aggregate amortization as the number of shares held by the\\nselling tenant-cooperator at the time of sale bears to the total number\\nof shares of issued and outstanding capital stock of the mutual company\\nduring such period.\\n (e) Nothing contained in this section shall prohibit the continued use\\nof any method of calculating resale price adopted by a mutual company\\nand approved by the commissioner prior to the effective date of this\\nsection.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "86", "title" : "Reduction of rentals in housing company projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "86", "activeDate" : "2014-09-22", "sequenceNo" : 129, "repealedDate" : null, "fromSection" : "86", "toSection" : "86", "text" : " § 86. Reduction of rentals in housing company projects. If in any\\ncalendar or fiscal year the gross receipts of any housing company should\\nexceed the payments or charges specified in section eighty-five, the\\nsums necessary to pay distributions or interest accrued or unpaid on any\\nshares, income debentures or other capital, and the authorized transfer\\nto surplus, the balance shall, unless the board of directors, the\\npartners or the trustees, as the case may be, with the approval of the\\ncommissioner shall deem such balance too small for the purpose, be\\napplied to the reduction of rentals, for such year or years as the\\ncommissioner may specify, or to the further reduction of any mortgage\\nindebtedness, or both, as the commissioner may determine.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "87", "title" : "Increase of rentals in housing company projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "87", "activeDate" : "2014-09-22", "sequenceNo" : 130, "repealedDate" : null, "fromSection" : "87", "toSection" : "87", "text" : " § 87. Increase of rentals in housing company projects. Whenever it\\nshall appear that the interests of lienholders, creditors, debenture\\nholders, shareholders, partners or beneficiaries cannot otherwise be\\nsafeguarded, the commissioner shall, notwithstanding the limitation\\nprescribed in this article upon maximum average rental, have power by\\nhis order made upon written application of a housing company or of a\\nlienholder, a creditor, or of holders of ten per centum of the income\\ndebentures of the housing company, or, in the case of a housing company\\nwhich is a corporation, the holders of ten per centum of the shares, or,\\nin the case of a housing company which is a partnership, the partners\\nhaving an interest in capital equal to ten per centum thereof, or, in\\nthe case of a housing company which is a trust, the beneficiaries having\\na beneficial interest in capital equal to ten per centum thereof, to\\nauthorize such housing company to increase rentals beyond the maximum\\nprovided in this article as follows:\\n (a) If the application is made before occupancy of the dwellings\\nembraced in the project and it is shown to the satisfaction of the\\ncommissioner that owing to causes beyond the control of the housing\\ncompany or contingencies which in the opinion of the commissioner could\\nnot reasonably have been anticipated, the maximum rentals are\\ninsufficient to meet the payments authorized in section eighty-five in\\nwhich event the commissioner may authorize an increase in the minimum\\namount necessary to enable such housing company to make such payments.\\n (b) If the application is made after occupancy the order shall be made\\nonly after a public hearing. Said hearing shall be held upon no less\\nthan twenty days' written notice to the tenants and such notice shall\\nhave annexed thereto a copy of the application for increase in rentals.\\nNo such order or authorization shall be made or given unless the\\ncommissioner shall find that because of changes in economic conditions\\nin their application to the project with respect to which request for\\nincreased rentals shall have been made or because of special assessments\\nor causes or contingencies beyond the control of the housing company,\\naffecting such project, the maximum rentals fixed as herein provided are\\ninsufficient to meet the payments authorized in section eighty-five of\\nthis article and unless the commissioner shall find that such\\ninsufficiency cannot be corrected by reasonable economies in management\\nand operation of said project. The commissioner shall not authorize any\\nincrease in rentals in excess of the minimum amount necessary to enable\\nthe said housing company to make the said payments authorized in section\\neighty-five. Any order by the commissioner shall be final and conclusive\\nupon all questions within his jurisdiction, with respect to the project\\naffected thereby, unless reversed or modified on appeal therefrom as\\nhereinafter provided. Within thirty days after notice of the filing of\\nthe order of the commissioner has been sent to the said housing company\\nand served upon the said tenants affected thereby in such manner as the\\ncommissioner shall prescribe, an appeal may be taken to the appellate\\ndivision of the supreme court in the department in which the project\\naffected by the order is located, from such order of the commissioner by\\nany party in interest. If notice of such appeal is served upon the\\ncommissioner, he shall, within thirty days thereafter, serve upon the\\nparties in interest a statement of his conclusions of fact and rulings\\nof law in such case. The commissioner may also in his discretion certify\\nto such appellate division of the supreme court questions of law\\ninvolved in his order. Such appeal and the questions so certified shall\\nbe heard in a summary manner and shall have precedence over all other\\ncivil cases in such court. The commissioner shall be deemed a party to\\nevery such appeal.\\n An appeal may also be taken by the commissioner or by any party in\\ninterest to the court of appeals in the same manner and subject to the\\nsame limitations as is now provided in civil actions. It shall not be\\nnecessary to file exceptions to the rulings of the commissioner. The\\ncommissioner shall not be required to file a bond upon an appeal by him\\nto the court of appeals. Upon final determination of such an appeal, the\\ncommissioner shall enter an order in accordance therewith.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "88", "title" : "Surplus", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "88", "activeDate" : "2014-09-22", "sequenceNo" : 131, "repealedDate" : null, "fromSection" : "88", "toSection" : "88", "text" : " § 88. Surplus. The amount of net earnings transferable to surplus in\\nany year after making or providing for the payments specified in items\\n(a), (b) and (c) of subdivision one of section eighty-five of this\\narticle shall be subject to the approval of the commissioner. The amount\\nof such surplus shall not exceed twelve per centum of the outstanding\\ncapital and income debentures of the housing company, but the surplus so\\nlimited shall not be deemed to include any increase in assets due to\\nreduction of mortgage or amortization or similar payments. On\\ndissolution of any housing company, organized as a corporation, the\\nshareholders shall in no event receive more than the par value of their\\nshares plus accumulated, accrued or unpaid dividends at the rate of six\\nper centum per annum; on dissolution of a housing company organized as a\\npartnership, the partners shall in no event receive more than the value\\nof their paid in capital plus accumulated, accrued or unpaid\\ndistributions on capital at the rate of six per centum per annum; on\\ntermination of a housing company organized as a trust, the beneficiaries\\nshall in no event receive more than the value of the money or property\\nsubject to the trust plus accumulated, accrued or unpaid distributions\\non capital at the rate of six per centum per annum; on dissolution of\\nany housing company income debenture holders shall in no event receive\\nmore than the face value of income debentures outstanding plus\\naccumulated, accrued and unpaid interest at the rate of six per centum\\nper annum. Any remaining surplus shall be paid into the general fund of\\nthe state of New York, if the buildings and the improvements of the\\nproject have not received exemption from taxation by the municipality\\npursuant to subdivision three or four of section ninety-three and if the\\ncompany has not received a loan from the municipality, but if such tax\\nexemption or loan has been received, any remaining surplus shall be paid\\ninto the general fund of the municipality.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "89", "title" : "Consolidated projects; operation of more than one project", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "89", "activeDate" : "2014-09-22", "sequenceNo" : 132, "repealedDate" : null, "fromSection" : "89", "toSection" : "89", "text" : " § 89. Consolidated projects; operation of more than one project. The\\ncommissioner may permit the consolidation of two or more approved\\nprojects or the extension or amendment of any approved project or the\\nconsolidation of any approved project with a proposed project. In any of\\nthese events, the consolidated project shall be treated as an original\\nproject and an application shall be submitted as in the case of an\\noriginal project and rents and costs may be averaged throughout the\\nconsolidated or extended project. The commissioner may likewise permit\\nany housing company to organize and operate more than one project or to\\ntake over any project heretofore approved by the commissioner and to\\noperate it independently of other projects of the housing company. The\\ncommissioner may in his discretion decline to permit more than one\\nproject to be operated by the same housing company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "90", "title" : "Purchase by housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "90", "activeDate" : "2014-09-22", "sequenceNo" : 133, "repealedDate" : null, "fromSection" : "90", "toSection" : "90", "text" : " § 90. Purchase by housing companies. Before any housing company shall\\npurchase the property of any other housing company, it shall file an\\napplication with the commissioner in the manner hereinbefore provided as\\nfor a new project and shall obtain the consent of the commissioner to\\nthe purchase and agree to be bound by the provisions of this article and\\nthe commissioner shall not give his consent unless it is shown to the\\nsatisfaction of the commissioner that the project is one that can be\\nsuccessfully operated according to the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "91", "title" : "Proceedings against housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "91", "activeDate" : "2014-09-22", "sequenceNo" : 134, "repealedDate" : null, "fromSection" : "91", "toSection" : "91", "text" : " § 91. Proceedings against housing companies. 1. Whenever the\\ncommissioner shall be of the opinion that a housing company is failing\\nor omitting, or is about to fail or omit to do anything required of it\\nby law or by order of the commissioner or is doing or is about to do\\nanything, or permitting anything, or is about to permit anything to be\\ndone, contrary to and in violation of law or of any order of the\\ncommissioner, or which is improvident or prejudicial to the interest of\\nthe public, the lienholders, the shareholders, partners, beneficiaries\\nor the tenants, the commissioner shall commence an action or proceeding\\nin the supreme court of the state of New York in the name of the\\ncommissioner, in accordance with the provisions of the civil practice\\nlaw and rules for the purpose of having such violations or threatened\\nviolations stopped and prevented, and in such action or proceeding, the\\ncourt may appoint a temporary or permanent receiver or both. Such action\\nor proceeding shall be commenced by a petition to the supreme court,\\nalleging the violation complained of and praying for appropriate relief.\\nIt shall thereupon be the duty of the court to specify the time, not\\nexceeding twenty days after service of a copy of the petition, within\\nwhich the housing company complained of must answer the petition. In\\ncase of default in answer or after answer the court shall immediately\\ninquire into the facts and circumstances in such manner as the court\\nshall direct without other or formal pleadings, and without respect to\\nany technical requirements. Such other persons or corporations as it\\nshall seem to the court necessary or proper to join as parties in order\\nto make its order or judgment effective, may be joined as parties. The\\nfinal judgment in any such action or proceeding shall either dismiss the\\naction or proceeding or direct that an order or an injunction, or both,\\nissue, or provide for the appointment of a receiver as prayed for in the\\npetition, or grant such other relief as the court may deem appropriate.\\n 2. In the event that a municipality shall make a loan to a housing\\ncompany, the municipality, as well as the commissioner, shall have the\\npowers enumerated in subdivision one of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "92", "title" : "Reorganization", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "92", "activeDate" : "2014-09-22", "sequenceNo" : 135, "repealedDate" : null, "fromSection" : "92", "toSection" : "92", "text" : " § 92. Reorganization. 1. Reorganization of housing companies shall be\\nsubject to the supervision and control of the commissioner and no such\\nreorganization shall be had without the authorization of the\\ncommissioner.\\n 2. Upon all such reorganizations the capital structure of the housing\\ncompany shall be subject to the approval of the commissioner in\\naccordance with the provisions of section seventy-eight of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "93", "title" : "Tax exemptions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2025-05-16" ], "docLevelId" : "93", "activeDate" : "2014-09-22", "sequenceNo" : 136, "repealedDate" : null, "fromSection" : "93", "toSection" : "93", "text" : " § 93. Tax exemptions. 1. Any housing company shall be exempt from the\\npayment of any and all franchise, organization, income, mortgage\\nrecording and other taxes to the state and all fees to the state or its\\nofficers.\\n 2. Bonds and mortgages and the income debenture certificates of all\\nhousing companies are declared to be instrumentalities of the state,\\nissued for public purposes and shall, together with interest thereon, be\\nexempt from taxation. Distributions on capital of said companies shall\\nbe exempt from taxation by the state.\\n 3. Any municipality in which projects of housing companies are located\\nis authorized to exempt the buildings and improvements created in\\nconnection with such projects from local taxation, and should said\\nmunicipality exempt such buildings and improvements from such taxation\\nthe buildings and improvements of said company shall to the extent of\\nsuch exemption be exempt from any and all state taxation. This provision\\nshall apply only to projects completed prior to January first, nineteen\\nhundred thirty-nine.\\n 4. Any municipality in which projects of housing companies are located\\nis authorized, through its local legislative body, to exempt from local\\nand municipal taxes, other than assessments for local improvements, all\\nor part of the value of the property included in any such projects as\\nrepresents an increase over the assessed valuation of the real property,\\nboth land and improvements, acquired for the project at the time of its\\nacquisition by the housing company which originally undertook the\\nproject; and should a municipality grant such tax exemption, all\\nprojects of housing companies shall to the extent of such municipal\\nexemption and during the period thereof, be exempt from any and all\\nstate taxes. Such exemption of projects from taxation by a municipality\\nand the state shall not extend to projects erected prior to January\\nfirst, nineteen hundred thirty-nine nor to projects erected after\\nJanuary first, nineteen hundred seventy-three and prior to January\\nfirst, nineteen hundred seventy-nine.\\n 5. The tax exemption specified in subdivisions three and four of this\\nsection shall not operate for a period of more than fifty years,\\ncommencing in each instance from the date on which the benefits of such\\nexemption first become available and effective.\\n 6. Notwithstanding the provisions of subdivisions four and five of\\nthis section, the real property owned, acquired, leased, managed or\\noperated by a state urban development corporation project shall be\\nexempt from all local and municipal taxes, other than assessment for\\nlocal improvements, to the extent of the value of the property included\\nin such project as represents an increase over the assessed valuation of\\nthe real property, both land and improvements acquired for the project\\non the date of its acquisition by the housing company. The tax exemption\\nshall operate and continue so long as the mortgage loans of such\\nlimited-dividend housing company are outstanding, but in no event for a\\nperiod of more than forty years, commencing in each instance from the\\ndate when such limited-dividend housing company first acquired such\\nproperty. If a state urban development corporation project qualifying\\nfor tax exemption pursuant to this subdivision is sold, with the\\napproval of the commissioner, to another limited-dividend housing\\ncompany, such successor company shall be entitled to all the benefits of\\nthis subdivision.\\n 7. Any project that received a tax exemption under this section may,\\nupon the expiration of the tax exemption period, be granted an\\nadditional tax exemption period of up to fifty years, or until such time\\nas the project is no longer operated under the restrictions and for the\\npurposes set forth in this article, whichever is sooner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "94", "title" : "Foreclosure", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "94", "activeDate" : "2014-09-22", "sequenceNo" : 137, "repealedDate" : null, "fromSection" : "94", "toSection" : "94", "text" : " § 94. Foreclosure. 1. In any foreclosure action the commissioner, and\\nthe municipality if it has made a loan to the housing company, in\\naddition to other necessary parties, shall be made parties defendant;\\nand the commissioner and the municipality shall take all steps in such\\naction necessary to protect the interest of the public therein, and no\\ncosts shall be awarded against him or the municipality. Foreclosure\\nshall not be decreed unless the court to which application therefor is\\nmade shall be satisfied that the interests of the lienholder or holders\\ncan not be adequately secured or safeguarded except by the sale of the\\nproperty. In any such proceeding, the court shall be authorized to make\\nan order increasing the rentals to be charged for the housing\\naccommodations in the project involved in such foreclosure, but not\\nexceeding the maximum average rentals fixed herein, or appoint the\\ncommissioner as a receiver of the property and in the event the\\nmunicipality has made a loan to the housing company, appoint an officer\\nor employee of the municipality, or grant such other and further relief\\nas may be reasonable and proper. In the event of a foreclosure sale or\\nother judicial sale, the property shall, except as provided in the next\\nsucceeding paragraph of this section, be sold only to a housing company,\\nunless the court shall find that the interest on the bonds cannot be\\nearned under the restrictions imposed by the provisions of this article\\nand that the proceeding was brought in good faith. In such event the\\nproperty shall be sold free of all restrictions imposed by this article\\nand all the benefits theretofore granted under this article to such\\nproject shall thereupon terminate.\\n 2. Notwithstanding the foregoing provisions of this section, wherever\\nit shall appear that a government, the New York state housing finance\\nagency, the New York state urban development corporation, created by the\\nNew York state urban development corporation act, the New York city\\nhousing development corporation, Battery Park city authority, an\\norganization or entity investing or participating in a loan pursuant to\\nsubdivision one of section fifteen of this chapter, or a corporation\\nsubject to the supervision of the state department of financial\\nservices, shall have loaned on a mortgage which is a lien upon any such\\nproperty, such government, New York state housing finance agency, New\\nYork state urban development corporation, New York city housing\\ndevelopment corporation, Battery Park city authority, an organization or\\nentity investing or participating in a loan pursuant to said section\\nfifteen or a corporation subject to such supervision, or any trustee or\\ntrustees, or any successor trustee or trustees, for the benefit of any\\none or more of the aforesaid classes shall have all the remedies\\navailable to a mortgagee under the laws of the state of New York, free\\nfrom any restrictions contained in this section except that the\\ncommissioner shall be made a party defendant and that the commissioner\\nshall take all steps necessary to protect the interests of the public\\nand no costs shall be awarded against him or her\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "95", "title" : "Judgments against housing companies not relating to mortgage indebtedness", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "95", "activeDate" : "2014-09-22", "sequenceNo" : 138, "repealedDate" : null, "fromSection" : "95", "toSection" : "95", "text" : " § 95. Judgments against housing companies not relating to mortgage\\nindebtedness. In the event of a judgment against a housing company in\\nany action not pertaining to the collection of a mortgage indebtedness,\\nthere shall be no sale of any of the real property of such housing\\ncompany except upon sixty days' written notice to the commissioner and,\\nif the municipality has made a loan to the housing company, to the\\nmunicipality in which the project is located. Upon receipt of such\\nnotice the commissioner and the municipality shall take such steps as in\\nits judgment may be necessary to protect the rights of all parties.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "96", "title" : "Voluntary dissolution", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "96", "activeDate" : "2014-09-22", "sequenceNo" : 139, "repealedDate" : null, "fromSection" : "96", "toSection" : "96", "text" : " § 96. Voluntary dissolution. 1. Notwithstanding any provisions in\\nthis article to the contrary, a housing company organized pursuant to\\nthis article after April first, nineteen hundred sixty-two, may\\nvoluntarily be dissolved, or in the case of a housing company which is a\\ntrust, be terminated, without the consent of the commissioner, not less\\nthan twenty years after the occupancy date upon the payment in full of\\nthe remaining balance of principal and interest due and unpaid upon the\\nmortgage or mortgages and of any and all expenses incurred in\\neffectuating such voluntary dissolution or termination.\\n 2. Upon such dissolution or termination, title to the project may be\\nconveyed in fee to the owner or owners of its capital or to any\\ncorporation, partnership or trust designated by it or them for the\\npurpose, or the company may be reconstituted pursuant to appropriate\\nlaws relating to the formation and conduct of corporations, partnerships\\nor trusts, provided, however, that prior to any such dissolution or\\ntermination and conveyance or reconstitution payment shall be made of\\nall current operating expenses, taxes, indebtedness and all accrued\\ninterest thereon and the par value of the shares or amount of the\\ncapital of such company and accrued distributions in respect thereof.\\nIf after making such payments and after conveyance of the project, a\\nsurplus remains in the treasury of the housing company, such surplus\\nshall, upon dissolution or termination be distributed to the\\nshareholders, partners or beneficiaries, as their interests may appear.\\nAfter such dissolution or termination and conveyance, or such\\nreconstitution, the provisions of this article shall become and be\\ninapplicable to any such project and its owner or owners, and any tax\\nexemption granted with respect to such project pursuant to section\\nninety-three hereof shall cease and terminate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "97", "title" : "Corporations in existence prior to enactment of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "97", "activeDate" : "2014-09-22", "sequenceNo" : 140, "repealedDate" : null, "fromSection" : "97", "toSection" : "97", "text" : " § 97. Corporations in existence prior to enactment of article.\\nNothing in this article contained shall be deemed to require the\\nreincorporation of any public limited dividend housing company or any\\nprivate limited dividend housing company heretofore organized under the\\nprovisions of chapter eight hundred twenty-three of the laws of nineteen\\nhundred twenty-six, entitled \"state housing law,\" as amended prior to\\nthe enactment of this article, nor to alter or affect any rights,\\nprivileges, powers, benefits, or immunities granted to such corporations\\nby the provisions of any law, general, special or local. Such housing\\ncompanies shall exist, continue to function and they and their\\nstockholders, debenture holders, tenants, mortgagees, creditors and all\\nother persons having an interest therein shall possess the powers,\\nrights and privileges, be subject to the duties, restrictions and\\nliabilities, of this article, provided that the legality, terms, rights,\\nduties, limitations, privileges and immunities with respect to rents,\\ndividend returns, mortgage interest, state and local tax exemptions and\\ninvestments in such companies heretofore made and of transactions\\nheretofore had by such companies shall not be affected by the provisions\\nof this article, but the same shall continue to be governed by the\\nprovisions of chapter eight hundred twenty-three of the laws of nineteen\\nhundred twenty-six and amendatory acts thereto, and for such purposes,\\nsuch chapter and amendatory acts thereto shall continue to be in full\\nforce and effect.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 32 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A5", "title" : "Redevelopment Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "5", "activeDate" : "2014-09-22", "sequenceNo" : 141, "repealedDate" : null, "fromSection" : "100", "toSection" : "128", "text" : " ARTICLE V\\n REDEVELOPMENT COMPANIES\\nSection 100. Short title.\\n 101. Policy of state and purpose of act.\\n 102. Definitions.\\n 103. Redevelopment companies; how created.\\n 104. Consent of supervising agency to creation of\\n redevelopment companies.\\n 105. Application of other corporation laws.\\n 105-a. Application of other laws.\\n 106. Powers of redevelopment companies.\\n 107. Limited return on investment.\\n 108. Consideration for capital and bonds.\\n 109. Minimum amount of capital and debentures.\\n 110. Income debentures.\\n 111. Mortgages and mortgage bonds.\\n 111-a. Participation by certain corporations and individuals.\\n 111-b. Mortgage modification provisions for redevelopment\\n companies in cities with a population of one million or\\n more.\\n 112. Limitations.\\n 112-a. Redevelopment loans.\\n 113. Use of projects.\\n 114. Procedure for submission and approval of plan or project.\\n 115. Limitation on changes.\\n 116. Transfer of real property to redevelopment company.\\n 117. Rules and regulations.\\n 118. Fees.\\n 119. Acquisition.\\n 120. Regulation of redevelopment companies.\\n 120-a. State supervision and regulation.\\n 121. Sinking fund.\\n 122. Transfer of title or foreclosure of project.\\n 123. Dissolution.\\n 124. Participation by certain corporations.\\n 125. Tax exemptions.\\n 126. Reduced rentals for the elderly.\\n 127. Acquisition by mutual redevelopment companies.\\n 128. Resale price of shares.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "100", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "100", "activeDate" : "2014-09-22", "sequenceNo" : 142, "repealedDate" : null, "fromSection" : "100", "toSection" : "100", "text" : " § 100. Short title. This article shall be known and may be cited and\\nreferred to as the \"Redevelopment Companies Law.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "101", "title" : "Policy of state and purpose of act", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "101", "activeDate" : "2014-09-22", "sequenceNo" : 143, "repealedDate" : null, "fromSection" : "101", "toSection" : "101", "text" : " § 101. Policy of state and purpose of act. It is hereby declared\\nthat in certain areas of municipalities located within this state there\\nexist substandard conditions and insanitary housing conditions owing to\\nobsolescence, deterioration and dilapidation of buildings, or excessive\\nland coverage, lack of planning, of public facilities, of sufficient\\nlight, air and space, and improper design and arrangement of living\\nquarters; that there is not in such areas a sufficient supply of\\nadequate, safe and sanitary dwelling accommodations properly planned and\\nrelated to public facilities; that modern standards of urban life\\nrequire the housing be related to adequate and convenient public\\nfacilities; that the aforesaid substandard and insanitary conditions\\ndepress and destroy the economic value of large areas and by impairing\\nthe value of private investments threaten the sources of public\\nrevenues; that the public interest requires the clearance, replanning,\\nreconstruction and neighborhood rehabilitation of such substandard and\\ninsanitary areas, together with adequate provision for recreational and\\nother facilities incidental and appurtenant thereto according to the\\nrequirements of modern urban life and that such clearance, replanning,\\nreconstruction and neighborhood rehabilitation are essential to the\\nprotection of the financial stability of such municipalities; that in\\norder to protect the sources of public revenue it is necessary to\\nmodernize the physical plan and conditions of urban life; that these\\nconditions cannot be remedied by the ordinary operations of private\\nenterprise; that provision must be made to encourage the investment of\\nfunds in corporations, partnerships and trusts engaged in providing\\nredevelopment facilities to be constructed according to the requirements\\nof city planning and in effectuation of official city plans and\\nregulated by law as to profits, dividends and disposition of their\\nproperty or franchises; that provision must be made to enable insurance\\ncompanies to provide such facilities, subject to regulation by law as to\\nthe return from such facilities and the disposition of property acquired\\nfor such purpose; and that provision must also be made for the\\nacquisition for such corporations, partnerships, limited liability\\ncompanies and trusts and companies at fair prices of real property\\nrequired for such purposes in substandard areas and for public\\nassistance of such corporations, partnerships and trusts and such\\ncompanies by the granting of partial tax exemptions; that the\\ncooperation of the state and its subdivisions is necessary to accomplish\\nsuch purposes; that the clearance, replanning and reconstruction,\\nrehabilitation and modernization of substandard and insanitary areas and\\nthe provision of adequate, safe, sanitary and properly planned housing\\naccommodations in effectuation of official city plans by such\\ncorporations, partnerships, limited liability companies and trusts and\\nsuch companies in these areas are public uses and purposes for which\\nprivate property may be acquired for such corporations, partnerships,\\nlimited liability companies and trusts and such companies and partial\\ntax exemption granted for such corporations, partnerships, limited\\nliability companies and trusts and such companies; that these conditions\\nrequire the creation of the agencies, instrumentalities, corporations,\\npartnerships and trusts hereinafter prescribed for the purpose of\\nattaining the ends herein recited; and the necessity in the public\\ninterest for the provisions hereinafter enacted is hereby declared as a\\nmatter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "102", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "102", "activeDate" : "2014-09-22", "sequenceNo" : 144, "repealedDate" : null, "fromSection" : "102", "toSection" : "102", "text" : " § 102. Definitions. As used in this article, the following terms shall\\nmean and include:\\n 1. \"Project.\" A specific work or improvement to effectuate all or any\\npart of a plan including lands, buildings and improvements acquired,\\nowned, constructed, managed or operated in an area by a redevelopment\\ncompany or an insurance company providing dwelling accommodations\\npursuant to this article and such business, commercial, cultural or\\nrecreational facilities appurtenant thereto as may be approved pursuant\\nto section one hundred fourteen of this article.\\n 2. \"Supervising agency.\" The municipal comptroller in a municipality\\nhaving a comptroller; in a municipality having no comptroller the chief\\nfinancial officer of such municipality; except that in the city of New\\nYork it shall be the department of housing preservation and development.\\nHowever, as to any insurance company providing dwelling accommodations\\npursuant to this article, or if any of the stock and income debenture\\ncertificates having voting power of a redevelopment company are or are\\nto be issued to one or more insurance companies, the term shall mean\\nonly the superintendent of financial services.\\n 3. \"Local and municipal taxes.\" Taxes levied by a county, city,\\nvillage, town, school and special district but shall not include\\nassessments for local improvements.\\n 3-a. \"Redevelopment company.\" A corporation, partnership (general or\\nlimited), limited liability companies or trust created as provided in\\nsection one hundred three of this article.\\n 4. \"Capital.\" In the case of a corporation, the capital shares of that\\ncorporation for the time being issued and outstanding; in the case of a\\npartnership, the aggregate value of the money and property contributed\\nby the partners for the purpose of carrying on the business of the\\npartnership, so far as such is credited to the partners on capital\\naccount; in the case of a limited liability company, the aggregate value\\nof the money and property contributed by the members for the purpose of\\ncarrying on the business of the company; and in the case of a trust, the\\naggregate value of the money or property subject to the trust.\\n 5. \"Federally-aided mortgage.\" A mortgage loan made or insured by the\\nfederal government or any agency or instrumentality thereof or a\\nmortgage loan entered into in conjunction with a housing assistance\\npayments contract in connection with new construction or substantial\\nrehabilitation or moderate rehabilitation pursuant to section eight of\\nthe United States housing act of 1937, as amended.\\n 6. The term \"mutual\" when applied to a redevelopment company shall\\nmean a redevelopment company which is a corporation operated exclusively\\nfor the benefit of the persons or families who are entitled to occupancy\\nin a project of such redevelopment company by reason of ownership of\\nshares in such redevelopment company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "103", "title" : "Redevelopment companies; how created", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "103", "activeDate" : "2014-09-22", "sequenceNo" : 145, "repealedDate" : null, "fromSection" : "103", "toSection" : "103", "text" : " § 103. Redevelopment companies; how created. 1. A redevelopment\\ncompany may be created as a corporation by three or more persons\\nsigning, acknowledging and filing a certificate which shall contain:\\n (1) The name of the proposed redevelopment company.\\n (2) The purposes for which it is to be formed which shall be as\\nfollows: To acquire one or more areas under a plan or plans, and to\\nconstruct, own, maintain, operate, sell and convey projects pursuant to\\nthe terms and provisions of this article.\\n (3) The amount of the capital shares, and if any be preferred shares,\\nthe preference thereof.\\n (4) The number of shares of which the capital shall consist, all of\\nwhich shall have a par value.\\n (5) The city, village or town in which its principal business office\\nis to be located; if located in the city of New York, the borough\\nthereof in which it is to be located.\\n (6) Its duration, which shall not be less than twenty years.\\n (7) The number of directors, which shall not be less than three and\\nwho need not be shareholders. One additional director may be designated\\nby the supervising agency, and, in the case of all mutual companies,\\nsuch additional director shall be designated by the supervising agency\\nat the creation of the company and shall serve from the time of such\\ndesignation at least until a board of directors has been elected by the\\ntenants entitled to occupancy in the project by reason of ownership of\\nshares in such company. The directors appointed by the supervising\\nagency need not meet any of the qualifications prescribed in the\\ncertificate of incorporation or the by-laws, and in the absence of fraud\\nor bad faith shall not be personally liable for the debts, obligations\\nor liabilities of the corporation.\\n (8) The names and post-office addresses of the directors for the first\\nyear.\\n (9) The names and post-office addresses of the subscribers to the\\ncertificate and a statement of the number of shares which each agrees to\\ntake in the redevelopment company.\\n (10) A provision that, so long as this article shall remain applicable\\nto any project of the redevelopment company, the real property of the\\nredevelopment company shall not be sold, transferred or assigned except\\nas permitted by the terms and provisions of this article.\\n (11) A declaration that all of the subscribers to the certificate are\\nof full age; that at least two-thirds of them are citizens of the United\\nStates and that at least one of them is a resident of the state of New\\nYork; that at least one of the persons named as a director is a citizen\\nof the United States and a resident of the state of New York.\\n (12) A declaration that the redevelopment company has been organized\\nto serve a public purpose and that it shall be and remain subject to the\\nsupervision and control of the supervising agency except as provided in\\nthis article, so long as this article remains applicable to any project\\nof the redevelopment company; that all real and personal property\\nacquired by it and all structures erected by it, shall be deemed to be\\nacquired or created for the promotion of the purposes of this article.\\n (13) A declaration that, upon the dissolution of the company pursuant\\nto the provisions of subdivision one of section one hundred\\ntwenty-three, the property may be conveyed in fee as provided in said\\nsubdivision.\\n (14) A declaration that mortgage indebtedness, income debenture\\ncertificates and capital of the redevelopment company may be retired if,\\nas and when there shall be funds available for amortization purposes in\\nthe treasury of the redevelopment company.\\n (15) A declaration that in the event of a violation by a company of a\\nprovision of its certificate or of law or any rules and regulations\\npromulgated pursuant to the provisions of this article, the supervising\\nagency may, by written notice, as provided by this article, advise the\\ndirectors, partners or trustees, as the case may be, of the company of\\nits desire to remove any or all of the existing directors or to appoint\\na manager or managers of the partnership or trust who shall exclusively\\nexercise all of the powers of such partners or trustees, as the case may\\nbe, for the duration of the appointment of such manager or managers. In\\nthe event that the company fails to comply with the requirements of the\\nsupervising agency within thirty days from date of mailing of said\\nwritten notice, the supervising agency may, with the written approval of\\nany mortgagee and without further notice to the company or to its\\ndirectors, partners or trustees, as the case may be, remove such\\ndirectors in the case of a redevelopment company which is a corporation\\nor any of them from office and appoint such person or persons as the\\nsupervising agency, in its sole discretion, deems advisable, including\\nofficers or employees of the supervising agency, as new directors to\\nserve in the places of those removed or appoint such manager or managers\\nin the case of a redevelopment company which is a partnersnip or trust\\nwho shall exclusively exercise all of the powers of such partners or\\ntrustees, as the case may be. Directors or managers so appointed need\\nnot meet qualifications which may be prescribed by the certificate,\\nby-laws, partnership or trust agreement, or other rules or regulations\\nof the company. In the absence of fraud or bad faith, directors or\\nmanagers so appointed shall not be personally liable for debts,\\nobligations or liabilities of the company. Directors or managers so\\nappointed shall serve only for a period coexistent with the duration of\\nsuch violation or until the supervising agency is assured, in a manner\\nsatisfactory to it, against violations of a similar nature. Officers or\\nemployees of the supervising agency who are appointed as such directors\\nor managers shall serve in such capacity without compensation.\\n (16) A designation of the secretary of state as agent of the\\ncorporation upon whom process against it may be served and the post\\noffice address within or without this state to which the secretary of\\nstate shall mail a copy of any process against it served upon him.\\n (17) If the corporation is to have a registered agent, his name and\\naddress within this state and a statement that the registered agent is\\nto be the agent of the corporation upon whom process against it may be\\nserved.\\n 2. (1) A redevelopment company may be created as a general partnership\\nby the partners signing, acknowledging and filing as hereinafter\\nprovided a certificate which shall contain:\\n (a) The matters set out in paragraphs one, two, five, six, ten,\\ntwelve, thirteen, fourteen and fifteen of subdivision one of this\\nsection.\\n (b) The names and post-office addresses of the partners.\\n (c) A statement of the capital of the partnership.\\n (d) As to all the partners who are individuals, a declaration that (i)\\nall such partners are of full age; (ii) all of them if there be no more\\nthan two and at least two-thirds of them if there be more than two are\\ncitizens of the United States; and (iii) at least one of them is a\\nresident of the state of New York; and as to all partners which are\\ncorporations, a declaration that each such corporation is either\\nincorporated under the laws of the state of New York or is a foreign\\ncorporation duly authorized to do business in the state of New York.\\n (2) A redevelopment company may be created as a limited partnership by\\nthe partners filing as provided herein a copy of the certificate filed\\nwith the county clerk pursuant to article eight of the partnership law.\\nThe partners shall at the same time sign, acknowledge and file a further\\ncertificate which shall contain the matters set out in paragraphs one,\\ntwo, five, six, ten, twelve, thirteen, fourteen and fifteen of\\nsubdivision one of this section and a declaration as to all of the\\ngeneral partners which shall comply with the requirements of\\nsubparagraph (d) of paragraph one of this subdivision.\\n 2-a. A redevelopment company may be created as a limited liability\\ncompany by the members signing, acknowledging and filing as hereinafter\\nprovided a certificate which shall contain:\\n (1) The matters set out in paragraphs one, two, five, six, ten,\\ntwelve, thirteen, fourteen and fifteen of subdivision one of this\\nsection.\\n (2) The names and post-office addresses of the members.\\n (3) A statement of the capital of the limited liability company.\\n (4) As to all the members who are individuals, a declaration that (a)\\nall such members are of full age; (b) all of them if there be no more\\nthan two and at least two-thirds of them if there be more than two are\\ncitizens of the United States; and (c) at least one of them is a\\nresident of the state of New York; and as to all members which are\\ncorporations, a declaration that each such corporation is either\\nincorporated under the laws of the state of New York or is a foreign\\ncorporation duly authorized to do business in the state of New York.\\n 3. A redevelopment company may be created as a trust by the settlor\\nsigning, acknowledging and filing as hereinafter provided a certificate\\nwhich shall contain:\\n (1) The matters set out in paragraphs one, two, five, six, ten,\\ntwelve, thirteen, fourteen and fifteen of subdivision one of this\\nsection.\\n (2) A statement of the capital of the trust.\\n (3) The name and post-office address of the trustee or trustees.\\n (4) The name and post-office address of any person having a beneficial\\ninterest, whether vested or contingent, under the trust.\\n (5) As to all the trustees who are individuals, a declaration that (i)\\nall such trustees are of full age; (ii) that all of them if there be no\\nmore than two and at least two-thirds of them if there be more than two\\nare citizens of the United States; and (iii) that at least one of them\\nis a resident of the state of New York; and as to all trustees which are\\ncorporations, a declaration that each such corporation is either\\nincorporated under the laws of the state of New York or is a foreign\\ncorporation duly authorized to do business in the state of New York.\\n 4. A certificate made pursuant to this section shall further contain a\\ndeclaration that after providing for all expenses, taxes and\\nassessments, there shall be paid annually out of the earnings of the\\nredevelopment company, a sum for interest on and amortization of any\\nmortgage indebtedness and depreciation charges if, when and to the\\nextent deemed necessary by the supervising agency, plus interest not\\nexceeding six per centum on outstanding income debentures and a\\ndistribution to the shareholders, to the partners or to the\\nbeneficiaries of the trust having interests vested in possession, as the\\ncase may be, not exceeding six per centum of the total of the capital;\\nthat the obligation in respect of such payments shall be cumulative, and\\nany deficiency in interest, amortization, depreciation and distribution\\nin any year shall be paid either from any cash surplus derived from\\nearnings remaining in the treasury of the redevelopment company in\\nexcess of the amount necessary to provide such cumulative annual sums or\\nfrom the first available earnings in subsequent years; and that any cash\\nsurplus derived from earnings remaining in the treasury of the\\nredevelopment company in excess of the amount necessary to provide such\\ncumulative annual sums shall upon the dissolution of, or in the case of\\na redevelopment company which is a trust the termination of, the company\\nbe paid into the general fund of the municipality.\\n 5. A certificate made pursuant to the provisions of this section may\\nprovide that in the event that income debenture certificates are issued\\nby the redevelopment company, the owners thereof may be given the same\\nright to vote as they would have if possessed of shares of equivalent\\npar value in the case of a corporation or if they had contributed\\ncapital in the case of a partnership, or had a beneficial interest under\\nthe trust vested in the case of a trust, of an amount equal to the\\namount of the income debenture certificates held by them.\\n If provision is made for the issue of income debenture certificates,\\ninterest shall be paid by the redevelopment company on income debenture\\ncertificates only out of net earnings of the redevelopment company that\\nwould be applicable to payment of distributions if there were no income\\ndebentures.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "104", "title" : "Consent of supervising agency to creation of redevelopment companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "104", "activeDate" : "2014-09-22", "sequenceNo" : 146, "repealedDate" : null, "fromSection" : "104", "toSection" : "104", "text" : " § 104. Consent of supervising agency to creation of redevelopment\\ncompanies. A certificate or a copy of a certificate made pursuant to\\nsection one hundred three of this article shall be presented for filing\\nto the secretary of state in the case of a corporation or limited\\nliability company and to the supervising agency in the case of a\\npartnership or trust. No certificate or any amendment thereto shall be\\nfiled without the prior written consent of the supervising agency. Such\\nconsent of the supervising agency shall not be given in the case of a\\npartnership (general or limited), a limited liability company or a trust\\nunless there has been filed with the supervising agency a partnership\\nagreement, operating agreement or trust agreement, as the case may be,\\nthe terms and conditions of which shall be subject to the approval of\\nthe supervising agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "105", "title" : "Application of other corporation laws", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "105", "activeDate" : "2014-09-22", "sequenceNo" : 147, "repealedDate" : null, "fromSection" : "105", "toSection" : "105", "text" : " § 105. Application of other corporation laws. The provisions of the\\nbusiness corporation law as presently in effect and as hereafter from\\ntime to time amended, shall apply to redevelopment companies which are\\ncorporations, except where such provisions are in conflict with the\\nprovisions of this article. In the event that any action with respect to\\nwhich the holders of income debentures shall have the right to vote is\\nproposed to be taken with regard to a redevelopment company which is a\\ncorporation, then notice of any meeting at which such action is proposed\\nto be taken shall be given to such holders in the same manner and to the\\nsame extent as if they were shareholders entitled to notice of and to\\nvote at such meeting, and any certificate filed pursuant to law in the\\ndepartment of state with respect to any such action, whether taken with\\nor without meeting, and any affidavit required by law to be annexed to\\nsuch certificate, shall contain the same statements or recitals and such\\ncertificate shall be subscribed and acknowledged, and such affidavit\\nshall be made, in the same manner as if such holders were shareholders\\nholding shares of an additional class of shares entitled to vote on such\\naction, or with respect to the proceedings provided for in such\\ncertificate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "105-A", "title" : "Application of other laws", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "105-A", "activeDate" : "2014-09-22", "sequenceNo" : 148, "repealedDate" : null, "fromSection" : "105-A", "toSection" : "105-A", "text" : " § 105-a. Application of other laws. The provisions of the limited\\nliability company law as presently in effect and as hereafter from time\\nto time amended, shall apply to redevelopment companies which are\\nlimited liability companies, except where such provisions are in\\nconflict with the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "106", "title" : "Powers of redevelopment companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "106", "activeDate" : "2014-09-22", "sequenceNo" : 149, "repealedDate" : null, "fromSection" : "106", "toSection" : "106", "text" : " § 106. Powers of redevelopment companies. Each redevelopment company\\nshall have and may exercise such of the powers conferred by law as shall\\nbe necessary in conducting the business of a redevelopment company and\\nconsistent with the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "107", "title" : "Limited return on investment", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "107", "activeDate" : "2014-09-22", "sequenceNo" : 150, "repealedDate" : null, "fromSection" : "107", "toSection" : "107", "text" : " § 107. Limited return on investment. Subject to the provisions of\\nsection one hundred twenty-three of this article, there shall be paid\\nannually out of the earnings of the redevelopment company, after\\nproviding for all expenses, taxes and assessments, a sum for interest on\\nand amortization of any mortgage indebtedness and depreciation charges\\nif, when and to the extent deemed necessary by the supervising agency,\\nplus a distribution of six per centum on the capital and interest not\\nexceeding six per centum on outstanding income debentures; except that\\nin the case of redevelopment companies formed prior to April\\ntwenty-ninth nineteen hundred sixty, and subject to the provisions of\\nsection one hundred twenty-three of this article, there shall be paid\\nannually out of the earnings of the redevelopment company, after\\nproviding for all expenses, taxes and assessments a sum for interest\\namortization, depreciation and distributions, equal to but not exceeding\\nsix per centum of the total actual final cost of the project as defined\\nby subdivision two of section one hundred twelve of this article; the\\nobligation in respect of such payments shall be cumulative, and any\\ndeficiency in interest, amortization, depreciation and distributions in\\nany year shall be paid either from any cash surplus derived from\\nearnings remaining in the treasury of the redevelopment company in\\nexcess of the amount necessary to provide such cumulative annual sums or\\nfrom the first available earnings in subsequent years; and any cash\\nsurplus derived from earnings remaining in the treasury of the\\nredevelopment company in excess of the amount necessary to provide such\\ncumulative annual sums shall, upon the dissolution of, or in the case of\\na redevelopment company which is a trust the termination of the company,\\nbe paid into the general fund of the municipality except as otherwise\\ncontemplated by subdivision five of section one hundred twenty-three of\\nthis article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "108", "title" : "Consideration for capital and bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "108", "activeDate" : "2014-09-22", "sequenceNo" : 151, "repealedDate" : null, "fromSection" : "108", "toSection" : "108", "text" : " § 108. Consideration for capital and bonds. No redevelopment company\\nwhich is a corporation shall issue shares, nor shall a redevelopment\\ncompany which is a partnership credit sums to the partners on capital\\naccount, nor shall a redevelopment company which is a limited liability\\ncompany credit sums to the members on capital account, nor shall a\\nredevelopment company which is a trust subject amounts to the trust, and\\nno redevelopment company shall issue bonds or income debenture\\ncertificates except for money or property actually received for the use\\nand lawful purposes of the redevelopment company, provided, however,\\nthat a mutual redevelopment company may issue shares for home owners\\npurchase notes if the purchase transaction has received the written\\nendorsement of the commissioner in accordance with supplementary rules\\nand regulations of the commissioner made therefor and if at least two\\nhundred dollars in money or property is received by such mutual\\nredevelopment company toward the issuance of such shares. The\\nconsideration for all capital, bonds or income debenture certificates\\nbased upon property received shall equal a valuation approved by the\\nsupervising agency and such a valuation shall be used in computing\\nactual or estimated cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "109", "title" : "Minimum amount of capital and debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "109", "activeDate" : "2014-09-22", "sequenceNo" : 152, "repealedDate" : null, "fromSection" : "109", "toSection" : "109", "text" : " § 109. Minimum amount of capital and debentures. Except as provided in\\nthis section the capital of a redevelopment company together with any\\nincome debentures shall in no event be less than the total of ten per\\ncentum of the actual cost of any project or projects undertaken pursuant\\nto this article. The supervising agency may permit capital to be\\nincreased or income debenture certificates to be issued for working\\ncapital to be used in connection with such project to an amount not\\nexceeding three per centum of the estimated cost, or three per centum of\\nthe total actual final cost, if that should exceed the estimated cost of\\na project.\\n The provisions of this section shall not be applicable to any\\nredevelopment company if funds made available by the federal government\\nor any instrumentality thereof, or any mortgage or mortgage bonds\\ninsured by the federal housing administrator or any other\\ninstrumentality of the federal government are used in financing the\\nproject in whole or in part.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "110", "title" : "Income debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "110", "activeDate" : "2014-09-22", "sequenceNo" : 153, "repealedDate" : null, "fromSection" : "110", "toSection" : "110", "text" : " § 110. Income debentures. With the approval of the supervising agency,\\nthe certificate creating a redevelopment company, or an amended\\ncertificate, may authorize the issuance of income debenture certificates\\nbearing no greater interest than six per centum per annum. Such income\\ndebenture certificates and any instrument under which they are issued\\nmay contain such other provisions, including provision for amortization\\nby serial maturities, through the operation of a sinking fund or\\notherwise, as may be approved by the supervising agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "111", "title" : "Mortgages and mortgage bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "111", "activeDate" : "2014-09-22", "sequenceNo" : 154, "repealedDate" : null, "fromSection" : "111", "toSection" : "111", "text" : " § 111. Mortgages and mortgage bonds. Any redevelopment company,\\nsubject to the approval of the supervising agency, may borrow funds and\\nsecure the repayment thereof by bond and mortgage or by an issue of\\nbonds under a trust indenture. Each mortgage or issue of bonds of a\\nredevelopment company shall relate only to a single specified project\\nand to no other and such bonds shall be secured by mortgage upon all of\\nthe real property of which such project consists.\\n First lien bonds of such redevelopment company when secured by a\\nmortgage not exceeding ninety per centum of the estimated cost prior to\\nthe completion of the project, and in no event exceeding ninety per\\ncentum of the actual cost upon such completion, as certified by the\\nsupervising agency, or, in the case of a completed project, not\\nexceeding ninety per centum of the appraised value or such previously\\ncertified actual cost, whichever is less, are hereby declared securities\\nin which all public officers and bodies of the state and of its\\nmunicipal subdivisions, all insurance companies and associations, all\\nsavings banks and savings institutions, including savings and loan\\nassociations, executors, administrators, guardians, trustees and all\\nother fiduciaries in the state may properly and legally invest the funds\\nwithin their control.\\n First lien bonds of such a redevelopment company issued under a trust\\nindenture and pursuant to a building loan contract, or a building loan\\nbond and building loan mortgage under which advances are made pursuant\\nto a building loan contract, where the aggregate principal amount to be\\nissued or advanced does not exceed ninety per centum of the estimated\\ncost prior to the completion of the project, and in any event does not\\nexceed ninety per centum of the actual cost upon such completion, as\\ncertified by the supervising agency, are hereby declared securities in\\nwhich all banks, savings banks, savings institutions and trust companies\\nin addition to all such officers, bodies, companies, associations,\\ninstitutions and fiduciaries may properly and legally invest the funds\\nwithin their control; provided, however, that such investment is made as\\na construction loan with a maturity of not to exceed two years. The\\nmaturity of any such construction loan may be extended from time to time\\nwith the approval of the board of directors or trustees of the bank,\\nsavings banks, savings institutions or trust company holding such loan\\nbut no one such extension shall be for a period of time exceeding six\\nmonths.\\n The bonds so issued and secured and the mortgage or trust indenture\\nrelating thereto, may create a first or senior lien and a secondary or\\njunior liens upon the real property embraced in any project; provided,\\nhowever, that the total mortgage liens shall not exceed ninety per\\ncentum of the estimated cost prior to the completion of the project, and\\nshall not in any event exceed ninety per centum of the actual cost upon\\nsuch completion, or, in the case of a completed project, not exceeding\\nninety per centum of the appraised value or such previously certified\\nactual cost, whichever is less. Such bonds and mortgages or trust\\nindentures may contain such other clauses and provisions as shall be\\napproved by the supervising agency, including the right to assignment of\\nrents and entry into possession in case of default and including in the\\ncase of a redevelopment company which is a partnership or trust the\\nright of the partners or trustees, as the case may be, to be free of any\\npersonal liability thereunder; but the operation of the housing project\\nin the event of such entry by mortgagee or receiver shall be subject to\\nregulations promulgated by the supervising agency. Provisions for the\\namortization of the bonded indebtedness of companies formed under this\\narticle shall be subject to the approval of the supervising agency. So\\nlong as funds made available by the federal government or any\\ninstrumentality thereof or any mortgage or mortgage bonds, insured by\\nthe federal housing administrator or any other instrumentality of the\\nfederal government are used in financing, in whole or in part, any\\nproject under this article, the capital structure of a redevelopment\\ncompany undertaking such project and the proportionate amount of the\\ncost of the lands and improvements to be represented by mortgages or\\nbonds shall be entirely in the discretion of the supervising agency; and\\nall restrictions as to the maturity of any construction loan and as to\\nthe amounts to be represented by mortgages, mortgage bonds, income\\ndebentures or capital shall be inapplicable to such projects or to\\nredevelopment companies undertaking such projects, except that the\\nbonds, mortgages, debentures and capital covering any project shall not\\nexceed the total actual final cost of such project as defined in\\nsubdivision two of section one hundred twelve of this article.\\n Interest rates on mortgage indebtedness shall not exceed the greater\\nof\\n (a) six percentum per annum,\\n (b) the rate prescribed by the superintendent of financial services\\npursuant to section fourteen-a of the banking law,\\n (c) the rates of mortgages or mortgage bonds insured by the federal\\nhousing administration or any other instrumentality of the federal\\ngovernment and\\n (d) such rate as may be approved by the supervising agency provided,\\nhowever, that the applicable rate for purposes of paragraphs (b), (c)\\nand (d), of this section one hundred eleven shall be the rate applicable\\nor approved at the time the redevelopment company incurs the mortgage\\nindebtedness.\\n As used in this section the term \"bond\" includes a note heretofore or\\nhereafter made.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "111-A", "title" : "Participation by certain corporations and individuals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "111-A", "activeDate" : "2014-09-22", "sequenceNo" : 155, "repealedDate" : null, "fromSection" : "111-A", "toSection" : "111-A", "text" : " § 111-a. Participation by certain corporations and individuals. Any\\nbank, savings bank, savings institution, savings and loan association,\\ntrust company, insurance company or association, or fiduciary authorized\\nto invest in mortgages and mortgage bonds of a redevelopment company, or\\nany combination of the foregoing, shall have power to participate and\\ninvest, singly or jointly, with the New York city housing development\\ncorporation in a bond or note and single participating mortgage, or in\\nseparate bonds or notes and mortgages pursuant to this article. In the\\nevent of such participation, the interest of each shall have equal\\npriority as to lien in proportion to the amount of loan so secured, but\\nneed not be equal as to interest rate, time or rate of amortization or\\notherwise.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "111-B", "title" : "Mortgage modification provisions for redevelopment companies in cities with a population of one million or more", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "111-B", "activeDate" : "2014-09-22", "sequenceNo" : 156, "repealedDate" : null, "fromSection" : "111-B", "toSection" : "111-B", "text" : " § 111-b. Mortgage modification provisions for redevelopment companies\\nin cities with a population of one million or more. 1. For purposes of\\nthis section, \"restrictive agreement\" shall mean a binding and\\nirrevocable agreement between the redevelopment company and the\\nsupervising agency providing that such redevelopment company for a term\\nof five years from the date of such agreement (i) shall not voluntarily\\ndissolve or reconstitute pursuant to section one hundred twenty-three of\\nthis article, (ii) shall exercise any and all available options to renew\\nany housing assistance payments contract pursuant to section eight of\\nthe United States Housing Act of nineteen hundred thirty-seven, as\\namended, and any successor rent subsidy program, (iii) shall not cause\\nsuch a contract to be terminated by reason of such redevelopment\\ncompany's noncompliance with any of the terms thereof, and (iv) shall\\nnot voluntarily cause or permit such a contract to expire, to not be\\nextended, to not be renewed, or to be terminated.\\n 2. Notwithstanding the provisions of this article or the provisions of\\nany law, general or special, in cities with a population of one million\\nor more, a redevelopment company with a federally-aided mortgage formed\\npursuant to this article may borrow funds and secure the repayment\\nthereof by note and mortgage or any other manner approved by the\\nsupervising agency, provided, however, that (a) such approval by the\\nsupervising agency shall be conditioned upon a restrictive agreement,\\nand (b) such redevelopment company may not increase the rents paid by\\nthe tenants to pay for any such increase in indebtedness that is not\\nattributable to project cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "112", "title" : "Limitations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "112", "activeDate" : "2014-09-22", "sequenceNo" : 157, "repealedDate" : null, "fromSection" : "112", "toSection" : "112", "text" : " § 112. Limitations. In addition to limitations prescribed by this\\narticle a redevelopment company shall not have power to:\\n 1. Acquire any real property or interest therein for a project or\\nprojects unless the supervising agency and the local legislative body\\ndetermine as provided in this article that such acquisition is necessary\\nor convenient for the public purpose defined in this article, and unless\\nany deed, lease or other instrument by which such real property or\\ninterest therein is acquired contains a statement that the conveyance is\\nto a redevelopment company organized pursuant to article five of the\\nprivate housing finance law.\\n 2. Create its capital, or issue its debentures and and bonds covering\\nany project undertaken by it in an amount greater in the aggregate than\\nthe total actual final cost of such project. The actual cost of such\\nproject shall include the cost of the lands and improvements\\nconstituting the project and charges for financing and supervision\\napproved by the supervising agency, condemnation charges and interest\\nand other carrying charges during the period of acquisition and of\\nconstruction. The total actual final cost shall be deemed to be an\\namount equal to such actual cost plus an allowance for working capital.\\nSuch allowance for working capital shall not exceed an amount equal to\\nthree per centum of the estimated cost or of the total actual final cost\\nof the project if that shall be greater than the estimated cost.\\n 3. Enter into contracts for the payment of salaries to officers or\\nemployees, or for the construction or for the substantial repair,\\nimprovement or operation of projects except subject to the approval of\\nthe supervising agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "112-A", "title" : "Redevelopment loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "112-A", "activeDate" : "2014-09-22", "sequenceNo" : 158, "repealedDate" : null, "fromSection" : "112-A", "toSection" : "112-A", "text" : " § 112-a. Redevelopment loans. Notwithstanding any provision of section\\none hundred eleven or one hundred twelve of this article to the\\ncontrary, where a redevelopment company undergoes a comprehensive\\nredevelopment plan, the supervising agency may approve a loan and\\nencumbrance of such project in an amount in excess of actual cost of the\\nproject, provided that such amount represents cost of capital\\nimprovements, redevelopment, or acquisition by a new owner, any\\nconsequent rent increase is not unduly burdensome to the tenants, and\\nthe redevelopment company enters into an agreement to remain subject to\\nthe provisions of this article for a period of no less than fifteen\\nyears from issuance of the loan and encumbrance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "113", "title" : "Use of projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "113", "activeDate" : "2014-09-22", "sequenceNo" : 159, "repealedDate" : null, "fromSection" : "113", "toSection" : "113", "text" : " § 113. Use of projects. The project or projects of any redevelopment\\ncompany shall be designed and used primarily for housing purposes, but\\nportions of the project may be planned and used for business,\\ncommercial, cultural or recreational purposes appurtenant thereto as\\napproved in the project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "114", "title" : "Procedure for submission and approval of plan or project", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "114", "activeDate" : "2014-09-22", "sequenceNo" : 160, "repealedDate" : null, "fromSection" : "114", "toSection" : "114", "text" : " § 114. Procedure for submission and approval of plan or project.\\nEvery plan or plan of a project proposed by a redevelopment company\\nshall contain a general description of the area to be redeveloped and a\\nstatement of the plan of redevelopment with such detail of information\\nwith reference thereto as may be necessary to a general understanding\\nthereof. Where changes in the city map and zoning amendments or\\nvariances are necessitated by such plan or project, such amendments,\\nvariances and changes shall be submitted together with the plan or\\nproject herein and considered as part thereof.\\n After preliminary approval thereof by the supervising agency as to\\nconformity with the provisions and purposes of this article, every such\\nplan or plan of a project shall be submitted to the planning commission\\nfor approval of the plan or plan of the project relating to:\\n 1. Height and bulk of structures, density of population and percentage\\nof land coverage by structures as to their conformity with the purposes\\nof this article and with the master plan, if any; and the relationship\\nof the density of population contemplated by the plan or plan of the\\nproject to the distribution of the population of the municipality in\\nother areas or parts thereof, and\\n 2. Provision, if any, for business or commercial facilities\\nappurtenant to the plan or project, relationship to existing and planned\\npublic facilities, adequacy and planned rearrangement of street\\nfacilities and provisions for light, air, cultural and recreational\\nfacilities as to their conformity with the purposes of this article and\\ntheir adequacy for accommodation of the density of population\\ncontemplated by the plan or plan of the project.\\n Where a project consists substantially of the rehabilitation of an\\nexisting structure or structures, and no changes in the city map and\\nzoning amendments or variances are necessitated by the project, the\\nsupervising agency may waive the preparation and submission of the plan\\nor plan of a project.\\n Where a plan or plan of a project has been prepared and submitted, the\\nplanning commission, after public hearing, notice of which shall be\\npublished at least ten days prior thereto in the official publication of\\nthe municipality, or if none exists, in a newspaper circulating in the\\nmunicipality, on the plan or plan of a project, may:\\n a. Issue an unqualified certificate of approval thereof, or\\n b. Issue a certificate of conditional or qualified approval thereof,\\nwith or without recommendations, or\\n c. Disapprove thereof.\\n After action thereon by the planning commission, such plan or plan of\\na project with a proposed form of contract between the municipality and\\nthe redevelopment company or, when all stock, debentures and mortgage\\nbonds of the company are owned or are to be owned by one or more\\ninsurance companies, between the municipality, redevelopment company and\\nsuch insurance company or companies shall be submitted by the\\nredevelopment company, with a certificate of approval of the supervising\\nagency and the certificate or a statement of action, if any, on the plan\\nor project by the planning commission, to the local legislative body for\\nits approval of the project as to conformity with the provisions and\\npurposes of this article, the extent of the tax exemption to be granted\\npursuant to section one hundred twenty-five, the amount and nature of\\nthe property to be condemned for the redevelopment company by the\\nmunicipality and the terms and conditions of payment therefor by the\\nredevelopment company, the amount of publicly owned land or facilities\\nto be sold to the redevelopment company or exchanged for redevelopment\\ncompany-owned lands and the availability of other suitable dwelling\\naccommodations for families living in the area or part thereof to be\\naffected by the plan or plan of the project.\\n As part of an approved project the local legislative body may require\\na redevelopment company to dedicate to the municipality or any agency\\nthereof in the manner provided by law specified portions of the land in\\na project for parks, streets, public recreational and other public\\npurposes.\\n The contract shall regulate the rents to be charged for rooms in the\\nproject and may contain such other provisions, not inconsistent with\\nthis article, as may be deemed necessary or desirable for the financing,\\nconstruction, operation and supervision of the project.\\n In any case where a plan or plan of a project has been prepared and\\nsubmitted and the planning commission shall have issued a certificate of\\nunqualified approval, or where preparation and submission of a plan or\\nplan of a project has been waived by the supervising agency in\\naccordance with the provisions of this section, approval of the project\\nby the local legislative body may be by resolution adopted by a majority\\nof the whole number of votes authorized to be cast by all of the members\\nthereof. In any case where a plan or plan of a project has been prepared\\nand submitted and the planning commission shall not have issued a\\ncertificate of unqualified approval, the plan or plan of a project may\\nnevertheless be approved by the local legislative body, after public\\nhearings thereon, by resolution adopted by a three-fourths vote of the\\nwhole number of votes authorized to be cast by all of the members\\nthereof. Notwithstanding any other provision of law, changes in the city\\nmap, zoning amendments, or variances contained in the plan shall be\\ndeemed approved by the local legislative body when it approves the plan\\nor project. Any such changes in the city map, zoning amendments, or\\nvariances shall become effective on the date on which the supervising\\nagency shall file a resolution with the local legislative body in\\nimplementation thereof. The local legislative body is authorized to\\nenter into the necessary contract or contracts on behalf of the\\nmunicipality.\\n If the contract parties are a municipality, a redevelopment company\\nand one or more insurance companies which own or will own all of the\\nstock, debentures, bonds and mortgage indebtedness of such redevelopment\\ncompany, or if the project is undertaken by an insurance company, then\\nthe certificate of the supervising agency approving such contract shall\\nterminate the functions of the supervising agency pursuant to this\\narticle, and after the execution of such contract all references herein\\nto the approval or other action by the supervising agency shall be\\ninapplicable to the project provided for in such contract and to such\\nredevelopment company or the insurance company undertaking such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "115", "title" : "Limitation on changes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "115", "activeDate" : "2014-09-22", "sequenceNo" : 161, "repealedDate" : null, "fromSection" : "115", "toSection" : "115", "text" : " § 115. Limitation on changes. It shall be unlawful during the period\\nof tax exemption, granted pursuant to section one hundred twenty-five of\\nthis article, for any redevelopment company or any successor in interest\\nto its title to a project or any part thereof to change or modify any\\nfeature of a project for which approval of the planning commission is\\nrequired by this article, without the approval of such commission,\\nexcept by a three-quarters vote of the local legislative body.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "116", "title" : "Transfer of real property to redevelopment company", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "116", "activeDate" : "2014-09-22", "sequenceNo" : 162, "repealedDate" : null, "fromSection" : "116", "toSection" : "116", "text" : " § 116. Transfer of real property to redevelopment company.\\nNotwithstanding any requirement of law to the contrary or the absence of\\ndirect provision therefor in the instrument under which a fiduciary is\\nacting, every executor, administrator, trustee, guardian or other\\nperson, holding trust funds or acting in a fiduciary capacity, unless\\nthe instrument under which such fiduciary is acting expressly forbids,\\nthe state, its subdivisions, municipalities, all other public bodies,\\nall public officers, persons, partnerships and corporations organized\\nunder or subject to the provisions of the insurance law, the\\nsuperintendent of financial services as conservator, liquidator or\\nrehabilitator of any such person, partnership or corporation, owning or\\nholding any real property within an area, may grant, sell, lease or\\notherwise transfer any such real property to a redevelopment company and\\nreceive and hold any cash, stock, income debentures, bonds, mortgages,\\nor other securities or obligations, secured or unsecured, exchanged\\ntherefor by such redevelopment company and may execute such instruments\\nand do such acts as may be deemed necessary or desirable by them or it\\nand by the redevelopment company in connection with a project or\\nprojects. An insurance company which has undertaken a project through\\ndirect ownership and/or lease may transfer to the project any real\\nproperty which it owns or holds within an area and the actual cost of\\nsuch property to the insurance company shall be included in the total\\nactual final cost of such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "117", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "117", "activeDate" : "2014-09-22", "sequenceNo" : 163, "repealedDate" : null, "fromSection" : "117", "toSection" : "117", "text" : " § 117. Rules and regulations. The planning commission and the\\nsupervising agency, respectively, shall have power to make rules and\\nregulations to carry out their powers and duties pursuant to this\\narticle and to effectuate the purposes thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "118", "title" : "Fees", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "118", "activeDate" : "2014-09-22", "sequenceNo" : 164, "repealedDate" : null, "fromSection" : "118", "toSection" : "118", "text" : " § 118. Fees. The supervising agency, the local legislative body and\\nthe planning commission, if any, may each adopt a reasonable schedule of\\nfees to be paid by redevelopment companies upon the filing with said\\nsupervising agency, local legislative body or planning commission of a\\nplan, plans for a project or projects, amendments thereto and other\\ninstruments in connection therewith and redevelopment companies shall\\npay reasonable fees to the said supervising agency as said agency shall\\nprescribe for processing a redevelopment plan and for the supervision of\\nconstruction and for the audit, regulation and general supervision of\\nthe management of the company, which fees shall be set aside in a\\nseparate account and shall be used to pay for the expenses of\\nadministering and carrying out the provisions of the redevelopment\\ncompanies law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "119", "title" : "Acquisition", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "119", "activeDate" : "2014-09-22", "sequenceNo" : 165, "repealedDate" : null, "fromSection" : "119", "toSection" : "119", "text" : " § 119. Acquisition. A municipality may take property by acquisition\\npursuant to the provisions of the eminent domain procedure law for a\\nredevelopment company, provided the contract or contracts executed\\npursuant to section one hundred fourteen contain a requirement that the\\ncompany shall pay to the municipality all sums expended or required to\\nbe expended by the municipality in the acquisition of such real\\nproperty, provision as to the time of payment and manner of securing\\npayment thereof, and provisions requiring that the municipality receive,\\nbefore proceeding with the acquisition of such real property, such\\nassurances as to payment or reimbursement by the redevelopment company,\\nor otherwise, as the local legislative body may deem advisable. Upon the\\nexecution of such contract or contracts the company shall cause to be\\nmade two copies of surveys or maps of the real property described in the\\ncontract, one of which shall be filed in the office of the redevelopment\\ncompany, one in the office of the corporation counsel or chief law\\nofficer of the municipality, and one in the office in which instruments\\naffecting real property in the county are recorded. Upon compliance by\\nthe redevelopment company with the applicable terms and conditions of\\nsuch contract or contracts the municipality shall proceed to acquire\\ntitle to the real property in accordance with the provisions of the\\neminent domain procedure law and when title to the real property shall\\nhave vested in the municipality, it shall convey the same to the\\nredevelopment company upon final compliance by the redevelopment company\\nwith such terms and conditions. As soon as title shall have vested in\\nthe municipality, the redevelopment company may, upon the authorization\\nof the mayor, enter upon the real property taken, take over and dispose\\nof existing improvements, and carry out the terms of the project with\\nrespect thereto.\\n Real property in an area, needed or convenient for the project, which\\nis to be acquired pursuant to this section, may be acquired by the\\nmunicipality for the project, including any property devoted to a public\\nuse, whether or not held in trust, notwithstanding that such property\\nmay have been previously acquired or is owned by a public utility\\ncorporation, it being hereby expressly determined that the public use in\\nconformity with the provisions of this article shall be deemed a\\nsuperior public use. The local legislative body may consent to the\\nacquisition of property owned by the municipality, whether or not such\\nproperty be held in trust, or may sell or lease any such property\\nnecessary or convenient for a project of a redevelopment company without\\npublic bidding, provided notice of such sale or lease is published and a\\npublic hearing is held before the local legislative body. The term of\\nany such lease shall not be limited by any provision of any general,\\nspecial or local law or city charter limiting the period of time during\\nwhich a lease or any renewal thereof may run. Real property belonging to\\na public utility corporation may not be acquired without the approval of\\nthe commission or other officer or tribunal having regulatory power over\\nsuch corporation.\\n An award of compensation shall not be increased by reason of any\\nincrease in the value of the real property caused by the assembly,\\nclearance or reconstruction, or proposed assembly, clearance or\\nreconstruction for the purposes of this article of the real property in\\nan area.\\n A local legislative body, upon payment therefor or upon exchange for\\nother lands, may convey to any redevelopment company land in any street\\nor public place which is duly closed or discontinued pursuant to the\\nplan of a project.\\n Notwithstanding the provisions of any general, special or local law,\\ncharter or ordinance, the local legislative body of a city having a\\npopulation of one million or more may, upon the request of or with the\\napproval of the board of education of such city's school district,\\ngrant, sell, lease or otherwise transfer any lands or rights or\\ninterests therein or thereto, including fee interests, easements, space\\nrights or air rights or other rights or interests owned by such city and\\noccupied or reserved for school purposes and needed therefor, to a\\nredevelopment company where necessary for the joint development of a\\nproject and a school or appurtenant facilities without public bidding,\\nprovided notice of such lease or contract for the sale or other transfer\\nof such lands or rights or interests therein or thereto is published and\\na public hearing is held before such local legislative body. No such\\nsale, lease or transfer of lands or rights therein or thereto is\\nauthorized where the development of a project contemplates the erection\\nof housing facilities over an existing school or playground. The terms\\nof any such lease shall not be limited by any provision of any general,\\nspecial or local law or charter applicable to such city limiting the\\nperiod of time during which a lease or any renewal thereof may run.\\n Nothing in this section shall be deemed to forbid or prevent the\\nacquisition of any real or personal property by a redevelopment company\\nby gift, devise, bequest, grant, or subject to the provisions of this\\narticle, by purchase at public or private sale.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "120", "title" : "Regulation of redevelopment companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "120", "activeDate" : "2014-09-22", "sequenceNo" : 166, "repealedDate" : null, "fromSection" : "120", "toSection" : "120", "text" : " § 120. Regulation of redevelopment companies. The supervising agency\\nshall:\\n Examine each redevelopment company and keep informed as to its general\\ncondition, its capitalization and the manner in which its property is\\nconstructed, leased, operated or managed with respect to its compliance\\nwith all provisions of law and orders of the supervising agency.\\n The supervising agency may:\\n 1. Either itself or through its inspectors or employees duly\\nauthorized by it, enter in or upon and inspect the property, equipment,\\nbuildings, plants, offices, apparatus and devices of any redevelopment\\ncompany; examine all books, contracts, records, documents and papers of\\nany redevelopment company and by subpoena duces tecum compel the\\nproduction thereof.\\n 2. In its discretion, prescribe uniform methods and forms of keeping\\naccounts, records and books to be observed by redevelopment companies,\\nand after a hearing to prescribe by order accounts in which particular\\noutlays and receipts shall be entered, charged or credited.\\n 3. Require specific answers to questions upon which it may desire\\ninformation and require the filing of periodic reports in the form,\\ncovering the period, and at the time prescribed by it.\\n 4. In the event of a violation by a company of any provision of its\\ncertificate or of law or any rules and regulations promulgated pursuant\\nto the provisions of this article, the supervising agency may, by\\nwritten notice to all of the directors, partners, members or trustees,\\nas the case may be, of a company, at their last known address,\\nspecifying the reasons therefor, advise such directors, partners,\\nmembers or trustees, as the case may be, of its intention to remove any\\nor all of the existing directors or to appoint a manager or managers of\\nthe limited liability company, partnership or trust who shall\\nexclusively exercise all of the powers of such partners, members or\\ntrustees, as the case may be, for the duration of the appointment of\\nsuch manager or managers. A copy of any such notices shall be mailed to\\nthe mortgagee of record. In the event that the company fails to comply\\nwith the requirements of the supervising agency within thirty days from\\ndate of mailing of said written notice, the supervising agency may, with\\nthe written approval of the mortgagee and without further notice to the\\ncompany or to its directors, partners, members or trustees, as the case\\nmay be, remove such directors in the case of a redevelopment company\\nwhich is a corporation or any of them from office and appoint such\\nperson or persons as the supervising agency, in its sole discretion,\\ndeems advisable, including officers or employees of the supervising\\nagency, as new directors to serve in the places of those removed, or\\nappoint such manager or managers in the case of a redevelopment company\\nwhich is a partnership, limited liability company or trust, who shall\\nexclusively exercise all of the powers of such partners, members or\\ntrustees, as the case may be. Directors or managers so appointed need\\nnot meet qualifications which may be prescribed by the certificate,\\nby-laws, partnership agreement, articles of organization or operating\\nagreement of the limited liability companies or trust agreement, or\\nother rules or regulations of the company. In the absence of fraud or\\nbad faith directors or managers so appointed shall not be personally\\nliable for debts, obligations or liabilities of the company. Directors\\nor managers so appointed shall serve only for a period coexistent with\\nthe duration of such violation or until the supervising agency is\\nassured, in a manner satisfactory to it, against violations of a similar\\nnature. Officers or employees of the supervising agency who are\\nappointed as such directors or managers shall serve in such capacity\\nwithout compensation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "120-A", "title" : "State supervision and regulation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "120-A", "activeDate" : "2014-09-22", "sequenceNo" : 167, "repealedDate" : null, "fromSection" : "120-A", "toSection" : "120-A", "text" : " § 120-a. State supervision and regulation. A municipality with a\\npopulation of less than one million may, by action of its local\\nlegislative body concurred in by the commissioner, provide for the\\nsupervision and regulation of a project and the redevelopment company\\ncarrying out such project by the commissioner in lieu of the supervising\\nagency. With respect to any such project and company, the commissioner\\nshall have, from and after the effective date of such action, all of the\\npowers and duties of a supervising agency pursuant to this article. The\\ncompany shall pay to the commissioner fees, as prescribed by the\\ncommissioner, to cover the expenses of examination, audit, and\\nsupervision of the company and the project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "121", "title" : "Sinking fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "121", "activeDate" : "2014-09-22", "sequenceNo" : 168, "repealedDate" : null, "fromSection" : "121", "toSection" : "121", "text" : " § 121. Sinking fund. Unless other provision be made therefor in the\\ncontract with the municipality, the supervising agency, if it shall deem\\nit feasible at any time, subject to the limitation contained in section\\none hundred seven of this article, may require a redevelopment company\\nto provide out of earnings, after provision for distributions and\\ninterest, a sinking fund in an amount to be fixed by such supervising\\nagency for the gradual retirement of the capital and income debenture\\ncertificates of such company. Such sinking fund may be used either for\\nthe purchase or retirement, from time to time, of capital or income\\ndebenture certificates at a price approved by the supervising agency not\\nexceeding par value thereof with accrued and unpaid distributions or\\ninterest, or if it be not practicable to purchase or retire such capital\\nor such income debenture certificates at a price so approved, the moneys\\nin such sinking fund may be added to the surplus of such company. Any\\ncapital evidenced by shares or income debenture certificates purchased\\nor retired out of such sinking fund shall be cancelled and shall not be\\nreissued.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "122", "title" : "Transfer of title or foreclosure of project", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "122", "activeDate" : "2014-09-22", "sequenceNo" : 169, "repealedDate" : null, "fromSection" : "122", "toSection" : "122", "text" : " § 122. Transfer of title or foreclosure of project. 1. Until the\\ntermination of the tax exemption, whether by expiration or by any other\\ncause, a redevelopment company, heretofore or hereafter organized, shall\\nnot have power to sell the real property constituting the project or any\\nportion or portions thereof without the consent of the local legislative\\nbody.\\n 2. If an action be brought to foreclose a mortgage or tax lien upon a\\nredevelopment project, heretofore or hereafter authorized pursuant to\\nthis article, and the real property constituting the project shall be\\nacquired at the foreclosure sale or from the mortgagee or lienor that\\nhad acquired the property of such sale, or by a conveyance in lieu of\\nsuch sale, by a redevelopment company organized pursuant to this\\narticle, or by the federal government or an instrumentality thereof, or\\nby a corporation which is, or by agreement has become subject to the\\nsupervision of the superintendent of financial services, such successor\\nin interest shall acquire such project subject to all provisions of the\\ncontract regulating such project and shall be entitled to all of the\\nbenefits contained in such contract. In all other cases of sale at\\nforeclosure or forced sale, the real property constituting the project\\nor any portion or portions thereof shall be sold free of all\\nrestrictions, except such covenants running with the land as may be\\ncontained in the contract regulating the project, or in the deed, if\\nany, given by the municipality to the redevelopment company affecting\\nall or any portion of the real property upon which the project is\\nsituated, and the tax exemption, if any, theretofore granted to such\\nproject pursuant to such contract shall immediately terminate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "123", "title" : "Dissolution", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "123", "activeDate" : "2014-09-22", "sequenceNo" : 170, "repealedDate" : null, "fromSection" : "123", "toSection" : "123", "text" : " § 123. Dissolution. 1. After termination of any tax exemption granted\\npursuant to section one hundred twenty-five of this article, whether by\\nexpiration or by any other cause, or in the event that prior thereto the\\nredevelopment company elects to pay to the municipality the total of all\\naccrued taxes for which such exemption was granted and received,\\ntogether with interest at the rate of five per centum per annum, a\\nredevelopment company which is a corporation or partnership or limited\\nliability company may voluntarily dissolve or, in the case of a\\nredevelopment company which is a trust, may terminate, and title to the\\nproject may be conveyed in fee to the owner or owners of its capital or\\nto any corporation, partnership, limited liability company or trust\\ndesignated by it or them for the purpose, or the redevelopment company\\nmay be dissolved or terminated and reconstituted pursuant to appropriate\\nlaws relating to the formation and conduct of corporations,\\npartnerships, limited liability companies or trusts, after providing, in\\nany case, for the payment of all current operating expenses, taxes,\\nindebtedness and all accrued interest thereon, and the par value or\\namount of the capital of the redevelopment company and accrued\\ndistributions in respect thereof. If, after making such provision and\\nafter the conveyance of the project, a cash surplus remains in the\\ntreasury of the redevelopment company, such cash surplus shall, upon\\ndissolution or termination, be paid into the general fund of the\\nmunicipality. After such dissolution or termination and conveyance or\\nsuch reconstitution, the provisions of this article shall become and be\\ninapplicable to any such project and its owner or owners, and any tax\\nexemption granted to such redevelopment company pursuant to section one\\nhundred twenty-five of this article shall cease and terminate.\\n 2. If prior to the termination of any tax exemption the project is\\nsold for any reason, the redevelopment company shall dissolve or\\nterminate, and any tax exemption granted to such redevelopment company\\npursuant to section one hundred twenty-five of this article shall cease\\nand terminate, except as otherwise provided in section one hundred\\ntwenty-two of this article. In such case the shareholders, partners,\\nmembers or beneficiaries, as the case may be, and income debenture\\ncertificate holders shall in no event receive more than the par value of\\ntheir shares or amount of their capital and the face value of their\\nincome debenture certificates with accrued and unpaid distributions or\\ninterest in respect of such capital and income debenture certificates,\\nand any remaining surplus shall be paid into the general fund of the\\nmunicipality.\\n 3. In no event shall a redevelopment company be voluntarily dissolved\\nor terminated unless provision is made for the payment in full of the\\nremaining balance of principal and interest due or unpaid upon any\\nmortgage on its property or any part thereof, but any project may, with\\nthe consent of the local legislative body of the municipality, be\\nconveyed and transferred to the municipality subject to such mortgage\\nand accrued interest.\\n 4. Unless the local legislative body of the municipality shall consent\\nto the voluntary dissolution or termination of a redevelopment company,\\nsuch a company shall not dissolve or terminate except in accordance with\\nsubdivisions one and two of this section or upon the expiration of its\\nterm as stated in the certificate creating the redevelopment company.\\n 5. With the consent of the local legislative body and the\\nsuperintendent of financial services, a redevelopment company heretofore\\nor hereafter organized may voluntarily dissolve or terminate prior to\\nthe termination of any tax exemption granted pursuant to section one\\nhundred twenty-five of this article and title to the project may be\\nconveyed, and all other assets of such redevelopment company may be\\ntransferred, to an insurance company, whether or not such project shall\\nhave been theretofore completed. After such dissolution or termination\\nand conveyance such tax exemption shall continue for the period of years\\noriginally provided for in the contract, or for the unexpired portion\\nthereof if such period shall have theretofore commenced, subject to\\nprior termination pursuant to section one hundred twenty-four or section\\none hundred twenty-five of this article, and the provisions of this\\narticle shall thereafter be applicable to such project and to such\\ninsurance company to the same extent and with the same force and effect\\nas though such project had been initially undertaken by such insurance\\ncompany pursuant to section one hundred twenty-four of this article;\\nprovided, however, that nothing herein contained shall be deemed to\\nrequire the resubmission of the plan of the project and the contract\\nrelating thereto for approval pursuant to section one hundred fourteen\\nof this article.\\n 6. The contract with the municipality may contain such other\\nprovisions for the dissolution or termination of the redevelopment\\ncompany as may be deemed advisable, not inconsistent with the provisions\\nof this article. In case of a dissolution or termination and conveyance\\nin accordance with subdivision five of this section, the contract may be\\nmodified consistently with the provisions of said subdivision five and\\nsection one hundred twenty-four of this article, any such modifications\\nto be approved by the superintendent of financial services and the local\\nlegislative body.\\n 7. Upon dissolution or termination as provided in this section, this\\narticle shall become and be inapplicable to the project and its owner or\\nowners except as otherwise contemplated by subdivision five of this\\nsection.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "124", "title" : "Participation by certain corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "124", "activeDate" : "2014-09-22", "sequenceNo" : 171, "repealedDate" : null, "fromSection" : "124", "toSection" : "124", "text" : " § 124. Participation by certain corporations. One or more insurance\\ncompanies shall have the power to organize, or cause to be organized, a\\nredevelopment company formed pursuant to the provisions of this article,\\nand to purchase for cash or to receive and hold in exchange for\\nproperty, and to own and control, the stock or the income debenture\\ncertificates or both of any redevelopment company and shall also have\\npower to invest, singly or jointly, in a bond and first mortgage or in\\nan issue of bonds secured by mortgage or trust indenture constituting a\\nfirst lien upon any project as provided in this article. An insurance\\ncompany, however, which owns stock or income debenture certificates of a\\nredevelopment company and also owns bonds or a bond and mortgage or an\\ninterest in a bond and mortgage of the same redevelopment company shall\\nnot, without the consent of the supervising agency, sell all or any part\\nof such bonds or such bond and mortgage or of its interest in such bond\\nand mortgage unless it shall simultaneously sell such stock and such\\nincome debenture certificates owned by it.\\n Notwithstanding any other provision of law, an insurance company or\\ncompanies operating a redevelopment project or owning all of the stock\\nof a redevelopment company are hereby expressly authorized to enter into\\ncontracts contemplated by this article and to agree by contract with the\\nmunicipality not to sell, assign, or otherwise transfer such project or\\nthe stock, income debentures or mortgage bonds of such redevelopment\\ncompany during the period of tax exemption provided for by the contract\\npursuant to this article without the consent of the local legislative\\nbody of the municipality. An insurance company or companies owning all\\nof the stock of a redevelopment company are hereby expressly authorized\\nto make such capital contributions to any such redevelopment company, in\\ncash or by cancellation of securities or otherwise, as may be necessary\\nto enable such redevelopment company to comply with all conditions\\nprecedent to its dissolution and conveyance of its property in\\naccordance with section one hundred twenty-three of this article, and\\nupon dissolution of such a redevelopment company, to acquire the\\nproject, complete the same if not theretofore completed, and own and\\noperate the same as a permanent investment for such period as it or they\\nmay deem desirable either directly or through acquisition and ownership\\nof the capital stock of any corporation which may acquire title to the\\nproject pursuant to subdivision one of section one hundred twenty-three.\\n An insurance company, instead of investing its funds in the stock and\\ndebentures or other obligations of a redevelopment company, may through\\ndirect ownership and/or lease acquire, own, construct, manage or operate\\nas an investment for such period as it may deem desirable, one or more\\nprojects, in which event the provisions of subsection one of section one\\nhundred twelve of this article applicable to redevelopment companies\\nshall be applicable to such insurance company in its operations with\\nrespect to any such project but not otherwise. Said provisions and the\\nensuing provision of this section shall cease to be applicable to any\\nsuch project and to such insurance company in its operations with\\nrespect to such project after termination of any tax exemption granted\\npursuant to section one hundred twenty-five of this article with respect\\nto such project, whether such termination shall be by expiration or by\\nany other cause, or in the event that prior thereto the insurance\\ncompany elects to pay the municipality the total of all accrued taxes\\nfor which such exemption was granted and received, together with\\ninterest at the rate of five per centum per annum. If any such project\\nshall be sold by an insurance company, the tax exemption with respect to\\nsuch project shall thereupon cease and terminate unless the local\\nlegislative body shall otherwise provide.\\n Until the termination of any tax exemption granted pursuant to section\\none hundred twenty-five of this article or until the provisions of this\\narticle shall otherwise cease to be applicable:\\n 1. An insurance company shall be entitled to earn and retain annually\\non a cumulative basis in respect of each project operated by it\\nhereunder, before depreciation but after providing for all expenses,\\ntaxes and assessments attributable to such project or to the income\\ntherefrom, a sum equal to but not exceeding six per centum of the total\\nactual final cost of the project as defined by subdivision two of\\nsection one hundred twelve of this article.\\n 2. Separate accounts shall be kept for each project operated by an\\ninsurance company.\\n 3. If the income from any such project for any year, after all\\nexpenses, taxes and assessments attributable thereto or to the income\\ntherefrom, shall be in excess of six per centum of the total actual\\nfinal cost of such project as defined by subdivision two of section one\\nhundred twelve of this article, such excess shall be credited to a\\nspecial reserve account.\\n 4. If the income from any such project for any year, after all\\nexpenses, taxes and assessments attributable thereto or to the income\\ntherefrom shall be less than six per centum of such total actual final\\ncost, such deficiency shall be charged against such special reserve\\naccount.\\n The amount of any accrued taxes and interest thereon paid by an\\ninsurance company pursuant to the second paragraph of section one\\nhundred twenty-five of this article may be charged against such special\\nreserve account. An amount equal to any balance remaining to the credit\\nof such special reserve account on the termination of the period of tax\\nexemption shall be paid into the general fund of the municipality. If\\nany project shall be conveyed to an insurance company in accordance with\\nsubdivision five of section one hundred twenty-three of this article, an\\namount equal to all accrued and unpaid interest, amortization and\\ndividends on the stock and evidences of indebtedness of the\\nredevelopment company theretofore accumulated in accordance with section\\none hundred seven of this article shall be charged against the special\\nreserve account except to the extent included in total actual final\\ncost, and any remaining cash surplus derived from earnings remaining in\\nthe treasury of the redevelopment company shall be transferred to such\\ninsurance company and shall be credited by it to the special reserve\\naccount provided for in this section applicable to such project.\\n Except as specifically provided herein this article shall not be\\ndeemed to limit or restrict any power or authority granted to insurance\\ncompanies or to any other corporation or to any fiduciary by any other\\nprovision of law heretofore or hereafter enacted.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "125", "title" : "Tax exemptions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2014-12-26", "2024-08-30", "2025-10-17" ], "docLevelId" : "125", "activeDate" : "2014-09-22", "sequenceNo" : 172, "repealedDate" : null, "fromSection" : "125", "toSection" : "125", "text" : " § 125. Tax exemptions. 1. (a) The local legislative body of any\\nmunicipality in which a project of such company is or is to be located\\nmay by contract agree with any redevelopment company to exempt from\\nlocal and municipal taxes, other than assessments for local\\nimprovements, all or part of the value of the property included in such\\nproject which represents an increase over the assessed valuation of the\\nreal property, both land and improvements, acquired for the project at\\nthe time of its acquisition by the redevelopment company which\\noriginally undertook the project and for such definite period of years\\nas such contract may provide, except that where the real property in a\\nproject was acquired for purposes of rehabilitation, the local\\nlegislative body either may utilize the foregoing formula or may agree\\nto exempt from such taxes all or part of the value of the property\\nincluded in such project on condition that the amount of such taxes to\\nbe paid shall not be less than ten per centum of the annual shelter rent\\nor carrying charges of such rehabilitation project. The tax exemption\\nshall not operate for a period of more than twenty-five years,\\ncommencing in each instance from the date on which the benefits of such\\nexemption first become available and effective; provided, however, that\\nwith respect to a project either acquired by a mutual redevelopment\\ncompany pursuant to section one hundred twenty-six or owned and\\ncontinuing to be owned by a mutual redevelopment company which would\\nrequire substantial increases in carrying charges after the period of\\ntax exemption is ended unless relief is provided, the local legislative\\nbody may contract with such mutual redevelopment company to extend such\\ntax exemption for not more than twenty-five additional years at a rate\\nof tax exemption not to exceed an average of fifty per centum during\\nsuch additional period, provided that the tax exemption during the first\\ntwo years of such additional period shall continue at the rate of the\\ntax exemption of such project immediately preceding the termination of\\nthe initial twenty-five year period and that the tax exemption\\nthereafter shall be decreased in equal biennial decrements, the first of\\nwhich shall occur immediately following such two year period, and\\nprovided that such contract shall contain provisions as to income\\nlimitations relating to admission and continued occupancy of the project\\nand provisions as to rental surcharges to the same effect as are\\ncontained in subdivisions two, three, four and five of section\\nthirty-one, except that in the case of projects owned and continuing to\\nbe owned by mutual redevelopment companies, persons or families whose\\nprobable aggregate annual income does not exceed the median income for\\nfamilies of the same size in the same metropolitan area shall also be\\neligible for admission to the project on the understanding that any\\nperson or family becoming eligible by reason hereof whose probable\\naggregate annual income at the time of admission or during the period of\\noccupancy exceeds, the greater of (i) the median income for such persons\\nor families for the metropolitan statistical area in which the project\\nis located, or if a project is located outside a metropolitan\\nstatistical area, the median income for such persons or families for the\\ncounty in which the project is located, as most recently determined by\\nthe United States department of housing and urban development, in which\\ncase any person or family becoming eligible for admission pursuant to\\nthis subparagraph shall pay, from the time of admission, a rental\\nsurcharge as provided for in subdivision three of section thirty-one of\\nthis chapter, computed on the basis of the income limitations applicable\\nto such persons or families in the absence of this subparagraph, or (ii)\\nsix times the rental shall be liable for payment of rental surcharges\\nhereunder computed on the basis of such ratio, except that in the case\\nof families with three or more dependents such ratio shall be seven to\\none; and provided further that with respect to a project which is or is\\nto be permanently financed by a federally-aided mortgage, the tax\\nexemption shall operate for so long as such mortgage is outstanding, but\\nin no event for a period of more than forty years, commencing in each\\ninstance from the date on which the benefits of such exemption first\\nbecome available and effective; and provided further that with respect\\nto a project which is or is to be permanently financed by a loan from\\nthe New York city housing development corporation, the tax exemption\\nshall operate for so long as such loan is outstanding.\\n (a-1) Where the redevelopment contract between a mutual redevelopment\\ncompany and the local legislative body under which the initial tax\\nexemption was granted contains provisions different from those in\\nsubdivisions two, three, four and five of section thirty-one of this\\nchapter, then a contract to extend the tax exemption for an additional\\nperiod under paragraph (a) of this subdivision may provide that those\\nprovisions of the redevelopment contract shall continue to apply (with\\nsuch modifications as the supervising agency of such mutual\\nredevelopment company shall approve) during the additional period as if\\nsuch additional period were the initial period of tax exemption for such\\nmutual redevelopment company, notwithstanding the provisions of\\nparagraph (a) of this subdivision to the contrary.\\n (a-2) Any inconsistent provision of law notwithstanding, in a city\\nhaving a population of one million or more, where a local legislative\\nbody has acted to extend the tax exemption of a mutual redevelopment\\ncompany for an additional twenty-five years after the initial tax\\nexemption period has expired, the local legislative body may authorize\\ntax exemption during the final eleven years of such additional\\ntwenty-five year exemption period under this subdivision, provided that\\nthe amount of taxes to be paid by the mutual redevelopment company\\nduring the final eleven years of such additional twenty-five year\\nexemption period shall not be less than an amount equal to the greater\\nof (i) ten per centum of the annual rent or carrying charges of the\\nproject minus utilities for the residential portion of the project, or\\n(ii) the taxes payable by such company for the residential portion of\\nthe project in the fourteenth year of such additional twenty-five year\\nexemption period, and may further extend the period of such additional\\ntwenty-five year exemption for up to a total period of thirty-five years\\nfrom the date of expiration of the initial tax exemption, provided that\\nthe amount of taxes to be paid by the mutual redevelopment company\\nduring any such extension beyond such additional twenty-five year\\nexemption period shall not be less than an amount equal to the greater\\nof (i) ten per centum of the annual rent or carrying charges of the\\nproject minus utilities for the residential portion of the project, or\\n(ii) the taxes payable by such company for the residential portion of\\nthe project in the fourteenth year of such additional twenty-five year\\nexemption period.\\n (a-3) Any inconsistent provision of law notwithstanding, the local\\nlegislative body of any municipality may grant an additional tax\\nexemption period for any project, other than a project by a mutual\\nredevelopment company, that received a tax exemption under paragraph (a)\\nof this subdivision, upon the expiration of the tax exemption period.\\nThe additional tax exemption period may be for a term of forty years, or\\nuntil such time as the project is no longer operated under the\\nrestrictions and for the purposes set forth in this article, whichever\\nis sooner. Unless otherwise approved by the local legislative body, the\\namount of taxes paid by the redevelopment company during such additional\\ntax exemption period shall not be less than (i) the taxes payable by\\nsuch company in accordance with the resolution for such redevelopment\\ncompany that was approved by the local legislative body and that was in\\neffect immediately prior to the expiration of the initial tax exemption\\nperiod, or (ii) if there is no such resolution, the taxes payable by\\nsuch company in accordance with the exemption authorized pursuant to\\nthis article immediately prior to the expiration of the initial tax\\nexemption period.\\n (b) A redevelopment company which has been granted and has received\\ntax exemption pursuant to this section may at any time elect to pay to\\nthe municipality or other appropriate taxing jurisdiction the total of\\nall accrued taxes for which exemption was granted and received, together\\nwith interest at the rate of five per centum per annum. Upon such\\npayment the tax exemption of the project shall thereupon cease and\\nterminate.\\n (c) Where a municipality acts on behalf of another taxing jurisdiction\\nin assessing real property for the purpose of taxation, or in levying\\ntaxes therefor, the said agreement by the local legislative body of such\\nmunicipality shall have the effect of exempting the real property in a\\nproject from local and municipal taxes, other than assessments for local\\nimprovements, levied by or in behalf of both such taxing jurisdictions.\\n (d) As used in this subdivision the term \"taxing jurisdiction\" means\\nany municipal corporation or district corporation, including any school\\ndistrict or any special district, having the power to levy or collect\\ntaxes and benefit assessments upon real property, or in whose behalf\\nsuch taxes or benefit assessments may be levied or collected.\\n 2. Any inconsistent provision of law notwithstanding, mortgages of any\\nsuch company issued to the federal government or any instrumentality\\nthereof, or to any municipal housing authority or other public housing\\nagency or instrumentality thereof whose obligations are determined to be\\nexempt from federal taxation by the federal government, or issued to a\\nfinancial institution and insured or guaranteed by the federal housing\\nadministrator or any other instrumentality of the federal government\\nshall be exempt from the mortgage recording taxes imposed by article\\neleven of the tax law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "126", "title" : "Reduced rentals for the elderly", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "126", "activeDate" : "2014-09-22", "sequenceNo" : 173, "repealedDate" : null, "fromSection" : "126", "toSection" : "126", "text" : " § 126. Reduced rentals for the elderly. (a) For the purpose of\\nenabling lower income elderly persons to continue in occupancy without\\npaying rentals in excess of a fair proportion of their income, any\\nmunicipality having a population of less than one million is authorized\\nto make and to contract to make periodic payments to a redevelopment\\ncompany in an amount not exceeding the difference between the rent or\\ncarrying charges for the dwellings occupied by such lower income persons\\nand one-third of their net probable aggregate annual income, where such\\nrent or carrying charges exceed such one-third of income; provided that\\nthe aggregate amount of periodic payments to be made in accordance with\\ncontracts entered into by the municipality during any fiscal year\\nthereof pursuant to this section, subdivision nine of section\\nthirty-one, subdivision seven of section eighty-five-a, and section five\\nhundred seventy-seven-a of this chapter shall not exceed the aggregate\\namount of all real property taxes paid or payable during such fiscal\\nyear by all companies organized pursuant to this article, article II,\\narticle IV, and article XI of this chapter and the aggregate estimated\\nreceipts of all such companies in such fiscal year from rental\\nsurcharges collected or to be collected pursuant to this chapter.\\n (b) Such payments shall be made only where the contract between the\\nmunicipality and the company pursuant to section one hundred fourteen\\nimposes income limitations on admission and on continued occupancy and\\nrequires the payment of surcharges to the municipality by over-income\\noccupants.\\n (c) Such payments shall be made only on account of a person or family\\nin occupancy where the head of the household is sixty-two years of age\\nor older and is not a recipient of public assistance pursuant to the\\nsocial services law, and where the net probable aggregate annual income\\nof the person or family in occupancy does not exceed six thousand five\\nhundred dollars a year.\\n Notwithstanding the provisions of subdivision twenty-nine of section\\ntwo of this chapter, net probable aggregate annual income shall mean the\\nannual income of family members from all sources after deductions of\\nfederal, state and city income taxes; provided that any municipality may\\nprovide that increases in benefits under the social security act which\\ntake effect after such person or family has assumed occupancy shall not\\nbe taken into account.\\n (d) A company having a contract with the municipality pursuant to this\\nsubdivision may not collect from persons or families in occupancy on\\nwhose account such payments are made any rentals in excess of the\\namounts specified in such contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "127", "title" : "Acquisition by mutual redevelopment companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "127", "activeDate" : "2014-09-22", "sequenceNo" : 174, "repealedDate" : null, "fromSection" : "127", "toSection" : "127", "text" : " § 127. Acquisition by mutual redevelopment companies. Anything in this\\narticle to the contrary notwithstanding:\\n (a) With the approval of the supervising agency, any person owning a\\nproject may convey such project to a mutual redevelopment company and a\\nmutual redevelopment company may be organized to acquire an existing\\nproject prior to expiration of an initial tax exemption granted pursuant\\nto section one hundred twenty-five, and may own, maintain, operate,\\nsell, and convey such project pursuant to this article. In part payment\\nof the purchase price therefor, such company may execute and deliver a\\nbond and mortgage or an issue of bonds under a trust indenture, the\\naggregate principal amount of which does not exceed ninety per centum of\\nsuch purchase price, and which shall be secured by a first mortgage upon\\nall the real property of which such project consists. Such bonds are\\nhereby declared securities in which all public officers and bodies of\\nthe state and of its municipal subdivisions, all insurance companies and\\nassociations, all savings banks and savings institutions, including\\nsavings and loan associations, executors, administrators, guardians,\\ntrustees, and all other fiduciaries in the state may properly and\\nlegally invest the funds within their control. The total capital created\\nand bonds or debentures issued by such mutual redevelopment company\\nshall not exceed the total cost of the purchase of the project and an\\nallowance for working capital not greater in amount than three per\\ncentum of such cost.\\n (b) With the consent of the local legislative body, any initial tax\\nexemption granted pursuant to section one hundred twenty-five, shall\\ncontinue after conveyance of a project to a mutual redevelopment company\\nfor the period of years originally provided for in the contract, or for\\nthe unexpired portion thereof if such period shall have commenced,\\nsubject to prior termination pursuant to section one hundred twenty-four\\nor section one hundred twenty-five, and this article shall continue to\\nbe applicable to such project as though such project had been initially\\nundertaken by such mutual redevelopment company; provided, however, that\\nnothing herein shall require the resubmission of the plan of the project\\nand the contract relating thereto for approval pursuant to section one\\nhundred fourteen. The contract may, with the approval of the local\\nlegislative body and of the holder of the mortgage on the project, be\\nmodified in a manner consistent with this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "128", "title" : "Resale price of shares", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "128", "activeDate" : "2014-09-22", "sequenceNo" : 175, "repealedDate" : null, "fromSection" : "128", "toSection" : "128", "text" : " § 128. Resale price of shares. Notwithstanding any other provision of\\nthis article and subject to any regulation not inconsistent with this\\nsection which may be promulgated by the supervising agency:\\n (a) The resale price of shares in a mutual company shall be fixed by\\nthe mutual company, subject to the approval of the supervising agency,\\nand shall be equal to (1) the consideration the selling\\ntenant-cooperator paid for such shares and (2) any capital assessments\\nand voluntary capital contributions approved by the supervising agency\\nand paid by the selling tenant-cooperator to the mutual company, to the\\nextent not already included in the consideration paid for such shares,\\nand, if established by the mutual company, (3) a proportionate share of\\nthe actual aggregate amortization paid on all existing and prior\\nmortgages on the project in reduction of total outstanding principal\\nindebtedness during such period as shall be fixed by the board of\\ndirectors of the mutual company, to the extent not already included in\\nthe consideration paid for such shares, and (4) reasonable\\nadministrative charges.\\n (b) The aggregate amount to be paid to the selling tenant-cooperator\\nwith respect to the sale of the selling tenant-cooperator's shares shall\\nbe fixed by the board of directors of the mutual company, subject to the\\napproval of the supervising agency, and shall be equal to (1) the\\nconsideration the selling tenant-cooperator paid for such shares, (2)\\nany capital assessments and voluntary capital contributions approved by\\nthe supervising agency and paid by the selling tenant-cooperator to the\\nmutual company, to the extent not already included in the consideration\\npaid for such shares, and (3) a proportionate share of the actual\\naggregate amortization paid by the selling tenant-cooperator on all\\nexisting and prior mortgages on the project in reduction of total\\noutstanding principal indebtedness during such period as shall be fixed\\nby the board of directors pursuant to subdivision (a) of this section,\\nto the extent not already included in the consideration paid for such\\nshares. To the extent that a selling tenant-cooperator may be entitled\\nto an amount less than the resale price of his shares, the difference\\nshall be retained by the mutual company.\\n (c) The board of directors may, subject to the approval of the\\nsupervising agency, establish a general policy pursuant to which a\\nselling tenant-cooperator who had occupied more than one dwelling unit\\nis paid an amount measured by his proportionate share of the actual\\naggregate amortization paid during his period of occupancy on all\\nexisting or prior mortgages on the project. To the extent that a selling\\ntenant-cooperator may be entitled to an amount greater than the resale\\nprice of shares, the difference may be paid to the selling\\ntenant-cooperator by the mutual company.\\n (d) The \"proportionate share of the actual aggregate amortization paid\\non all existing and prior mortgages on the project\" referred to in\\nsubdivision (a) of this section shall be in the same ratio to such\\nactual aggregate amortization as the number of shares held by the\\nselling tenant-cooperator at the time of sale bears to the total number\\nof shares of issued and outstanding capital stock of the mutual company\\nduring such period.\\n (e) Nothing contained in this section shall prohibit the continued use\\nof any method of calculating resale price adopted by a mutual company\\nand approved by the supervising agency prior to the effective date of\\nthis section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 34 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A6", "title" : "Urban Redevelopment Corporations", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "6", "activeDate" : "2014-09-22", "sequenceNo" : 176, "repealedDate" : null, "fromSection" : "200", "toSection" : "221", "text" : " ARTICLE VI\\n URBAN REDEVELOPMENT CORPORATIONS\\nSection 200. Short title.\\n 201. Legislative finding, policy of state, and purpose of\\n article.\\n 202. Definitions.\\n 203. Development plans and approval thereof.\\n 204. Appointment of supervising agency.\\n 205. Redevelopment corporations.\\n 206. Limitations of redevelopment corporations.\\n 207. Application of other corporation laws to redevelopment\\n corporations.\\n 208. Consideration for issuance of stock, bonds or income\\n debentures.\\n 209. Determination of development cost.\\n 210. Regulation of redevelopment corporations by supervising\\n agency.\\n 211. Exemption from increase in local taxation.\\n 212. Limited return on income debentures and stock.\\n 213. Enforcement proceedings against redevelopment\\n corporations.\\n 214. Transfer of real property to redevelopment corporation.\\n 215. Methods of acquisition of real property.\\n 216. Proceedings to acquire.\\n 217. Temporary use or occupation of real property taken by\\n acquisition.\\n 218. Mortgages.\\n 219. Sale or lease of real property by a city to a\\n redevelopment corporation.\\n 220. Provisions of lease.\\n 221. Construction.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "200", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "200", "activeDate" : "2014-09-22", "sequenceNo" : 177, "repealedDate" : null, "fromSection" : "200", "toSection" : "200", "text" : " § 200. Short title. This article shall be known and may be cited and\\nreferred to as the \"Urban Redevelopment Corporations Law.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "201", "title" : "Legislative finding, policy of state, and purpose of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "201", "activeDate" : "2014-09-22", "sequenceNo" : 178, "repealedDate" : null, "fromSection" : "201", "toSection" : "201", "text" : " § 201. Legislative finding, policy of state, and purpose of article.\\nIt is hereby declared that in the cities of the state substandard and\\ninsanitary areas exist which have resulted from inadequate planning,\\nexcessive land coverage, lack of proper light, air and open space,\\ndefective design and arrangement of buildings, lack of proper sanitary\\nfacilities, and the existence of buildings, which, by reason of age,\\nobsolescence, inadequate or outmoded design, or physical deterioration\\nhave become economic or social liabilities, or both; that such\\nconditions are prevalent in areas where substandard, insanitary, outworn\\nor outmoded industrial, commercial or residential buildings prevail;\\nthat such conditions impair the economic value of large areas, infecting\\nthem with economic blight, and that such areas are characterized by\\ndepreciated values, impaired investments, and reduced capacity to pay\\ntaxes; that such conditions are chiefly in areas which are so subdivided\\ninto small parcels in divided ownerships and frequently with defective\\ntitles, that their assembly for purposes of clearance, replanning,\\nrehabilitation and reconstruction is difficult and costly; that the\\nexistence of such conditions and the failure to clear, replan,\\nrehabilitate or reconstruct these areas results in a loss of population\\nby the areas and further deterioration, accompanied by added costs to\\nthe communities for creation of new public facilities and services\\nelsewhere; that it is difficult and uneconomic for individual owners\\nindependently to undertake to remedy such conditions; that it is\\ndesirable to encourage owners of property or holders of claims thereon\\nin such areas to join together and with outsiders in corporate groups\\nfor the purpose of the clearance, replanning, rehabilitation and\\nreconstruction of such areas by joint action; that it is necessary to\\ncreate, with proper safeguards, inducements and opportunities for the\\nemployment of private investment and equity capital in the clearance,\\nreplanning, rehabilitation and reconstruction of such areas; that such\\nconditions require the employment of such capital on an investment\\nrather than a speculative basis, allowing however, the widest latitude\\nin the amortization of any indebtedness created thereby; that such\\nconditions further require the acquisition at fair prices of adequate\\nareas, the gradual clearance of such areas through demolition of\\nexisting obsolete, inadequate, unsafe and insanitary buildings and the\\nredevelopment of such areas under proper supervision with appropriate\\nplanning, land use and construction policies; that the clearance,\\nreplanning, rehabilitation and reconstruction of such areas on a large\\nscale basis are necessary for the public welfare; that the clearance,\\nreplanning, reconstruction and rehabilitation of such areas are public\\nuses and purposes for which private property may be acquired; that such\\nsubstandard and insanitary areas constitute a menace to the health,\\nsafety, morals, welfare and reasonable comfort of the citizens of the\\nstate; that such conditions require the creation of the agencies,\\ninstrumentalities and corporations hereinafter described, which are\\nhereby declared to be agencies and instrumentalities of the state, for\\nthe purpose of attaining the ends herein recited; that the protection\\nand promotion of the health, safety, morals, welfare and reasonable\\ncomfort of the citizens of the state are matters of public concern; and\\nthe necessity in the public interest for the provisions hereinafter\\nenacted is hereby declared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "202", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "202", "activeDate" : "2014-09-22", "sequenceNo" : 179, "repealedDate" : null, "fromSection" : "202", "toSection" : "202", "text" : " § 202. Definitions. The following terms, whenever used or referred to\\nin this article, shall, unless a different intent clearly appears from\\nthe context, be construed as follows:\\n The term \"development area\" shall mean that portion of an area to\\nwhich a development plan is applicable.\\n The term \"development cost\" shall mean the amount determined by the\\nsupervising agency to be the actual cost of the development, or of the\\npart thereof for which such determination is made, and shall include,\\namong other costs, the reasonable costs of planning the development,\\nincluding preliminary studies and surveys, neighborhood planning, and\\narchitectural and engineering services, legal and incorporation expense,\\nthe actual cost, if any, of alleviating hardship to families occupying\\ndwelling accommodations in the development area where such hardship\\nresults from the execution of the development plan, the reasonable costs\\nof financing the development, including carrying charges during\\nconstruction, working capital in an amount not exceeding five per centum\\nof development cost, the actual cost of the real property included in\\nthe development, or if such real property or any part thereof were\\nacquired partly or wholly in exchange for securities, then, an amount\\nwhich shall be approved by the supervising agency as being equal to the\\nreasonable value of the real property acquired therefor, the actual cost\\nof demolition of existing structures, the actual cost of utilities,\\nlandscaping and roadways, the amount of special assessments subsequently\\npaid, the actual cost of construction, equipment and furnishing of\\nbuildings and improvements, including architectural, engineering and\\nbuilder's fees, the actual cost of reconstruction, rehabilitation,\\nremodeling or initial repair of existing buildings and improvements,\\nreasonable management costs until the development is ready for use, and\\nthe actual cost of improving that portion of the development area which\\nis to remain as open space, together with such additions to development\\ncost as shall equal the actual cost of additions to or changes in the\\ndevelopment in accordance with the original development plan or after\\napproved changes in or amendments thereto.\\n The term \"development plan\" shall mean a plan for the redevelopment of\\nall or any part of an area, and shall include any amendments thereto\\napproved in accordance with the requirements of paragraph five of\\nsection two hundred three of this article.\\n The term \"dividend year\" shall mean, whether or not there exists a\\nmaximum exemption period with respect to any one or more parcels of real\\nproperty, any of the recurrent periods of one year each ending on the\\nlast day of the calendar month immediately preceding the calendar month\\nin which the assessment-rolls for the purpose of city taxes on real\\nproperty are finally warranted to the official, bureau, board,\\ncommission or agency charged with collecting such taxes. The first\\ndividend year may be a period of less than one year commencing with the\\nbeginning of the execution of the development plan and ending on such\\nlast day of such calendar month.\\n The terms \"local taxation\" and \"local tax\" shall include state,\\ncounty, city, and school taxes, any special district taxes, and any\\nother tax on real property, but shall not include assessments for\\nbenefit improvements.\\n The term \"maximum assessed valuation\" shall mean, with respect to any\\nlocal tax on any parcel of real property, the assessed valuation of such\\nparcel appearing on the last assessment-roll warranted to the official,\\nbureau, board, commission or agency charged with collecting the\\nparticular local tax involved, before the commencement of the maximum\\nexemption period for such parcel.\\n The term \"maximum exemption period\" shall mean, with respect to any\\nparcel of real property, the period commencing with the acquisition of\\nsuch parcel by the redevelopment corporation, or the issuance of the\\ncertificate of approval required by paragraph four of section two\\nhundred three of this article, whichever is later in time, and lasting\\nfor such period, not exceeding ten years from the date of completion, as\\ncertified to by the city department or body having jurisdiction over\\nbuildings and improvements, of the buildings or improvements required to\\nbe built on or made to such parcel by the development plan, as may be\\ndesignated in the ordinance or local law, if any, adopted or enacted by\\nthe local legislative body pursuant to paragraph one of section two\\nhundred eleven of this article, but not in excess of the period of time\\nduring which such parcel of real property is owned by the redevelopment\\ncorporation.\\n The term \"maximum dividend\" shall mean, with respect to any dividend\\nyear, an amount equal to five per centum of development cost less all\\namounts payable during the dividend year as interest on, but not as\\namortization of, any indebtedness of the redevelopment corporation. The\\nmaximum dividend, however, may be apportioned in accordance with the\\nprovisions of section two hundred seventeen of this article. The maximum\\ndividend may change from time to time in accordance with changes in\\ndevelopment cost, in outstanding indebtedness and in capital structure\\ndue to refunding operations.\\n The term \"maximum local tax\" shall mean, with respect to each and\\nevery local tax on any parcel of real property the local tax which would\\nhave been payable on such parcel if the assessed valuation for the\\npurpose of such local tax had been, contrary to fact if need be, equal\\nto the maximum assessed valuation thereof.\\n The term \"minimum condemnation requirement\" shall mean land and\\nbuildings or improvements constituting fifty-one per centum or more of\\nthe land area and fifty-one per centum or more by assessed valuation for\\nthe purpose of city taxes of the land and buildings or improvements, as\\nof the date of the issuance of the certificate of approval required by\\nparagraph four of section two hundred three of this article, of all land\\nand buildings or improvements fee title to which is to be acquired by\\nthe redevelopment corporation pursuant to the development plan, which\\nare not exempt otherwise than by this article in whole or in part from\\nlocal taxation, which are included in that stage of the development plan\\nin which is located the real property sought to be condemned.\\n The term \"planning commission\" shall mean the official bureau, board,\\ncommission or agency of the city established under the general city law\\nor under a home rule charter and authorized to prepare, adopt and amend\\nor modify a master plan for the development of the city.\\n The term \"redevelopment\" shall mean the clearance, replanning,\\nreconstruction or rehabilitation of an area or part thereof, and the\\nprovision of such industrial, commercial, residential or public\\nstructures or spaces as may be appropriate, including recreational and\\nother facilities incidental or appurtenant thereto.\\n The term \"redevelopment corporation\" shall mean a corporation\\nheretofore or hereafter organized pursuant to article four of the\\nbusiness corporation law whose certificate of incorporation shall comply\\nwith the requirements of section two hundred five of this article.\\n The term \"supervising agency\" shall mean the official, bureau,\\ncommission or agency appointed, established or designated by the local\\nlegislative body pursuant to section two hundred four of this article,\\nexcept that if there is a board of estimate in the city, it shall mean\\nsuch board of estimate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "203", "title" : "Development plans and approval thereof", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "203", "activeDate" : "2014-09-22", "sequenceNo" : 180, "repealedDate" : null, "fromSection" : "203", "toSection" : "203", "text" : " § 203. Development plans and approval thereof. 1. A development plan\\nshall contain such information as the planning commission and the\\nsupervising agency shall, by rule or regulation require, including:\\n (a) A metes and bounds description of the development area;\\n (b) A statement of the real property in the development area fee title\\nto which the redevelopment corporation proposes to acquire and a\\nstatement of the interests to be acquired in any other real property by\\nthe redevelopment corporation;\\n (c) A statement of the various stages, if more than one is intended,\\nby which the development is proposed to be constructed or undertaken,\\nand the time limit for the completion of each stage, together with a\\nmetes and bounds description of the real property to be included in each\\nstage;\\n (d) A statement of the existing buildings or improvements in the\\ndevelopment area, to be demolished immediately, if any;\\n (e) A statement of the existing buildings or improvements, in the\\ndevelopment area not to be demolished immediately, if any, and the\\napproximate period of time during which the demolition, if any, of each\\nsuch building or improvement is to take place;\\n (f) A statement of the proposed improvements, if any, to each building\\nnot to be demolished immediately, any proposed repairs or alterations to\\nsuch building, and the approximate period of time during which such\\nimprovements, repairs or alterations are to be made;\\n (g) A statement of the type, number and character of each new\\nindustrial, commercial, residential or other building or improvement to\\nbe erected or made; and a statement of the maximum limitations upon the\\nbulk of such buildings or improvements to be permitted at various stages\\nof the development plan;\\n (h) A statement of those portions, if any, of the development area\\nwhich may be permitted or will be required to be left as open space, the\\nuse to which each such open space is to be put, the period of time each\\nsuch open space will be required to remain an open space and the manner\\nin which it will be improved and maintained, if at all;\\n (i) A statement of those portions, if any, of the development area\\nwhich the redevelopment corporation proposes to sell, donate, exchange\\nor lease to, with or from the city and an outline of the terms of such\\nproposed sale, donation, exchange or lease;\\n (j) A statement of the proposed changes, if any, in zoning ordinances\\nor maps, necessary or desirable for the development and its protection\\nagainst blighting influences;\\n (k) A statement of the proposed changes, if any, in streets or street\\nlevels and any proposed street closings;\\n (l) A statement of the character of the existing dwelling\\naccommodations, if any, in the development area, the approximate number\\nof families residing therein, together with a schedule of the rentals\\nbeing paid by them, and a schedule of the vacancies in such\\naccommodations, together with the rental demanded therefor;\\n (m) A statement of the character, approximate number of units,\\napproximate rentals and approximate date of availability of the proposed\\ndwelling accommodations, if any, to be furnished during construction and\\nupon completion of the development;\\n (n) A statement of the proposed method of financing the development,\\nin sufficient detail to evidence the probability that the redevelopment\\ncorporation will be able to finance or arrange to finance the\\ndevelopment;\\n (o) A statement of persons who it is proposed will be active in or\\nassociated with the management of the redevelopment corporation during a\\nperiod of at least one year from the date of the approval of the\\ndevelopment plan.\\n The development plan, and any application to the planning commission\\nor supervising agency for approval thereof, may contain in addition such\\nother statements or material as may be deemed relevant by the proposer\\nthereof, including limits on the amounts which may be paid as\\ncompensation for services to the officers and employees of the\\nredevelopment corporation, suggestions for the clearance, replanning,\\nreconstruction or rehabilitation of one or more areas which may be\\nlarger than the development area but which include it, and any other\\nprovisions for the redevelopment of such area or areas.\\n 2. No development shall be initiated until certificates of approval of\\nthe development plan therefor shall have been issued by both the\\nplanning commission and the supervising agency.\\n 3. A planning commission may approve a development plan after a public\\nhearing, but no certificate of approval thereof shall be issued by it\\nunless and until an application for approval has been filed with it,\\ntogether with the development plan, and unless and until the planning\\ncommission shall determine:\\n (a) That the area within which the development area is included is\\nsubstandard or insanitary and that the redevelopment of the development\\narea in accordance with the development plan is necessary or advisable\\nto effectuate the public purposes declared in section two hundred one of\\nthis article;\\n (b) That the development plan is in accord with the master plan, if\\nany, of the city;\\n (c) That the development area is not less than one hundred thousand\\nsquare feet in area, except that it may be smaller in area when\\nundertaken in connection with a public improvement, but in any event of\\nsufficient size to allow its redevelopment in an efficient and\\neconomically satisfactory manner and to contribute substantially to the\\nimprovement of the area in which the development is located;\\n (d) That the various stages, if any, by which the development is\\nproposed to be constructed or undertaken, as stated in the development\\nplan, are practicable and in the public interest;\\n (e) That public facilities, including, but not limited to, school,\\nfire, police, transportation, park, playground and recreation, are\\npresently adequate, or will be adequate, at the time that the\\ndevelopment is ready for use, to service the development area;\\n (f) That the proposed changes, if any, in the city map, in zoning\\nordinances or maps and in streets and street levels, or any proposed\\nstreet closings, are necessary or desirable for the development and its\\nprotection against blighting influences and for the city as a whole;\\n (g) Upon data submitted by or on behalf of the redevelopment\\ncorporation, or upon data otherwise available to the planning\\ncommission, that there will be available for occupation by families, if\\nany, then occupying dwelling accommodations in the development area\\nlegal accommodations at substantially similar rentals in the development\\narea or elsewhere in a suitable location in the city, and that the\\ncarrying into effect of the development plan will not cause undue\\nhardship to such families. The notice of the public hearing to be held\\nby the planning commission prior to approval by it of the development\\nplan shall contain separate statements to the effect that before the\\ndevelopment plan is approved, the planning commission must make the\\ndetermination required in subparagraph (g) of this paragraph three, and\\nthat if the development plan is approved, real property in the\\ndevelopment area is, upon the conditions stated elsewhere in this\\narticle, subject to condemnation.\\n Any such determination shall be conclusive evidence of the facts so\\ndetermined except upon proof of fraud or wilful misfeasance. In arriving\\nat such determination, the planning commission shall consider only those\\nelements of the development plan relevant to such determination under\\nsubparagraphs (a) through (g) of this paragraph three of section two\\nhundred three of this article and to the type of development which is\\nphysically desirable for the development area concerned from a city\\nplanning viewpoint and from a neighborhood unit viewpoint if the\\ndevelopment plan provides that the development area is to be primarily\\nresidential. Upon approval of a development plan by the planning\\ncommission, it shall forthwith issue a certificate of approval thereof,\\nwhich may be made subject to subsequent approval of the changes, if any,\\nmentioned in subparagraph (f) of this paragraph three by the person,\\ncommission or body having jurisdiction thereof.\\n 4. A supervising agency may approve a development plan, but no\\ncertificate of approval thereof shall be issued by it unless and until\\nthe planning commission shall first have approved thereof and there has\\nbeen filed with the supervising agency the development plan, the\\ncertificate of approval by the planning commission and an application\\nfor approval by the supervising agency, and unless and until the\\nsupervising agency shall determine:\\n (a) That the proposed method of financing the development is feasible\\nand that it is probable that the redevelopment corporation will be able\\nto finance or arrange to finance the development;\\n (b) That the persons who it is proposed will be active in or\\nassociated with the management of the redevelopment corporation during a\\nperiod of at least one year from the date of the approval of the\\ndevelopment plan have sufficient ability and experience to cause the\\ndevelopment to be undertaken, consummated and managed in a satisfactory\\nmanner.\\n Any such determination shall be conclusive evidence of the facts so\\ndetermined except upon proof of fraud or wilful misfeasance. In\\nconsidering whether or not a certificate of approval of the development\\nplan shall be issued, the supervising agency shall consider only those\\nelements of the development plan relevant to such determination under\\nsubparagraphs (a) and (b) of this paragraph four of section two hundred\\nthree of this article. Upon approval of a development plan by the\\nsupervising agency, it shall forthwith issue a certificate of approval\\nthereof.\\n 5. The planning commission and the supervising agency may approve an\\namendment or amendments to a development plan, but no such amendment to\\na development plan which has theretofore been approved by the planning\\ncommission and the supervising agency shall be approved unless and until\\nan application therefor has been filed with the planning commission or\\nthe supervising agency by the redevelopment corporation containing that\\npart of the material required by paragraph one of this section two\\nhundred three which shall be relevant to the proposed amendment, and\\nunless and until the planning commission or the supervising agency, as\\nthe case may be, shall make the determinations required by paragraphs\\nthree or four of this section two hundred three which shall be relevant\\nto the proposed amendment.\\n 6. The planning commission and the supervising agency may each adopt a\\nreasonable schedule of fees to be paid upon the filing of the\\ndevelopment plan, amendments thereto and other instruments in connection\\ntherewith.\\n 7. The planning commission and the supervising agency may, for the\\nguidance of prospective proponents of development plans, fix general\\nstandards to which a development plan shall conform. Variations from\\nsuch standards may be allowed for the accomplishment of the purposes of\\nthis article. Such standards may contain provisions more restrictive\\nthan those imposed by applicable planning, zoning, sanitary and building\\nlaws, ordinances and regulations.\\n 8. The state division of housing, or a local housing authority where\\nsuch exists, is hereby authorized to render such advisory services in\\nconnection with the preliminary surveys, studies and preparation of a\\ndevelopment plan as may be requested by a redevelopment corporation or a\\ncity planning commission and charge fees for such services on the basis\\nof actual cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "204", "title" : "Appointment of supervising agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "204", "activeDate" : "2014-09-22", "sequenceNo" : 181, "repealedDate" : null, "fromSection" : "204", "toSection" : "204", "text" : " § 204. Appointment of supervising agency. The local legislative body\\nof a city is hereby authorized by general ordinance or local law to\\nappoint, establish or designate the chief financial officer of the city\\nor some other official or bureau, commission or agency as the person or\\nbody to exercise the powers and perform the duties held by or incumbent\\nupon a supervising agency pursuant to this article, except that if there\\nis a board of estimate in the city no such appointment, establishment or\\ndesignation shall be made and the board of estimate shall exercise such\\npowers and perform such duties or may delegate one or more of them to\\nthe chief financial officer of the city or to some other official,\\nbureau, commission or agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "205", "title" : "Redevelopment corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "205", "activeDate" : "2014-09-22", "sequenceNo" : 182, "repealedDate" : null, "fromSection" : "205", "toSection" : "205", "text" : " § 205. Redevelopment corporations. 1. Three or more persons may become\\na redevelopment corporation on making, subscribing, acknowledging and\\nfiling in the department of state a certificate pursuant to article four\\nof the business corporation law, which shall be entitled and endorsed\\n\"Certificate of incorporation of .... Redevelopment Corporation,\\npursuant to article four of the business corporation law, \" the blank\\nspace being filled in with the remainder of the name of the corporation.\\nSuch certificate shall contain the provisions required in, and may\\ncontain any provisions consistent with the provisions of this article\\npermitted in, a certificate of incorporation filed pursuant to article\\nfour of the business corporation law, except that:\\n (a) Included among the purposes for which the corporation is formed\\nshall be the formulation, obtaining the approval of, and putting into\\neffect of a development plan, the acquisition of real property in a\\ndevelopment area, and the construction, maintenance and operation of a\\ndevelopment pursuant to this article;\\n (b) The duration of the corporation shall be perpetual;\\n (c) The certificate may provide for the issuance of income debentures,\\nin which case the holders of such debentures may be allowed such voting\\nrights as shall be specified therein;\\n (d) The certificate shall contain a declaration that the redevelopment\\ncorporation has been organized to serve a public purpose, and that it\\nshall be subject to supervision and control as provided in this article.\\nA copy of such certificate shall be filed with the planning commission\\nand the supervising agency having jurisdiction within ten days of its\\nbeing filed in the department of state.\\n 2. If a redevelopment corporation shall not have obtained the\\ncertificates of approval of its development plan required by section two\\nhundred three of this article within twelve months of the date upon\\nwhich it became a redevelopment corporation, or shall not substantially\\ncomply with the development plan within the time limit for the\\ncompletion of each stage thereof as therein stated, reasonable delays\\ncaused by unforseen difficulties excepted, then upon the filing in the\\ndepartment of state of a certified copy of the order of the court\\nestablishing such failure to obtain such certificate or substantially so\\nto comply, obtained pursuant to section two hundred thirteen of this\\narticle, such redevelopment corporation shall cease to have the special\\nrights, powers and privileges granted to, or be subject to the special\\nduties, liabilities and restrictions imposed upon a redevelopment\\ncorporation by this article, and shall thereafter change its name to\\nremove the word \"Redevelopment\" therefrom. In such event, however, such\\ncorporation may thereafter continue in existence as a business\\ncorporation, subject to the business corporation law. In the event that\\na certified copy of such order shall be so filed, all real property\\nacquired by or for such redevelopment corporation by condemnation shall\\nbe disposed of, either alone or in conjunction with additional real\\nproperty not so acquired, within a reasonable time by bona fide sale.\\nAll amounts received by the redevelopment corporation for such real\\nproperty in excess of an amount equal to that portion of the development\\ncost allocable to the real property being disposed of, shall be paid to\\nthe city.\\n 3. No corporation now organized under the laws of the state shall\\nchange its name to a name, and no such corporation hereafter organized\\nshall have a name, containing the word \"redevelopment\" as a part\\nthereof, unless and until such corporation is or becomes a redevelopment\\ncorporation. No foreign corporation now authorized to do business in the\\nstate shall change its name to a name, and no such corporation shall\\nhereafter be authorized to do business in the state with a name,\\ncontaining the word \"redevelopment\" as a part thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "206", "title" : "Limitations of redevelopment corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "206", "activeDate" : "2014-09-22", "sequenceNo" : 183, "repealedDate" : null, "fromSection" : "206", "toSection" : "206", "text" : " § 206. Limitations of redevelopment corporations. No redevelopment\\ncorporation shall:\\n 1. Undertake any clearance, reconstruction, improvement, alteration or\\nconstruction in connection with any development until the certificates\\nof approval required by section two hundred three of this article have\\nbeen issued;\\n 2. Change, alter, amend, add to or depart from the development plan\\nuntil the planning commission or the supervising agency, as the case may\\nbe, has issued a certificate of approval of that portion of such change,\\nalteration, amendment, addition or departure relevant to the\\ndetermination required to be made by it as set forth in section two\\nhundred three of this article;\\n 3. After a development has been commenced, sell, transfer or assign\\nany real property in the development area without first obtaining the\\nconsent of the supervising agency;\\n 4. Undertake more than one development;\\n 5. Pay interest on its income debentures, if any, except out of net\\nearnings which would have been applicable to the payment of dividends on\\nits capital stock if there were no such income debentures;\\n 6. Pay as compensation for services to, or enter into contracts for\\nthe payment of compensation for services to, its officers or employees\\nin an amount greater than the limit thereon contained in the development\\nplan, or in default thereof, then in an amount greater than the\\nreasonable value of the services performed or to be performed by such\\nofficers or employees;\\n 7. Lease an entire building or improvement in the development area to\\nany person or corporation without obtaining the approval of the\\nsupervising agency, which may be withheld only if the lease is being\\nmade for the purpose of evading the provisions of this article;\\n 8. Mortgage any of its real property without obtaining the approval of\\nthe supervising agency;\\n 9. Make any guarantee without obtaining the approval of the\\nsupervising agency;\\n 10. Dissolve without obtaining the approval of the supervising agency,\\nwhich may be given upon such conditions as the supervising agency may\\ndeem necessary or appropriate to the protection of the interest of the\\ncity in the proceeds of the sale of the real property acquired by\\ncondemnation as provided in subdivision two of section two hundred five\\nof this article, such approval to be endorsed on the certificate of\\ndissolution and such certificate not to be filed in the department of\\nstate in the absence of such endorsement;\\n 11. Reorganize without obtaining the approval of the supervising\\nagency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "207", "title" : "Application of other corporation laws to redevelopment corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "207", "activeDate" : "2014-09-22", "sequenceNo" : 184, "repealedDate" : null, "fromSection" : "207", "toSection" : "207", "text" : " § 207. Application of other corporation laws to redevelopment\\ncorporations. The provisions of the business corporation law as\\npresently in effect and as hereafter from time to time amended, shall\\napply to redevelopment corporations heretofore or hereafter, except\\nwhere such provisions are in conflict with the provisions of this\\narticle. In the event that any action with respect to which the holders\\nof income debentures shall have the right to vote is proposed to be\\ntaken, then notice of any meeting at which such action is proposed to be\\ntaken shall be given to such holders in the same manner and to the same\\nextent as if they were stockholders entitled to notice of and to vote at\\nsuch meeting, and any certificate filed pursuant to law in the\\ndepartment of state with respect to any such action, whether taken with\\nor without meeting, and any affidavit required by law to be annexed to\\nsuch certificate, shall contain the same statements or recitals and such\\ncertificate shall be subscribed and acknowledged, and such affidavit\\nshall be made, in the same manner as if such holders were stockholders\\nholding shares of an additional class of stock entitled to vote on such\\naction, or with respect to the proceedings provided for in such\\ncertificate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "208", "title" : "Consideration for issuance of stock, bonds or income debentures", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "208", "activeDate" : "2014-09-22", "sequenceNo" : 185, "repealedDate" : null, "fromSection" : "208", "toSection" : "208", "text" : " § 208. Consideration for issuance of stock, bonds or income\\ndebentures. No redevelopment corporation shall issue stock, bonds or\\nincome debentures, except for money or property actually received for\\nthe use and lawful purposes of the corporation or services actually\\nperformed for the corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "209", "title" : "Determination of development cost", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "209", "activeDate" : "2014-09-22", "sequenceNo" : 186, "repealedDate" : null, "fromSection" : "209", "toSection" : "209", "text" : " § 209. Determination of development cost. 1. Upon the completion of a\\ndevelopment a redevelopment corporation shall, or upon the completion of\\na principal part of a development a redevelopment corporation may, file\\nwith the supervising agency an audited statement of the development cost\\nthereof. Within a reasonable time after the filing of such statement,\\nthe supervising agency shall determine the development cost applicable\\nto the development or such portion thereof and shall issue to the\\nredevelopment corporation a certificate stating the amount thereof as so\\ndetermined.\\n 2. A redevelopment corporation may, at any time, whether prior or\\nsubsequent to the undertaking of any contract or expense, apply to the\\nsupervising agency for a ruling as to whether any particular item of\\ncost therein may be included in development cost when finally determined\\nby the supervising agency, and the amount thereof. The supervising\\nagency shall, within a reasonable time after such application, render a\\nruling thereon, and in the event that it shall be ruled that any item of\\ncost may be included in development cost, the amount thereof as so\\ndetermined shall be so included in development cost when finally\\ndetermined.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "210", "title" : "Regulation of redevelopment corporations by supervising agency", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "210", "activeDate" : "2014-09-22", "sequenceNo" : 187, "repealedDate" : null, "fromSection" : "210", "toSection" : "210", "text" : " § 210. Regulation of redevelopment corporations by supervising agency.\\nA redevelopment corporation shall:\\n 1. Furnish to the supervising agency from time to time, as required by\\nit, but with respect to regular reports not more often than once every\\nsix months, such financial information, statements, audited reports or\\nother material as such supervising agency shall require, each of which\\nshall conform to such standards of accounting and financial procedure as\\nthe supervising agency may by general regulation prescribe.\\n 2. Establish and maintain such depreciation and other reserves,\\nsurplus and other accounts as the supervising agency may reasonably\\nrequire, including a yearly reserve with respect to each parcel of real\\nproperty held by the redevelopment corporation against the increase in\\nlocal taxes after the expiration of the maximum exemption period, which\\nshall be equal to twenty per centum of the difference between the\\nmaximum local tax on the real property of the redevelopment corporation\\nand the local tax which would have been payable except for the tax\\nexemption period provided for in section two hundred eleven of this\\narticle.\\n Any provision of the general corporation law or the stock corporation\\nlaw to the contrary notwithstanding, one member of the board of\\ndirectors of a redevelopment corporation may be a designee of the\\nsupervising agency, as long as any of the real property of the\\nredevelopment corporation is entitled to the tax exemption provided for\\nin section two hundred eleven of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "211", "title" : "Exemption from increase in local taxation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "211", "activeDate" : "2014-09-22", "sequenceNo" : 188, "repealedDate" : null, "fromSection" : "211", "toSection" : "211", "text" : " § 211. Exemption from increase in local taxation. 1. A local\\nlegislative body is hereby authorized, by adopting or enacting an\\nordinance or local law, to exempt all or part of the real property held\\nby redevelopment corporations during a maximum exemption period, which\\nshall not exceed ten years, which represents an increase in any local\\ntax over the maximum local tax. After the adoption or enactment of such\\nan ordinance or local law, every parcel of real property held by any\\nredevelopment corporation in the city shall be exempt during the maximum\\nexemption period, from that portion of each and every local tax to the\\nextent that such exemption has been granted by such ordinance or local\\nlaw. If, during the last year of the maximum exemption period, such\\nexemption is in existence on the day such local tax, or installment\\nthereof, becomes a lien on such parcel of real property, such exemption\\nshall extend for the full tax year for such local tax and shall not be\\napportioned because of the expiration of the maximum exemption period\\nduring such tax year.\\n 2. For the purpose of fixing the date of commencement of the maximum\\nexemption period for a group of parcels of real property in a\\ndevelopment area, a city is hereby authorized, with the approval of its\\nlocal legislative body, except that if there is a board of estimate in\\nthe city, then with the approval of the board of estimate, to contract\\nwith a redevelopment corporation to place in one or more groups the\\nvarious parcels of real property therein. Such a contract may provide\\nthat all of the parcels in each group may be deemed to have had a common\\nstated date of acquisition by the redevelopment corporation, regardless\\nof the actual date of acquisition of each parcel contained therein. Such\\nagreed date of acquisition shall thereupon serve as a basis for\\ncomputing the maximum exemption period for each parcel of real property\\nin the group. Such agreed date of acquisition shall not be later than\\nthe date of the actual acquisition of one or more parcels of real\\nproperty in the group. After the making of any such contract, all of the\\nparcels of real property in any such group shall be treated as a unit\\nfor the purposes of the assessment and collection of each local tax, and\\nthe maximum exemption period so computed shall be binding with respect\\nto each local tax.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "212", "title" : "Limited return on income debentures and stock", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "212", "activeDate" : "2014-09-22", "sequenceNo" : 189, "repealedDate" : null, "fromSection" : "212", "toSection" : "212", "text" : " § 212. Limited return on income debentures and stock. 1. No\\nredevelopment corporation shall pay any interest on its income\\ndebentures or dividends on its stock during any dividend year, unless\\nthere shall exist at the time of any such payment no default under any\\namortization requirements with respect to its indebtedness.\\n 2. No redevelopment corporation shall pay or declare as interest on\\nits income debentures and as dividends on its stock during any dividend\\nyear during any portion of which there shall exist pursuant to section\\ntwo hundred eleven of this article any exemption from local taxation on\\nany of its real property, an amount which in the aggregate is in excess\\nof the maximum dividend, except as provided in paragraphs three and four\\nof this section two hundred twelve.\\n 3. In the event that in any dividend year the maximum exemption period\\nwith respect to some of the parcels of real property held by a\\nredevelopment corporation shall have expired, and with respect to some\\nsuch parcels shall not have expired, then that portion of its net\\nearnings which may be paid or declared as interest on its income\\ndebentures and as dividends on its stock during such dividend year shall\\nbe determined as follows: multiply the net earnings of the corporation\\nsubject to payment or declaration as such interest or dividends, by a\\nfraction the numerator of which is the total of the maximum assessed\\nvaluation of all real property for which the maximum exemption period\\nhas not expired and the denominator of which is the total of the maximum\\nassessed valuation of all the real property of the corporation; and the\\nresult will be the apportioned net earnings restricted as to payment as\\nsuch interest or dividends; compute the amount of the maximum dividend\\nas though no apportionment of the same were to be affected and multiply\\nthe amount so arrived at by the same fraction; and the result will be\\nthe apportioned maximum dividend; only that portion of such apportioned\\nnet earnings which does not exceed such apportioned maximum dividend may\\nbe paid or declared as such interest or dividends; and that portion of\\nthe net earnings obtained by subtracting from total net earnings such\\napportioned net earnings restricted as to payment as such interest and\\ndividends may be paid or declared without restriction as such interest\\nor dividends.\\n 4. In the event that in any one or more prior dividend years the total\\namount paid or declared as interest on the corporation's income\\ndebentures or as dividends on its stock shall have been less than the\\namounts allowable pursuant to paragraphs two and three of this section\\ntwo hundred twelve, then cumulative interest and dividends equal to the\\ndifference may be paid out of any net income applicable thereto in any\\nsubsequent dividend year despite the limitation imposed by paragraph two\\nof this section two hundred twelve.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "213", "title" : "Enforcement proceedings against redevelopment corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "213", "activeDate" : "2014-09-22", "sequenceNo" : 190, "repealedDate" : null, "fromSection" : "213", "toSection" : "213", "text" : " § 213. Enforcement proceedings against redevelopment corporations.\\nWhenever a redevelopment corporation shall not have obtained the\\ncertificates of approval of its development plan required by section two\\nhundred three of this article within twelve months of the date upon\\nwhich it became a redevelopment corporation, or shall not have\\nsubstantially complied with its development plan within the time limits\\nfor the completion of each stage thereof as therein stated, reasonable\\ndelays caused by unforeseen difficulties excepted, or shall do, permit\\nto be done or fail or omit to do anything contrary to or required of it,\\nas the case may be, by this article, or shall be about so to do, permit\\nto be done or fail or omit to have done, as the case may be, then any\\nsuch fact may be certified by the planning commission or the supervising\\nagency, whichever shall have supervision thereof, to the chief legal\\nofficer of the city, who may thereupon commence a proceeding in the\\nsupreme court of the state of New York in its name for the purpose of\\nhaving such action, failure or omission, or threatened action, failure\\nor omission, established by order of the court for the purpose stated in\\nsubdivision two of section two hundred five of this article, or stopped,\\nprevented or otherwise rectified by order, injunction or otherwise. Such\\nproceeding shall be commenced by a petition to the supreme court\\nalleging the violation complained of and praying for appropriate relief.\\nIt shall thereupon be the duty of the court to specify the time, not\\nexceeding twenty days after service of a copy of the petition, within\\nwhich the redevelopment corporation complained of must answer the\\npetition. The court shall, immediately after a default in answering or\\nafter answer, as the case may be, inquire into the facts and\\ncircumstances in such manner as the court shall direct without other or\\nformal proceedings, and without respect to any technical requirements.\\nSuch other persons or corporations as it shall seem to the court\\nnecessary or proper to join as parties in order to make its order or\\njudgment effective may be joined as parties. The final judgment or order\\nin any such action or proceeding shall dismiss the action or proceeding\\nor establish the failure complained of or direct that an order, or an\\ninjunction, or both, issue, or grant such other relief as the court may\\ndeem appropriate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "214", "title" : "Transfer of real property to redevelopment corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "214", "activeDate" : "2014-09-22", "sequenceNo" : 191, "repealedDate" : null, "fromSection" : "214", "toSection" : "214", "text" : " § 214. Transfer of real property to redevelopment corporation.\\nNotwithstanding any requirement of law to the contrary or the absence of\\ndirect provision therefor in the instrument under which a fiduciary is\\nacting, every executor, administrator, trustee, guardian or other\\nperson, holding trust funds or acting in a fiduciary capacity, unless\\nthe instrument under which such fiduciary is acting expressly forbids,\\nthe state, its subdivisions, cities, all other public bodies, all public\\nofficers, corporations organized under or subject to the provisions of\\nthe banking law (including savings banks, savings and loan associations,\\ntrust companies, private bankers and private banking corporations), the\\nsuperintendent of financial services as conservator, liquidator or\\nrehabilitator of any such person, partnership or corporation, persons,\\npartnerships and corporations organized under or subject to the\\nprovisions of the insurance law, the superintendent of financial\\nservices as conservator, liquidator or rehabilitator of any such person,\\npartnership or corporation, any of which owns or holds any real property\\nwithin a development area, may grant, sell, lease or otherwise transfer\\nany such real property to a redevelopment corporation, and receive and\\nhold any cash, stocks, income debentures, mortgages, or other securities\\nor obligations, secured or unsecured, exchanged therefor by such\\nredevelopment corporation, and may execute such instruments and do such\\nacts as may be deemed necessary or desirable by them or it and by the\\nredevelopment corporation in connection with the development and the\\ndevelopment plan.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "215", "title" : "Methods of acquisition of real property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "215", "activeDate" : "2014-09-22", "sequenceNo" : 192, "repealedDate" : null, "fromSection" : "215", "toSection" : "215", "text" : " § 215. Methods of acquisition of real property. 1. A redevelopment\\ncorporation may:\\n (a) Whether before or after the certificates of approval of its\\ndevelopment plan required by section two hundred three of this article\\nhave been issued, acquire real property or secure options in its own\\nname or in the name of nominees to acquire real property, by gift,\\ngrant, lease, purchase or otherwise, or awards in condemnation made or\\nto be made therefor;\\n (b) After a certificate of approval of condemnation with respect to\\nthe real property in question has been issued pursuant to section two\\nhundred sixteen of this article, acquire all or any portion of the real\\nproperty included in such certificate of approval of condemnation not\\nalready under contracts of sale or option to it, by condemnation in the\\nmanner provided by the condemnation law, with such departures therefrom\\nas are provided in this article.\\n 2. A city may, upon request by a redevelopment corporation, and after\\na certificate of approval of condemnation with respect to the real\\nproperty in question has been issued pursuant to section two hundred\\nsixteen of this article, acquire, or obligate itself to acquire, for\\nsuch redevelopment corporation any real property included in such\\ncertificate of approval of condemnation, by gift, grant, lease,\\npurchase, condemnation, or otherwise, according to the provisions of any\\nappropriate general, special or local law applicable to the acquisition\\nof real property by the city. Real property acquired by a city for a\\nredevelopment corporation shall be conveyed by such city to the\\nredevelopment corporation upon payment to the city of all sums expended\\nor required to be expended by the city in the acquisition of such real\\nproperty.\\n 3. The provisions of this article with respect to the condemnation of\\nreal property by or for a redevelopment corporation or by a city for a\\nredevelopment corporation shall prevail over the provisions of any other\\ngeneral, special or local law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "216", "title" : "Proceedings to acquire", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "216", "activeDate" : "2014-09-22", "sequenceNo" : 193, "repealedDate" : null, "fromSection" : "216", "toSection" : "216", "text" : " § 216. Proceedings to acquire. 1. When it is desired that any real\\nproperty in a development area be acquired by condemnation, there shall\\nbe presented to the supervising agency by the redevelopment corporation\\na verified petition requesting the issuance of a certificate of approval\\nof condemnation of such real property which shall contain, among other\\nthings:\\n (a) A metes and bounds description of the real property involved and a\\nstatement of the estate, interest, privileges, franchise or right\\ntherein or appurtenant thereto to be condemned;\\n (b) Proof that such real property is within the development area;\\n (c) Proof that the redevelopment corporation has acquired the fee\\ntitle, or valid and enforceable options or contracts for the acquisition\\nof such title to or in real property satisfying the minimum condemnation\\nrequirement; and\\n (d) Proof that certificates of approval of the development plan\\nrequired by section two hundred three of this article have been issued.\\n The supervising agency shall determine within a reasonable time\\nthereafter the truth or sufficiency of the statements and proof\\ncontained in such petition, and, if such determination shall be in the\\naffirmative, the supervising agency shall issue to the petitioner a\\ncertificate of approval of condemnation. Such certificate shall contain\\na description of the real property proposed to be condemned, the facts\\nso determined with respect thereto, and a statement that the real\\nproperty proposed to be condemned is required for a public use and that\\nits acquisition for such use is necessary. A certified copy of such\\ncertificate of approval of condemnation shall be conclusive evidence of\\nthe facts stated therein in any condemnation proceeding to acquire the\\nreal property, or any part thereof, described in such certificate. No\\ncondemnation proceeding to acquire real property in a development area,\\nwhether by a redevelopment corporation or by a city for a redevelopment\\ncorporation, shall be commenced until such a certificate of approval of\\ncondemnation shall have been issued.\\n 2. Acquisition proceedings by a redevelopment corporation shall be\\ninstituted pursuant to the provisions of the eminent domain procedure\\nlaw.\\n 3. Condemnation proceedings for a redevelopment corporation shall be\\ninitiated by a petition to the city to institute proceedings to acquire\\nfor the redevelopment corporation any real property in the development\\narea. Such petition shall be granted or rejected by the local\\nlegislative body, or if there is a board of estimate in the city then by\\nthe board of estimate, and the resolution or resolutions granting such\\npetition shall contain a requirement that the redevelopment corporation\\nshall pay to the city all sums expended or required to be expended by\\nthe city in the acquisition of such real property, and the time of\\npayment and manner of securing payment thereof, and may require that the\\ncity shall receive, before proceeding with the acquisition of such real\\nproperty, such assurances as to payment or reimbursement by the\\nredevelopment corporation, or otherwise, as the city may deem advisable.\\nUpon the passage of a resolution or resolutions by the local legislative\\nbody or the board of estimate, as the case may be, granting the\\npetition, the redevelopment corporation shall cause to be made three\\ncopies of surveys or maps of the real property described in the\\npetition, one of which shall be filed in the office of the redevelopment\\ncorporation, one in the office of the corporation counsel or chief law\\nofficer of the city, and one in the office in which instruments\\naffecting real property in the county are recorded. The filing of such\\ncopies of surveys or maps shall constitute the acceptance by the\\nredevelopment corporation of the terms and conditions contained in such\\nresolution or resolutions. The city shall proceed under any provision of\\nany general, special or local law applicable to the condemnation of real\\nproperty for public improvements. When title to the real property shall\\nhave vested in the city, it shall convey the same to the redevelopment\\ncorporation upon payment by the redevelopment corporation of the sums\\nand the giving of the security required by the resolution granting the\\npetition. As soon as title shall have vested in the city, the\\nredevelopment corporation may, upon the authorization of the chief\\nexecutive officer of the city, enter upon the real property taken, take\\nover and dispose of existing improvements, and carry out the terms of\\nthe development plan with respect thereto.\\n 4. The following provisions shall apply to any proceedings for the\\nassessment of compensation and damages for real property in a\\ndevelopment area taken or to be taken by condemnation by or for a\\nredevelopment corporation:\\n (a) At any stage of the proceeding, the court may require such prior\\nnotice to be given of an intention to introduce evidence as to the sale,\\noption, leasing or tenancy of real property other than the real property\\ndirectly involved in the proceeding and of particulars relating thereto\\nas it may deem necessary to prevent surprise.\\n (b) The deposition of any person, whether or not a party, may be taken\\nin the manner provided by article thirty-one of the civil practice law\\nand rules, and the provisions of this section. Such deposition may be\\ntaken upon any question or issue in the proceeding, including the facts\\nas to any sale, option, lease or tenancy admissible in evidence pursuant\\nto subdivision four hereof. The deposition may be taken at the instance\\nof the redevelopment corporation, the city, or of any owner, or at the\\ndirection of the court, at any time during the pendency of the action or\\nproceeding. At least five days' notice, or if service is through the\\nmails, at least eight days' notice, shall be given of the taking of the\\ntestimony, if on the part of an owner, to the redevelopment corporation\\nor city, as the case may be, and to all other owners who have appeared\\nin the proceeding; if by the redevelopment corporation or a city, to all\\nowners who have appeared in the proceeding.\\n (c) For the purposes of this article, the award of compensation shall\\nnot be increased by reason of any increase in the value of the real\\nproperty caused by the assembly, clearance or reconstruction, or\\nproposed assembly, clearance or reconstruction for the purposes of this\\narticle of the real property in the development area. No allowance shall\\nbe made for improvements begun on real property after notice to the\\nowner of such property of the institution of the proceedings to condemn\\nsuch property.\\n (d) Evidence shall be admissible bearing upon the insanitary, unsafe\\nor substandard condition of the premises, or the illegal use thereof, or\\nthe enhancement of rentals from such illegal use, and such evidence may\\nbe considered in fixing the compensation to be paid, notwithstanding\\nthat no steps to remedy or abate such conditions have been taken by the\\ndepartment or officers having jurisdiction. If a violation order is on\\nfile against the premises in any such department, it shall constitute\\nprima facie evidence of the existence of the condition specified in such\\norder.\\n (e) If any of the real property in the development area which is to be\\nacquired by condemnation has, prior to such acquisition, been devoted to\\nanother public use, it may nevertheless be acquired provided that no\\nreal property belonging to the city or to any other governmental body,\\nor agency or instrumentality thereof, corporate or otherwise, may be\\nacquired without its consent. No real property belonging to a public\\nutility corporation may be acquired without the approval of the\\ncommission or other officer or tribunal having regulatory power over\\nsuch corporation.\\n (f) Upon the trial, evidence of the price and other terms upon a sale\\nor assignment or of a contract for the sale or assignment of a mortgage,\\naward, proposed award, transfer of a tax lien or lien of a judgment\\nrelating to property taken, shall be relevant, material and competent,\\nupon the issue of value or damage and shall be admissible on direct\\nexamination.\\n (g) Upon the trial a statement, affidavit, deposition, report,\\ntranscript of testimony in an action or proceeding, or appraisal made or\\ngiven by any owner or prior owner of the premises taken, or by any\\nperson on his behalf, to any court, governmental bureau, department or\\nagency respecting the value of the real property for tax purposes, shall\\nbe relevant, material and competent upon the issue of value of damage\\nand shall be admissible on direct examination.\\n (h) The term \"owner,\" as used in this section two hundred sixteen,\\nshall include a person having an estate, interest or easement in the\\nreal property to be acquired or a lien, charge or encumbrance thereon.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "217", "title" : "Temporary use or occupation of real property taken by acquisition", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "217", "activeDate" : "2014-09-22", "sequenceNo" : 194, "repealedDate" : null, "fromSection" : "217", "toSection" : "217", "text" : " § 217. Temporary use or occupation of real property taken by\\nacquisition. When title to real property has vested in a redevelopment\\ncorporation or city by gift, grant, devise, purchase or in acquisition\\nproceedings or otherwise, the redevelopment corporation or city, as the\\ncase may be, may in accordance with the provisions of the eminent domain\\nprocedure law agree with the previous owners of such property, or any\\ntenants continuing to occupy or use it, or any other persons who may\\noccupy or use or seek to occupy or use such property, that such former\\nowner, tenant or other persons may occupy or use such property upon the\\npayment of a fixed sum of money for a definite term or upon the payment\\nperiodically of an agreed sum of money.\\n In the event that a city has acquired real property for a\\nredevelopment corporation, the city shall, in transferring title to the\\nredevelopment corporation, deduct from the consideration or other moneys\\nwhich the redevelopment corporation has become obligated to pay to the\\ncity for such purpose, and credit the redevelopment corporation with,\\nthe amounts received by the city as payment for temporary occupation and\\nuse of the real property by a former owner, tenant, or other person, as\\nin this section two hundred seventeen provided, less the cost and\\nexpense incurred by the city for the maintenance and operation of such\\nreal property.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "218", "title" : "Mortgages", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "218", "activeDate" : "2014-09-22", "sequenceNo" : 195, "repealedDate" : null, "fromSection" : "218", "toSection" : "218", "text" : " § 218. Mortgages. 1. Any redevelopment corporation may borrow funds\\nand secure the repayment thereof by mortgage. Every such mortgage shall\\ncontain reasonable amortization provisions and shall be a lien upon no\\nother real property except that forming the whole or a part of a single\\ndevelopment area.\\n 2. Certificates, bonds and notes, or part interests therein, or any\\npart of an issue thereof, which are issued by a redevelopment\\ncorporation and secured by a first mortgage on the real property of the\\nredevelopment corporation, or any part thereof, shall be securities in\\nwhich all the following persons, partnerships or corporations and public\\nbodies or public officers may legally invest the funds within their\\ncontrol, provided that the principal amount thereof shall not exceed the\\nlimits, if any, imposed by law for such investments by the person,\\npartnership, corporation, public body or public officer making the same:\\nevery executor, administrator, trustee, guardian, committee, conservator\\nor other person or corporation holding trust funds or acting in a\\nfiduciary capacity; the state, its subdivisions, cities, all other\\npublic bodies, all public officers; persons, partnerships and\\ncorporations organized under or subject to the provisions of the banking\\nlaw (including savings banks, savings and loan associations, trust\\ncompanies, bankers and private banking corporations); the superintendent\\nof financial services as conservator, liquidator or rehabilitator of any\\nsuch person, partnership or corporation; persons, partnerships or\\ncorporations organized under or subject to the provisions of the\\ninsurance law; and the superintendent of financial services as\\nconservator, liquidator or rehabilitator of any such person, partnership\\nor corporation.\\n 3. Any mortgage on the real property in a development area, or any\\npart thereof, may create a first lien, or a second or other junior lien,\\nupon such real property.\\n 4. The limits as to principal amount secured by mortgage referred to\\nin paragraph two of this section two hundred eighteen shall not apply to\\ncertificates, bonds and notes, or part interests therein, or any part of\\nan issue thereof, which are secured by first mortgage on real property\\nin a development area, or any part thereof, which the federal housing\\nadministrator has insured or has made a commitment to insure under the\\nnational housing act. Any such person, partnership, corporation, public\\nbody or public officer may receive and hold any debentures, certificates\\nor other instruments issued or delivered by the federal housing\\nadministrator, pursuant to the national housing act, in compliance with\\nthe contract of insurance of a mortgage on real property in the\\ndevelopment area, or any part thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "219", "title" : "Sale or lease of real property by a city to a redevelopment corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "219", "activeDate" : "2014-09-22", "sequenceNo" : 196, "repealedDate" : null, "fromSection" : "219", "toSection" : "219", "text" : " § 219. Sale or lease of real property by a city to a redevelopment\\ncorporation. 1. The local legislative body, or if there is a board of\\nestimate in the city, then the board of estimate, may by resolution\\ndetermine that real property, title to which is held by the city,\\nspecified and described in such resolution, is not required for use by\\nthe city and may authorize the city to sell or lease such real property\\nto a redevelopment corporation; provided, however, that the title of the\\ncity to such real property be not declared inalienable by charter of the\\ncity, or other similar law or instrument.\\n 2. Notwithstanding the provisions of any general, special or local law\\nor ordinance, such sale or lease may be made without appraisal, public\\nnotice or public bidding for such price or rental and upon such terms\\n(and, in case of a lease, for such term not exceeding fifty years with a\\nright to one renewal term of thirty years) as may be agreed upon between\\nthe city and the redevelopment corporation.\\n 3. Before any sale or lease to a redevelopment corporation shall be\\nauthorized, a public hearing shall be held by the local legislative\\nbody, or by the board of estimate, as the case may be, to consider the\\nproposed sale or lease.\\n 4. Notice of such hearing shall be published at least ten days before\\nthe date set for the hearing in such publication and in such manner as\\nmay be designated by the local legislative body, or the board of\\nestimate, as the case may be.\\n 5. The deed or lease of such real property shall be executed in the\\nsame manner as a deed or lease by the city of other real property owned\\nby it and may contain appropriate conditions and provisions to enable\\nthe city to reenter the real property in the event of a violation by the\\nredevelopment corporation of any of the provisions of this article\\nrelating to such redevelopment corporation or of the conditions or\\nprovisions of such deed or lease.\\n 6. A redevelopment corporation purchasing or leasing real property\\nfrom a city shall not, without the written approval of the city, use\\nsuch real property for any purpose except in connection with its\\ndevelopment. The deed shall contain a condition that the redevelopment\\ncorporation will devote the real property granted only for the purposes\\nof its development subject to the restrictions of this article, for\\nbreach of which the city shall have the right to reenter and repossess\\nitself of the real property.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "220", "title" : "Provisions of lease", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "220", "activeDate" : "2014-09-22", "sequenceNo" : 197, "repealedDate" : null, "fromSection" : "220", "toSection" : "220", "text" : " § 220. Provisions of lease. If real property of a city be leased to a\\nredevelopment corporation:\\n 1. The lease may provide that all improvements shall be the property\\nof the lessor;\\n 2. The lessor may grant to the redevelopment corporation the right to\\nmortgage the fee of such property and thus enable the redevelopment\\ncorporation to give as security for its notes or bonds a first lien upon\\nthe land and improvements;\\n 3. The execution of a lease shall not impose upon the lessor any\\nliability or obligation in connection with or arising out of the\\nfinancing, construction, management or operation of a development\\ninvolving the land so leased. The lessor shall not, by executing such\\nlease, incur any obligation or liability with respect to such leased\\npremises other than may devolve upon the lessor with respect to premises\\nnot owned by it. The lessor, by consenting to the execution by a\\nredevelopment corporation of a mortgage upon the leased land, shall not\\nthereby assume, and such consent shall not be construed as imposing upon\\nthe lessor, any liability upon the note or bond secured by the mortgage;\\n 4. The lease may reserve such easements or other rights in connection\\nwith the real property as may be deemed necessary or desirable for the\\nfuture planning and development of the city and the extension of public\\nfacilities therein (including the construction of subways and conduits,\\nthe widening and change of grade of streets); and it may contain such\\nother provisions for the protection of the parties as are not\\ninconsistent with the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "221", "title" : "Construction", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "221", "activeDate" : "2014-09-22", "sequenceNo" : 198, "repealedDate" : null, "fromSection" : "221", "toSection" : "221", "text" : " § 221. Construction. This article shall be construed liberally to\\neffectuate the purposes hereof, and the enumeration of specific powers\\nin this article shall not operate to restrict the meaning of any general\\ngrant of power contained in this article or to exclude other powers\\ncomprehended in such general grant.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 22 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A6-A", "title" : "Community Development Corporations", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "6-A", "activeDate" : "2014-09-22", "sequenceNo" : 199, "repealedDate" : null, "fromSection" : "250", "toSection" : "261", "text" : " ARTICLE 6-A\\n COMMUNITY DEVELOPMENT CORPORATIONS\\nSection 250. Short title.\\n 251. Policy and purposes of article.\\n 252. Definitions.\\n 253. Incorporation and organization.\\n 254. Powers and limitations.\\n 255. Members, officers and directors.\\n 256. Mortgage loans.\\n 257. Conditions and security for loans.\\n 258. Transfer of real property.\\n 259. Supervision and regulation.\\n 260. Tax exemption.\\n 261. Separability.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "250", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "250", "activeDate" : "2014-09-22", "sequenceNo" : 200, "repealedDate" : null, "fromSection" : "250", "toSection" : "250", "text" : " § 250. Short title. This article shall be known and may be cited as\\nthe \"Community Development Corporations Act\".\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "251", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "251", "activeDate" : "2014-09-22", "sequenceNo" : 201, "repealedDate" : null, "fromSection" : "251", "toSection" : "251", "text" : " § 251. Policy and purposes of article. It is the policy of the state\\nto promote the reconstruction and redevelopment of municipal urban\\nrenewal areas in a manner that will serve the civic, cultural and\\nrecreational needs of the community as a whole. There is need for local\\nnon-profit corporations to construct, with mortgage loan participation\\nby the New York state housing finance agency and in furtherance of an\\nurban renewal plan, civic, cultural and recreational structures and\\nfacilities and other capital development projects invested with a public\\ninterest, for the accomplishment of the purposes of article eighteen of\\nthe constitution and articles fifteen and fifteen-A of the general\\nmunicipal law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "252", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "252", "activeDate" : "2014-09-22", "sequenceNo" : 202, "repealedDate" : null, "fromSection" : "252", "toSection" : "252", "text" : " § 252. Definitions. As used in this article, unless a different\\nmeaning clearly appears from the context: 1. \"Agency\", \"area\" and \"plan\"\\nshall mean agency, urban renewal area and urban renewal plan,\\nrespectively, as defined in article fifteen of the general municipal\\nlaw.\\n 2. \"Municipality\" shall mean the city, town or village in which a\\ncommunity development corporation conducts or proposes to conduct its\\nactivities.\\n 3. \"Project\" shall mean a non-profit capital development project\\ninvested with a public interest, including facilities incidental or\\nappurtenant thereto and all lands, buildings and improvements acquired,\\nowned, constructed, maintained or operated pursuant to this article, or\\nany combination thereof. It shall include but not be limited to civic\\nauditoriums, libraries, museums and recreational centers.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "253", "title" : "Incorporation and organization", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "253", "activeDate" : "2014-09-22", "sequenceNo" : 203, "repealedDate" : null, "fromSection" : "253", "toSection" : "253", "text" : " § 253. Incorporation and organization. Community development\\ncorporations shall be incorporated and organized in the manner provided\\nin the not-for-profit corporation law for not-for-profit corporations,\\nexcept that the certificate of incorporation shall be approved by the\\ncommissioner instead of such approval or approvals as may be required by\\nthe not-for-profit corporation law. In addition to those matters\\nrequired to be set forth in the certificate of incorporation by the\\nnot-for-profit corporation law, the certificate shall state:\\n 1. That the real property of the corporation shall not be sold,\\ntransferred, encumbered or assigned except as permitted by the\\nprovisions of this article.\\n 2. That the corporation has been organized exclusively to serve a\\ncivic, cultural or recreational purpose, or any combination thereof, and\\nthat it shall be and remain subject to the supervision and control of\\nthe commissioner.\\n 3. That all income and earnings of the corporation shall be used\\nexclusively for its corporate purposes.\\n 4. That no part of the net income or net earnings of the corporation\\nshall inure to the benefit or profit of any private individual, firm or\\ncorporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "254", "title" : "Powers and limitations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "254", "activeDate" : "2014-09-22", "sequenceNo" : 204, "repealedDate" : null, "fromSection" : "254", "toSection" : "254", "text" : " § 254. Powers and limitations. 1. Except as is inconsistent with the\\nprovisions of this article, a community development corporation shall\\nhave, in carrying out the purposes of this article, the powers conferred\\non corporations by the general corporation law and the business\\ncorporation law, and shall be subject to the limitations contained\\ntherein.\\n 2. Community development corporations shall have the following\\nadditional powers:\\n (a) To construct, reconstruct, improve, alter, repair, lease, manage,\\noperate and otherwise provide projects;\\n (b) To enter into contracts with the New York state housing finance\\nagency for mortgage loans;\\n (c) To receive assistance from the state, the federal government,\\nmunicipalities and any person, firm or corporation, by contract or\\notherwise; and to comply, subject to the provisions of this article,\\nwith the terms and conditions of such assistance;\\n (d) Subject to the approval of the commissioner, to sell, lease or\\notherwise dispose of any of its real property, or any appurtenances\\nthereto or any interest therein, to the municipality or to any person,\\nfirm or public or private corporation approved by the municipality by\\nresolution of its local legislative body. In the case of a lease or\\nother disposition not divesting such corporation of title, such approval\\nof the municipality may be conditioned upon the making of pro rata\\npayments in lieu of taxes to the municipality;\\n (e) To borrow money and give mortgages and other liens on its real and\\npersonal property to secure the repayment thereof, and to issue its\\nnotes, bonds or other obligations and to provide for the rights of the\\nholders thereof;\\n (f) Subject to the approval of the commissioner, to enter into\\nagreements to pay annual sums in lieu of taxes to any political\\nsubdivision of the state with respect to any of its real property;\\nprovided, however, that the amount so paid for any year upon any such\\nproperty shall not exceed the sum last paid as taxes on such property\\nprior to the time of its acquisition by the corporation, or by the\\nmunicipality if such property has been conveyed by the municipality to\\nthe corporation, plus any sum or sums attributable as taxes to such\\nparts or portions of such real property as may be operated for profit,\\nunder lease or otherwise by or for the benefit of any private person,\\nfirm or corporation.\\n 3. No community development corporation shall:\\n (a) Acquire any real property or interest therein unless such\\ncorporation shall first have obtained from the commissioner a\\ncertificate that such acquisition is consistent with the purposes of\\nthis article.\\n (b) Pay interest on its mortgage indebtedness at a rate higher than\\nsix per centum per annum or upon its notes, bonds or other obligations.\\n (c) Issue notes, bonds or other obligations relating to any project in\\nan aggregate amount greater than the project cost.\\n (d) Without first having obtained the written consent of the\\ncommissioner:\\n (i) Construct, reconstruct, improve or alter any project, or enter\\ninto any contract therefor.\\n (ii) Sell, transfer or assign any real property, except that no such\\nconsent shall be necessary in any sale in foreclosure.\\n (iii) Except as otherwise provided in this article, encumber or lease\\nall or any part of its real property to any other person or corporation.\\n (iv) Enter into contracts for the operation of the project.\\n (v) Enter into contracts for the payment of salaries to officers or\\nemployees.\\n (vi) Make a guaranty of payment or pledge any or all of its assets,\\nincome or revenues to secure payment of its obligations.\\n (vii) Voluntarily dissolve.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "255", "title" : "Members, officers and directors", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "255", "activeDate" : "2014-09-22", "sequenceNo" : 205, "repealedDate" : null, "fromSection" : "255", "toSection" : "255", "text" : " § 255. Members, officers and directors. 1. No member or director of a\\ncommunity development corporation shall receive any salary or other\\ncompensation for services, other than reimbursement of actual and\\nnecessary expenses incurred in the performance of his duties. No member,\\nofficer or employee of a community development corporation shall acquire\\nany interest, direct or indirect, in any property then or thereafter\\nincluded or planned to be included in a project, nor retain any interest\\ndirect or indirect in any property acquired subsequent to his\\nappointment or employment which is later included or to his knowledge\\nplanned to be included in a project. If any member, officer or employee\\nof any community development corporation owns or controls an interest\\ndirect or indirect in any property included in a project, which was\\nacquired prior to his appointment or employment, he shall disclose such\\ninterest and the date of acquisition thereof in writing to the community\\ndevelopment corporation and such disclosure shall be entered upon the\\nminutes of the community development corporation.\\n 2. The provisions of the not-for-profit corporation law shall govern\\nmembership in community development corporations, qualification of\\nvoters, meetings and notices thereof, and selection of officers and\\ndirectors.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "256", "title" : "Mortgage loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "256", "activeDate" : "2014-09-22", "sequenceNo" : 206, "repealedDate" : null, "fromSection" : "256", "toSection" : "256", "text" : " § 256. Mortgage loans. The New York state housing finance agency may\\nenter into contracts for loans to community development corporations for\\none or more projects. No loan shall be made in an amount greater than\\nninety-five per centum of the project cost, plus working capital in an\\namount not to exceed two per centum of the project cost. Any such loan\\nshall be secured by a first mortgage lien upon all of the real property\\nof which the project consists and upon all fixtures and articles of\\npersonal property attached to or used in conjunction with the operation\\nof such project. The agency may make temporary loans or advances to a\\ncommunity development corporation in anticipation of such loan and no\\nsuch temporary loan or advance shall be deemed to constitute part of\\nsuch loan unless such temporary loan or advance has been made out of the\\nproceeds of definitive bonds sold by the agency pursuant to the\\nprovisions of section forty-six of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "257", "title" : "Conditions and security for loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "257", "activeDate" : "2014-09-22", "sequenceNo" : 207, "repealedDate" : null, "fromSection" : "257", "toSection" : "257", "text" : " § 257. Conditions and security for loans. 1. No loan shall be made to\\na community development corporation for a project unless (a) the\\nplanning commission, if any, of the municipality has approved the\\nproject; (b) the local legislative body of the municipality, after a\\npublic hearing, has approved the project and has enacted or will enact\\nregulations or appropriate restrictions adequately protecting the\\nproject against future uses likely to depreciate unduly the value of\\nsuch project and has, by resolution, found that the project will aid in\\nthe replanning, reconstruction or redevelopment of an urban renewal\\narea, as defined in article fifteen of the general municipal law, or\\nwill provide facilities incidental or appurtenant to an urban renewal\\nproject, as defined in article fifteen of the general municipal law, and\\n(c) the commissioner has found that:\\n (i) the estimated revenues of the project or the monies of the\\ncorporation will be sufficient to cover all probable costs of operation\\nand maintenance, all fixed charges and operating reserves and\\ndepreciation reserves if any;\\n (ii) the plans and specifications conform to the requirements of all\\nlaws applicable thereto and assure light, air, sanitation and fire\\nprotection;\\n (iii) the project is in conformity with an approved urban renewal\\nplan, as defined in article fifteen of the general municipal law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "258", "title" : "Transfer of real property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "258", "activeDate" : "2014-09-22", "sequenceNo" : 208, "repealedDate" : null, "fromSection" : "258", "toSection" : "258", "text" : " § 258. Transfer of real property. 1. Notwithstanding any requirement\\nof law to the contrary or any provision of any general, special or local\\nlaw, charter or ordinance, every executor, administrator, trustee,\\nguardian or other person holding trust funds or acting in a fiduciary\\ncapacity, unless the instrument under which such fiduciary is acting\\nexpressly forbids, and the state, its subdivisions, municipalities, all\\nother public bodies, all public officers, persons, partnerships and\\ncorporations owning or holding any real property, may grant, sell, lease\\nor otherwise transfer any such real property or interest therein to a\\ncommunity development corporation and receive and hold any cash, bonds,\\nnotes, mortgages or other securities or obligations, secured or\\nunsecured, exchanged therefor by such corporation and may execute such\\ninstruments and do such acts as may be deemed necessary or desirable by\\nthem or it and by the corporation in connection with a project or\\nprojects, and such sale, lease or transfer may be made without public\\nauction or bidding; provided, however, that where such real property is\\nwithin a municipal urban renewal area the disposition thereof shall be\\nin accordance with the provisions of paragraph (d) of subdivision two of\\nsection five hundred seven of the general municipal law.\\n 2. The municipality may take property by condemnation for a community\\ndevelopment corporation pursuant to the provisions of article nine of\\nthis chapter and transfer the same to such corporation as provided in\\nsubdivision one of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "259", "title" : "Supervision and regulation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "259", "activeDate" : "2014-09-22", "sequenceNo" : 209, "repealedDate" : null, "fromSection" : "259", "toSection" : "259", "text" : " § 259. Supervision and regulation. The commissioner may from time to\\ntime make, amend and repeal rules and regulations for the supervision,\\nexamination, regulation and audit of community development corporations\\nand for carrying into effect the provisions and purposes of this\\narticle.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "260", "title" : "Tax exemption", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "260", "activeDate" : "2014-09-22", "sequenceNo" : 210, "repealedDate" : null, "fromSection" : "260", "toSection" : "260", "text" : " § 260. Tax exemption. The property of a community development\\ncorporation and its income and operations shall be exempt from taxation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "261", "title" : "Separability", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "261", "activeDate" : "2014-09-22", "sequenceNo" : 211, "repealedDate" : null, "fromSection" : "261", "toSection" : "261", "text" : " § 261. Separability. If any clause, sentence, paragraph, section or\\npart of this article shall be adjudged by any court of competent\\njurisdiction to be invalid, such judgment shall not affect, impair or\\ninvalidate the remainder thereof, but shall be confined in its operation\\nto the clause, sentence, paragraph, section or part thereof directly\\ninvolved in the controversy in which such judgment shall have been\\nrendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 12 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A7", "title" : "Mortgage Facilities Corporation", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "7", "activeDate" : "2014-09-22", "sequenceNo" : 212, "repealedDate" : null, "fromSection" : "300", "toSection" : "313", "text" : " ARTICLE VII\\n MORTGAGE FACILITIES CORPORATION\\nSection 300. Short title.\\n 301. Policy of state and purpose of article.\\n 302. Definitions.\\n 303. Establishment of corporation.\\n 304. Purposes, powers and operation.\\n 305. Board of directors.\\n 306. Temporary board of directors.\\n 307. Membership.\\n 308. Capital and shares.\\n 309. Obligations.\\n 310. Restrictions.\\n 311. Examination.\\n 312. Unissued securities and reorganization.\\n 313. Participation.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "300", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "300", "activeDate" : "2014-09-22", "sequenceNo" : 213, "repealedDate" : null, "fromSection" : "300", "toSection" : "300", "text" : " § 300. Short title. This article shall be known and may be cited and\\nreferred to as the \"mortgage facilities corporation law\".\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "301", "title" : "Policy of state and purpose of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "301", "activeDate" : "2014-09-22", "sequenceNo" : 214, "repealedDate" : null, "fromSection" : "301", "toSection" : "301", "text" : " § 301. Policy of state and purpose of article. It is recognized that\\nthere exist in New York state certain neighborhoods, which, because of\\nheavy in-migrations and other factors, have been characterized by\\nover-crowding of population, extensive absentee ownership, and\\nconcentrated occupancy particularly by racial minorities. Because of the\\nspecial appraisal and servicing problems peculiar to such areas the\\nsupply of available mortgage money in these areas is insufficient. It is\\nthe declared policy of the state that a medium be established, owned and\\nfinanced entirely through private enterprise institutions, through which\\nthe mortgage money necessary to re-establish these neighborhoods as\\nsound communities would be made available on a sound profit-making\\nbasis.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "302", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "302", "activeDate" : "2014-09-22", "sequenceNo" : 215, "repealedDate" : null, "fromSection" : "302", "toSection" : "302", "text" : " § 302. Definitions. 1. The term \"housing accommodation,\" as used in\\nthis article, shall mean any building or structure which is used or\\noccupied, or is intended to be used or occupied, wholly or partly, as\\nthe home or residence of one or more human beings.\\n 2. The term \"improved real property,\" as used in this article, shall\\ninclude real property upon which a housing accommodation is to be built,\\nin whole or in part, out of the proceeds of the loan, which when\\ncompleted will constitute a permanent improvement.\\n 3. The terms \"encumbered\" and \"unencumbered,\" as used in this article,\\nshall have the same meaning as in paragraph six of subsection (a) of\\nsection one thousand four hundred four of the insurance law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "303", "title" : "Establishment of corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "303", "activeDate" : "2014-09-22", "sequenceNo" : 216, "repealedDate" : null, "fromSection" : "303", "toSection" : "303", "text" : " § 303. Establishment of corporation. There is hereby created a\\ncorporation which shall be known as \"The Mortgage Facilities\\nCorporation.\" The principal office of the corporation shall be in the\\nborough of Manhattan in the county of New York. Within ten days after\\nsuch office is established and, within ten days after the removal of\\nsuch office, the corporation shall notify the secretary of state of the\\nstreet address in such borough where its principal office is located,\\nand the secretary of state shall note such address upon his records.\\nExcept as otherwise provided in this article, the corporation shall be\\npossessed of all the powers, privileges and immunities which now are or\\nhereafter may be conferred on corporations with capital stock by the\\nstock corporation law and the general corporation law or the business\\ncorporation law and for such purposes shall be deemed to have been\\norganized under the provisions of said laws. Process in any action or\\nproceeding against the corporation may be served upon the secretary of\\nstate, as the agent of the corporation for such purposes. Such process\\nshall be served in the manner prescribed in section three hundred six of\\nthe business corporation law for service against a domestic business or\\ntransportation corporation, accompanied by the fee for such service as\\nprescribed therein and the secretary of state shall forthwith send one\\nof the copies served upon him to the corporation at its principal\\noffice. If such corporation fails to commence business by June first,\\nnineteen hundred fifty-seven, its existence shall terminate and the\\nprovisions of this article shall become null and void. For the purposes\\nof this section only the corporation shall be deemed to have commenced\\nbusiness when two and one-half per centum of the capital stock thereof\\nshall have been paid into the treasury and ten members shall have\\nqualified as hereinafter provided. Once having commenced business, the\\nduration of the corporation shall be perpetual.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "304", "title" : "Purposes, powers and operation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "304", "activeDate" : "2014-09-22", "sequenceNo" : 217, "repealedDate" : null, "fromSection" : "304", "toSection" : "304", "text" : " § 304. Purposes, powers and operation. 1. The purpose of the\\ncorporation shall be to assist, promote, encourage and stimulate the\\ndevelopment and rehabilitation of blighted areas by rendering financial\\nassistance in the construction, rehabilitation or purchase of housing\\naccommodations in blighted or deteriorating urban areas in this state by\\nmaking first mortgage loans in areas designated by the corporation, such\\nloans to be made on a sound economic basis by the application of sound\\nmortgage lending principles.\\n 2. It is not the intention or the purpose of the powers herein granted\\nto take from banking or insurance organizations any such loans or\\ncommitments as may be desired by such organizations generally in the\\nordinary course of their business; provided however, that the\\ncorporation need not make any specific inquiry or find as a fact that\\nany banking or insurance organization desires to make any such loan.\\n 3. In furtherance of the purpose set forth in subdivision one of this\\nsection, and in addition to the powers conferred on stock corporations\\nby general laws, the corporation shall, subject to the restrictions and\\nlimitations contained in this article, have the following powers:\\n (a) To issue and sell for cash capital stock of the corporation.\\n (b) To issue and sell its debentures bearing such interest rates and\\nhaving such maturities and other terms and provisions as may be\\ndetermined by the board of directors of the corporation.\\n (c) To invest in bonds and mortgages or notes and mortgages upon\\nimproved and unencumbered real property in areas in this state\\ndesignated by the board of directors of the corporation as blighted,\\nover-crowded, or deteriorating areas, subject to the following\\nconditions:\\n (i) The board of directors shall be satisfied with respect to each\\nloan that it is economically sound.\\n (ii) No such loan shall be in an amount in excess of eighty per centum\\nof the corporation's appraised value of such real property, except that\\nsuch loan may exceed eighty per centum when guaranteed or insured by the\\nfederal government or any agency thereof.\\n (iii) Any appraisal of such property shall be based on its long-term\\neconomic value with due consideration being given, among other factors,\\nto its physical maintenance and, in the case of income-producing\\nproperties, to its stabilized rental value after adequate vacancy\\nallowances. Except in cases of new construction no appraisal of an\\nincome-producing property shall be undertaken by the corporation unless\\nit has first been supplied by the loan applicant with a current rent\\nroll and statement of income and expense for the twelve-month period\\npreceding the date of the loan application, certified by such loan\\napplicant and in form and substance satisfactory to the corporation.\\n (iv) No loan shall be made on any existing housing accommodation\\nunless (a) such housing accommodation is in physical condition\\nsatisfactory to the corporation or (b) the loan applicant is committed\\nto restore such housing accommodation to satisfactory condition prior to\\nthe loan closing, or, at the discretion of the corporation, within a\\nspecified period after closing, out of the proceeds of the loan.\\n (v) No loan shall be made on a housing accommodation unless (a) such\\nhousing accommodation has a suitable heating system satisfactory to the\\ncorporation, or (b) the loan applicant is committed to install suitable\\nheating facilities out of the proceeds of such loan.\\n (vi) Any such loan shall be for one or more of the following purposes\\nonly:\\n A. To finance the improvement or rehabilitation of an existing housing\\naccommodation.\\n B. To consolidate, refinance or liquidate existing mortgage\\nindebtedness on a housing accommodation.\\n C. To finance the bona fide purchase of a housing accommodation,\\nprovided that except in cases of loans insured or guaranteed by the\\nfederal government or any agency thereof, the purchaser of the real\\nproperty which is to constitute the security for the proposed loan has\\npaid to the seller in cash an amount equal to at least twenty per centum\\nof the purchase price of such real property.\\n D. To finance the construction of new housing accommodations.\\n (vii) The board of directors of the corporation shall cause to be\\nincluded in each mortgage the following protective provisions and\\nrestrictions (in addition to those contained in the statutory form M\\nmortgage with lien covenant as contained in section two hundred\\nfifty-eight of the real property law), provided that any and all of the\\nsaid provisions and restrictions may be waived by the corporation where\\nthe corporation is purchasing or otherwise acquiring an already existing\\nmortgage:\\n A. A provision requiring the mortgagor to obtain the prior written\\nconsent of the holder of the first mortgage to the creation of any\\njunior liens, charges or encumbrances affecting the real property. In\\nits sole and absolute discretion the corporation may modify or waive the\\ninclusion of this provision in any mortgage.\\n B. A provision requiring the mortgagor to accumulate and maintain with\\nthe holder of the first mortgage, so long as the mortgage is held by it,\\na fund for the proper repair and maintenance of the mortgaged premises.\\nThe amount and type of such fund and conditions under which it shall be\\naccumulated, applied and replenished shall be specified in the mortgage.\\nSuch fund may be applied from time to time to the repair or maintenance\\nof the property by the mortgagor with the written consent of the holder\\nof the first mortgage. Such fund shall be applied by the mortgagor at\\nthe direction of such holder, when such application is deemed necessary\\nby such holder for the reasonable protection of the property. In its\\nsole and absolute discretion the corporation may waive the inclusion of\\nthis provision in any mortgage.\\n C. A provision permitting the mortgagor to repay the principal amount\\nof the loan or any part thereof at any time without penalty, except that\\nthe mortgage may, in the discretion of the board of directors, contain a\\nprovision for a prepayment penalty not exceeding two per centum of any\\namount repaid within three years after the closing of the loan in\\naddition to such regular repayments without penalty as may be provided\\nin the mortgage.\\n (viii) No loan shall be made by the corporation unless the real\\nproperty which is to secure such loan is, or upon application of the\\nloan proceeds will be, unencumbered, and the corporation shall have been\\nfurnished with satisfactory evidence that such real property is or upon\\napplication of the loan proceeds will be in compliance with all\\napplicable laws, ordinances and regulations of governments, whether\\nfederal, state, county or municipal, or agencies or instrumentalities\\nthereof, having jurisdiction.\\n (ix) Such other and further conditions as the board of directors in\\nits sole and absolute discretion may deem advisable in the interest of\\nconducting the affairs of the corporation in accordance with sound\\neconomic and mortgage lending principles.\\n (x) The mortgage shall provide that violation of any of the foregoing\\nconditions by the mortgagor shall constitute an event of default,\\nentitling the holder of the first mortgage to accelerate maturity of the\\nmortgage obligation.\\n (xi) The mortgage shall provide for maturity of the loan and\\namortization thereof at such rate as shall be deemed appropriate by the\\nboard of directors in accordance with sound mortgage lending practice,\\nprovided that except in cases of loans insured or guaranteed by the\\nfederal government or any agency thereof, no mortgage shall have a\\nmaturity in excess of twenty years from the date of closing.\\n (xii) The enumeration herein, or in any lending rules or regulations\\npromulgated by the corporation, of conditions or criteria relating to\\nthe granting of any mortgage loan shall impose no obligation on the\\ncorporation to grant any application for a loan which fulfills such\\nconditions or criteria. The authority of the corporation to decline any\\nloan application for any reason whatsoever shall be absolute and\\nunconditional.\\n (xiii) Nothing contained in this article shall be construed as\\nsignifying a legislative intent to define what constitutes prudent\\nlending practice for banking, insurance or other organizations.\\n (d) To sell without recourse bonds and mortgages or notes and\\nmortgages acquired pursuant to subdivision three (c) of this section, at\\nsuch prices and upon such terms and conditions as the board of directors\\nof the corporation shall determine; to service or continue to service\\nsuch bonds and mortgages and to manage such properties for any of its\\nmembers, provided that if the purchaser be a member, the said bond and\\nmortgage or note and mortgage is in all respects eligible for investment\\nby the particular member purchasing the same.\\n (e) To acquire, subscribe for, own, hold, sell, assign, transfer,\\npledge or otherwise dispose of obligations of the United States with\\nmaturities not in excess of three years.\\n (f) For the purpose of protecting its interests, to release any\\nobligation to pay or guarantee the payment of principal or interest, or\\notherwise to waive or modify any of the terms and conditions of any bond\\nand mortgage, and of any note and mortgage, and to extend or re-extend\\nany bond and mortgage, and any note and mortgage, and to accept a sum\\nless than the principal amount thereof in the full payment and\\nsatisfaction of the same.\\n (g) In addition to interest rates within legal limits the corporation\\nmay impose a service charge upon the mortgagor or owner which shall not\\nexceed two per centum of the total amount of the loan.\\n (h) To apply for status as an approved mortgagee under the national\\nhousing act and to act as a mortgagee under said act.\\n 4. The corporation shall have the power to purchase, receive, hold,\\nlease or otherwise acquire, and to sell, convey, mortgage, lease, pledge\\nor otherwise dispose of, upon such terms and conditions as its board of\\ndirectors may deem advisable, real and personal property, together with\\nsuch rights and privileges as may be incidental and appurtenant thereto\\nand the use thereof, including, but not restricted to, any real or\\npersonal property acquired by such corporation, from time to time in the\\nsatisfaction of debts or enforcement of obligations, provided that the\\ncorporation may purchase or acquire only the following real estate:\\n (a) Plots whereon there are or may be erected buildings suitable for\\nthe convenient transaction of the business of the corporation.\\n (b) Such real property as shall be conveyed to it in satisfaction of\\ndebts previously contracted in the course of its business.\\n (c) Such real estate as it shall purchase at sales under judgments,\\ndecrees or mortgages held by it.\\n (d) In lieu of instituting an action to foreclose a mortgage lien, the\\ncorporation may purchase a deed to the underlying real property.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "305", "title" : "Board of directors", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "305", "activeDate" : "2014-09-22", "sequenceNo" : 218, "repealedDate" : null, "fromSection" : "305", "toSection" : "305", "text" : " § 305. Board of directors. 1. All the corporate powers of such\\ncorporation shall be exercised by a board of directors consisting of\\nthirteen persons, all of whom shall be of full age, citizens of the\\nUnited States and at least seven of whom shall be residents of the\\nstate.\\n 2. At the first annual meeting of such corporation and at each annual\\nmeeting thereafter the members shall elect ten directors whose term of\\noffice shall be one year.\\n Each of the members entitled to vote for directors pursuant to this\\nsubdivision two of section three hundred five of this article shall be\\nentitled to one vote for each twenty-five thousand dollars, or major\\nfraction thereof, it is subject to be called upon to advance to the\\ncorporation pursuant to the provisions of section three hundred seven of\\nthis article.\\n 3. At such first and succeeding annual meetings the stockholders of\\nsuch corporation shall elect three additional directors for terms of one\\nyear each.\\n 4. If any director shall lose his citizenship, or shall cease to be a\\nresident of the state, thereby creating a vacancy, or if a vacancy\\noccurs in the membership of the board of directors through death,\\nresignation or otherwise, the remaining directors shall elect a person\\nto fill such vacancy for the unexpired term.\\n 5. The board of directors shall elect one of its members as chairman\\nof such board, shall adopt by-laws for such corporation, and may appoint\\nsuch officers and employees as it deems advisable.\\n 6. In addition to other matters, the by-laws of such corporation may\\ncontain specific standards and criteria by which mortgage applications\\nwill be judged and loans made in so far as such specific standards and\\ncriteria are not inconsistent with any of the provisions of this\\narticle.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "306", "title" : "Temporary board of directors", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "306", "activeDate" : "2014-09-22", "sequenceNo" : 219, "repealedDate" : null, "fromSection" : "306", "toSection" : "306", "text" : " § 306. Temporary board of directors. 1. The first annual meeting of\\nsuch corporation shall be held at a time and place to be fixed by the\\ntemporary board of directors which shall be as soon as reasonably\\npossible after a minimum of two and one-half per centum of the capital\\nstock of such corporation shall have been paid into its treasury and a\\nminimum of ten members of such corporation shall have qualified as\\nhereinafter provided, and such meeting shall be called in such manner as\\nmay be provided by the temporary board of directors.\\n 2. Notwithstanding the foregoing provisions of this section, until the\\nfirst annual meeting of such corporation and the election and\\nqualifications of a board of directors as hereinabove provided, all the\\ncorporate powers of such corporation shall be exercised by a temporary\\nboard of directors consisting of thirteen persons, all of whom shall be\\nof full age, citizens of the United States and residents of this state,\\nand who shall be designated by the governor. Such designation shall be\\nin writing, signed by the officer making it, and transmitted by him to\\nthe secretary of state who shall make and record in his office a copy of\\nsuch designation and deliver the original to the designee, who, if he\\naccepts such designation, shall notify the secretary of state of such\\nfact, in writing, and thereupon his designation shall become effective\\nand the secretary of state shall record such acceptance in his office.\\nIf any vacancy occurs in such temporary board of directors through\\ndeath, resignation or otherwise, a person shall be designated to fill\\nsuch vacancy by the governor. Upon the election and qualification of a\\nboard of directors pursuant to section three hundred five of this\\narticle, the temporary board of directors shall be deemed dissolved.\\n 3. As soon as possible after the designation of the directors\\ncomprising the temporary board has become effective, the temporary board\\nof directors shall meet, elect a chairman, cause stock certificates to\\nbe printed, appoint temporary officers and seek to enlist the support,\\nmembership and stock subscription of institutional lenders.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "307", "title" : "Membership", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "307", "activeDate" : "2014-09-22", "sequenceNo" : 220, "repealedDate" : null, "fromSection" : "307", "toSection" : "307", "text" : " § 307. Membership. 1. The members of such corporation shall consist of\\nsuch banking organizations, insurance and surety companies, as may make\\napplication for membership in such corporation, and membership shall\\nbecome effective upon the acceptance of such applications by the\\ntemporary board of directors or the permanent board of directors, as the\\ncase may be. Each member shall lend funds to the corporation as and when\\ncalled upon by it to do so, pursuant to subdivision two of this section,\\nbut the total amount on loan by any member at any one time shall not\\nexceed the following limits to be determined as of the date it became a\\nmember, and such amount shall thereafter be readjusted annually in the\\nevent of any change in the base of the loan limit of such member:\\ncommercial banks, industrial banks and trust companies, one per centum\\nof capital and surplus; private bankers, one per centum of capital;\\nsavings banks, one per centum of surplus fund; savings and loan\\nassociations, one per centum of surplus; stock insurance companies, one\\nper centum of capital and surplus; surety and casualty companies, one\\nper centum of capital and surplus; mutual insurance companies, one per\\ncentum of guaranty funds or of surplus, whichever is applicable; and\\ncomparable limits for other banking, lending and insurance\\norganizations, as established by the board of directors; provided,\\nhowever, that the total amount on loan by any member at any one time\\nshall not exceed two hundred fifty thousand dollars; provided, however,\\nthat in the case of banking organizations and in the case of insurance\\nand surety companies the superintendent of financial services may\\nauthorize a member to lend to the corporation an amount in excess of two\\nhundred fifty thousand dollars. All loan limits shall be established at\\nthe thousand dollar nearest to the amount computed on an actual basis.\\nAll calls of funds which members are committed to lend to such\\ncorporation shall be prorated by such corporation among the members in\\nthe same proportion that the maximum loan limit of each bears to the\\naggregate loan limits of all members of such corporation. Upon six\\nmonths' prior written notice to the board of directors, a member of such\\ncorporation may withdraw from membership, effective at the end of such\\nsix-month period and, after the effective date of such withdrawal, such\\nmember shall be free of obligations hereunder except those accrued or\\ncommitted by such corporation prior to such effective date of\\nwithdrawal. Notwithstanding the provisions of any other law, general or\\nspecial, the notes or other interest-bearing obligations of such\\ncorporation, issued in accordance with and by virtue of this article and\\nthe by-laws of such corporation, shall be legal investments for the\\nbanking, insurance and surety organizations who become members of such\\ncorporations, up to but in no event exceeding the loan limits\\nestablished herein.\\n 2. The board of directors of the corporation may, on thirty days'\\nwritten notice to its members, make a call of all or any part of the\\nfunds which such members are committed to lend pursuant to subdivision\\none of this section. The debentures or evidences of debt of the\\ncorporation issued pursuant to the provisions of this article or by-laws\\nmay contain such terms and provisions as the board of directors of the\\ncorporation shall deem advisable, including, but not limited to\\nprovisions concerning interest rates, maturities, sinking funds,\\nredemptions and refundings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "308", "title" : "Capital and shares", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "308", "activeDate" : "2014-09-22", "sequenceNo" : 221, "repealedDate" : null, "fromSection" : "308", "toSection" : "308", "text" : " § 308. Capital and shares. The total number of shares which the\\ncorporation may issue is forty thousand, all without par value. The\\nconsideration for which such shares may be issued is one hundred dollars\\nper share in cash. The capital of the corporation shall be at least\\nequal to the consideration received by the corporation from the issuance\\nof its shares plus such amounts as, from time to time, by resolution of\\nthe board of directors may be transferred thereto. At least two and\\none-half per centum of the authorized shares shall be issued and paid\\nfor before the corporation shall be authorized to transact any business\\nother than such as relates to its organization.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "309", "title" : "Obligations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "309", "activeDate" : "2014-09-22", "sequenceNo" : 222, "repealedDate" : null, "fromSection" : "309", "toSection" : "309", "text" : " § 309. Obligations. At no time shall the total obligations of such\\ncorporation exceed twenty-five million dollars.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "310", "title" : "Restrictions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "310", "activeDate" : "2014-09-22", "sequenceNo" : 223, "repealedDate" : null, "fromSection" : "310", "toSection" : "310", "text" : " § 310. Restrictions. Such corporation shall not deposit any of its\\nfunds in any banking organization unless such banking organization has\\nbeen designated as a depository by a vote of the majority of all of the\\ndirectors of such corporation, exclusive of any director who is an\\nofficer or director of the depository so designated. Such corporation\\nshall not make any loans other than those set forth in section three\\nhundred four hereof, and in no event shall the corporation make any\\nloans, directly or indirectly, to any of its officers or to any firms in\\nwhich any of its officers is an officer, director or stockholder. Such\\ncorporation shall not receive money on deposit except that money held in\\nescrow pursuant to the provisions of subdivision three (c) (vii) B of\\nsection three hundred four hereof, or otherwise, shall not be deemed to\\nbe the receipt of money on deposit.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "311", "title" : "Examination", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "311", "activeDate" : "2014-09-22", "sequenceNo" : 224, "repealedDate" : null, "fromSection" : "311", "toSection" : "311", "text" : " § 311. Examination. At least once in each calendar year the\\ncorporation shall be examined by the superintendent of financial\\nservices for the purpose of determining the corporation's net worth and\\nthe soundness of its management and operating policies. The corporation\\nshall not, however, be deemed to be a banking or insurance organization.\\nThe corporation shall pay the cost of each such examination. Copies of\\neach examination report, including the findings, conclusions and\\nrecommendations of the examiners, shall be furnished to the corporation.\\nThe corporation shall furnish copies of each report, including the\\nfindings, conclusions and recommendations of the examiners, to each of\\nthe holders of its capital stock and to its members. Such corporation\\nshall make an annual report of its condition to the governor,\\nlegislature and superintendent of financial services on or before\\nJanuary first of each year.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "312", "title" : "Unissued securities and reorganization", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "312", "activeDate" : "2014-09-22", "sequenceNo" : 225, "repealedDate" : null, "fromSection" : "312", "toSection" : "312", "text" : " § 312. Unissued securities and reorganization. 1. The holders of\\ncapital stock of such corporation shall not, as such, have any\\npre-emptive or preferential right to purchase or subscribe for any part\\nof the unissued or new issue of capital stock of such corporation,\\nwhether now or hereafter authorized or issued, or to purchase or\\nsubscribe for any bonds or other obligations, whether or not convertible\\ninto stock of such corporation, now or hereafter authorized or issued.\\n 2. Whenever a compromise or arrangement or any plan of reorganization\\nof such corporation is proposed between such corporation and its\\ncreditors, members or stockholders, the supreme court, by virtue of its\\ngeneral equity powers, may on application of such corporation or of any\\ncreditor, member or stockholder thereof, or on the application of any\\nreceiver or receivers appointed for such corporation, order a meeting of\\nsuch creditors, members or stockholders, as the case may be, as may be\\naffected by the proposed compromise or arrangement or plan of\\nreorganization, which shall be called in such manner as the said court\\ndirects. If, at such meeting, such compromise or arrangement or plan of\\nreorganization is agreed to by or on behalf of the creditors, if\\naffected thereby, holding two-thirds in amount of the claims against\\nsuch corporation, and by or on behalf of the stockholders, if affected\\nthereby, holding the majority of capital stock, and by or on behalf of\\nthe members, if affected thereby, holding two-thirds in amount of the\\noutstanding notes or other interest-bearing obligations of such\\ncorporation as provided for in section three hundred seven of this\\narticle, and if such agreement shall be further evidenced by the written\\nacceptance of said creditors, stockholders and members, duly filed in\\nthe said court, such compromise or arrangement or plan of reorganization\\nshall, if approved by the said court as just and equitable, be binding\\non all creditors, stockholders or members, as the case may be, who are\\naffected thereby, and also on such corporation. All persons who become\\ncreditors, stockholders or members of such corporation shall be deemed\\nto have become creditors, stockholders or members subject in all\\nrespects to this section, and the same shall be absolutely binding upon\\nthem. For the purposes of this subdivision only, members shall not be\\ndeemed to be creditors and shall act under this subdivision as a\\nseparate class.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "313", "title" : "Participation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "313", "activeDate" : "2014-09-22", "sequenceNo" : 226, "repealedDate" : null, "fromSection" : "313", "toSection" : "313", "text" : " § 313. Participation. Notwithstanding any rule at common law or any\\nprovision of any general or special law or any provision in their\\nrespective charters, agreements of association, articles of organization\\nor certificates of incorporation:\\n 1. All banking organizations, insurance and surety companies are\\nhereby authorized to become members of the corporation established by\\nthis article and to make loans to such corporation as provided herein;\\n 2. A banking organization which does not become a member of the\\ncorporation established by this article shall not acquire any shares of\\nthe capital stock of such corporation;\\n 3. Each banking organization, insurance and surety company which\\nbecomes a member of the corporation established by this article is\\nhereby authorized to acquire, purchase, hold, sell, assign, transfer,\\nmortgage, pledge, or otherwise dispose of any bonds, securities or other\\nevidences of indebtedness issued by such corporation or the shares of\\nits capital stock, and while owners of said stock, to exercise all the\\nrights, powers and privileges of ownership, including the right to vote\\nthereon, all without the approval of any regulatory authority of this\\nstate; provided, however, that the amount of the capital stock of such\\ncorporation which may be acquired by any member pursuant to the\\nauthority granted herein, shall not exceed ten per centum of the loan\\nlimit of such member as defined by section three hundred seven of this\\narticle. The amount of capital stock of such corporation which any\\nmember is authorized to acquire pursuant to the authority granted herein\\nshall be in addition to the amount of capital stock in corporations\\nwhich such member may otherwise be authorized to acquire.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 14 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A7-A", "title" : "Community Senior Citizens Centers and Services Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "7-A", "activeDate" : "2014-09-22", "sequenceNo" : 227, "repealedDate" : null, "fromSection" : "350", "toSection" : "365", "text" : " ARTICLE VII-A\\n COMMUNITY SENIOR CITIZENS CENTERS AND\\n SERVICES COMPANIES\\nSection 350. Short title.\\n 351. Policy and purposes of article.\\n 352. Definitions.\\n 353. Companies; how created.\\n 354. Consent of commissioner.\\n 355. Powers and limitations of a company.\\n 356. Members; officers and directors.\\n 357. Financing.\\n 358. Conditions and security for loans.\\n 359. Rates and fees.\\n 360. Transfer of real property.\\n 361. Supervision and regulation.\\n 362. Voluntary dissolution.\\n 363. Foreclosures and judgments.\\n 364. Fees and charges.\\n 365. Separability.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "350", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "350", "activeDate" : "2014-09-22", "sequenceNo" : 228, "repealedDate" : null, "fromSection" : "350", "toSection" : "350", "text" : " § 350. Short title. This article shall be known and may be cited and\\nreferred to as the \"community senior citizens centers and services\\ncompanies law.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "351", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "351", "activeDate" : "2014-09-22", "sequenceNo" : 229, "repealedDate" : null, "fromSection" : "351", "toSection" : "351", "text" : " § 351. Policy and purposes of article. It is hereby declared that the\\nprovision of new and improved community senior citizens facilities is\\nnecessary to care for the increasing number of persons who are in need\\nof programs and services for the aging. Such facilities should be\\nlocated close to the people they serve and should supplement the\\nprograms and services provided for such persons by the office for the\\naging pursuant to title one of article two of the elder law.\\n It is hereby further declared that non-profit corporations should be\\ncreated to construct, acquire, reconstruct, rehabilitate, own and\\noperate such facilities and that provision should be made for mortgage\\nloan participation by the New York state housing finance agency in order\\nto ensure that the full resources of the private enterprise sector of\\nthe economy may be made available for this purpose; that there is a need\\nfor public assistance to such corporations by the granting of tax\\nexemption; that it is the policy of the state to promote the provision\\nof senior citizens facilities by such non-profit corporations; and that\\nsuch provision is a public use and purpose.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "352", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "352", "activeDate" : "2014-09-22", "sequenceNo" : 230, "repealedDate" : null, "fromSection" : "352", "toSection" : "352", "text" : " § 352. Definitions. As used in this article the following words and\\nphrases shall have the following meanings unless a different meaning is\\nplainly required by the context:\\n 1. \"Company\", or \"community senior citizens centers and services\\ncompany\". A company, duly incorporated pursuant to the provisions of the\\nnot-for-profit corporation law and this article, for the purpose of\\nproviding centers for the aging, and such facilities as may be\\nincidental or appurtenant thereto.\\n 2. \"Project\" or \"community senior citizens services project\". A\\nspecific work or improvement, including lands, buildings, improvements,\\nfixtures and articles of personal property, constructed, acquired,\\nreconstructed, rehabilitated, managed, owned or operated by a company\\npursuant to this article, to provide centers for the aging, including\\nsuch facilities as may be incidental or appurtenant thereto.\\n 3. \"Project cost\" or \"community senior citizens services project\\ncost\". The sum total of all costs incurred by a company approved by the\\ncommissioner as reasonable and necessary for carrying out all works and\\nundertakings and providing all necessary equipment for the development\\nof a project, less any private or federal, state or local financial\\nassistance available for and received by the company for the payment of\\nsuch project cost. These shall include but are not necessarily limited\\nto the carrying charges during construction up to and including the\\noccupancy date, working capital not exceeding three per centum of the\\nestimated total cost or three per centum of the actual total final cost,\\nwhichever is larger, the cost of all necessary studies, surveys, plans\\nand specifications, architectural, engineering, legal or other special\\nservices, the cost of acquisition of land and any improvements thereon,\\nsite preparation and development, construction, reconstruction,\\nrehabilitation, improvement and equipment, including fixtures,\\nequipment, and articles of personal property required for the operation\\nof such facilities, the reasonable cost of financing incurred by the\\ncompany in the course of the development of the project, up to and\\nincluding the occupancy date, the fees imposed by the commissioner and\\nby the New York state housing finance agency; other fees charged, and\\nnecessary expenses incurred in connection with the initial occupancy of\\nthe project, and the cost of such other items as the commissioner may\\ndetermine to be reasonable and necessary for the development of a\\nproject, less any and all rents and other net revenues from the\\noperation of the real property, improvements or personal property on the\\nproject site, or any part thereof, by the company on and after the date\\non which the contract between the company and the New York state housing\\nfinance agency was entered into and prior to the occupancy date.\\n 4. \"Occupancy date\". The date defined in the document providing for a\\nmortgage loan between a company and the New York state housing finance\\nagency.\\n 5. \"Commissioner\". The commissioner of social services of the state of\\nNew York.\\n 6. \"Department\". The department of social services of the state of New\\nYork.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "353", "title" : "Companies; how created", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "353", "activeDate" : "2014-09-22", "sequenceNo" : 231, "repealedDate" : null, "fromSection" : "353", "toSection" : "353", "text" : " § 353. Companies; how created. Notwithstanding the provisions of any\\nother law or requirement to the contrary, companies shall be\\nincorporated and organized pursuant to the not-for-profit corporation\\nlaw and this article.\\n In addition to those matters required to be set forth in the\\ncertificate of incorporation by the not-for-profit corporation law, the\\ncertificate shall state:\\n 1. That, among the purposes for which it is formed, the company is to\\nplan, construct, acquire, alter, reconstruct, rehabilitate, improve,\\nown, maintain and operate one or more projects pursuant to this article.\\n 2. The number of directors, which shall be not less than three nor\\nmore than fifteen. Directors shall be elected by the members of the\\ncompany. One additional director may be designated by the commissioner.\\nIn the absence of fraud or bad faith the director appointed by the\\ncommissioner shall not be personally liable for the debts, obligations\\nor liabilities of the company.\\n 3. That the real property of the company shall not be sold,\\ntransferred, encumbered or assigned except as permitted by the\\nprovisions of this article.\\n 4. That the company has been organized exclusively to serve a public\\npurpose and that it shall be and remain subject to the supervision and\\ncontrol of the department pursuant to the provisions of this article and\\nall applicable laws and regulations.\\n 5. That all income and earnings of the company shall be used\\nexclusively for its corporate purposes.\\n 6. That no part of the net income or net earnings of the company shall\\ninure to the benefit or profit of any private individual, firm or\\ncorporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "354", "title" : "Consent of commissioner", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "354", "activeDate" : "2014-09-22", "sequenceNo" : 232, "repealedDate" : null, "fromSection" : "354", "toSection" : "354", "text" : " § 354. Consent of commissioner. Whenever any such certificate shall be\\npresented to the secretary of state, he shall not file such certificate\\nunless there shall accompany the same a certificate of the commissioner\\nstating that he consents to the filing of such certificate; nor shall\\nany amendment to the certificate of incorporation be filed unles it is\\naccompanied by a certificate of the commissioner consenting thereto.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "355", "title" : "Powers and limitations of a company", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "355", "activeDate" : "2014-09-22", "sequenceNo" : 233, "repealedDate" : null, "fromSection" : "355", "toSection" : "355", "text" : " § 355. Powers and limitations of a company. 1. Except as is\\ninconsistent with the provisions of this article, a company shall have,\\nin carrying out the purpose of this article, the powers conferred on\\ncorporations by the not-for-profit corporation law and shall be subject\\nto the limitations contained therein.\\n 2. Companies shall have the following additional powers:\\n (a) To make and execute contracts and other instruments necessary or\\nconvenient in the exercise of its powers;\\n (b) To acquire or contract to acquire from any persons, firm,\\ncorporation, public corporation, municipality, federal or state agency,\\nby grant, purchase, or otherwise, leaseholds, real, personal or mixed\\nproperty or any interest therein, and to sell, assign, exchange,\\ntransfer, mortgage or encumber the same;\\n (c) To own, hold, clear and improve, leasehold, real, personal or\\nmixed property or any interest therein;\\n (d) To issue non-interest bearing debentures up to an amount\\nrepresenting the difference, if any, between the amount of the mortgage\\nmade by the company and the estimated project cost; and in the event the\\nfinal project cost shall exceed the estimated project cost, the\\ndifference between the amount of the mortgage made by the company and\\nsuch final project cost;\\n (e) To construct, reconstruct, rehabilitate, improve, alter, repair,\\nlease, manage or operate and otherwise provide community senior citizens\\nservices projects;\\n (f) To insure or provide for the insurance of its property or\\noperations as required by law and also against such other risks as it\\nmay deem advisable;\\n (g) To limit by contract the exercise of any of its powers;\\n (h) To invest any funds held in reserves or sinking funds, or any\\nfunds not required for immediate disbursement in property or securities\\nin which savings banks may legally invest funds subject to their\\ncontrol;\\n (i) To sue and be sued;\\n (j) To have a seal and alter the same at pleasure;\\n (k) To make and from time to time amend and repeal by-laws, rules and\\nregulations not inconsistent with the provisions of this article;\\n (l) To enter into contracts with the New York state housing finance\\nagency for mortgage loans and to pay all such fees and charges as may be\\nimposed by such agency as a condition of such mortgage loan;\\n (m) To enter into contracts for the rendering of services;\\n (n) To receive assistance from the state, federal government,\\nmunicipalities, or any person, firm or corporation by contract or\\notherwise; and to comply, subject to the provisions of this article,\\nwith the terms and conditions of such assistance;\\n (o) To do all other things necessary or convenient to carry out its\\npowers.\\n 3. No company shall:\\n (a) Acquire any real property or interest therein unless such company\\nshall first have obtained from the commissioner a certificate that such\\nacquisition is consistent with the purposes of this article;\\n (b) Issue notes, bonds, debentures, or other obligations in an\\naggregate amount greater than project cost;\\n (c) Without first having obtained the written consent of the\\ncommissioner;\\n (i) Construct, reconstruct, rehabilitate, improve, alter or repair any\\nproject, or enter into any contract for such purposes;\\n (ii) Sell, transfer, lease or encumber any real property, except that\\nno such consent shall be necessary in any sale in foreclosure pursuant\\nto section three hundred sixty-three;\\n (iii) Enter into any contracts relating to the management or operation\\nof senior citizens services projects;\\n (iv) Enter into any contracts for the payment of any salary, fee or\\nemolument to officers or employees;\\n (v) Make a guaranty of payment, or pledge any or all of its assets,\\nincome or revenues to secure payment of its obligations;\\n (vi) Lease a project or a portion thereof to a third party for the\\npurposes of operation, such lease to be subject to all the terms,\\nprovisions and limitations of any mortgage loan made by the New York\\nstate housing finance agency relating to such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "356", "title" : "Members; officers and directors", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "356", "activeDate" : "2014-09-22", "sequenceNo" : 234, "repealedDate" : null, "fromSection" : "356", "toSection" : "356", "text" : " § 356. Members; officers and directors. No member or director of a\\ncompany shall receive any salary or other compensation for services as\\nsuch member or director, other than reimbursement of actual and\\nnecessary expenses incurred in the performance of his duties. No member,\\nofficer, or employee of a company shall acquire any interest, direct or\\nindirect, in any property then or thereafter included or planned to be\\nincluded in a project, nor retain any interest, direct or indirect in\\nany property acquired subsequent to his appointment or employment which\\nis later included or planned to be included in a project. If any member,\\nofficer or employee of any company owns or controls an interest, direct\\nor indirect, in any property included in a project, which was acquired\\nprior to his appointment or employment, he shall disclose such interest\\nand the date of acquisition thereof in writing to the company and such\\ndisclosure shall be entered upon the minutes of the company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "357", "title" : "Financing", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "357", "activeDate" : "2014-09-22", "sequenceNo" : 235, "repealedDate" : null, "fromSection" : "357", "toSection" : "357", "text" : " § 357. Financing. 1. Any company formed under this article may,\\nsubject to the approval of the commissioner, borrow funds from the New\\nYork state housing finance agency and secure the repayment thereof by\\nbond or note and mortgage which shall contain such terms and conditions\\nas may be deemed necessary or desirable by the New York state housing\\nfinance agency or required by any agreement between the New York state\\nhousing finance agency and the holders of its notes and bonds with\\nrespect to such companies, including the right to assignment of rates\\nand fees and entry into possession in case of default, but the operation\\nof such project, in the event of such entry, shall be subject to\\nregulations promulgated by the department.\\n 2. The New York state housing finance agency may make a contract to\\nmake loans to companies not to exceed the total project cost. Any such\\nloan shall be secured by a first mortgage lien upon all the real\\nproperty and improvements of which the project consists and upon all\\nfixtures and articles of personal property attached to or used in\\nconnection with the construction, acquisition, reconstruction,\\nrehabilitation, improvement or operation of the project.\\n 3. Any inconsistent provision of law to the contrary notwithstanding,\\nmortgages of a company shall be exempt from the mortgage recording taxes\\nimposed by article eleven of the tax law.\\n 4. The provision of community centers for senior citizens and of\\nprograms and services for senior citizens is hereby declared to be a\\nproper public and municipal purpose for which the moneys of the state\\nand of its political subdivisions and of all public corporations may be\\nraised and expended. The state, and each political subdivision of the\\nstate, and each public corporation of the state or a political\\nsubdivision thereof, and individuals, foundations and all other private\\norganizations and corporations may make capital grants to any company\\norganized pursuant to this article and such company may accept and\\nreceive the same and apply the same in payment or reduction of the\\nproject cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "358", "title" : "Conditions and security for loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "358", "activeDate" : "2014-09-22", "sequenceNo" : 236, "repealedDate" : null, "fromSection" : "358", "toSection" : "358", "text" : " § 358. Conditions and security for loans. No loan shall be made by the\\nNew York state housing finance agency to a company until the\\ncommissioner has approved the project and finds that:\\n (1) The company has complied with all of the provisions of this\\narticle and all applicable laws and regulations;\\n (2) There is a need for a project of the type proposed in the area to\\nbe served and that the services and facilities to be provided by the\\nproject are consistent with such need;\\n (3) The plans and specifications conform to the requirements of all\\nlaws and regulations applicable thereto and assure adequate light, air,\\nsanitation and fire protection and are satisfactory to him;\\n (4) The estimated revenue of the project will be sufficient to cover\\nall probable costs of operation and maintenance, of fixed charges and\\nsuch reserves as may be authorized by the commissioner or required by\\nthe New York state housing finance agency;\\n (5) Provision has been made for the purpose of providing for the\\npayment of the difference, if any, between the estimated project cost\\nand the mortgage loan; and in the event the final project cost shall\\nexceed the estimated project cost, the difference between such final\\nproject cost and the mortgage loan;\\n (6) Provision has been made for the filing by the company with the\\ndepartment and the New York state housing finance agency of such\\nfinancial statements including an annual report setting forth such\\ninformation as the commissioner may require; and\\n (7) Provision has been made for the examination by the commissioner\\nand the New York state housing finance agency of the books and records\\nof the company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "359", "title" : "Rates and fees", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "359", "activeDate" : "2014-09-22", "sequenceNo" : 237, "repealedDate" : null, "fromSection" : "359", "toSection" : "359", "text" : " § 359. Rates and fees. A company shall, with the approval of the\\ncommissioner, fix maximum rates and fees to be charged persons served by\\neach project for the facilities and services provided by the company to\\nsuch persons, the average of such rates and fees for any one project not\\nto exceed the maximum average rates and fees determined by the\\ncommissioner before any commitments are made by the company for the\\nconstruction, acquisition, reconstruction, rehabilitation or improvement\\nof the project. The commissioner upon his own motion, or upon\\napplication by the company or lienholder may vary the amount of such\\nrates and fees from time to time so as to secure together with all other\\nincome of the company, sufficient income to meet, within reasonable\\nlimits, all necessary payments by the said company of all expenses,\\nincluding fixed charges, sinking funds and reserves.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "360", "title" : "Transfer of real property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "360", "activeDate" : "2014-09-22", "sequenceNo" : 238, "repealedDate" : null, "fromSection" : "360", "toSection" : "360", "text" : " § 360. Transfer of real property. Notwithstanding any requirement of\\nlaw to the contrary or any provision of any general, special or local\\nlaw, charter or ordinance, every executor, administrator, trustee,\\nguardian or other person holding trust funds or acting in a fiduciary\\ncapacity, unless the instrument under which such fiduciary is acting\\nexpressly forbids, and the state, its subdivisions, municipalities, all\\nother public bodies, all public officers, persons, partnerships and\\ncorporations owning or holding any real property, may grant, sell, lease\\nor otherwise transfer any such real property or interest therein to a\\ncompany and receive and hold any cash, exchanged therefor by such\\ncompany and may execute such instruments and do such acts as may be\\ndeemed necessary or desirable by them or it and by the company in\\nconnection with a project or projects and such sale, lease or transfer\\nmay be made without public auction or bidding; provided, however, that\\nwhere such real property is within an urban renewal area, the\\ndisposition thereof shall be in accordance with the provisions of\\nparagraph (d) of subdivision two of section five hundred seven of the\\ngeneral municipal law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "361", "title" : "Supervision and regulation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "361", "activeDate" : "2014-09-22", "sequenceNo" : 239, "repealedDate" : null, "fromSection" : "361", "toSection" : "361", "text" : " § 361. Supervision and regulation. 1. The department may from time to\\ntime make, alter, amend and repeal rules and regulations for the\\nsupervision, examination, regulation and audit of companies and for\\ncarrying into effect the provisions and purposes of this article, and\\neach company shall submit an annual report of its operations to the\\ndepartment and the New York state housing finance agency which may\\nexamine and audit the books and records of the company at any time.\\n 2. The department shall have power to act for and in behalf of the\\nagency in servicing the mortgage loans of the agency, and to perform\\nsuch functions and services in connection with the making, servicing and\\ncollection of such loans as shall be requested by the agency.\\n 3. (a) The department may, with respect to any project of which the\\nNew York state housing finance agency has acquired the fee or otherwise,\\nenter into an agreement with said agency subject to the approval of the\\ndirector of the budget, for the department, as provided in paragraph (b)\\nhereof, to operate the said project in a manner consistent with the\\npurposes of this article. In such event, the department shall have the\\npower to use any available funds to pay all operating expenses and to\\ncomply with all the terms and provisions of the mortgage, as though the\\nmortgage had not been foreclosed, and to comply with the provisions of\\nthis article.\\n (b) Subject to the provisions of the agreement with said agency, the\\ndepartment may contract with any person, firm or corporation which it\\ndeems qualified to operate and manage such project and to perform such\\nduties and functions as it may deem necessary.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "362", "title" : "Voluntary dissolution", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "362", "activeDate" : "2014-09-22", "sequenceNo" : 240, "repealedDate" : null, "fromSection" : "362", "toSection" : "362", "text" : " § 362. Voluntary dissolution. At any time after the expiration of ten\\nyears after the occupancy date, a company may be voluntarily dissolved,\\nwith the consent of the commissioner, upon repayment in full of all\\nobligations under the mortgage and payment of all obligations of the\\ncompany, as approved by the commissioner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "363", "title" : "Foreclosures and judgments", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "363", "activeDate" : "2014-09-22", "sequenceNo" : 241, "repealedDate" : null, "fromSection" : "363", "toSection" : "363", "text" : " § 363. Foreclosures and judgments. 1. In any foreclosure action the\\ncommissioner shall be made a party defendant. He shall take all steps\\nnecessary to protect the interests of the public therein and no costs\\nshall be awarded against him or the department. Foreclosures shall not\\nbe decreed unless the court to which application is made shall be\\nsatisfied that the interests of the lienholder or holders cannot be\\nadequately assured except by the sale of the property. In any such\\nproceeding, the court shall be authorized to appoint the commissioner as\\nreceiver of the property, or to grant such other and further relief as\\nmay be reasonable and proper.\\n 2. Notwithstanding the foregoing provisions of this section, wherever\\nit shall appear that the New York state housing finance agency shall\\nhave made a mortgage loan which is a first lien upon any such property,\\nsuch New York state housing finance agency shall have all the remedies\\navailable to a mortgagee under the laws of the state of New York, free\\nfrom any restrictions contained in this section, except that the\\ncommissioner shall be made a party defendant and he shall take all steps\\nnecessary to protect the interests of the public and no costs shall be\\nawarded against him or the department.\\n 3. In the event of a judgment against a company in any action not\\npertaining to the collection of a mortgage indebtedness, there shall be\\nno sale of any of the real property of such company except upon sixty\\ndays' written notice to the commissioner and the New York state housing\\nfinance agency. Upon receipt of such notice the commissioner and the\\nagency shall take such steps as in their judgment may be necessary to\\nprotect the rights of all parties.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "364", "title" : "Fees and charges", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "364", "activeDate" : "2014-09-22", "sequenceNo" : 242, "repealedDate" : null, "fromSection" : "364", "toSection" : "364", "text" : " § 364. Fees and charges. The department may by regulation establish\\nand charge to any company such fees and charges for inspection,\\nregulation, supervision and audit as to the department may appear just\\nand reasonable in order to recover the costs of performing such\\nfunctions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "365", "title" : "Separability", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "365", "activeDate" : "2014-09-22", "sequenceNo" : 243, "repealedDate" : null, "fromSection" : "365", "toSection" : "365", "text" : " § 365. Separability. If any clause, sentence, paragraph or part of\\nthis article shall be adjudged by any court of competent jurisdiction to\\nbe invalid, such judgment shall not affect, impair or invalidate the\\nremainder thereof, but shall be confined in its operation to the clause,\\nsentence, paragraph, section or part thereof directly involved in the\\ncontroversy in which such judgment shall have been rendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 16 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A8", "title" : "Loans to Owners of Existing Multiple Dwellings", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "8", "activeDate" : "2014-09-22", "sequenceNo" : 244, "repealedDate" : null, "fromSection" : "400", "toSection" : "408", "text" : " ARTICLE VIII\\n LOANS TO OWNERS OF EXISTING MULTIPLE DWELLINGS\\nSection 400. Policy and purposes of article.\\n 401. Definitions.\\n 402. Loans to owners.\\n 403. Occupancy.\\n 404. Conditions precedent to making such loans.\\n 405. Rent control; tax exemption.\\n 406. Rules and regulations.\\n 407. Participation by certain corporations and individuals.\\n 408. Minimization of displacement.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "400", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "400", "activeDate" : "2014-09-22", "sequenceNo" : 245, "repealedDate" : null, "fromSection" : "400", "toSection" : "400", "text" : " § 400. Policy and purposes of article. It is hereby declared that\\nthere exists in municipalities in this state a seriously inadequate\\nsupply of safe and sanitary dwelling accommodations for persons and\\nfamilies of low income; that such shortage constitutes an emergency and\\na grave menace to the health, safety, morals, welfare and comfort of\\ncitizens of this state; that there exists in such municipalities a large\\nnumber of multiple dwellings which are inadequate, unsafe or insanitary\\nby reason of the absence of proper heating facilities or by reason of\\nthe necessity for elimination of conditions dangerous to human life or\\ndetrimental to health, including nuisances as defined, in section three\\nhundred nine of the multiple dwelling law, or for other rehabilitation\\nor improvement and which can be made adequate, safe and sanitary, by the\\ninstallation of proper heating facilities or by other rehabilitation or\\nimprovement or by the elimination of such conditions; that such\\ninstallation, rehabilitation or improvement cannot readily be provided\\nby the ordinary unaided operation of private enterprise for occupancy by\\npersons or families of low income without public aid in the form of low\\ninterest loans to owners of such multiple dwellings for the purpose of\\nsuch installation, rehabilitation or improvement; that the installation\\nof proper heating facilities in such multiple dwellings or other\\nrehabilitation or improvement thereof for occupancy by persons of low\\nincome as defined in this article is a public use and a public purpose\\nfor which public money may be loaned; that such conditions require the\\nprovisions hereinafter enacted; and the necessity in the public interest\\nfor the provisions hereinafter enacted is hereby declared as a matter of\\nlegislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "401", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "401", "activeDate" : "2014-09-22", "sequenceNo" : 246, "repealedDate" : null, "fromSection" : "401", "toSection" : "401", "text" : " § 401. Definitions. As used in this article the following terms shall\\nmean:\\n 1. a. The term \"existing multiple dwelling\" shall mean any dwelling\\nclassified as a multiple dwelling pursuant to the multiple dwelling law\\nincluding class A and class B multiple dwellings, and in existence on\\nthe date upon which an application for a loan pursuant to this article\\nis received by the agency.\\n b. The term \"existing multiple dwelling\" shall also mean any building\\nin existence on the date upon which an application for a loan pursuant\\nto this article is received by the agency and which is intended on such\\ndate to be converted to a class A or class B multiple dwelling.\\n c. The term \"existing multiple dwelling\" shall also mean a\\nnot-for-profit institution with sleeping accommodations exclusively for\\npermanent residential purposes or any building in existence on the date\\nupon which an application for a loan pursuant to this article is\\nreceived by the agency which is intended to be converted to a\\nnot-for-profit institution with sleeping accommodations exclusively for\\npermanent residential purposes.\\n 2. The term \"agency\" shall mean any officer, board, commission,\\ndepartment, or other agency of the municipality, or the authority or any\\nother public authority, designated by the local legislative body to\\ncarry out the functions vested in the agency under this article or\\ndelegated to the agency by the local legislative body in order to carry\\nout the purposes and provisions of this article.\\n 3. a. The term \"persons or families of low income\" shall mean \"persons\\nof low income\" or \"families of low income\" as defined in section two of\\nthis chapter, whose probable aggregate annual income during the period\\nof occupancy does not exceed six times the rental (including the value\\nor cost to them of heat, light, water and cooking fuel) of dwelling\\nunits occupied by such persons or families in existing multiple\\ndwellings aided by a loan pursuant to this article, except that in the\\ncase of persons or families with three or more dependents, such ratio\\nshall not exceed seven to one, and except further that the income\\nlimitations prescribed by this paragraph shall be subject to the\\nprovisions of subdivision two of section four hundred three of this\\narticle.\\n In calculating annual income, social security payments and income\\nreceived from private pension funds by any person sixty-two years of age\\nor more shall be excluded up to a total maximum amount of seventy-five\\ndollars per month. The term \"probable aggregate annual income\" means the\\nannual income of the chief wage earner of the family, plus all other\\nincome of other members of the family over the age of twenty-one years,\\nplus a proportion of income of gainfully employed members under the age\\nof twenty-one years, the proportion to be determined by the agency. The\\nagency may exclude a proportion of the income of other members of the\\nfamily over the age of twenty-one years for the purpose of determining\\neligibility for commencement of occupancy or continued occupancy, or for\\nestablishing rental of such family, or for all such purposes.\\n b. Notwithstanding the provisions of paragraph a of this subdivision,\\nand subject to the provisions of subdivision three of section four\\nhundred three of this article the term \"persons or families of low\\nincome\" shall also mean any person or family who, immediately prior to\\nthe date on which a contract for a loan with respect to an existing\\nmultiple dwelling is entered into pursuant to the provisions of this\\narticle, occupies any dwelling unit in such multiple dwelling and who\\ncontinuously occupies such unit during and after completion of central\\nheating or other rehabilitation or improvement performed pursuant to\\nsuch contract provided, however, that any person or family required to\\nremove from any such dwelling unit because of such installation,\\nrehabilitation or improvement shall, for the purpose of this section, be\\ndeemed to have continuously occupied such unit and shall have preference\\nin re-entering such multiple dwelling upon completion of the aforesaid\\nwork.\\n 4. The term \"occupancy date\" shall mean the date defined in the\\ncontract for a loan pursuant to this article between the owner of an\\nexisting multiple dwelling and a municipality as the date upon which\\nsuch multiple dwelling is to be deemed ready for occupancy, or if such\\nterm is not defined in such contract, the date of issuance of the\\ntemporary certificate of occupancy.\\n 5. The term \"rehabilitation\", in addition to any other meaning, shall\\ninclude conversion of a class B multiple dwelling or a class A multiple\\ndwelling used in whole or in part for single room occupancy to a class A\\nmultiple dwelling not used in whole or in part for single room\\noccupancy. The term \"rehabilitation\" shall also include the conversion\\nof any existing building to a class A or class B multiple dwelling.\\n 6. The term \"owner\" shall mean a person having record title in fee\\nsimple to real property or the lessee thereof under a lease having an\\nunexpired term of at least thirty years.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "402", "title" : "Loans to owners", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "402", "activeDate" : "2014-09-22", "sequenceNo" : 247, "repealedDate" : null, "fromSection" : "402", "toSection" : "402", "text" : " § 402. Loans to owners. 1. Notwithstanding the provisions of any\\ngeneral, special or local law, a municipality, by such officer or agency\\nas determined by its local legislative body, is hereby authorized to\\nmake or contract to make loans to the owners of existing multiple\\ndwellings within its territorial limits, subject to the limitations in\\nsubdivision two of this section, in such amounts as may be required for\\nthe installation of proper heating facilities, or elimination of\\nconditions dangerous to human life or detrimental to health, including\\nnuisances as defined in section three hundred nine of the multiple\\ndwelling law, or other rehabilitation or improvement of such multiple\\ndwellings, and if such owner acquires the multiple dwelling for the\\npurposes of such rehabilitation or improvement or owns the multiple\\ndwelling subject to an outstanding indebtedness, such loans may include\\nsuch amounts as may be required for the cost of such acquisition or for\\nthe refinancing of such outstanding indebtedness, and may make temporary\\nloans or advances to such owners in anticipation of the permanent\\nmunicipal loans for such purposes.\\n 2-a. As used in this section the term \"value\" shall mean the \"as is\"\\nvalue of the multiple dwelling and the land upon which it is situated\\nprior to such installation, elimination, other rehabilitation or\\nimprovement referred to in subdivision one of this section plus the\\ntotal of all costs of such installation, elimination, rehabilitation or\\nimprovement including, but not limited to, the costs of any or all\\nundertakings necessary for the planning, financing, tenant relocation,\\nacquisition, construction, equipment and development in connection\\ntherewith.\\n 2-b. (a) Each permanent loan shall be secured by a bond and mortgage\\nor note and mortgage upon the multiple dwelling and the land upon which\\nit is situated; where the loan is made to an owner who is a lessee, such\\nloan shall be secured by a first lien on such property.\\n (b) The amount of any such loan shall not exceed the cost of the\\ninstallation of proper heating facilities, or elimination of conditions\\ndangerous to human life or detrimental to health, including nuisances as\\ndefined in section three hundred nine of the multiple dwelling law, or\\nother rehabilitation or improvement provided that, if any portion of\\nsuch loan is used for the cost of acquisition of the land and the\\nmultiple dwelling or for re-financing, the total amount of such loan\\nshall not exceed two times the cost of such installation, elimination of\\nsuch conditions, rehabilitation or improvement.\\n (c) The amount of any such loan, together with the amount of all prior\\nliens and encumbrances, shall not exceed, except in the case of a loan\\nmade to a non-profit company, a mutual company, or a housing development\\nfund company, ninety per centum of the value of the property, after\\ncompletion of the installation of proper heating facilities, or\\nelimination of such conditions or other rehabilitation or improvement,\\nas estimated by the agency, unless the agency makes a written\\ndetermination that the owner has insufficient resources to pay for the\\nremaining ten per centum of the value of the property, after completion\\nof such installation, elimination, or other rehabilitation or\\nimprovement, as estimated by the agency, in which case such loan shall\\nnot exceed ninety-five per centum of the value of the property, after\\ncompletion of the installation of proper heating facilities, or\\nelimination of such conditions or other rehabilitation or improvement,\\nas estimated by the agency. The amount of any such loan, together with\\nthe amount of all prior liens and encumbrances, made to a non-profit\\ncompany, a mutual company, or a housing development fund company shall\\nnot exceed the value of the property after completion of such\\ninstallation, elimination, or other rehabilitation or improvement, as\\nestimated by the agency provided that when after completion of such\\ninstallation, elimination or other rehabilitation or improvement, such\\nproject is, or is to be operated exclusively for the benefit of persons\\nor families who are entitled to occupancy by reason of ownership of\\nstock in the corporate owners, such loan shall not exceed ninety-eight\\npercentum of the value of the property, after completion of such\\ninstallation, elimination, or other rehabilitation or improvement, as\\nestimated by the agency, unless the agency makes a written determination\\nthat the owner has insufficient resources to pay for the remaining two\\nper centum of the value of the property, after completion of such\\ninstallation, elimination, or other rehabilitation or improvement, as\\nestimated by the agency, in which case such loan shall not exceed the\\nvalue of the property, after completion of such installation,\\nelimination, or other rehabilitation or improvement, as estimated by the\\nagency.\\n (d) Each such bond and mortgage or note and mortgage shall be repaid\\nover or within a period of thirty years in such manner as may be\\nprovided in such bond and mortgage or note and mortgage and contract but\\nin no case to exceed the probable life of the multiple dwelling which is\\nhereby determined to be thirty years. Such bond and mortgage or note and\\nmortgage and the contract in connection with such permanent and\\ntemporary loans may contain such other terms and provisions not\\ninconsistent with the provisions of this article as the local\\nlegislative body or the agency may deem necessary or desirable to secure\\nrepayment of the loan, the interest thereon and other charges in\\nconnection therewith and to carry out the purposes and provisions of\\nthis article; notwithstanding the foregoing, a loan made prior to\\nJanuary first, nineteen hundred seventy-eight may, in the discretion of\\nthe agency, be extended to a term up to forty-five years. The agency may\\nmodify the rate and time of payment of interest on the original loan and\\nthe rate and time of amortization of principal in such manner as\\nrequired to secure payment of the loan within the extended term.\\n 2-c. If a loan pursuant to this article is made to a non-profit\\ncompany or a housing development fund company which agrees to provide\\nhousing accommodations exclusively for persons and families of low\\nincome, at least thirty percent of whom are referred to it by the\\nmunicipality and have prior to their initial occupancy in such\\naccommodations resided in emergency shelter facilities operated by or on\\nbehalf of the municipality, the agency may provide that the note and\\nmortgage shall automatically be reduced to zero in five equal annual\\ndecrements commencing on the tenth year after the initial occupancy\\ndate, provided that such accommodations have been owned and operated in\\na manner consistent with an agreement with the municipality contained in\\nsuch note and mortgage to provide housing for such persons.\\n 3. The bond or note issued by the owner of such multiple dwelling and\\nthe mortgage relating thereto may authorize such owner, with the consent\\nof the agency, to prepay the principal of the loan subject to such terms\\nand conditions as therein provided. Such bond or note and mortgage may\\ncontain such other clauses and provisions as the agency shall require.\\n 4. The agency may charge the owner of such multiple dwelling\\nreasonable fees for financing, regulation, supervision and audit. Such\\nfees shall be kept by the municipality in a separate fund to be known as\\nthe housing rehabilitation fund and shall be used to pay for the\\nexpenses of the municipality in administering and carrying out the\\nprovisions of this article.\\n 5. Whenever reference is made in this article to a municipal loan, a\\nloan by a municipality, a loan from a municipality, a contract for a\\nloan between a municipality and an owner, or any similar term, with\\nrespect to the territorial limits of the city of New York such terms\\nshall be construed to refer to a loan made or to be made either by such\\nmunicipality or by the New York city housing development corporation,\\nwhichever is applicable.\\n 6. The bond and mortgage or note and mortgage issued by the owner of\\nany such multiple dwelling may provide that the loan shall be reduced to\\nzero commencing on the fifteenth year after the execution of the bond\\nand mortgage or note and mortgage, provided that, as of the date of any\\nsuch reduction, the multiple dwelling has been and continues to be owned\\nand operated in a manner consistent with a regulatory agreement with the\\nmunicipality. Notwithstanding such provision as contained in the bond\\nand mortgage or note and mortgage, the loan shall be reduced to zero\\nonly if, prior to or simultaneously with delivery of such bond and\\nmortgage or note and mortgage, the agency made a written determination\\nthat such reduction would be necessary to ensure the continued\\naffordability or economic viability of the multiple dwelling. Such\\nwritten determination shall document the basis upon which the loan was\\ndetermined to be eligible for evaporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "403", "title" : "Occupancy", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "403", "activeDate" : "2014-09-22", "sequenceNo" : 248, "repealedDate" : null, "fromSection" : "403", "toSection" : "403", "text" : " § 403. Occupancy. 1. The dwelling units in any existing multiple\\ndwelling aided by a loan pursuant to this article shall be available\\nsolely for persons or families of low income during the period in which\\nany part of such loan remains unpaid, any exemption and abatement from\\ntaxation on the property resulting from the installations, alterations\\nor improvements made with such loan remains in effect or for a period of\\nat least ten years from the occupancy date, whichever is the later.\\n 2. In the event that after any person or family included within the\\nprovisions of paragraph a of subdivision three of section four hundred\\none of this article, but not included within the provisions of paragraph\\nb of such subdivision three, begins occupancy of any dwelling unit in\\nany multiple dwelling aided by a loan pursuant to this article, and\\nduring the period while such dwelling unit is subject to a maximum rent\\nprescribed pursuant to this article, the income of such person or family\\nincreases so as to exceed the applicable maximum prescribed by such\\nparagraph a by more than fifty per centum, such person shall be subject\\nto removal from such dwelling with the approval of the agency.\\n 3. a. In the event that on the date on which a contract for a loan is\\nmade with respect to a multiple dwelling aided by a loan pursuant to\\nthis article, any person or family occupying a dwelling unit in such\\nmultiple dwelling and included within the provisions of paragraph b of\\nsubdivision three of section four hundred one of this article, has a\\nprobable aggregate annual income, as determined in accordance with the\\nprovisions of paragraph a of such subdivision three, which exceeds the\\nincome limits specified in such paragraph a by more than fifty per cent,\\nsuch person or family shall be subject to removal from such dwelling\\nunit with the approval of the agency upon the expiration of a period of\\ntwo years after the date on which such contract is entered into.\\n b. In the event that at any time within a period of two years after\\nany such contract is entered into, the income of any such person or\\nfamily increases so as to exceed the income limits specified in such\\nparagraph a by more than fifty per cent, such person or family shall be\\nsubject to removal from such dwelling unit with the approval of the\\nagency upon the expiration of such period of two years.\\n c. If, at any time subsequent to the expiration of a period of two\\nyears after any such contract is entered into, and during the period\\nwhile the dwelling unit occupied by any such person or family is subject\\nto a maximum rent prescribed pursuant to this article, the income of\\nsuch person or family increases so as to exceed the income limits\\nspecified in such paragraph a by more than fifty per cent, such person\\nor family shall be subject to removal from such dwelling unit with the\\napproval of the agency.\\n 4. Any person or family in occupancy, whether included within the\\nprovisions of paragraph a or paragraph b of subdivision three of section\\nfour hundred one of this article, whose income exceeds the maximum\\nprescribed by the provisions of such paragraph a with respect to the\\ntime of beginning of occupancy, shall pay a rental surcharge in\\naccordance with a schedule of surcharges to be promulgated by the\\nagency. Rental surcharges collected pursuant to this section shall be\\npaid by the owner to the municipality which has granted such owner tax\\nexemption or tax abatement pursuant to any law authorizing the granting\\nof same, as reimbursement to such municipality therefor. In the event\\nthat such tax exemption and tax abatement have not been granted, or in\\nthe event that a sum equal to the total amount of tax exemption and tax\\nabatement granted to the owner has been paid to the municipality, the\\nexcess, if any, of surcharges shall be paid to the municipality in\\nreduction of the loan.\\n 5. Any person or family whose removal is required by any provision of\\nthis article shall be subject to removal by summary proceedings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "404", "title" : "Conditions precedent to making such loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "404", "activeDate" : "2014-09-22", "sequenceNo" : 249, "repealedDate" : null, "fromSection" : "404", "toSection" : "404", "text" : " § 404. Conditions precedent to making such loans. 1. No such loan\\nshall be made by a municipality to an owner of an existing multiple\\ndwelling unless the owner of such multiple dwelling and all persons\\nholding a lien prior to that of the municipality shall covenant in\\nwriting that so long as any part of such loan remains unpaid, any\\nexemption and abatement from taxation on the property resulting from the\\ninstallations, alterations or improvements made with such loan remains\\nin effect or for a period of at least ten years from the occupancy date,\\nwhichever is the later: (a) Each dwelling unit in such multiple dwelling\\nshall be available solely for persons or families of low income;\\n (b) Preference shall be given to persons who shall have lived in such\\nmultiple dwelling at the time the contract for the loan was entered into\\nand were required to move because of such installation, rehabilitation\\nor improvement;\\n (c) No charge or rental for housing accommodations in such multiple\\ndwelling shall be made or charged in excess of the rentals prescribed\\npursuant to this article;\\n (d) The agency may order such repairs as will preserve the health and\\nsafety of the occupants of such multiple dwelling;\\n (e) All persons operating or managing such multiple dwelling will\\ncomply with the provisions of this article and the rules and regulations\\nadopted by the agency pertaining to multiple dwellings aided hereunder\\nand will refrain from doing any acts in violation thereof;\\n (f) All such persons will permit the duly authorized officers,\\nemployees, agents or inspectors of the agency to enter in or upon and\\ninspect such multiple dwelling at all reasonable hours;\\n (g) The agency shall have full power to investigate into and order the\\nowner of said multiple dwelling to furnish such reports and information\\nas the agency may require concerning the planning and construction of\\nthe installation, rehabilitation or improvement and the management and\\noperation of said multiple dwelling. The agency shall also have full\\npower to audit the books of such owner with respect to such matters;\\n (h) The foregoing covenants shall run with the land.\\n 2. The local legislative body of the municipality or the agency shall\\nhave power to impose additional terms and conditions precedent to making\\nsuch loans.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "405", "title" : "Rent control; tax exemption", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-09", "2024-07-05" ], "docLevelId" : "405", "activeDate" : "2014-09-22", "sequenceNo" : 250, "repealedDate" : null, "fromSection" : "405", "toSection" : "405", "text" : " § 405. Rent control; tax exemption. 1. Notwithstanding the provisions\\nof, or any regulations promulgated pursuant to, the emergency housing\\nrent control law, the local emergency housing rent control act or local\\nlaw enacted pursuant thereto: (1) housing accommodations in any multiple\\ndwelling aided by a loan pursuant to this article shall have maximum\\nrents prescribed in accordance with and shall be fully subject to the\\nprovisions of said laws and regulations during the life of the loan or\\nduring any period in which any exemption and abatement from taxation on\\nthe property resulting from the installations, alterations or\\nimprovements made with such loan remain in effect or for a period of at\\nleast ten years from the occupancy date, whichever is later; (2) upon\\npayment of the loan or the expiration of the said tax exemption and tax\\nabatement or of the said ten year period, whichever is later, housing\\naccommodations in any such multiple dwelling shall, upon application, be\\ndecontrolled, unless immediately prior to such payment or expiration the\\nrents of such housing accommodations would have been controlled by the\\nprovisions of said laws and regulations, other than pursuant to this\\narticle, in which event such housing accommodations shall continue\\nsubject to the provisions of said laws and regulations to the same\\nextent and in the same manner as if this article had never applied to\\nsuch accommodations; (3) should the provisions of said laws and\\nregulations expire while any loan made pursuant to this article remains\\nunpaid or before the expiration of the said tax exemption and tax\\nabatement or of the said ten year period, whichever is later, then\\nhousing accommodations in multiple dwellings aided by such loans shall\\nbe subject to control by the agency to the same extent and in the same\\nmanner as they were subject to control by the temporary state housing\\nrent commission or by the city housing rent agency created pursuant to\\nthe local emergency housing rent control act. However, the maximum rent\\nfor any such housing accommodations shall be the rent last established\\nby the said rent commission or by the said city housing rent agency\\nsubject to adjustment by the agency pursuant to the provisions of this\\narticle and regulations of the agency promulgated pursuant thereto and\\n(4) should the provisions of said laws and regulations not be applicable\\nin a municipality prior to the making of a loan pursuant to this\\narticle, then rents in housing accommodations in multiple dwellings\\naided by such loans shall be subject to regulation by the agency in a\\nmanner calculated to assure compliance with the policy and purposes of\\nthis article.\\n 1-a. Notwithstanding the provisions of subdivision one of this\\nsection, and subject to the provisions of subdivision twenty of section\\nsix hundred fifty-four of this chapter, where the housing accommodations\\nin any multiple dwelling are aided pursuant to this article by a loan\\nmade by the New York city housing development corporation, maximum rents\\nduring the life of such loan shall be prescribed by the agency and the\\nrental rate may be varied by the agency from time to time upon\\napplication by the owner or by the New York city housing development\\ncorporation so as to secure, together with all other income from such\\nproperty, sufficient income to meet within reasonable limits, all\\nnecessary payments to be made by the owner of all expenses including\\nfixed charges, sinking funds, reserves and dividends.\\n * 1-b. Notwithstanding the provisions of subdivision one of this\\nsection, where the housing accommodations in any multiple dwelling are\\naided by a loan pursuant to this article made by the municipality on or\\nafter September first, nineteen hundred eighty-four, and provided that\\nsuch housing accommodations were vacant at the time of the making of the\\nloan, maximum rents during the life of such loan shall be prescribed by\\nthe agency and the rental rate may be varied by the agency from time to\\ntime upon application by the owner or by the agency so as to secure,\\ntogether with all other income from such property, sufficient income to\\nmeet within reasonable limits, all necessary payments to be made by the\\nowner of all expenses, including fixed charges, sinking funds, reserves\\nand dividends.\\n * NB Effective until July 1, 2018\\n * 1-b. Notwithstanding the provisions of subdivision one of this\\nsection, where the housing accommodations in any multiple dwelling are\\naided by a loan pursuant to this article made by the municipality on or\\nafter September first, nineteen hundred eighty-four, and provided that\\nsuch housing accommodations were vacant at the time of the making of the\\nloan, maximum rents during the life of such loan shall be prescribed by\\nthe agency and the rental rate may be varied by the agency from time to\\ntime upon application by the owner or by the agency so as to secure,\\ntogether with all other income from such property, sufficient income to\\nmeet within reasonable limits, all necessary payments to be made by the\\nowner of all expenses, including fixed charges, sinking funds, reserves\\nand dividends.\\n * NB Effective July 1, 2018\\n * 1-c. Except with respect to dwelling accommodations subject to\\nsubdivision one-a or one-b of this section, notwithstanding the\\nprovisions of subdivision one of this section or any regulation\\npromulgated pursuant to the emergency housing rent control law, the\\nlocal emergency housing rent control act, the emergency tenant\\nprotection act of nineteen seventy-four, or any local law enacted\\npursuant thereto, upon completion of the rehabilitation of a multiple\\ndwelling which is aided by a loan pursuant to this article made by the\\nmunicipality on or after September first, nineteen hundred eighty-six,\\nthe agency shall establish the initial rent for each rental dwelling\\nunit within the multiple dwelling. All dwelling units within the\\nmultiple dwelling subsequent to establishment of initial rents by the\\nagency shall be subject to the rent stabilization law of nineteen\\nhundred sixty-nine. The occupant in possession of such a dwelling unit\\nwhen it is made subject to the rent stabilization law of nineteen\\nhundred sixty-nine shall be offered a choice of a one or two year lease\\nat the initial rents established by the agency notwithstanding any\\ncontrary provisions of, or regulations adopted pursuant to, the rent\\nstabilization law of nineteen hundred sixty-nine and the emergency\\ntenant protection act of nineteen seventy-four. The agency shall cause\\nall tenants in occupancy of each dwelling unit affected by the\\nprovisions of this section to be notified of and have an opportunity to\\ncomment on the contemplated rehabilitation. Such notification shall\\nadvise such tenants of the approximate expected rent increase and the\\nsubsequent availability of a one or two year lease. Such notification\\nand opportunity to comment shall be provided before the rehabilitation\\nand again after the construction is completed and before the\\nestablishment of the initial rents.\\n * NB Expires July 1, 2018\\n 2. The municipality may, by local law, provide for exemption from\\ntaxation of any increase in valuation resulting from the installation,\\nalterations or improvements performed with the aid of such loans or for\\nabatement of taxation on such property, including the land, or for both\\nsuch exemption and abatement, to the same extent, for the same period,\\nand under the same terms and conditions as such exemption or abatement,\\nor both, may be provided by local law enacted under the terms of any\\ncurrently effective statute authorizing the granting of tax exemption or\\ntax abatement, or both, in aid of the rehabilitation, alteration or\\nimprovement of multiple dwellings or the elimination of unhealthful or\\ndangerous conditions therein. Notwithstanding any contrary provisions of\\nany general, special or local law, a property aided by a loan pursuant\\nto this article shall not be ineligible for tax exemption or tax\\nabatement or both, as provided by local law enacted pursuant to statute,\\nsolely because such property is not subject to control of rents under\\nthe emergency housing rent control law or local law enacted pursuant to\\nthe local emergency housing rent control act, but such tax exemption and\\ntax abatement shall terminate if and when such property is subject to\\ncontrol of rents neither under the emergency housing rent control law,\\nlocal law enacted pursuant to the local emergency housing rent control\\nact or this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "406", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "406", "activeDate" : "2014-09-22", "sequenceNo" : 251, "repealedDate" : null, "fromSection" : "406", "toSection" : "406", "text" : " § 406. Rules and regulations. An agency may promulgate supplementary\\nrules and regulations to carry out the provisions of this article, not\\ninconsistent with the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "407", "title" : "Participation by certain corporations and individuals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "407", "activeDate" : "2014-09-22", "sequenceNo" : 252, "repealedDate" : null, "fromSection" : "407", "toSection" : "407", "text" : " § 407. Participation by certain corporations and individuals. 1. One\\nor more banking institutions, foundations, labor unions, employers'\\nassociations, veterans' organizations, insurance companies, trustees,\\nfiduciaries or any combination of the foregoing, shall have the power to\\nparticipate and invest, singly or jointly, with a municipality or the\\nNew York city housing development corporation in a bond or note and\\nsingle participating mortgage, or in separate bonds or notes and\\nmortgages pursuant to and in accordance with the provisions of this\\narticle. As used in this section, the terms \"trustees\" and \"fiduciaries\"\\nshall include any fiduciary or fiduciaries holding funds for investment.\\n 2. Banking institutions and insurance companies may exercise such\\npower on such conditions as may be prescribed or authorized by the\\nsuperintendent of financial services.\\n 3. Where one or more banking institutions, foundations, labor unions,\\nemployers' associations, veterans' organizations, insurance companies,\\ntrustees or fiduciaries participates and invests with a municipality or\\nthe New York city housing development corporation as provided in\\nsubdivision one, the interest of each need not be equal as to priority\\nof lien, interest rate, time or rate of amortization or otherwise.\\n 4. Where a municipality joins with one or more corporations\\norganizations or individuals of the kind hereinabove mentioned in making\\na loan secured by a single participating mortgage or by separate\\nmortgages, the municipality may make provision, either in the mortgage\\nor mortgages or by separate agreement, for the performance of such\\nservices as are generally performed by a banking institution or\\ninsurance company which itself owns and holds a mortgage or by a trustee\\nunder a trust mortgage. The agency is hereby authorized to act as\\ntrustee or to consent to the appointment of a banking institution to act\\nin such capacity.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "408", "title" : "Minimization of displacement", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-09", "2024-07-05" ], "docLevelId" : "408", "activeDate" : "2014-09-22", "sequenceNo" : 253, "repealedDate" : null, "fromSection" : "408", "toSection" : "408", "text" : " * § 408. Minimization of displacement. The agency shall use its best\\nefforts to ensure that activities carried out pursuant to this article\\nare structured so as to minimize the likelihood of any involuntary\\nphysical or economic displacement of tenants who reside in multiple\\ndwellings which are the subject of such activities, other than\\ntemporarily, as a direct result of rehabilitation work which is\\nperformed in such multiple dwelling in which case suitable temporary\\nrelocation arrangements shall be provided.\\n * NB Expires July 1, 2018\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 9 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A8-A", "title" : "Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "8-A", "activeDate" : "2014-09-22", "sequenceNo" : 254, "repealedDate" : null, "fromSection" : "450", "toSection" : "457", "text" : " ARTICLE VIII-A\\n SMALL LOANS TO OWNERS OF MULTIPLE DWELLINGS TO REMOVE\\n SUBSTANDARD OR INSANITARY CONDITIONS\\nSection 450. Policy and purposes of article.\\n 451. Definitions.\\n 452. Loans to owners.\\n 453. Conditions precedent to making such loans.\\n 454. Servicing of municipal loans by banking institutions.\\n 455. Rules and regulations.\\n 456. Minimization of displacement.\\n 457. Records.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "450", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "450", "activeDate" : "2014-09-22", "sequenceNo" : 255, "repealedDate" : null, "fromSection" : "450", "toSection" : "450", "text" : " § 450. Policy and purposes of article. It is hereby declared that\\nthere exists in municipalities in this state a seriously inadequate\\nsupply of safe and sanitary dwelling accommodations; that such shortage\\nconstitutes an emergency and a grave menace to the health, safety,\\nmorals, welfare and comfort of citizens of this state; that existing\\nconditions of deterioration of housing marked by noncompliance with the\\nmultiple dwelling law or local housing codes threaten a further decrease\\nin such supply; that rehabilitation and improvement of dwellings to\\nprolong the useful life of such dwellings may be necessary to arrest\\nsuch conditions of deterioration; that the elimination of such\\nconditions by rehabilitation or other improvement cannot readily be\\nprovided by the ordinary unaided operation of private enterprise without\\npublic aid in the form of low interest loans to owners of such multiple\\ndwellings; that such rehabilitation or other improvement of such\\ndwellings to bring them into conformance with the multiple dwelling law\\nand local housing codes is a public use, a public purpose and a city\\npurpose for which public money may be loaned by a municipality and for\\nwhich indebtedness may be contracted by a municipality; that such\\nconditions require the provisions hereinafter enacted, and the necessity\\nin the public interest for the provisions hereinafter enacted is hereby\\ndeclared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "451", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "451", "activeDate" : "2014-09-22", "sequenceNo" : 256, "repealedDate" : null, "fromSection" : "451", "toSection" : "451", "text" : " § 451. Definitions. As used in this article the following terms shall\\nmean:\\n 1. \"Existing multiple dwelling.\" Any dwelling classified as a multiple\\ndwelling pursuant to the multiple dwelling law and in existence on the\\ndate upon which an application for a loan pursuant to this article is\\nreceived by the municipality. For purposes of this article an existing\\nmultiple dwelling shall be deemed to include any garden-type maisonette\\ndwelling project consisting of a series of dwelling units which together\\nand in their aggregate were arranged or designed to provide three or\\nmore apartments and are provided as a group collectively with all\\nessential services such as, but not limited to, water supply, house\\nsewers and heat, and which are in existence and operated as a unit under\\nsingle ownership on the date upon which an application for a loan\\npursuant to this article is received by the municipality,\\nnotwithstanding that certificates of occupancy were issued for portions\\nthereof as private dwellings.\\n 2. \"Occupancy by persons of low income.\" Occupancy by persons paying\\nrentals or carrying charges not in excess of the average rentals or\\ncarrying charges prevailing in local projects of municipally-aided\\nlimited-profit housing companies aided under article two of this\\nchapter, the occupancy of which commenced on or after May eighteenth,\\nnineteen hundred seventy.\\n 3. \"Owner.\" An individual, partnership, corporation or other entity,\\nincluding a non-profit company, a mutual company, or a housing\\ndevelopment fund company, which holds record title in fee simple to the\\nmultiple dwelling and the real property upon which it is situate or the\\nlessee thereof under a lease the unexpired term of which shall be not\\nless than the term of the loan to be made under this article.\\n 4. \"Federal grant funds.\" Any grants received from the United States\\nof America for community development activities or for the\\nrehabilitation or conservation of multiple dwellings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "452", "title" : "Loans to owners", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-02", "2023-10-27", "2024-07-05" ], "docLevelId" : "452", "activeDate" : "2014-09-22", "sequenceNo" : 257, "repealedDate" : null, "fromSection" : "452", "toSection" : "452", "text" : " § 452. Loans to owners. 1. Notwithstanding the provisions of any\\ngeneral, special or local law, a municipality is hereby authorized to\\nmake or contract to make loans to the owners of existing multiple\\ndwellings within its territorial limits, subject to the limitations in\\nsubdivision two of this section, for the elimination of any substandard\\nor insanitary condition or conditions in violation of the multiple\\ndwelling law or local housing code, 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.\\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. The amount of any such loan shall not exceed the sum of\\nthirty-five thousand dollars ($35,000) per dwelling unit, or the cost of\\neliminating such substandard or insanitary condition or conditions, or\\neffecting such rehabilitation or improvement, whichever is less. Each\\nsuch note shall be repaid within a period of the probable life of the\\nexisting multiple dwelling which is hereby determined to be thirty\\nyears, or such shorter period as the supervising agency shall determine.\\nThe repayment shall be made in such manner as may be provided in such\\nnote and contract, if any, in connection with such loan and may\\nauthorize such owner, with the consent of the supervising agency, to\\nprepay the principal of the loan subject to such terms and conditions as\\ntherein provided. Such note and contract may contain such other terms\\nand provisions not inconsistent with the provisions of this article as\\nthe local 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.\\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 three of the lien law, except\\nthat the lien shall be valid for one year after the maturity date of the\\nfinal installment payable under said note and thereafter as provided in\\nsection seventeen of the lien law. Upon payment of all sums advanced by\\nthe municipality and interest thereon and upon demand of the then record\\nowner of the real property, the agency shall deliver to him a copy of\\nthe financing statement with an endorsement thereon that the lien is\\nsatisfied; upon filing of such copy in the office where the financing\\nstatement was filed and upon payment of the proper fee therefor, the\\nlien of such financing statement shall be discharged.\\n 4. The supervising agency may require the owner to execute a mortgage\\nas security for a loan in lieu of a financing statement as provided in\\nthe foregoing subsection three. Such mortgage shall contain such terms\\nand provisions not inconsistent with the provisions of this article as\\nthe supervising agency shall deem necessary or desirable to secure\\nrepayment of the loan under this article.\\n 5. The supervising agency may charge the owner of such existing\\nmultiple dwelling reasonable fees for financing, regulation, supervision\\nand audit. Such fees shall be kept by the municipality in a separate\\nfund to be known as the article VIII-A housing rehabilitation fund and\\nshall be used to help meet the expenses of the municipality in\\nadministering and carrying out the provisions of this article.\\n 6. In the case of a loan made pursuant to this article, the\\nsupervising agency may pay any liens and charges the priority of which\\nis superior to its mortgage and may pay such other expenses as may be\\nappropriate to protect its loan or to protect the lien of the mortgage\\nrelating thereto, provided that such expenditures shall not exceed the\\ntotal amount of such loan.\\n * 7. Notwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, the emergency tenant protection act of\\nnineteen seventy-four, or any local law enacted pursuant thereto, upon\\ncompletion of the rehabilitation of a multiple dwelling which is aided\\nby a loan made pursuant to this article, the supervising agency, may as\\nan alternative to permissible rental adjustments under such laws and\\nregulations, adjust the rent for each rental dwelling unit within the\\nmultiple dwelling. The initial rental adjustment, if set by the\\nsupervising agency, shall be established based solely on the debt\\nservice attributable to the loan, provided, that the supervising agency\\nmay establish rental adjustments less than such debt service, provided\\nfurther that the supervising agency may establish greater rental\\nadjustments for vacant dwelling units than for occupied dwelling units.\\nThe supervising agency shall cause all tenants in occupancy of each\\ndwelling unit affected by the provisions of this subdivision to be\\nnotified of and have an opportunity to comment on contemplated\\nrehabilitation. Such notification shall advise such tenants of the\\napproximate expected rent increase. Such notification and opportunity to\\ncomment shall be provided before the rehabilitation and again after the\\nconstruction is completed and before the establishment of the rental\\nadjustment.\\n * NB Expires July 1, 2018\\n * 8. Notwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, the emergency tenant protection act of\\nnineteen seventy-four, or any local law enacted pursuant thereto, upon\\ncompletion of the rehabilitation of a class B multiple dwelling, class A\\nmultiple dwelling used for single room occupancy purposes, lodging house\\nor a substantially vacant building intended to be used after\\nrehabilitation for single room occupancy purposes and which is aided by\\na loan pursuant to this article made by the municipality on or after\\nSeptember first, nineteen hundred eighty-five, the agency shall\\nestablish the initial rent for each rental dwelling unit within the\\nmultiple dwelling. All dwelling units within the multiple dwelling\\nsubsequent to establishment of initial rents by the agency shall be\\nsubject to the rent stabilization law of nineteen hundred sixty-nine.\\nThe occupant in possession of such a dwelling unit when it is made\\nsubject to the rent stabilization law of nineteen hundred sixty-nine\\nshall be offered a choice of a one or two year lease at the initial\\nrents established by the agency notwithstanding any contrary provisions\\nof, or regulations adopted pursuant to, the rent stabilization law of\\nnineteen hundred sixty-nine and the emergency tenant protection act of\\nnineteen seventy-four. The agency shall cause all tenants in occupancy\\nof each dwelling unit affected by the provisions of this subdivision to\\nbe notified of and have an opportunity to comment on the contemplated\\nrehabilitation. Such notification shall advise such tenants of the\\napproximate expected rent increase and the subsequent availability of a\\none or two year lease. Such notification and opportunity to comment\\nshall be provided before the rehabilitation and again after the\\nconstruction is completed and before the establishment of the initial\\nrents.\\n * NB Expires July 1, 2018\\n 9. The note or note and contract issued by the owner of any such\\nmultiple dwelling to secure such loan may provide that the loan shall be\\nreduced to zero commencing on the fifteenth year after the execution of\\nthe note or note and contract, provided that, as of the date of such\\nreduction, the multiple dwelling has been and continues to be owned and\\noperated in a manner consistent with a regulatory agreement with the\\nmunicipality. Notwithstanding such provision as contained in the note or\\nnote and contract, the loan shall be reduced to zero only if, prior to\\nor simultaneously with delivery of such note or note and contract, the\\nagency made a written determination that such reduction would be\\nnecessary to ensure the continued affordability or economic viability of\\nthe multiple dwelling. Such written determination shall document the\\nbasis upon which the loan was determined to be eligible for evaporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "453", "title" : "Conditions precedent to making such loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27", "2023-11-03" ], "docLevelId" : "453", "activeDate" : "2014-09-22", "sequenceNo" : 258, "repealedDate" : null, "fromSection" : "453", "toSection" : "453", "text" : " § 453. Conditions precedent to making such loans.\\n 1. No such loan shall be made by a municipality to an owner of an\\nexisting multiple dwelling unless the owner of such multiple dwelling\\nshall covenant in writing that so long as any part of such loan shall\\nremain unpaid:\\n (a) Each dwelling unit in such multiple dwelling shall be available\\nsolely for occupancy by persons of low income;\\n (b) No person who lives in such multiple dwelling at the time the loan\\nis made shall be required to move because of the rehabilitation or\\nimprovement financed thereby;\\n (c) All persons operating or managing such multiple dwelling will\\npermit the duly authorized officers, employees, agents or inspectors of\\nthe municipality to enter in or upon and inspect such multiple dwelling\\nat all reasonable hours; and\\n (d) The municipality by such duly authorized representatives as\\naforesaid shall have full power to investigate into and order the owner\\nof such multiple dwelling to furnish such reports and information as it\\nmay require concerning such rehabilitation or improvement and shall have\\nfull power to audit the books of said owner with respect to such\\nmatters; and\\n (e) The owner will submit to the supervising agency annually a\\nstatement of the income and expenses of such multiple dwelling, in such\\nform as shall be approved by such agency.\\n 2. No such loan shall be made by a municipality unless such owner\\nexecuted an affidavit that he was unable to obtain financing for such\\nrehabilitation or improvement because of the neighborhood, the age of\\nthe building, or other factors indicating an inability of the private\\nsector unaided to cause such rehabilitation or improvement to be made.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "454", "title" : "Servicing of municipal loans by banking institutions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "454", "activeDate" : "2014-09-22", "sequenceNo" : 259, "repealedDate" : null, "fromSection" : "454", "toSection" : "454", "text" : " § 454. Servicing of municipal loans by banking institutions. The\\nmunicipality is authorized to make provision, either in the loan\\nagreement or by separate agreement, for the performance by one or more\\nbanking institutions of such services as are generally performed by any\\nsuch bank itself owning and holding such a loan and as may be approved\\nby the superintendent of financial services, for which services a bank\\nmay make and collect such service charges as the superintendent shall\\nprescribe or approve.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "455", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "455", "activeDate" : "2014-09-22", "sequenceNo" : 260, "repealedDate" : null, "fromSection" : "455", "toSection" : "455", "text" : " § 455. Rules and regulations. The supervising agency may promulgate\\nsupplementary rules and regulations to carry out the provisions of this\\narticle, not inconsistent with the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "456", "title" : "Minimization of displacement", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-02", "2024-07-05" ], "docLevelId" : "456", "activeDate" : "2014-09-22", "sequenceNo" : 261, "repealedDate" : null, "fromSection" : "456", "toSection" : "456", "text" : " * § 456. Minimization of displacement. The supervising agency shall\\nuse its best efforts to ensure that activities carried out pursuant to\\nsubdivisions seven and eight of section four hundred fifty-two of this\\narticle are structured so as to minimize the likelihood of any\\ninvoluntary economic displacement of tenants who reside in multiple\\ndwellings which are the subject of such activities. However, if\\ntemporary physical displacement is required as a direct result of\\nrehabilitation work which is performed in such multiple dwelling\\nreceiving a loan pursuant to this article suitable temporary relocation\\narrangements shall be provided.\\n * NB Expires July 1, 2018\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "457", "title" : "Records", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-02", "2024-07-05" ], "docLevelId" : "457", "activeDate" : "2014-09-22", "sequenceNo" : 262, "repealedDate" : null, "fromSection" : "457", "toSection" : "457", "text" : " * § 457. Records. The supervising agency shall take reasonable steps\\nto determine and maintain a record of tenants economically displaced by\\nvirtue of the exercise of powers granted pursuant to subdivisions seven\\nand eight of section four hundred fifty-two of this article.\\n * NB Expires July 1, 2018\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 8 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A8-B", "title" : "Loans to Owner-occupants of One to Four Unit Private and Multiple Dwellings", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "8-B", "activeDate" : "2014-09-22", "sequenceNo" : 263, "repealedDate" : null, "fromSection" : "470", "toSection" : "478", "text" : " ARTICLE VIII-B\\n LOANS TO OWNER-OCCUPANTS OF ONE TO FOUR UNIT\\n PRIVATE AND MULTIPLE DWELLINGS\\nSection 470. Policy and purposes of article.\\n 471. Definitions.\\n 472. Loans to owner-occupants.\\n 473. Conditions precedent to making such loans.\\n 474. Servicing of loans by banking institutions and loan\\n servicing companies.\\n 475. Interest reduction subsidies.\\n 476. Mortgage recording tax exemption.\\n 477. Rules and regulations.\\n 478. Source of funds.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "470", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "470", "activeDate" : "2014-09-22", "sequenceNo" : 264, "repealedDate" : null, "fromSection" : "470", "toSection" : "470", "text" : " § 470. Policy and purposes of article. It is hereby declared and found\\nthat there exists in municipalities within the state substandard and\\nunsanitary areas and neighborhoods containing deteriorated\\nowner-occupied one to four unit private and multiple dwellings, and that\\nthe rehabilitation of such dwellings is necessary in order to aid in the\\nprevention and elimination of slums and blight in such areas and\\nneighborhoods.\\n It further is found that there exists in such municipalities a\\nseriously inadequate supply of safe and sanitary owner-occupied one to\\nfour unit private and multiple dwellings, particularly for persons of\\nlow and moderate income, that existing non-compliance with local housing\\ncodes and with the multiple dwelling law and the multiple residence law\\nthreatens to decrease such supply, and that the rehabilitation and\\nimprovement of such dwellings is necessary to arrest such conditions of\\ndeterioration.\\n It further is found that the elimination of such conditions by\\nrehabilitation or other improvements cannot be readily provided without\\npublic aid in the form of low interest loans to low and moderate income\\nowner-occupants of such one to four unit dwellings.\\n The rehabilitation or other improvements of such dwellings owned and\\noccupied by low and moderate income persons or families, is hereby\\ndeclared a public purpose and a municipal purpose for which public\\nmonies may be loaned.\\n In order, further, to promote the preservation and rehabilitation of\\nsuch dwellings, it is hereby declared that additional provisions should\\nbe made to provide public monies for interest reduction subsidies for\\nprivate loans made by private investors for such rehabilitation.\\n The necessity in the public interest for the provisions of this\\narticle is hereby declared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "471", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "471", "activeDate" : "2014-09-22", "sequenceNo" : 265, "repealedDate" : null, "fromSection" : "471", "toSection" : "471", "text" : " § 471. Definitions. 1. \"Agency\" shall mean any agency or\\ninstrumentality of a municipality that is created by legislation and\\ndesignated by the chief executive to act on behalf of the municipality\\nwith regard to the provisions of this article.\\n 2. \"Banking organization\" shall mean any corporation, association or\\norganization organized under the banking laws of New York state or the\\nUnited States which is authorized to transact business in this state.\\n 3. \"Existing multiple dwelling\" shall mean any dwelling classified as\\na multiple dwelling pursuant to the multiple dwelling law or the\\nmultiple residence law and in existence on the date upon which an\\napplication for a loan pursuant to this article is received by the\\nagency.\\n 4. \"Existing private dwelling\" shall mean any dwelling classified as a\\nprivate dwelling pursuant to the multiple dwelling law or the multiple\\nresidence law and in existence on the date upon which an application for\\na loan pursuant to this article is received by the agency.\\n 5. \"Federal grant funds\" shall mean any grants received from the\\nfederal government for community development activities or for the\\nrehabilitation or conservation of private or multiple dwellings.\\n 6. \"Low and moderate income persons\" shall mean persons and families\\nwho cannot afford to improve their homes by relying upon the ordinary\\nunaided operation of private enterprise.\\n 7. \"Municipality\" shall mean any city, town or village.\\n 8. \"Owner\" shall mean an individual or individuals, a partnership, or\\na joint tenancy, tenancy in common or tenancy by the entirety holding\\nrecord title in fee simple to an existing private or multiple dwelling\\nand the real property upon which it is situated. \"Owner\" shall be deemed\\nto also include a cooperative corporation or a condominium association.\\n 9. \"Owner-occupant\" shall mean an owner who occupies at least one of\\nthe units in a one to four unit dwelling as his or her principal\\nresidence. In the case of a partnership, joint tenancy, tenancy in\\ncommon or tenancy by the entirety, at least one partner or tenant must\\nbe an owner-occupant. In the case of a cooperative or condominium a\\nmajority of the units must be owner-occupied. The term \"owner-occupant\"\\nshall include an owner of a vacant one to four unit dwelling who\\ndemonstrates an intention to move into one of the units after the\\nrehabilitation of the property.\\n 10. \"Private investor\" shall mean one or more banking organizations,\\nfoundations, public benefit corporations, labor unions, credit unions,\\nemployers' associations, veterans' organizations, colleges,\\nuniversities, educational institutions, child care institutions,\\nhospitals, medical research institutes, insurance companies, trustees or\\nfiduciaries, trustees of pension and retirement funds and systems,\\ncorporations, partnerships, individuals or other entities or any\\ncombination of the foregoing, and shall include the United States of\\nAmerica and any of its agencies and departments.\\n 11. \"Rehabilitation\" shall mean the installation, replacement, or\\nrepair of heating, plumbing, electrical and related systems or the\\nelimination of conditions dangerous to human life or detrimental to\\nhealth, including nuisances as defined in local housing or health codes\\nor as defined in section three hundred nine of the multiple dwelling\\nlaw, or in section three hundred five of the multiple residence law, or\\nother rehabilitation or general property and energy conservation\\nimprovements.\\n 12. \"State grant funds\" shall mean any grants received from the state\\nor any public benefit corporation for community development activities\\nor for the rehabilitation or conservation of private or multiple\\ndwellings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "472", "title" : "Loans to owner-occupants", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "472", "activeDate" : "2014-09-22", "sequenceNo" : 266, "repealedDate" : null, "fromSection" : "472", "toSection" : "472", "text" : " § 472. Loans to owner-occupants. 1. Notwithstanding the provisions of\\nany general, special or local law, a municipality, acting through an\\nagency, is authorized to make, or contract to make, loans to low and\\nmoderate income owner-occupants of one to four unit existing private or\\nmultiple dwellings within its territorial limits, subject to the\\nlimitation of subdivisions two through seven of this section, in such\\namounts as shall be required for the rehabilitation of such dwellings,\\nprovided, however, that such loans shall not exceed sixty thousand\\ndollars per dwelling unit. Such loans may also include the refinancing\\nof the outstanding indebtedness of such dwellings, and the municipality\\nmay make temporary loans or advances to such owner-occupants in\\nanticipation of permanent loans for such purposes.\\n 2. Each loan shall be evidenced by a note executed by the\\nowner-occupant of the existing dwelling. Repayment of each such note\\nshall be within a period of the probable life of the existing dwelling\\nwhich is hereby determined to be thirty years, or such shorter period as\\nthe agency shall determine. The repayment shall be made in such manner\\nas may be provided in such note and contract, if any, in connection with\\nsuch loan, and may authorize such owner-occupant, with the consent of\\nthe agency, to prepay the principal of the loan subject to such terms\\nand conditions as therein provided. In order to make any such loan\\naffordable to the owner-occupant, the agency may provide in such note\\nand contract that all of the outstanding principal of said loan may be\\nself-liquidated over a fifteen year period of owner-occupancy. Such note\\nand contract may contain such other terms and provisions not\\ninconsistent with the provisions of this article as the agency may deem\\nnecessary or desirable to secure repayment of the loan, the interest\\nthereon, if any, and other charges in connection therewith, and to carry\\nout the purposes and provisions of this article.\\n 3. The agency in its discretion may require that the owner-occupant\\nexecute, acknowledge and deliver a uniform commercial code financing\\nstatement for the real property improvement to be in such form as the\\nagency shall specify and in accordance with the requirements of section\\n9--502 of the uniform commercial code of the state of New York. Said\\nfinancing statement shall be filed or recorded without charge in\\naccordance with the provisions of paragraph one of subsection (a) of\\nsection 9--501 of the uniform commercial code, and from the date of such\\nfiling the municipality shall have a lien against said real property\\nimprovement for the amount advanced or so much thereof as remains unpaid\\ntogether with the interest thereon. Upon payment of all sums advanced by\\nthe municipality and interest thereon, and upon demand of the then\\nrecord owner of the real property, the agency shall deliver a copy of\\nthe financing statement with an endorsement thereon that the lien is\\nsatisfied. Upon filing of such copy in the office where the financing\\nstatement was filed and upon payment of the proper fee therefor, the\\nlien of such financing statement shall be discharged.\\n 4. The agency may require the owner-occupant to execute a mortgage as\\nsecurity for a loan in lieu of or in addition to a financing statement\\nas provided in subdivision three of this section. Such mortgage shall\\ncontain such terms and provisions not inconsistent with the provisions\\nof this article as the agency shall deem necessary or desirable to\\nsecure repayment of the loan.\\n 5. Loans may be made with respect to a one to four unit private or\\nmultiple dwelling encumbered by mortgages, provided no mortgage is in\\ndefault, except if such default shall be remedied by the proposed\\nrehabilitation or improvement.\\n 6. The agency may charge the owner-occupant of such existing private\\nor multiple dwelling reasonable fees for administration, financing,\\nregulation, supervision and audit.\\n 7. In making a loan under this article, an agency shall have the power\\nto participate in a loan made by any private investor, provided that the\\nportion of the loan funded by the agency shall not exceed an amount\\nequal to seventy-five percent of the total loan. The agency may enter\\ninto an agreement with a private investor to deposit funds with such\\nprivate investor to cover the agency's participation in loans to\\nowner-occupants of one to four unit existing private and multiple\\ndwellings with such funds advanced by such private investor to\\nowner-occupants of existing dwellings. The portion of the loan funded by\\nthe agency may be equal to or subordinate in lien to the portion of the\\nloan funded by the private investor and the note and contract may\\ncontain such terms with respect to interest rate, if any, and time of\\npayment of principal and interest as determined by the agency. The\\nagency may make provision, either in the mortgage or mortgages or by\\nseparate agreement, for the performance by the private investor of such\\nservices as are generally performed by a banking institution which\\nitself holds a mortgage, including, without limitation, construction\\nloan advances, construction supervision, initiation of foreclosure\\nproceedings, procurement of insurance, and all other matters in\\nconnection with the financing, supervision, regulation and audit of any\\nsuch loan. In order to make the loan affordable to the owner-occupant,\\nthe agency may provide an interest reduction subsidy pursuant to section\\nfour hundred seventy-five of this article, or may provide that all or\\npart of the agency's portion of the outstanding principal of any such\\nparticipation loan may be self-liquidated over a fifteen year period of\\nowner-occupancy.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "473", "title" : "Conditions precedent to making such loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "473", "activeDate" : "2014-09-22", "sequenceNo" : 267, "repealedDate" : null, "fromSection" : "473", "toSection" : "473", "text" : " § 473. Conditions precedent to making such loans. 1. No such loan\\nshall be made to an owner-occupant of an existing private or multiple\\ndwelling unless the owner-occupant of such private or multiple dwelling\\nshall covenant in writing that so long as any part of such loan shall\\nremain unpaid: (i) the owner-occupant or managing agent or operator of\\nsuch dwelling shall permit the duly authorized officers, employees,\\nagents or inspectors of the agency to enter in or upon and inspect such\\nprivate or multiple dwelling at all reasonable hours; (ii) the agency by\\nsuch duly authorized representatives as aforesaid shall have full power\\nto investigate into and order the owner-occupant of such dwelling to\\nfurnish such reports and information as it may require concerning such\\nrehabilitation or improvement and shall have full power to audit the\\nbooks of said owner with respect to such matters; and (iii) if the\\nproperty to be rehabilitated is a multiple dwelling, the owner-occupant\\nwill submit to the agency annually a statement of income and expenses of\\nsuch dwelling, in such form as shall be approved by the agency.\\n 2. A municipality shall neither make nor participate in a loan to an\\nowner-occupant of an existing private or multiple dwelling pursuant to\\nthis article unless the agency finds that the area in which such\\ndwelling is situated is a blighted, deteriorated or deteriorating area\\nor has a blighting influence on the surrounding area, or is in danger of\\nbecoming a slum or a blighted area because of the existence of\\nsubstandard, unsanitary, deteriorating or deteriorated conditions, an\\naged housing stock, or other factors indicating an inability of the\\nprivate sector to cause such rehabilitation to be made.\\n 3. The agency shall have the power to impose additional terms and\\nconditions precedent to make such loans.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "474", "title" : "Servicing of loans by banking institutions and loan servicing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "474", "activeDate" : "2014-09-22", "sequenceNo" : 268, "repealedDate" : null, "fromSection" : "474", "toSection" : "474", "text" : " § 474. Servicing of loans by banking institutions and loan servicing\\ncompanies. 1. The agency is authorized to make provision in the note and\\nloan agreement or by separate agreement for the performance by one or\\nmore banking institutions of such services as are generally performed by\\nany such bank itself owning and holding such a loan and as may be\\napproved by the superintendent of financial services for which services\\na bank may make and collect such service charges as the superintendent\\nshall prescribe or approve.\\n 2. The agency is authorized to make provision in the note and loan\\nagreement or by separate agreement for the servicing of such loans by a\\nloan servicing company and such services may include, but not be limited\\nto, the collection of the debt services on such loans and the\\nestablishment, administration, and distribution of an escrow account for\\nthe payment of the owner-occupant's real estate taxes, sewer and water\\nrents and fire insurance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "475", "title" : "Interest reduction subsidies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "475", "activeDate" : "2014-09-22", "sequenceNo" : 269, "repealedDate" : null, "fromSection" : "475", "toSection" : "475", "text" : " § 475. Interest reduction subsidies. Notwithstanding the provisions of\\nany general, special or local law, a municipality, acting through an\\nagency, is authorized to provide, or contract to provide, interest\\nreduction subsidies for loans made by private investors to low and\\nmoderate income owner-occupants of one to four unit existing private or\\nmultiple dwellings within its territorial limits, if such\\nowner-occupants would have been eligible under the provisions of this\\narticle for a loan made by the municipality pursuant to this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "476", "title" : "Mortgage recording tax exemption", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "476", "activeDate" : "2014-09-22", "sequenceNo" : 270, "repealedDate" : null, "fromSection" : "476", "toSection" : "476", "text" : " § 476. Mortgage recording tax exemption. Notwithstanding any\\ninconsistent provision of law, mortgages to secure a loan made pursuant\\nto the provisions of this article shall be exempt from the mortgage\\nrecording taxes imposed by article eleven of the tax law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "477", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "477", "activeDate" : "2014-09-22", "sequenceNo" : 271, "repealedDate" : null, "fromSection" : "477", "toSection" : "477", "text" : " § 477. Rules and regulations. The agency may promulgate rules and\\nregulations to carry out the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "478", "title" : "Source of funds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "478", "activeDate" : "2014-09-22", "sequenceNo" : 272, "repealedDate" : null, "fromSection" : "478", "toSection" : "478", "text" : " § 478. Source of funds. A municipality may utilize federal grant\\nfunds, state grant funds or any municipal funds to make loans and to\\nprovide interest reduction subsidies pursuant to this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 9 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A9", "title" : "Acquisition of Property", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "9", "activeDate" : "2014-09-22", "sequenceNo" : 273, "repealedDate" : null, "fromSection" : "500", "toSection" : "508", "text" : " ARTICLE IX\\n ACQUISITION OF PROPERTY\\nSection 500. Acquisition of real property.\\n 501. Proceedings to acquire.\\n 502. Condemnation of excess property.\\n 503. Sale or lease of municipal lands to a housing company.\\n 504. Re-entry of lands sold or leased.\\n 507. Condemnation certificate of commissioner.\\n 508. Notice of public hearing.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "500", "title" : "Acquisition of real property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "500", "activeDate" : "2014-09-22", "sequenceNo" : 274, "repealedDate" : null, "fromSection" : "500", "toSection" : "500", "text" : " § 500. Acquisition of real property. Real property may be acquired by\\na housing company, a limited-profit housing company or by a municipality\\nfor a housing company or a limited-profit housing company, by gift,\\ngrant, devise, purchase, condemnation or otherwise.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "501", "title" : "Proceedings to acquire", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "501", "activeDate" : "2014-09-22", "sequenceNo" : 275, "repealedDate" : null, "fromSection" : "501", "toSection" : "501", "text" : " § 501. Proceedings to acquire. 1. A housing company or a\\nlimited-profit housing company electing to acquire through a\\nmunicipality, may petition the municipality to institute proceedings\\nunder any applicable general, special or local law, to acquire property\\ndescribed in the petition for a project. The resolution granting the\\npetition shall set forth the amount to be paid by the housing company or\\nlimited-profit housing company to the municipality for such property or\\nin lieu thereof that the housing company or limited-profit housing\\ncompany shall pay to the municipality all sums expended or required to\\nbe expended by the municipality in the acquisition thereof, and the time\\nof payment and manner of securing payment thereof, and may require that\\nthe municipality shall receive, before proceeding with the acquisition\\nof such property, such assurances as to payment or reimbursement by the\\nhousing company or limited-profit housing company or otherwise as the\\nmunicipality may deem advisable. Upon the passage of a resolution by the\\nlocal legislative body of the municipality granting the petition, the\\nhousing company or limited-profit housing company shall cause two copies\\nof surveys or maps of the property described in the petition to be made,\\none of which shall be filed in the office of the housing company or\\nlimited-profit housing company, one in the office of the corporation\\ncounsel or chief law officer of the municipality. The filing of such\\ncopies of surveys or maps shall be conclusive evidence of the acceptance\\nby the housing company or limited-profit housing company of the terms\\nand conditions of such resolution. The municipality may proceed in\\naccordance with the provisions of the eminent domain procedure law. When\\ntitle to the property shall have vested in the municipality, it shall\\nconvey the same to the housing company or limited-profit housing company\\nupon payment by the housing company or limited-profit housing company of\\nthe sums and the giving of the security required by the resolution\\ngranting the petition. As soon as title shall have vested in the\\nmunicipality, the housing company or limited-profit housing company may,\\nupon the authorization of the mayor, enter upon the property taken, take\\nover and dispose of existing improvements, and carry out the terms of\\nthe project with respect thereto. Whenever in connection with\\nacquisition proceedings, requirement is made in any applicable general,\\nspecial or local law for the performance of an act by a department or\\nofficer of the municipality, it shall be regarded for the purposes of\\nthis section as compliance therewith if with the approval of the mayor\\nsuch act is performed by the housing company or limited-profit housing\\ncompany or by persons specially designated by it.\\n 2. In any proceedings for the assessment of compensation and damages\\nfor property taken or to be taken by condemnation by or for a housing\\ncompany or limited-profit housing company, the following provisions\\nshall be applicable:\\n (a) Evidence of the price and other terms upon any sale or the rent\\nreceived or reserved, whichever is less, and other terms upon any\\noption, lease or tenancy relating to any of the property taken or to be\\ntaken or to any similar property in the vicinity when the option, sale\\nor lease was given, occurred or the tenancy existed, within a reasonable\\ntime of the trial, shall be admissible on direct examination. At any\\nstage of the proceeding, the court or tribunal may require such prior\\nnotice to be given of an intention to introduce evidence as to the sale,\\noption, leasing or tenancy of property other than the property directly\\ninvolved in the proceeding and of particulars relating thereto as it may\\ndeem necessary to prevent surprise.\\n (b) The deposition of any person, whether or not a party, may be taken\\nin the manner provided by article thirty-one of the civil practice law\\nand rules, and the provisions of this section. Such deposition may be\\ntaken upon any question or issue in the proceeding, including the facts\\nas to any sale, option, lease or tenancy admissible in evidence pursuant\\nto this subdivision. The deposition may be taken at the instance of the\\nhousing company or limited-profit housing company, the municipality or\\nof any owner or at the direction of the court, at any time during the\\npendency of the action or proceeding. At least five days' notice, or if\\nservice is through the mails, at least eight days' notice, shall be\\ngiven of the taking of the testimony, if on the part of an owner, to the\\nhousing company or limited-profit housing company and to all other\\nowners who have appeared in the proceeding; if by the housing company or\\nlimited-profit housing company or a municipality, to all owners who have\\nappeared in the proceeding.\\n (c) Any time during the pendency of such action or proceedings, a\\nhousing company or limited-profit housing company, municipality or an\\nowner may apply to the court for an order directing an owner or the\\nhousing company or limited-profit housing company or the municipality,\\nas the case may be, to show cause why further proceedings should not be\\nexpedited, and the court may upon such application make an order\\nrequiring that the hearings proceed and that any other steps be taken\\nwith all possible expedition.\\n (d) For the purposes of this article, the award of compensation shall\\nnot be increased by reason of any increase in the value of the property\\ncaused by the clearance, reconstruction or proposed clearance or\\nreconstruction for the purposes of this chapter of the property or of\\nthe area in which the property is situated. No allowance shall be made\\nfor improvements begun on property after notice to the owner of such\\nproperty of the institution of the proceedings to condemn such property.\\n (e) Evidence shall be admissible bearing upon the insanitary, unsafe\\nor substandard condition of the premises, or the illegal use thereof, or\\nthe enhancement of rentals from such illegal use, and such evidence may\\nbe considered in fixing the compensation to be paid, notwithstanding\\nthat no steps to remedy or abate such conditions have been taken by the\\ndepartment or officers having jurisdiction. If a violation order is on\\nfile against the premises in any such department, it shall constitute\\nprima facie evidence of the existence of the condition specified in such\\norder.\\n (f) If any of the property included within the project is devoted to a\\npublic use, it may nevertheless be acquired provided that no property\\nbelonging to the municipality or to any government may be acquired\\nwithout its consent, and no property belonging to a public utility\\ncorporation may be acquired without the approval of the commission or\\nother officer or tribunal having regulatory power over such corporation.\\n (g) Upon the trial, evidence of the price and other terms upon a sale\\nor assignment or of a contract for the sale or assignment of a mortgage,\\naward, proposed award, transfer of a tax lien or lien of a judgment\\nrelating to property taken, shall be relevant, material and competent,\\nupon the issue of value or damage and shall be admissible on direct\\nexamination.\\n (h) Upon the trial a statement, affidavit, deposition, report,\\ntranscript of testimony in an action or proceeding, or appraisal made or\\ngiven by any owner or prior owner of the premises taken, or by any\\nperson on his behalf, to any court, governmental bureau, department or\\nagency respecting the value of the property for tax purposes, shall be\\nrelevant, material and competent upon the issue of value or damage and\\nshall be admissible on direct examination.\\n (i) The term \"owner,\" as used in this section, shall include a person\\nhaving an estate, interest or easement in the property to be acquired or\\na lien, charge or encumbrance thereon.\\n 3. The term \"housing company\", as used in this section, shall include\\na housing development fund company organized pursuant to the provisions\\nof article eleven of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "502", "title" : "Condemnation of excess property", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "502", "activeDate" : "2014-09-22", "sequenceNo" : 276, "repealedDate" : null, "fromSection" : "502", "toSection" : "502", "text" : " § 502. Condemnation of excess property. A municipality may take\\nprivate property for a limited-profit housing company by condemnation\\nfor the purpose of providing low rent housing for families of low\\nincome, or for the clearance, replanning, reconstruction and\\nrehabilitation of areas, or for both of such purposes, and for\\nrecreational and other facilities incidental or appurtenant thereto, but\\nin excess of that required for public use after such purposes shall have\\nbeen accomplished. A municipality or a limited-profit housing company\\nmay improve and utilize such excess property wholly or partly for any\\nother public purpose, or may lease or sell such excess property with\\nrestrictions to preserve and protect the project or projects.\\nProceedings to acquire such excess property may be brought by the\\nmunicipality for a limited-profit housing company in the same manner as\\nfor the real property required for the project and may be included in\\nthe proceedings for the acquisition of real property required for the\\nproject.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "503", "title" : "Sale or lease of municipal lands to a housing company", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "503", "activeDate" : "2014-09-22", "sequenceNo" : 277, "repealedDate" : null, "fromSection" : "503", "toSection" : "503", "text" : " § 503. Sale or lease of municipal lands to a housing company. 1. The\\nlocal legislative body of a municipality, by resolution, may determine\\nthat real property of the municipality, specified and described in such\\nresolution is not required for use by the municipality and may authorize\\nthe municipality to sell or lease such real property to a housing\\ncompany.\\n 2. Notwithstanding the provisions of any general, special or local law\\nor ordinance, such sale or lease may be made without appraisal, public\\nnotice or public bidding for such price or rental and upon such terms\\n(and, in case of a lease, for such term not exceeding fifty years with a\\nright to one renewal term of thirty years) as may be agreed upon between\\nthe municipality and the housing company.\\n 3. Before any sale or lease to a housing company shall be authorized,\\na public hearing shall be held by the local legislative body to consider\\nthe proposed sale or lease.\\n 4. Notice of such hearing shall be published at least ten days before\\nthe date set for the hearing in such publication and in such manner as\\nmay be designated by the local legislative body.\\n 5. The deed or lease of such property shall be executed in the same\\nmanner as a deed or lease by the municipality for other real property\\nand shall contain appropriate conditions and provisions to enable the\\nmunicipality to re-enter the property in the event of a violation by the\\nhousing company of any of the provisions of this chapter relating to\\nsuch company or of the conditions or provisions of such deed or lease.\\n 6. A housing company purchasing or leasing land from a municipality,\\nshall not, without the written approval of the municipality, use such\\nland for any purpose except in connection with a project approved under\\nthis chapter. The deed shall contain a condition that the company will\\ndevote the land granted only for the purposes of a project, subject to\\nthe restrictions of this chapter for breach of which the municipality\\nshall have the right to re-enter and repossess itself of the land.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "504", "title" : "Re-entry of lands sold or leased", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "504", "activeDate" : "2014-09-22", "sequenceNo" : 278, "repealedDate" : null, "fromSection" : "504", "toSection" : "504", "text" : " § 504. Re-entry of lands sold or leased. 1. After the expiration of\\none year from the sale or lease of real property by the municipality to\\na housing company, the municipality shall have the right of re-entry in\\nthe manner hereinafter provided. Such right of re-entry may, where the\\nproperty has been sold, be exercised at any time prior to twenty years\\nafter such sale, or where the property has been leased, at any time\\nprior to the termination of the lease. The local legislative body may\\nby resolution determine to re-enter the real property of any housing\\ncompany which has purchased or leased property from the municipality.\\n 2. A certified copy of such resolution shall be filed in the office of\\nthe county clerk or register in which the deed or lease of such property\\nis recorded, and shall be served upon the housing company and also upon\\nall obligees, mortgagees or holders of liens upon the real property or\\nupon any interest therein. Upon the filing of such resolution all\\nindebtedness of the housing company shall become immediately due and\\npayable.\\n 3. The municipality shall, within ninety days after the filing of the\\nresolution to re-enter, or as soon thereafter as may be feasible, pay to\\nthe company a sum which, together with the assets of such company, shall\\nbe sufficient to discharge all the indebtedness of the company, pay the\\nreasonable expenses of liquidation and dissolution and return to the\\nholders of stock and debentures then outstanding, the par value thereof\\nplus interest at the rate of six per centum per annum and any accrued\\nand unpaid dividends or interest on such outstanding stock and\\ndebentures.\\n 4. Upon the making of such payment the housing company shall deliver\\nto the municipality proper instruments evidencing the cancellation of\\nthe indebtedness and the surrender of the rights of the company and\\nthereupon the repossession by the municipality shall be complete.\\n 5. In the event of a foreclosure of a mortgage or other lien held by\\nany other person, bodies, institutions, associations, or corporations\\nspecified in section eighty-one the right of re-entry by the\\nmunicipality shall terminate upon the entry of a judgment of foreclosure\\nand sale.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "507", "title" : "Condemnation certificate of commissioner", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "507", "activeDate" : "2014-09-22", "sequenceNo" : 279, "repealedDate" : null, "fromSection" : "507", "toSection" : "507", "text" : " § 507. Condemnation certificate of commissioner. The power of\\ncondemnation shall not be exercised by a housing company, except with\\nthe authorization of such action by the commissioner, which\\nauthorization shall be in the form of a certificate declaring that the\\nacquisition of the property is necessary for the construction of a\\nproject and that the acquisition is in the public interest and necessary\\nfor the public use. Such certificate shall be issued only after a public\\nhearing. The certificate shall state the nature of the interest to be\\nacquired.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "508", "title" : "Notice of public hearing", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "508", "activeDate" : "2014-09-22", "sequenceNo" : 280, "repealedDate" : null, "fromSection" : "508", "toSection" : "508", "text" : " § 508. Notice of public hearing. The hearing shall be held at a time\\nand place appointed by the commissioner who shall give notice of such\\nhearing by publication in a newspaper, designated by him, published or\\ncirculated in the municipality or county wherein the property is\\nlocated, at least ten days prior to such hearing. Where a municipality\\npublishes an official daily publication, notice of hearing shall be\\npublished only in such official publication. A duly certified copy of\\nsuch certificate shall be conclusive evidence as to the matters lawfully\\ncertified therein in any proceeding to acquire property, or any part\\nthereof, set forth in such certificate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 7 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A10", "title" : "Sale or Lease of Projects", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22", "2015-08-21" ], "docLevelId" : "10", "activeDate" : "2014-09-22", "sequenceNo" : 281, "repealedDate" : null, "fromSection" : "550", "toSection" : "560", "text" : " ARTICLE X\\n SALE OR LEASE OF PROJECTS\\nSection 550. Application of article.\\n 551. Definitions.\\n 552. Sale or lease of projects.\\n 553. Conditions precedent to sale or lease.\\n 554. Provisions of lease.\\n 555. Financial structure.\\n 556. Tax exemptions.\\n 557. Supervision of certain housing companies.\\n 558. Subsidies.\\n 559. Savings clause.\\n 560. Laws repealed.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "550", "title" : "Application of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "550", "activeDate" : "2014-09-22", "sequenceNo" : 282, "repealedDate" : null, "fromSection" : "550", "toSection" : "550", "text" : " § 550. Application of article. This article shall apply only to\\nfederal, state or municipal projects purchased or leased from\\nmunicipalities or housing authorities by housing companies. Except as\\notherwise expressly provided in this article, the terms and provisions\\nof this chapter and other applicable laws shall apply to projects sold\\nor leased to housing companies and to housing companies acquiring such\\nprojects.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "551", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "551", "activeDate" : "2014-09-22", "sequenceNo" : 283, "repealedDate" : null, "fromSection" : "551", "toSection" : "551", "text" : " § 551. Definitions. As used in this article, the following terms shall\\nmean and include:\\n 1. \"Cost of acquisition. \" In the case of a project purchased from an\\nauthority or municipality, the cost of acquisition shall include the\\npurchase price, costs incidental to the transfer of title, and the\\nestimated cost, if any, of necessary alterations and repairs to be\\nperformed within six months after transfer of title to the housing\\ncompany. Such cost of acquisition shall, in the case of a limited\\ndividend or state-aided limited-profit housing company, be determined\\nand certified by the commissioner; in the case of a municipally-aided\\nhousing company, it shall be determined and certified by the supervising\\nagency.\\n In the case of a project leased from a municipality or authority, the\\ncost of acquisition shall be the value of the lease to the company, as\\ndetermined and certified by the commissioner in the case of a limited\\ndividend or state-aided limited-profit housing company, or by the\\nsupervising agency, in the case of a municipally-aided limited-profit\\nhousing company.\\n 2. \"Housing company.\" A limited dividend or limited profit housing\\ncompany organized pursuant to the provisions of article four or article\\ntwo of this chapter.\\n 3. \"Project.\" A specific work or improvement, including lands,\\nbuildings and improvements acquired, owned, constructed, managed or\\noperated by an authority or a municipality to provide dwelling\\naccommodations for persons of low income.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "552", "title" : "Sale or lease of projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "552", "activeDate" : "2014-09-22", "sequenceNo" : 284, "repealedDate" : null, "fromSection" : "552", "toSection" : "552", "text" : " § 552. Sale or lease of projects. 1. An authority or a municipality\\nmay grant, sell, lease or convey a project, or part thereof, either\\nprior to, at the date of, or subsequent to the physical completion\\nthereof, to a housing company, without public bidding, public sale or\\npublic offering, and a housing company may accept, purchase, lease or\\notherwise acquire such project or part thereof upon such terms and\\nconditions as may be agreed upon by such authority or municipality and\\nsuch housing company, and provided that such sale or lease and the terms\\nand conditions thereof shall be subject (a) in the case of a\\nfederally-aided project, to the approval of the federal government; (b)\\nin the case of a state-aided project, to the approval of the\\ncommissioner; or (c) in the case of municipally-aided project, to the\\napproval of the supervising agency and the local legislative body. In\\nthe event of a grant, sale, lease or conveyance of a project prior to\\nthe physical completion thereof, the authority or municipality may agree\\nto complete construction and development of such project.\\n 2. The purchase price to be paid on or prior to the date of transfer\\nof title, or upon the physical completion of the project, shall not be\\nless than the amount required by the municipality or authority to pay\\nand retire, or to make provision for the payment and retirement of, all\\nbonds, notes and other obligations issued by the municipality or\\nauthority to finance the project cost.\\n 3. An authority or a municipality which has granted, sold, leased or\\nconveyed a project or part thereof to a housing company may reenter all\\nor part of such project in the manner provided in section five hundred\\nfour of this chapter.\\n 4. The sale or lease of a project to a housing company may be\\nconditioned on the inclusion in the certificate of incorporation of such\\nhousing company of a provision that no dividends or interest be paid on\\nall or any issues of stock or debentures.\\n 5. The parties to any lease or conveyance effecting the transfer of a\\npublicly-assisted project to a housing company, executed prior to the\\neffective date hereof, may amend such lease or conveyance in accordance\\nwith the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "553", "title" : "Conditions precedent to sale or lease", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "553", "activeDate" : "2014-09-22", "sequenceNo" : 285, "repealedDate" : null, "fromSection" : "553", "toSection" : "553", "text" : " § 553. Conditions precedent to sale or lease. No such grant, sale,\\nlease or conveyance under this article shall be made unless (1) the\\nauthority or municipality, after a public hearing on ten days published\\nnotice, and with the approval of the government providing the financial\\nassistance, shall find that such transfer is in the best public\\ninterest, (2) adequate provision will be made for tenant relocation, and\\n(3) adequate provision will be made for the payment or retirement of all\\nbonds, notes and other obligations issued by the municipality or\\nauthority to finance the project cost.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "554", "title" : "Provisions of lease", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "554", "activeDate" : "2014-09-22", "sequenceNo" : 286, "repealedDate" : null, "fromSection" : "554", "toSection" : "554", "text" : " § 554. Provisions of lease. 1. Every lease of a project or a part\\nthereof to a housing company:\\n (a) shall provide that all improvements shall be the property of the\\nlessor;\\n (b) may require that provision be made for the retirement and\\nsurrender of all outstanding shares and debentures upon the termination\\nof the lease;\\n (c) may reserve such easements or other rights in connection with the\\nproperty as may be deemed necessary or desirable for the future planning\\nand development of the municipality and the extension of public\\nfacilities therein;\\n (d) shall contain a provision authorizing the lessor to designate a\\ndirector of the housing company; and\\n (e) may contain such other provisions as are not inconsistent with the\\nprovisions of this chapter.\\n 2. Such lease shall not impose upon the lessor any liability or\\nobligations in connection with or arising out of the financing,\\nconstruction, reconstruction, alteration, management or operation of a\\nproject, but such lease shall contain such provisions as may be\\nnecessary to protect the interests of the authority or municipality.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "555", "title" : "Financial structure", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "555", "activeDate" : "2014-09-22", "sequenceNo" : 287, "repealedDate" : null, "fromSection" : "555", "toSection" : "555", "text" : " § 555. Financial structure. 1. (a) The entire amount to be paid in\\ncash or property by the stockholders and income debenture holders of a\\nhousing company acquiring fee title to a project shall be equivalent to\\nat least twenty per centum of the cost of acquisition of such project as\\ncertified by the commissioner in the case of companies organized\\npursuant to the provisions of article four of this chapter, or at least\\nten per centum of the cost of acquisition in the case of companies\\norganized pursuant to the provisions of article two of this chapter, as\\ncertified by the commissioner or supervising agency, as the case may be.\\n (b) The entire amount to be paid in cash or property by the\\nstockholders and income debenture holders of a housing company acquiring\\na project by lease shall be determined by the commissioner or\\nsupervising agency, as the case may be. In the event a state-aided\\nproject shall be acquired by a municipally-aided company by lease, the\\napproval of the commissioner shall be required in addition to the\\napproval of the supervising agency.\\n 2. The provisions of subdivision one hereof shall not be applicable to\\nany housing company organized pursuant to article four of this chapter\\nif such company shall receive a loan from the federal government or any\\ninstrumentality thereof, or if any mortgage or mortgage bonds insured by\\nthe federal housing administration are used in financing the project, or\\nthe acquisition thereof, in whole or in part. In such case the equity\\nrequired shall be the difference between the amount of such loan or\\nmortgage and the cost of acquisition.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "556", "title" : "Tax exemptions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "556", "activeDate" : "2014-09-22", "sequenceNo" : 288, "repealedDate" : null, "fromSection" : "556", "toSection" : "556", "text" : " § 556. Tax exemptions. Notwithstanding the provisions of section\\nfifty-two, subdivisions three and four of the public housing law, or of\\nsections thirty-three or ninety-three of this chapter, the real property\\nin a project sold or leased as provided in this article, when the\\ntransfer thereunder becomes effective, shall be exempt from local and\\nmunicipal taxes, other than assessments for local improvements, only to\\nsuch extent as may be granted by the local legislative body of any\\nmunicipality in which such project is located; provided, however, that\\nany company to which such project is so sold or leased shall pay, with\\nrespect to each such project, local and municipal taxes in amounts not\\nless than the sum or sums which the authority would be obligated to pay\\nto the municipality had it not sold or leased the project to such\\ncompany. The tax exemption shall operate and continue (1) so long as\\ncapital loans of the company to which such project shall have been sold\\nor leased are outstanding, or in case of lease, so long as obligations\\nof the municipality or authority to the government granting financial\\nassistance to the municipality or authority with respect to the project\\nso leased shall continue and (2) until and unless the project shall be\\nrepossessed by the authority or municipality. Any project that received\\na tax exemption under this section may, upon the expiration of the tax\\nexemption period, be granted an additional tax exemption period of up to\\nfifty years, or until such time as the project is no longer operated\\nunder the restrictions and for the purposes set forth in this article,\\nwhichever is sooner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "557", "title" : "Supervision of certain housing companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "557", "activeDate" : "2014-09-22", "sequenceNo" : 289, "repealedDate" : null, "fromSection" : "557", "toSection" : "557", "text" : " § 557. Supervision of certain housing companies. The provisions of\\nsection thirteen of this chapter requiring the approval by the\\ncommissioner of housing of the persons incorporating a limited-profit\\nhousing company, and the provisions of section fourteen of this chapter\\nrequiring the consent of the commissioner of housing to the filing of a\\ncertificate of incorporation of a limited-profit housing company in the\\noffice of the secretary of state and amendments thereof, shall not apply\\nto a municipally-aided housing company organized for the purpose of\\npurchasing or leasing a federally-aided project or municipally-aided\\nproject from a municipality or housing authority. The deed or lease\\nshall, in such cases, make provision for the supervision of such\\ncompanies by one or more state, federal or municipal agencies.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "558", "title" : "Subsidies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "558", "activeDate" : "2014-09-22", "sequenceNo" : 290, "repealedDate" : null, "fromSection" : "558", "toSection" : "558", "text" : " § 558. Subsidies. 1. The obligation of the state to pay periodic\\nsubsidies to an authority or municipality for a project which has been\\nleased or sold to a housing company, and the obligation of a\\nmunicipality to make subsidies in at least an equal amount, as required\\nby section seventy-three of the public housing law, shall cease as of\\nthe last day of the fiscal year next after the effective date of the\\ngrant, sale, lease or conveyance.\\n 2. In the event that an authority or municipality which has granted,\\nsold, leased or conveyed a project to a housing company, for any reason\\nor in any way resumes possession of such project, the obligations of the\\nstate and municipality to pay subsidies, as provided by the terms of\\nsection seventy-three of the public housing law, shall be deemed\\nrestored as of the first day of the fiscal year next prior to the date\\nof such resumption of possession of such project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "559", "title" : "Savings clause", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "559", "activeDate" : "2014-09-22", "sequenceNo" : 291, "repealedDate" : null, "fromSection" : "559", "toSection" : "559", "text" : " § 559. Savings clause. 1. The repeal of laws as specified in section\\nfive hundred sixty of this article, or amendment of any law as provided\\nby this act, shall not affect or impair the validity of any action taken\\nby any public official under the law in effect immediately prior to the\\ntime this article shall take effect nor affect or impair any contract or\\nremedy or any act done or right accruing, accrued or acquired, or any\\npenalty, forfeiture or punishment under or by virtue of the laws so\\nrepealed and in existence prior to the time when this article takes\\neffect, but the same may be asserted, enforced or prosecuted, and for\\nsuch purposes all of the laws specified in section five hundred sixty\\nare hereby continued in full force and effect.\\n 2. This article or anything herein contained shall not affect or abate\\nany actions, proceedings, civil or criminal, pending at the time when\\nthis article takes effect, brought by, for or against the state, any\\nmunicipality, authority, limited dividend or limited-profit housing\\ncompany, under or in pursuance of the provisions of the laws repealed or\\namended by this article or act; but all such actions or proceedings may\\nbe continued, prosecuted, conducted and completed.\\n 3. If any clause, sentence, paragraph, section or part of this article\\nshall be adjudged by any court of competent jurisdiction to be invalid,\\nsuch judgment shall not affect, impair or invalidate the remainder\\nthereof, but shall be confined in its operation to the clause, sentence,\\nparagraph, section or part thereof directly involved in the controversy\\nin which such judgment shall have been rendered.\\n 4. The provisions of this article shall be construed liberally so as\\nto facilitate the purposes of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "560", "title" : "Laws repealed", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "560", "activeDate" : "2014-09-22", "sequenceNo" : 292, "repealedDate" : null, "fromSection" : "560", "toSection" : "560", "text" : " § 560. Laws repealed. Subdivision four of section thirty-seven of the\\npublic housing law, as added by chapter nine hundred fifty-nine of the\\nlaws of nineteen hundred sixty, and section one hundred thirty-two of\\nsuch law, as amended by chapter one hundred forty-eight of the laws of\\nnineteen hundred forty, and section one hundred thirty-three of such law\\nare hereby repealed.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 11 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A11", "title" : "Housing Development Fund Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "11", "activeDate" : "2014-09-22", "sequenceNo" : 293, "repealedDate" : null, "fromSection" : "570", "toSection" : "582", "text" : " ARTICLE XI\\n HOUSING DEVELOPMENT FUND COMPANIES\\nSection 570. Short title.\\n 571. Statement of legislative findings and purposes.\\n 572. Definitions.\\n 573. Incorporation and organization of housing development\\n fund companies.\\n 574. Establishment of fund.\\n 574-a. Municipal housing development fund.\\n 575. Advances; conditions; repayment.\\n 576. Regulatory agreements.\\n 576-a. Acquisition and disposition of real property by\\n municipality.\\n 576-b. Special provisions with respect to state urban\\n development corporation projects.\\n 576-c. Loans to housing development companies by a\\n municipality.\\n 576-d. Master servicing agreement.\\n 576-e. Municipal housing assistance fund.\\n 577. Tax exemptions.\\n 577-a. Adjusting fair rental equalization for the elderly.\\n 577-b. Payment of arrears for certain taxes.\\n 578. Advisory and educational services.\\n 579. Rules and regulations.\\n 580. Examination by comptroller.\\n 581. Inconsistent provisions in other laws superseded.\\n 582. Separability clause.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "570", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "570", "activeDate" : "2014-09-22", "sequenceNo" : 294, "repealedDate" : null, "fromSection" : "570", "toSection" : "570", "text" : " § 570. Short title. This article shall be known and may be cited and\\nreferred to as the \"housing development fund companies law\".\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "571", "title" : "Statement of legislative findings and purposes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "571", "activeDate" : "2014-09-22", "sequenceNo" : 295, "repealedDate" : null, "fromSection" : "571", "toSection" : "571", "text" : " § 571. Statement of legislative findings and purposes. The legislature\\nhereby finds and declares that there continues to exist in the state a\\nseriously inadequate supply of safe and sanitary dwelling accommodations\\nwithin the financial reach of families and persons of low income. This\\ncondition is contrary to the public interest and threatens the health,\\nsafety, welfare, comfort and security of the people of the state.\\n The legislature further finds and declares that the ordinary\\noperations of private enterprise cannot provide an adequate supply of\\nsafe and sanitary dwelling accommodations at rentals which families and\\npersons of low income can afford.\\n The legislature further finds that eleemosynary institutions,\\nsettlement houses, fraternal and labor organizations, foundations and\\nother non-profit associations are desirous of organizing companies to\\nbuild or rehabilitate housing for low income families; that in order for\\nsuch organizations to build or rehabilitate housing, such organizations\\nneed and can effectively utilize development funds to procure government\\naided or other permanent financing therefor.\\n The legislature further finds that such development funds and the\\nprovision of technical assistance in the organization and management of\\nhousing development fund companies will maximize federal funds and\\ncredits which may be available for the provision of housing for low\\nincome residents of the state.\\n It is the purpose of this act to provide temporary financial and\\ntechnical assistance to enable such companies to participate more\\neffectively in existing municipal, state and federal assistance programs\\nand to make more effective use of other sources of financing which may\\nbe available for housing of persons and families of low income.\\n It is further the purpose of this article to coordinate activities\\naided under existing municipal, state and federal programs with other\\npublic and private actions in order to provide the most effective and\\neconomical concentration of federal, state, local, and private efforts\\nto increase the supply of housing accommodations for persons of low\\nincome, and thereby improve the quality of life for all the people of\\nthe state.\\n It is further the purpose of this article to provide assistance for\\nexisting not-for-profit housing companies by providing advances from the\\nhousing development fund to facilitate the rehabilitation or\\nconstruction of housing for low income families.\\n It is further the purpose of this article to provide assistance for\\nthe improvement of housing for farmworkers by providing advances to\\nlocal loan administrators to make loans to agricultural producers for\\nthe purpose of constructing or improving non-conforming farmworker\\nhousing in order to comply with state regulations relating to such\\nhousing.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "572", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "572", "activeDate" : "2014-09-22", "sequenceNo" : 296, "repealedDate" : null, "fromSection" : "572", "toSection" : "572", "text" : " § 572. Definitions. As used in this article, the following terms shall\\nmean and include:\\n 1. \"Commissioner.\" The commissioner of housing and community renewal\\nof the state of New York.\\n 2. \"Comptroller.\" The comptroller of the state of New York in the\\ncontext of the housing development fund established by section five\\nhundred seventy-four of this article, or the comptroller or chief fiscal\\nofficer of a municipality in the context of the municipal housing\\ndevelopment fund established pursuant to section five hundred\\nseventy-four-a of this article, as the case may be.\\n 3. \"Development cost.\" The cost approved by the commissioner or the\\nsupervising agency, as the case may be, as appropriate expenditures\\nwhich may be incurred prior to commitment and initial advance of the\\nproceeds of a mortgage, including but not limited to: (a) payments for\\noptions to purchase properties on the proposed housing project site,\\ndeposits on contracts of purchase, or, with prior approval of the\\ncommissioner or the supervising agency, as the case may be, payments for\\nthe purchase of such properties; (b) legal and organizational expenses,\\nincluding payment of attorneys' fees, project manager and clerical staff\\nsalaries, office rent and other incidental expenses; (c) payment of fees\\nfor preliminary feasibility studies, advances for planning, engineering\\nand architectural work; (d) expenses for tenant or home ownership\\nsurveys and market analyses; (e) necessary application and other fees;\\n(f) bridge loans which shall mean such interim financing as may be\\nnecessary for the development of residential properties and which shall\\nbe repaid out of equity which may include proceeds from the syndication\\nof the federal low income housing tax credit as established pursuant to\\nthe federal internal revenue code; and (g) such other expenses incurred\\nby the housing development fund company or housing corporation as the\\ncommissioner or the supervising agency, as the case may be, may deem\\nappropriate to effectuate the purposes of this article.\\n 4. \"Division.\" The division of housing and community renewal in the\\nexecutive department of the state of New York.\\n 5. \"Federally-aided mortgage.\" A mortgage made or insured by the\\nfederal government or any agency or instrumentality thereof, or a\\nmortgage loan entered into in conjunction with a housing assistance\\npayments contract in connection with new construction or substantial\\nrehabilitation pursuant to section eight of the United States Housing\\nAct of 1937, as amended.\\n 6. \"Fund.\" The housing development fund created by section five\\nhundred seventy-four of this article, or a municipal housing development\\nfund established pursuant to section five hundred seventy-four-a of this\\narticle, as the case may be.\\n 7. \"Gross project cost.\" The sum total of all reasonable and necessary\\ncosts incurred by a housing development fund company for carrying out\\nall works and undertakings for the development of a housing project.\\nThese shall include but not necessarily be limited to the cost of all\\nnecessary studies, surveys, plans and specifications, architectural,\\nengineering, legal or other special services, financing, acquisition,\\ndemolition, construction, equipment, and site development of new and\\nrehabilitated buildings, rehabilitation, reconstruction, repair or\\nremodeling of existing buildings, and the cost of tenant placement and\\ntenant relocation services in connection with a project.\\n 8. \"Housing project.\" A specific work or improvement undertaken by a\\nhousing development fund company to provide dwelling accommodations,\\nincluding the acquisition, construction and/or rehabilitation of lands,\\nbuildings and improvements, and such commercial, social, recreational,\\ncommunal or other non-housing facilities as may be incidental or\\nappurtenant thereto.\\n 8-a. \"State urban development corporation project.\" A project\\nacquired, owned, constructed, managed or operated by a housing\\ndevelopment fund company which is a subsidiary of the New York state\\nurban development corporation, as the term \"subsidiary\" is defined in\\nthe New York state urban development corporation act.\\n 8-b. \"Farmworker housing project.\" A specific work or improvement that\\nis undertaken by one or more agricultural producers for the construction\\nor improvement of dwelling accommodations for farmworkers who are not\\nfamily members of the agricultural producers. For the purposes of this\\nsection only, an \"agricultural producer\" shall mean a person or entity\\nwhich owns or operates land eligible for an agricultural assessment\\npursuant to section three hundred five or section three hundred six of\\nthe agriculture and markets law and which produces food by the tillage\\nof the soil, or raises, sheers, feeds or manages animals or other\\ndairying processes.\\n 9. \"Housing development fund company.\" A company incorporated and\\norganized pursuant to section five hundred seventy-three of this\\nchapter.\\n 10. \"Local legislative body.\" In a city, the board of aldermen, common\\ncouncil, commission, or other board or body now or hereafter vested with\\njurisdiction to enact ordinances or local laws, except that if there be,\\nin a city of one million population or more, a board of estimate, the\\nterm shall mean only such board of estimate; in a town, the town board;\\nin a village, the board or trustees; in a county, the board of\\nsupervisors.\\n 11. \"State-aided mortgage.\" A loan made by the state of New York or\\nany agency or instrumentality thereof.\\n 12. \"Taxing jurisdiction. \" Any municipal corporation or district\\ncorporation, including any school district or any special district,\\nhaving the power to levy or collect taxes and benefit assessments upon\\nreal property, or in whose behalf such taxes or benefit assessments may\\nbe levied or collected.\\n 13. \"Municipally-aided Mortgage.\" A loan made by a municipality\\npursuant to the provisions of article two of this chapter to a mutual\\ncompany as defined in section twelve of this chapter or to a non-profit\\ncompany incorporated pursuant to the provisions of the not-for-profit\\ncorporation law and article two of this chapter, or a loan made by a\\nmunicipality pursuant to the provisions of article eight of this chapter\\nto a mutual company as defined in section twelve of this chapter or to a\\nnot-for-profit corporation incorporated pursuant to the provisions of\\nthe not-for-profit corporation law and this article or a temporary\\nconstruction loan or advance or a permanent loan that the supervising\\nagency certifies is made pursuant to the provisions of article fifteen\\nof this chapter to a mutual company as defined in section twelve of this\\nchapter or to a not-for-profit corporation incorporated pursuant to the\\nprovisions of the not-for-profit corporation law and this article.\\n 14. \"Supervising Agency.\" The comptroller in a municipality having a\\ncomptroller; in a municipality having no comptroller, the chief fiscal\\nofficer of such municipality; except that in the city of New York it\\nshall be the department of housing preservation and development.\\n 15. \"Housing corporation.\" A not-for-profit or charitable corporation\\nwhich has as one of its primary purposes the improvement of housing for\\npersons of low income, or a wholly owned subsidiary of such corporation\\nor organization.\\n 16. \"Local loan administrator.\" A farm credit bureau or member of the\\nfarm credit system or a banking institution with a demonstrated ability\\nto provide financial assistance and service to agricultural producers\\nthat have entered into a master servicing agreement prescribed pursuant\\nto section five hundred seventy-six-d of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "573", "title" : "Incorporation and organization of non-profit housing corporations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "573", "activeDate" : "2014-09-22", "sequenceNo" : 297, "repealedDate" : null, "fromSection" : "573", "toSection" : "573", "text" : " § 573. Incorporation and organization of non-profit housing\\ncorporations. 1. A housing development fund company shall be\\nincorporated pursuant to the provisions of this article and the\\nprovisions of either (a) the business corporations law, (b) the\\nnot-for-profit corporation law, or (c) the not-for-profit corporation\\nlaw and article two of this chapter.\\n 2. The term \"housing development fund corporation\" or \"housing\\ndevelopment fund company\" shall be included as a part of the corporate\\nname as set forth in the certificate of incorporation.\\n 3. The certificate of incorporation of any such corporation shall, in\\naddition to any other requirements of law, provide:\\n a. that the company has been organized exclusively to develop a\\nhousing project for persons of low income;\\n b. that all income and earnings of the corporation shall be used\\nexclusively for corporate purposes, and that no part of the net income\\nor net earnings of the corporation shall inure to the benefit or profit\\nof any private individual, firm, corporation or association;\\n c. that if the corporation receives a temporary loan or advance from\\nthe housing development fund or a municipal housing development fund, as\\nestablished by or pursuant to article eleven of the private housing\\nfinance law, it shall be authorized to enter into an agreement with the\\ncommissioner of housing and community renewal of the state of New York\\nor the supervising agency, as the case may be, providing for regulation\\nwith respect to rents, profits, dividends and disposition of property or\\nfranchises;\\n d. that if the corporation receives a temporary loan or advance from\\nthe housing development fund or a municipal housing development fund, as\\nestablished by or pursuant to article eleven of the private housing\\nfinance law, the commissioner of housing and community renewal of the\\nstate of New York or the supervising agency, as the case may be, shall\\nhave the power, if, in his or its discretion, he or it determines either\\nthat any such temporary loan or advance is in jeopardy of not being\\nrepaid, or that the proposed housing project for which such temporary\\nloan or advance was made is in jeopardy of not being constructed, to\\nappoint to the board of directors of such corporation a number of new\\ndirectors, which number shall be sufficient to constitute a majority of\\nsuch board, notwithstanding any other provision of such certificate of\\nincorporation or of any other provision of law.\\n 4. The certificate of incorporation of any such corporation organized\\npursuant to the business corporation law and this article shall, in\\naddition, provide that each housing project of such corporation shall be\\noperated exclusively for the benefit of the persons or families who are\\nentitled to occupancy in such housing project by reason of ownership of\\nshares in such corporation, and that such corporation may issue shares\\nfor home owners purchase notes if the purchase transaction has received\\nthe written endorsement of the commissioner in accordance with\\nsupplementary rules and regulations of the commissioner made therefor\\nand if at least two hundred dollars in money or property is received by\\nsuch corporation toward the issuance of such shares.\\n 5. The secretary of state shall not file the certificate of\\nincorporation of any such corporation or any amendment thereto unless\\nthe consent or approval of the commissioner or the supervising agency,\\nas the case may be, is affixed thereon or attached thereto. Consent to\\nthe filing of such certificate of incorporation shall be based upon\\nfindings by the commissioner or supervising agency as to the character\\nand competence of the sponsor.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "574", "title" : "Establishment of fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "574", "activeDate" : "2014-09-22", "sequenceNo" : 298, "repealedDate" : null, "fromSection" : "574", "toSection" : "574", "text" : " § 574. Establishment of fund. 1. There is hereby created and\\nestablished in the division of housing and community renewal a revolving\\nfund to be known as the \"housing development fund.\"\\n 2. There shall be paid into such housing development fund (a) any\\nmoneys appropriated and made available by the state for the purposes of\\nsuch fund, (b) notwithstanding the provisions of the state finance law\\nor any other provision of law, any moneys which the division of housing\\nand community renewal shall receive in repayment of advances made from\\nsuch fund, and (c) any other moneys which may be made available to the\\ndivision of housing and community renewal for the purpose of such fund\\nfrom any other source or sources.\\n 2-a. All moneys paid into the fund from repayments of loans authorized\\nby section five hundred seventy-six-d of this article shall continue to\\nbe made available for the purpose of providing loans pursuant to such\\nsection.\\n 3. Any moneys held in such housing development fund not required for\\nimmediate disbursement may be invested, at the discretion of the\\ncommissioner, in obligations of the state or the United States\\ngovernment or obligations the principal and interest of which are\\nguaranteed by the state or the United States government. Any income or\\ninterest earned by, or increment to, such housing development fund shall\\nbe added to the moneys held in such fund for the purposes herein\\nprovided.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "574-A", "title" : "Municipal housing development fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "574-A", "activeDate" : "2014-09-22", "sequenceNo" : 299, "repealedDate" : null, "fromSection" : "574-A", "toSection" : "574-A", "text" : " § 574-a. Municipal housing development fund. 1. A municipality may\\ncreate and establish a revolving fund to be known as the \"municipal\\nhousing development fund.\" Such a revolving fund shall be created and\\nestablished in the supervising agency.\\n 2. There shall be paid into such municipal housing development fund\\n(a) any moneys appropriated and made available by the municipality for\\nthe purposes of such fund, (b) notwithstanding the provisions of the\\nlocal finance law or any other provision of law, any moneys received in\\nrepayment of advances made from such fund, and (c) any other moneys\\nwhich may be available for the purpose of such fund from any other\\nsource or sources.\\n 3. Any moneys held in such municipal housing development fund not\\nrequired for immediate disbursement may be invested, at the discretion\\nof the supervising agency, in obligations of the state or the United\\nStates government or obligations the principal and interest of which are\\nguaranteed by the state or the United States government. Any income or\\ninterest earned by, or increment to, such municipal housing development\\nfund shall be added to the moneys held in such fund for the purposes\\nherein provided.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "575", "title" : "Advances; conditions; repayment", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "575", "activeDate" : "2014-09-22", "sequenceNo" : 300, "repealedDate" : null, "fromSection" : "575", "toSection" : "575", "text" : " § 575. Advances; conditions; repayment. 1. The commissioner of housing\\nand community renewal is hereby authorized to use the moneys held in the\\nhousing development fund to make non-interest bearing advances to\\nhousing development fund companies, and housing corporations in\\naccordance with the provisions of this article. Such moneys shall be\\npaid out of such fund, after audit by and upon the warrant of the\\ncomptroller, on vouchers approved by the commissioner.\\n 1-a. The supervising agency is hereby authorized to use the moneys\\nheld in the municipal housing development fund or other funds\\nappropriated by the municipality to make non-interest bearing advances\\nto housing development fund companies in accordance with the provisions\\nof this article and the applicable law of the municipality.\\n 2. No such advances shall be made with respect to a housing project\\nunless the commissioner or the supervising agency, as the case may be,\\n(a) finds (1) that the housing development fund company, or housing\\ncorporation proposes to finance the project in whole or in part by a\\nfederally-aided, state-aided or municipally-aided mortgage or (2) that\\nthe project, if otherwise financed, will provide housing for persons or\\nfamilies of low income, as defined in this chapter, and is otherwise\\nconsistent with the purposes of this article; (b) finds that the project\\nsite is suitable, there is a need for this housing type proposed in the\\narea to be served and the project is feasible; and (c) reasonably\\nanticipates that financing will be obtained and makes a finding to that\\neffect.\\n 3. No such advances may be made to a housing corporation unless it\\nenters into an agreement with the commissioner to be regulated with\\nrespect to rents, profits, dividends and disposition of its property or\\nfranchises. No such advances may be made to a housing development fund\\ncompany unless it enters into an agreement in accordance with the\\nprovisions of section five hundred seventy-six of this article.\\n 4. The proceeds of such advance may be used only to defray the\\ndevelopment costs of such project.\\n 5. Each such advance shall either (i) be consolidated with the lien of\\na municipally-aided mortgage, or (ii) be repaid in full by the housing\\ndevelopment fund company, or housing corporation to the division of\\nhousing and community renewal or to the supervising agency as directed\\nin paragraph (b) of subdivision two of section five hundred\\nseventy-four-a of this article, as the case may be. Such repayment shall\\nbe made concurrent with receipt by the housing development fund company\\nor its successor in interest, or housing corporation of the proceeds of\\nits mortgage or construction loan, unless the commissioner or the\\nsupervising agency, as the case may be, shall extend the period for the\\nrepayment of such advances. In no event shall the time of repayment be\\nextended later than the date of final advance of funds pursuant to such\\nmortgage financing.\\n 6. If the commissioner or the supervising agency, as the case may be,\\nin his or its discretion shall, at any time, determine that permanent\\nfinancing for the housing project may not be obtained, then and in that\\nevent all advances made to the housing development fund company, or\\nhousing corporation pursuant to this article shall become due and\\npayable upon the demand of the commissioner or the supervising agency,\\nas the case may be.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576", "title" : "Regulatory agreements", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "576", "activeDate" : "2014-09-22", "sequenceNo" : 301, "repealedDate" : null, "fromSection" : "576", "toSection" : "576", "text" : " § 576. Regulatory agreements. 1. Every housing development fund\\ncompany as a condition precedent to receiving an advance pursuant to\\nthis article, shall enter into an agreement with the commissioner or\\nwith the supervising agency, as the case may be, to be regulated as\\nfollows:\\n a. Maximum rentals shall be fixed by the commissioner or the\\nsupervising agency, as the case may be, based upon the final gross\\nproject cost, at an amount sufficient to pay the necessary costs of the\\nproject.\\n b. Dwellings in any such project shall be available for persons or\\nfamilies whose probable aggregate annual income does not exceed six\\ntimes the rental (including the value or cost to them of heat, light,\\nwater and cooking fuel) of the dwellings to be furnished such persons or\\nfamilies, except that in the case of persons or families with three or\\nmore dependents, such ratio shall not exceed seven to one. For purposes\\nof this paragraph, tenants in a housing project of a housing development\\nfund company organized under the provisions of the business corporations\\nlaw and this article shall have added to their total annual carrying\\ncharges an amount equal to six per centum of the original investment of\\nsuch person or family in the equity obligations of such housing company.\\n c. Profits shall be used for capital improvements or to reduce\\nrentals.\\n d. Ordinary dividends may not be declared. Capital dividends may be\\ndeclared only with the consent of the commissioner or the supervising\\nagency, as the case may be.\\n e. The property or franchises of the corporation may not be disposed\\nof without the consent of the commissioner or the supervising agency, as\\nthe case may be, nor may the corporation be dissolved unless payment in\\nfull is made of remaining balances of principal and interest due and\\nunpaid on any mortgage or mortgages, of any advances made from the fund\\npursuant to this article and of any and all expenses incurred in\\neffecting such dissolution.\\n f. The commissioner or the supervising agency, as the case may be,\\nshall have power, in his or its discretion, if he or it determines that\\nany advance pursuant to this article is in jeopardy of not being repaid,\\nor that the proposed housing project for which such advance was made is\\nin jeopardy of not being constructed, to appoint to the board of\\ndirectors of the corporation a number of new directors, which number\\nshall be sufficient to constitute a majority of such board. Directors so\\nappointed need not be stockholders or members or meet other\\nqualifications which may be prescribed by the certificate of\\nincorporation or by-laws. In the absence of fraud or bad faith\\ndirectors so appointed shall not be personally liable for the debts,\\nobligations or liabilities of the corporation.\\n 2. A regulatory agreement pursuant to this section shall be terminated\\nupon repayment in full of any and all advances made pursuant to this\\narticle provided that such termination shall not take place until (a)\\nassumption of the regulation of the project by the commissioner, in the\\ncase of a state-aided mortgage, or by the supervising agency, in the\\ncase of a municipally-aided mortgage or by the appropriate federal\\nauthorities in the case of a federally-aided mortgage or (b) if the\\nproject is not to be financed with a state-aided, municipally-aided or\\nfederally-aided mortgage, the expiration of any exemption of the real\\nproperty of the project from local and municipal taxes.\\n 3. The commissioner or supervising agency may require a housing\\ndevelopment fund company receiving advances under this article to\\nexecute a financing statement for real property improvement. The\\nfinancing statement shall be in such form as the commissioner or\\nsupervising agency shall prescribe and shall include the name and\\naddress of the housing development fund company and of the agency making\\nthe advances, the location of the project, with a description sufficient\\nto identify the property, including street address, if any, and a\\nstatement that funds have or will be advanced to the company pursuant to\\nthis article and the maximum amount of such advances, together with such\\nother information as the form shall specify. The financing statement\\nshall be filed in the office in which a mechanic's lien affecting the\\nproperty would be filed, which office shall accept it for filing without\\nfee and docket it in the manner of such lien. From the date of such\\nfiling the state or municipality, as the case may be, shall have a lien\\nfor the total of advances under this article made and not repaid. The\\nprovisions of articles two and three of the lien law shall govern such\\nlien, except that it shall be valid for a period of three years from the\\ndate of filing, unless extended as provided in section seventeen of the\\nlien law. Upon repayment of the advances, the commissioner or\\nsupervising agency shall deliver to the housing development fund company\\na copy of the financing statement with an endorsement thereon that the\\nlien is satisfied. Upon filing of such copy, without payment of fee, in\\nthe office in which the financing statement was filed, the lien shall be\\ndischarged.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576-A", "title" : "Acquisition and disposition of real property by municipality", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "576-A", "activeDate" : "2014-09-22", "sequenceNo" : 302, "repealedDate" : null, "fromSection" : "576-A", "toSection" : "576-A", "text" : " § 576-a. Acquisition and disposition of real property by municipality.\\n1. Real property may be acquired by a municipality for a housing\\ndevelopment fund company by gift, grant, devise, purchase, condemnation\\npursuant to the provisions of article nine of this chapter, or\\notherwise.\\n 2. Notwithstanding any other provision of general, special or local\\nlaw, charter or ordinance, a municipality may sell, lease or otherwise\\ndispose of real property to a housing development fund company without\\npublic auction or sealed bids, provided that notice of such sale, lease\\nor other disposition is published and a hearing is held before the local\\nlegislative body not less than ten days after such publication.\\n 3. In any case where a municipality shall acquire real property for or\\nconvey real property to a housing development fund company under the\\nprovisions of this section, the deed or lease of the property to the\\nhousing development fund company shall contain appropriate provisions\\nrestricting the disposition of the property by the housing development\\nfund company, through provisions for a reversion of the property\\nconditioned on its continued use for purposes of housing, provisions\\nrequiring the approval of the municipality to any sale, transfer,\\nexchange, assignment or lease, or otherwise.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576-B", "title" : "Special provisions with respect to state urban development corporation projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "576-B", "activeDate" : "2014-09-22", "sequenceNo" : 303, "repealedDate" : null, "fromSection" : "576-B", "toSection" : "576-B", "text" : " § 576-b. Special provisions with respect to state urban development\\ncorporation projects. Any state urban development corporation project\\nshall comply with the requirements of local laws, ordinances, codes,\\ncharters or regulations applicable to the construction, reconstruction,\\nrehabilitation, alteration or improvement of such project, except where\\nthe state urban development corporation, in its discretion, finds such\\ncompliance not feasible or practicable, in which event such project\\nshall comply with the requirements of the state building construction\\ncode, formulated by the state building code council pursuant to article\\neighteen of the executive law, applicable to such construction,\\nreconstruction, rehabilitation, alteration or improvement. No county,\\ncity, town or village shall have power to modify or change the drawings,\\nplans or specifications for the construction, reconstruction,\\nrehabilitation, or improvement of any such project or the construction,\\nplumbing, heating, lighting or other mechanical branch of work necessary\\nto complete the work in question, nor to require that any person, firm\\nor corporation employed on any such work shall perform any such work in\\nany other or different manner than that provided by such plans and\\nspecifications, nor to require that any such person, firm or corporation\\nobtain any other or additional authority, approval, permit or\\ncertificate from such county, city, town or village as a condition of\\ndoing such work, nor shall any condition whatever be imposed by any such\\ncounty, city, town or village in relation to the work being done, and\\nthe doing of any such work by any person, firm or corporation in\\naccordance with the terms of such drawings, plans, specifications or\\ncontracts shall not subject said person, firm or corporation to any\\nliability or penalty, civil or criminal, other than as may be stated in\\nsuch contracts or incidental to the proper enforcement thereof; nor\\nshall any county, city, town or village have power to require that any\\nsubsidiary of the New York state urban development corporation, or any\\nlessee therefrom or successor in interest thereto, obtain any other or\\nadditional authority, approval, permit, certificate or certificate of\\noccupancy from such county, city, town or village as a condition of\\nowning, using, maintaining, operating or occupying any project acquired,\\nconstructed, reconstructed, rehabilitated or improved by any such\\nsubsidiary of the New York state urban development corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576-C", "title" : "Loans to housing development companies by a municipality", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-02", "2023-10-27", "2024-07-05" ], "docLevelId" : "576-C", "activeDate" : "2014-09-22", "sequenceNo" : 304, "repealedDate" : null, "fromSection" : "576-C", "toSection" : "576-C", "text" : " * § 576-c. Loans to housing development companies by a municipality.\\n1. In addition to the powers granted to municipalities pursuant to this\\narticle, a municipality, acting by its supervising agency, may make\\nloans for the purposes of acquisition, rehabilitation or construction of\\ndwelling accommodations to a non-profit housing development fund\\ncompany, a wholly-owned subsidiary of such company, a partnership the\\ncontrolling interest of which is held by such company and which has\\nagreed to limit profits or rate of return of investors in accordance\\nwith a formula established or approved by the company, or a private\\ndeveloper which has agreed to limit profits or rate of return of\\ninvestors in accordance with a formula established or approved by the\\ncompany, which agrees to provide housing accommodations exclusively for\\npersons and families of low income, at least thirty percent of whom are\\nreferred to it by a municipality and have prior to their initial\\noccupancy in such accommodations resided in emergency shelter facilities\\noperated by or on behalf of the municipality or who are otherwise in\\nneed of emergency shelter as determined by the municipality, providing,\\nhowever, that in the case of a building acquired by such a company,\\nsubsidiary, partnership, or developer the obligation to provide housing\\naccommodations for such persons shall be applicable only to dwelling\\naccommodations which are or become vacant after the date of acquisition.\\nSuch loans may be made for such period of time and pursuant to such\\nterms and conditions as may be required by the municipality, and the\\nsupervising agency of such municipality may provide that the amount of\\nthe note and mortgage shall automatically be reduced to zero in five\\nequal decrements commencing on the tenth year after the initial\\noccupancy date, provided that, as of the date of such reduction, such\\naccommodations have been and continue to be owned and operated in a\\nmanner consistent with an agreement with the municipality contained in\\nsuch note and mortgage to provide housing for such persons.\\nNotwithstanding such provision as contained in the note and mortgage,\\nthe loan shall be reduced to zero only if, prior to or simultaneously\\nwith delivery of such note and mortgage, the supervising agency made a\\nwritten determination that such reduction would be necessary to ensure\\nthe continued affordability or economic viability of such housing\\nproject. Such written determination shall document the basis upon which\\nthe loan was determined to be eligible for evaporation.\\n 2. Notwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, the emergency tenant protection act of\\nnineteen seventy-four, or any local law enacted pursuant thereto, upon\\ncompletion of the rehabilitation of any building used primarily for\\nresidential purposes, in a jurisdiction in which rents are regulated\\npursuant to any of the above laws and which is aided by a loan pursuant\\nto this section made by the municipality, the supervising agency shall\\nestablish the initial rent for each rental dwelling unit within the\\nbuilding. All dwelling units within the building subsequent to\\nestablishment of initial rents by the supervising agency shall be\\nsubject to either the rent stabilization law of nineteen hundred\\nsixty-nine or the emergency tenant protection act of nineteen\\nseventy-four, or both, if applicable to the locality. The tenants in\\noccupancy of such a dwelling unit regulated pursuant to any of the above\\nlaws shall be offered a choice of a one or two year lease at the initial\\nrents established by the supervising agency notwithstanding any contrary\\nprovisions of, or regulations adopted pursuant to, the rent\\nstabilization law of nineteen hundred sixty-nine and the emergency\\ntenant protection act of nineteen seventy-four. The supervising agency\\nshall cause all tenants in occupancy of each dwelling unit affected by\\nthe provisions of this subdivision to be notified of and have an\\nopportunity to comment on the contemplated rehabilitation. Such\\nnotification shall advise such tenants of the approximate expected rent\\nincrease and the subsequent availability of a one or two year lease.\\nSuch notification and opportunity to comment shall be provided before\\nthe rehabilitation and again after the construction is completed and\\nbefore the establishment of the initial rents.\\n 3. The supervising agency shall use its best efforts to ensure that\\nactivities carried out pursuant to this article are structured so as to\\nminimize the likelihood of any involuntary economic displacement of\\ntenants who reside in multiple dwellings which are the subject of such\\nactivities. However, if temporary physical displacement is required as a\\ndirect result of rehabilitation work which is performed in such multiple\\ndwelling receiving a loan pursuant to this article, suitable temporary\\nrelocation arrangements shall be provided.\\n * NB Effective until July 1, 2018\\n * § 576-c. Loans to housing development companies by a municipality.\\nIn addition to the powers granted to municipalities pursuant to this\\narticle, a municipality, acting by its supervising agency, may make\\nloans for the purposes of acquisition, rehabilitation or construction of\\ndwelling accommodations to a non-profit housing development fund\\ncompany, a wholly-owned subsidiary of such company, a partnership the\\ncontrolling interest of which is held by such company and which has\\nagreed to limit profits or rate of return of investors in accordance\\nwith a formula established or approved by the company, or a private\\ndeveloper which has agreed to limit profits or rate of return of\\ninvestors in accordance with a formula established or approved by the\\ncompany, which agrees to provide housing accommodations exclusively for\\npersons and families of low income, at least thirty percent of whom are\\nreferred to it by a municipality and have prior to their initial\\noccupancy in such accommodations resided in emergency shelter facilities\\noperated by or on behalf of the municipality or who are otherwise in\\nneed of emergency shelter as determined by the municipality, providing,\\nhowever, that in the case of a building acquired by such a company,\\nsubsidiary, partnership, or developer the obligation to provide housing\\naccommodations for such persons shall be applicable only to dwelling\\naccommodations which are or become vacant after the date of acquisition.\\nSuch loans may be made for such period of time and pursuant to such\\nterms and conditions as may be required by the municipality, and the\\nsupervising agency of such municipality may provide that the amount of\\nthe note and mortgage shall automatically be reduced to zero in five\\nequal decrements commencing on the tenth year after the initial\\noccupancy date, provided that, as of the date of such reduction, such\\naccommodations have been and continues to be owned and operated in a\\nmanner consistent with an agreement with the municipality contained in\\nsuch note and mortgage to provide housing for such persons.\\nNotwithstanding such provision as contained in the note and mortgage,\\nthe loan shall be reduced to zero only if, prior to or simultaneously\\nwith delivery of such note and mortgage, the supervising agency made a\\nwritten determination that such reduction would be necessary to ensure\\nthe continued affordability or economic viability of such housing\\nproject. Such written determination shall document the basis upon which\\nthe loan was determined to be eligible for evaporation.\\n * NB Effective July 1, 2018\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576-D", "title" : "Master servicing agreement", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2020-04-17" ], "docLevelId" : "576-D", "activeDate" : "2014-09-22", "sequenceNo" : 305, "repealedDate" : null, "fromSection" : "576-D", "toSection" : "576-D", "text" : " § 576-d. Master servicing agreement. 1. The commissioner is hereby\\nauthorized to use the monies held in the housing development fund to\\nmake advances to a local loan administrator that has entered into a\\nwritten master servicing agreement prescribed by the commissioner\\npursuant to subdivision two of this section.\\n 2. The commissioner, in consultation with the comptroller, shall\\nprescribe a master servicing agreement to be executed by the\\ncommissioner and local loan administrators. Such agreement shall provide\\nthat: (a) any advances made to a local loan administrator shall be used\\nsolely for the purpose of providing loans to agricultural producers for\\nundertaking farmworker housing projects; (b) the total amount of loans\\nmade to any single agricultural producer shall not exceed one hundred\\nthousand dollars per annum; (c) the term of any loan shall not exceed\\nten years and equal payments of principal payable no less frequently\\nthan annually shall be required to be made on such loan during the term\\nsuch loan is outstanding which payments will liquidate the entire\\nprincipal balance of the loan over its term; (d) the local loan\\nadministrator is required to pay to the commissioner for deposit into\\nthe housing development fund all repayments including interest, if any,\\nreceived from any agricultural producers on account of such loan, except\\nfor that portion permitted to be retained by the local loan\\nadministrator as a fee pursuant to the master servicing agreement. The\\nmaster servicing agreement shall also set forth: (i) the form of any\\nnote and security agreement to be executed by the agricultural producer\\nin connection with any loan, which shall include a provision that use of\\nthe loan to provide housing for a family member of the borrower or its\\nprincipals shall constitute a default under the loan and security\\nagreement; (ii) the rate of interest, if any, to be charged on any loan;\\n(iii) the amount of any fee to be retained by the local loan\\nadministrator for servicing any loan; (iv) the form of application\\nrequired to be completed by an agricultural producer for any loan; (v)\\nthe form of requisition and certification to be required from a local\\nloan administrator to obtain an advance of funds from the commissioner;\\n(vi) any other conditions to be imposed upon an agricultural producer as\\na condition of receiving a loan; (vii) the responsibilities to be\\nperformed by the local loan administrator in connection with reviewing,\\napproving and servicing the loan and the circumstances under which the\\ncommissioner may terminate a master servicing agreement; (viii)\\nconditions necessary to insure prompt closing on loans for which funds\\nare advanced, including payment of interest of funds from the time\\nadvanced until utilized; and (ix) such other requirements as the\\ncommissioner may from time to time establish by rules and regulations\\nconsistent with the purposes of this section.\\n 3. (a) The commissioner shall, subject to the availability of funds as\\nappropriated by the legislature, advance from the housing development\\nfund to a local loan administrator the amount of funds requested in any\\nrequisition within fifteen business days after receipt of all of the\\nfollowing: a completed requisition for an advance of funds; copies of\\nany applications and any supporting documentation to which such\\nrequisition pertains; and a certification from the local loan\\nadministrator with respect to such requisition in addition to any other\\nrepresentation and statement required by the commissioner. The\\ncertification from the local loan administrator shall state that: (i)\\nthe loan administrator has performed its responsibilities in connection\\nwith review and approval of applications to which such requisition\\npertains, (ii) to the best of the local loan administrator's knowledge\\nthe loans, to which the advances pertain, comply with the master\\nservicing agreement and the provisions of this section, and (iii) the\\nborrowers have demonstrated their ability to make the repayments\\nrequired under the loan. In the event that funds are not available or\\nthe commissioner determines that the requisition, application or\\ncertification is defective, it shall so notify the local loan\\nadministrator within fifteen business days after receipt of the\\nrequisition.\\n (b) The commissioner shall establish criteria for prioritizing loan\\napplications in the event that the requisitions submitted to the\\ncommissioner by one or more local loan administrators exceed the amount\\nthen available for the purposes of this section. Such criteria shall\\ngive a priority to housing for farmworkers and take into account: (i)\\nwhether the farmworker housing project to which the application pertains\\nis for the purpose of bringing non-conforming accommodations in\\ncompliance with the provisions of the state sanitary code or the state\\nfire prevention and building code; (ii) whether the farmworker housing\\nproject to which the application pertains is the most cost effective\\napproach to enable the agricultural producer to construct or\\nrehabilitate dwelling accommodations for farmworkers; (iii) whether the\\nagricultural producer making application lacks the financial resources\\nto undertake the farmworker housing project without obtaining a loan\\npursuant to this section; and (iv) such other factors as the\\ncommissioner deems relevant. In applying the criteria to be utilized for\\nprioritizing loans, the commissioner shall be entitled to rely on the\\ninformation contained in the copies of the applications submitted with\\nthe requisition.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "576-E", "title" : "Municipal housing assistance fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "576-E", "activeDate" : "2014-09-22", "sequenceNo" : 306, "repealedDate" : null, "fromSection" : "576-E", "toSection" : "576-E", "text" : " § 576-e. Municipal housing assistance fund. 1. A municipality may\\ncreate and establish a fund to be known as the \"municipal housing\\nassistance fund\". Such a fund shall be created and established in the\\nsupervising agency.\\n 2. There may be paid into such municipal housing assistance fund (a)\\nany moneys appropriated and made available by the municipality for the\\npurposes of such fund, (b) notwithstanding the provisions of the local\\nfinance law or any other provisions of law, any moneys received in\\nrepayment of loans from such fund, and (c) any other moneys which may be\\navailable for the purpose of such fund from any other source or sources.\\n 3. The purpose of such fund shall be to make loans to housing\\ndevelopment fund companies which have agreed to acquire residential\\nproperties by deed from the commissioner of finance of a municipality\\nand to operate and manage such properties in accordance with a\\nregulatory agreement with the municipality until the properties are\\ntransferred to a new owner approved by the municipality.\\n 4. The supervising agency may make loans from the fund to enable such\\nhousing development fund companies to pay development costs and any\\nother expenses incurred by the housing development fund company and\\napproved by the supervising agency.\\n 5. Any housing development fund company which receives a loan pursuant\\nto this section shall execute a note and regulatory agreement. The note\\nmay provide that it shall be reduced to zero over a period of continued\\ncompliance with either the regulatory agreement required pursuant to\\nthis section or such other regulatory agreement as the supervising\\nagency shall require. The loan shall be reduced to zero only if prior to\\nor simultaneously with delivery of such note, the supervising agency has\\nmade a written determination that such reduction would be necessary to\\nensure the continued affordability or economic viability of the project.\\nSuch written determination shall document the basis upon which the loan\\nwas determined eligible for evaporation.\\n 6. A regulatory agreement pursuant to this section may terminate upon\\nsuch terms and conditions as provided by the supervising agency.\\n 7. A housing development fund company which receives a loan pursuant\\nto this section shall provide in its certificate of incorporation that\\nthe supervising agency shall have the power if in its discretion it\\ndetermines that the company has defaulted in its obligations to the\\nmunicipality to appoint to the board of such corporation a number of new\\ndirectors which number shall be sufficient to constitute a majority of\\nthe board, notwithstanding any other provisions of such certificate or\\nof any other provision of law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "577", "title" : "Tax exemptions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-04-23" ], "docLevelId" : "577", "activeDate" : "2014-09-22", "sequenceNo" : 307, "repealedDate" : null, "fromSection" : "577", "toSection" : "577", "text" : " § 577. Tax exemptions. 1. (a) The local legislative body of any\\nmunicipality in which a project of a housing development fund company is\\nor is to be located may exempt the real property in such project from\\nlocal and municipal taxes including school taxes, other than assessments\\nfor local improvements, to the extent of all or part of the value of the\\nproperty included in the completed project. The tax exemption shall\\noperate and continue for such period as may be provided by such local\\nlegislative body, but in no event for a period of more than forty years,\\ncommencing in each instance from the date on which the benefits of such\\nexemption first became available and effective.\\n (b) Where a municipality acts on behalf of another taxing jurisdiction\\nin assessing real property for the purpose of taxation, or in levying\\ntaxes therefor, the action of the local legislative body of such\\nmunicipality in granting such tax exemption shall have the effect of\\nexempting the real property in such project from local and municipal\\ntaxes including school taxes, other than assessments for local\\nimprovements, levied by or in behalf of both such taxing jurisdictions.\\n (c) The local legislative body of any municipality may grant an\\nexemption under paragraph (a) of this subdivision to the real property\\nof a project of any entity to which it is authorized to make a loan\\npursuant to section five hundred seventy-six-c of this article.\\n (d) In a city having a population of one million or more, within one\\nhundred twenty days following receipt of a written submission from the\\nsupervising agency requesting a tax exemption pursuant to paragraph (a)\\nof this subdivision for the real property containing the project of a\\nhousing development fund company, the local legislative body shall\\napprove or disapprove by resolution the requested tax exemption. If the\\nlocal legislative body fails to take such action within one hundred\\ntwenty days following receipt of such written submission from such\\nsupervising agency, then the tax exemption requested by the supervising\\nagency shall be deemed approved pursuant to paragraph (a) of this\\nsubdivision.\\n 2. Any inconsistent provision of law to the contrary notwithstanding,\\nmortgages of a housing development fund company shall be exempt from the\\nmortgage recording taxes imposed by article eleven of the tax law.\\n 3. (a) Notwithstanding the provisions of subdivision one hereof, the\\nreal property of a state urban development corporation project acquired,\\nowned, constructed, managed or operated by a company incorporated\\npursuant to the not-for-profit corporation law and this article shall be\\nentitled to all the benefits provided by section four hundred twenty-two\\nof the real property tax law. The real property of a state urban\\ndevelopment corporation project, other than a state urban development\\ncorporation project acquired, owned, constructed, managed or operated by\\na company incorporated pursuant to the not-for-profit corporation law\\nand this article, shall be exempt from all local and municipal taxes,\\nother than assessments for local improvements, to the extent of the\\nvalue of the property included in such project as represents an increase\\nover the assessed valuation of the real property, both land and\\nimprovements, acquired for the project on the date of its acquisition by\\nthe housing development fund company. The tax exemption shall operate\\nand continue so long as the mortgage loans of such housing development\\nfund company are outstanding, but in no event for a period of more than\\nforty years, commencing in each instance from the date when such housing\\ndevelopment fund company first acquired such property. If a state urban\\ndevelopment corporation project qualifying for tax exemption pursuant to\\nthis subdivision is sold, with the approval of the commissioner, to\\nanother housing development fund company, such successor company shall\\nbe entitled to all the benefits of this subdivision.\\n (b) In the event a state urban development corporation project is not\\nsubject to a state-aided, federally-aided or municipally-aided mortgage,\\nas defined herein, it shall receive the tax exemption granted under\\nparagraph (a) of this subdivision only if it has entered into a\\nregulatory agreement with the commissioner pursuant to section five\\nhundred seventy-six of this article, and such tax exemption shall\\ncontinue only so long as such agreement is in force and effect.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "577-A", "title" : "Adjusting fair rental equalization for the elderly", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "577-A", "activeDate" : "2014-09-22", "sequenceNo" : 308, "repealedDate" : null, "fromSection" : "577-A", "toSection" : "577-A", "text" : " § 577-a. Adjusting fair rental equalization for the elderly. (a) For\\nthe purpose of enabling lower income elderly persons to continue in\\noccupancy without paying rentals in excess of a fair proportion of their\\nincome, any municipality having a population of less than one million is\\nauthorized to make and to contract to make periodic payments to a\\nhousing development fund company in an amount not exceeding the\\ndifference between the rent or carrying charges for the dwellings\\noccupied by such lower income persons and one-third of their net\\nprobable aggregate annual income, where such rent or carrying charges\\nexceed such one-third of income; provided that the aggregate amount of\\nperiodic payments to be made in accordance with contracts entered into\\nby the municipality during any fiscal year thereof pursuant to this\\nsection, subdivision nine of section thirty-one, subdivision seven of\\nsection eighty-five-a, and section one hundred twenty-six of this\\nchapter shall not exceed the aggregate amount of all real property taxes\\npaid or payable during such fiscal year by all companies organized\\npursuant to this article, article II, article IV, and article V of this\\nchapter and the aggregate estimated receipts of all such companies in\\nsuch fiscal year from rental surcharges collected or to be collected\\npursuant to this chapter.\\n (b) Such payments shall be made only where over-income tenants are\\nrequired to pay surcharges to the municipality.\\n (c) Such payments shall be made only on account of a person or family\\nin occupancy where the head of the household is sixty-two years of age\\nor older and is not a recipient of public assistance pursuant to the\\nsocial services law, and where the net probable aggregate annual income\\nof the person or family in occupancy does not exceed six thousand five\\nhundred dollars a year. Notwithstanding the provisions of subdivision\\ntwenty-nine of section two of this chapter, net probable aggregate\\nannual income as used in this subdivision shall mean the annual income\\nof family members from all sources after deduction of federal, state and\\ncity income taxes; provided that any municipality may provide that\\nincreases in benefits under the social security act which take effect\\nafter such person or family has assumed occupancy shall not be taken\\ninto account.\\n (d) A company having a contract with the municipality pursuant to this\\nsubdivision may not collect from persons or families in occupancy on\\nwhose account such payments are made any rentals in excess of the\\namounts specified in such contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "577-B", "title" : "Payment of arrears for certain taxes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "577-B", "activeDate" : "2014-09-22", "sequenceNo" : 309, "repealedDate" : null, "fromSection" : "577-B", "toSection" : "577-B", "text" : " § 577-b. Payment of arrears for certain taxes. 1. The term eligible\\nproperty as used in this section shall mean a multiple dwelling located\\nin a city with a population of one million or more and owned by a\\ncompany established pursuant to this article which:\\n (a) is controlled by and provides housing accommodations to its\\nresident shareholders or members or agrees, on terms approved by the\\nsupervising agency, to offer to the residents of the multiple dwelling\\nthe opportunity to acquire ownership and control of the company; and\\n (b) on January first, two thousand two, had outstanding municipal real\\nestate taxes relating to any period prior to January first, two thousand\\none.\\n 2. (a) The supervising agency may offer to each company that owns an\\neligible property an opportunity to enter into a regulatory agreement\\npursuant to which the obligation to pay arrears of real estate taxes\\nattributable to such property, including interest and penalties if any,\\nshall be dealt with as provided in such agreement.\\n (b) The regulatory agreement shall include the following provisions:\\n (1) a term of thirty years;\\n (2) that the suspension of the obligation to pay arrears shall\\ncontinue provided that the company complies with the terms of the\\nregulatory agreement;\\n (3) that all suspended arrears including interest and penalties shall\\nbe forgiven provided that the company complies with the regulatory\\nagreement for an initial period of ten years;\\n (4) that portions of the suspended arrears may be forgiven during the\\ninitial ten year period pursuant to a schedule established in the\\nregulatory agreement;\\n (5) that any suspended obligations which have not been forgiven may be\\nreinstated if the company fails to comply with the regulatory agreement;\\n (6) that all new municipal charges must be paid in a timely fashion;\\n (7) that the supervising agency shall be authorized to assume control\\nof the company if the company fails to comply with the agreement;\\n (8) that the company must comply with customary financial and other\\nreporting requirements; and\\n (9) that the company shall be required to increase maintenance charges\\nor impose assessments to insure that the company can provide for its\\nobligations.\\n (c) The regulatory agreement shall also include terms to address the\\nfollowing matters as well as any other issues that the supervising\\nagency deems appropriate:\\n (1) establishment of a structured reserve fund;\\n (2) restrictions to insure sales and rentals only to low income\\nindividuals and families;\\n (3) establishment of a transfer fee payable to the company's reserve\\nfund upon the sale of any units;\\n (4) restrictions on subletting;\\n (5) primary residence requirements; and\\n (6) certification of annual elections.\\n (d) The regulatory agreement may contain such alterations to the terms\\nof the original disposition as the supervisory agency deems necessary.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "578", "title" : "Advisory and educational services", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "578", "activeDate" : "2014-09-22", "sequenceNo" : 310, "repealedDate" : null, "fromSection" : "578", "toSection" : "578", "text" : " § 578. Advisory and educational services. The commissioner and the\\nsupervising agency are each hereby authorized to provide to housing\\ndevelopment fund companies such advisory, consultative, training and\\neducational services as will assist them to become eligible borrowers in\\naccordance with the provisions of this article. Such advisory and\\neducational services may include but are not necessarily limited to\\ntechnical and professional planning assistance, the preparation and\\npromulgation of organizational, planning and development outlines and\\nguides, consultation services, training courses, seminars and lectures,\\nthe preparation and dissemination of newsletters and other printed\\nmaterials, and the services of field representatives. The commissioner\\nand the supervising agency are each also authorized to provide advisory,\\nconsultative, technical, training and educational services to housing\\ndevelopment fund companies in the management of such projects and to\\nresidents thereof, including but not limited to home management and such\\nother training and advisory services as may be necessary for the\\nefficient and harmonious management of the project.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "579", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "579", "activeDate" : "2014-09-22", "sequenceNo" : 311, "repealedDate" : null, "fromSection" : "579", "toSection" : "579", "text" : " § 579. Rules and regulations. The commissioner and the supervising\\nagency shall each have power to make rules and regulations to carry out\\ntheir respective powers and duties pursuant to this article and to\\neffectuate the purposes thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "580", "title" : "Examination by comptroller", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "580", "activeDate" : "2014-09-22", "sequenceNo" : 312, "repealedDate" : null, "fromSection" : "580", "toSection" : "580", "text" : " § 580. Examination by comptroller. 1. The comptroller, or his legally\\nauthorized representative, is hereby authorized and empowered from time\\nto time to examine the books and accounts of the division relating to\\nthe housing development fund, and from time to time, not less than once\\nevery five years, to examine the books and accounts of each housing\\ndevelopment fund company which received or is to receive aid from such\\nfund pursuant to this article, including its receipts, disbursements,\\ncontracts, leases, loans, and any other moneys relating to its financial\\noperation, and from time to time, to examine the books and accounts of\\nany local loan administrator which has received advances from such fund\\npursuant to this article, but only insofar as those books and accounts\\nrelate to such advances and to the local loan administrator's compliance\\nwith the master servicing agreement entered into pursuant to section\\nfive hundred seventy-six-d of this article.\\n 2. The comptroller of a municipality or, in the case of a municipality\\nhaving no comptroller, the chief fiscal officer of such municipality, is\\nhereby authorized and empowered from time to time to examine the books\\nand accounts relating to the municipal housing development fund, and the\\nsupervising agency is hereby authorized and empowered from time to time,\\nnot less than once every five years, to examine the books and accounts\\nof each housing development fund company which received or is to receive\\naid from such fund, including its receipts, disbursements, contracts,\\nleases, loans, and any other moneys relating to its financial operation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "581", "title" : "Inconsistent provisions in other laws superseded", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "581", "activeDate" : "2014-09-22", "sequenceNo" : 313, "repealedDate" : null, "fromSection" : "581", "toSection" : "581", "text" : " § 581. Inconsistent provisions in other laws superseded. Insofar as\\nthe provisions of this article are inconsistent with the provisions of\\nany other law, general, special or local, the provisions of this article\\nshall be controlling.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "582", "title" : "Separability clause", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "582", "activeDate" : "2014-09-22", "sequenceNo" : 314, "repealedDate" : null, "fromSection" : "582", "toSection" : "582", "text" : " § 582. Separability clause. If any clause, sentence, paragraph,\\nsection or part of this article shall be adjudged by any court of\\ncompetent jurisdiction to be invalid such judgment shall not affect,\\nimpair or invalidate the remainder thereof, but shall be confined in its\\noperation to the clause, sentence, paragraph, section or part thereof\\ndirectly involved in the controversy in which such judgment shall have\\nbeen rendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 21 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A13", "title" : "Miscellaneous", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22", "2022-12-23", "2023-10-27" ], "docLevelId" : "13", "activeDate" : "2014-09-22", "sequenceNo" : 315, "repealedDate" : null, "fromSection" : "600", "toSection" : "609", "text" : " ARTICLE XIII\\n MISCELLANEOUS\\nSection 600. Construction.\\n 601. Separability clause.\\n 602. Prohibition against discrimination.\\n 603. Pending actions or proceedings.\\n 604. Saving clause.\\n 605. Laws repealed.\\n 606. Extension of the time for payment and suspension of\\n payment of real estate tax liens.\\n 607. Rent regulation of multiple dwellings rehabilitated with\\n a loan granted pursuant to section three hundred twelve\\n of the housing act of nineteen hundred sixty-four.\\n 608. Rent regulation of rehabilitated multiple dwellings aided\\n by certain federal housing assistance programs.\\n 608-a. Rent regulation of rehabilitated multiple dwellings\\n acquired and reconveyed by the federal government.\\n 609. When to take effect.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "600", "title" : "Construction", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "600", "activeDate" : "2014-09-22", "sequenceNo" : 316, "repealedDate" : null, "fromSection" : "600", "toSection" : "600", "text" : " § 600. Construction. This chapter shall be construed liberally to\\neffectuate the purposes hereof, and the enumeration of specific powers\\nin this chapter shall not operate to restrict the meaning of any general\\ngrant of power contained in this chapter or to exclude other powers\\ncomprehended in such general grant.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "601", "title" : "Separability clause", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "601", "activeDate" : "2014-09-22", "sequenceNo" : 317, "repealedDate" : null, "fromSection" : "601", "toSection" : "601", "text" : " § 601. Separability clause. If any clause, sentence, paragraph,\\nsection or part of this chapter shall be adjudged by any court of\\ncompetent jurisdiction to be invalid, such judgment shall not affect,\\nimpair or invalidate the remainder thereof, but shall be confined in its\\noperation to the clause, sentence, paragraph, section or part thereof\\ndirectly involved in the controversy in which such judgment shall have\\nbeen rendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "602", "title" : "Prohibition against discrimination", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "602", "activeDate" : "2014-09-22", "sequenceNo" : 318, "repealedDate" : null, "fromSection" : "602", "toSection" : "602", "text" : " § 602. Prohibition against discrimination. For all the purposes of\\nthis chapter, no person shall, because of race, creed, color or national\\norigin, be subjected to any discrimination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "603", "title" : "Pending actions or proceedings", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "603", "activeDate" : "2014-09-22", "sequenceNo" : 319, "repealedDate" : null, "fromSection" : "603", "toSection" : "603", "text" : " § 603. Pending actions or proceedings. This chapter or anything\\ntherein contained shall not affect or abate any actions, proceedings,\\ncivil or criminal, pending at the time when this chapter shall take\\neffect, brought by, for or against the state, the state division of\\nhousing, any municipality, limited-profit housing company, the New York\\nstate housing finance agency, limited-dividend housing corporation,\\nredevelopment company, urban redevelopment corporation or mortgage\\nfacilities corporation, under or in pursuance of the provisions of the\\nlaws repealed by this chapter; but all such actions or proceedings may\\nbe continued, prosecuted, conducted and completed as if such laws were\\nnot repealed but continued to be fully effective.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "604", "title" : "Saving clause", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "604", "activeDate" : "2014-09-22", "sequenceNo" : 320, "repealedDate" : null, "fromSection" : "604", "toSection" : "604", "text" : " § 604. Saving clause. 1. The repeal of the laws as specified in\\nsection six hundred five and any other provisions of this chapter, shall\\nnot affect or impair any contract or remedy, or any act done or any\\nright accruing, accrued or acquired, taxes, tax obligations, or\\nexemptions from taxation, the validity of or rights as to taxes\\ncollected or proceeds thereof or the validity as to any acts done or\\nrights or exemptions accruing, accrued or acquired under any tax laws,\\ngeneral, local or special, or any penalty, forfeiture or punishment\\nunder or by virtue of the laws so repealed and in existence prior to the\\ntime when this chapter or any section thereof takes effect, but the same\\nmay be asserted, enforced, prosecuted or inflicted and for such purposes\\nall of the laws specified in section six hundred five are hereby\\ncontinued in full force and effect.\\n 2. An act of the legislature of the years nineteen hundred sixty-one\\nor sixty-two which, in form, amends or repeals or purports to amend or\\nrepeal any provision or provisions of articles seven, nine, ten, twelve\\nor twelve-a, of the public housing law, chapter eight hundred forty-five\\nof the laws of nineteen hundred forty-two, chapter eight hundred\\nninety-two of the laws of nineteen hundred forty-one or chapter five\\nhundred sixty-four of the laws of nineteen hundred fifty-six, as in\\nforce immediately prior to March first, nineteen hundred sixty-two,\\nshall be deemed and construed as an amendment or repeal, as the case may\\nbe, of the corresponding provision or provisions of such article,\\nsection or law, as contained in this chapter.\\n 3. An act of the legislature of the years nineteen hundred sixty-one\\nor sixty-two which adds, or purports to add a new section, subdivision\\nor other provision of law to articles seven, nine, ten, twelve or\\ntwelve-a of the public housing law, chapter eight hundred forty-five of\\nthe laws of nineteen hundred forty-two, chapter eight hundred ninety-two\\nof the laws of nineteen hundred forty-one, or chapter five hundred\\nsixty-four of the laws of nineteen hundred fifty-six, as in force\\nimmediately prior to March first, nineteen hundred sixty-two, shall be\\ndeemed and construed as having been added to this chapter and shall be\\ngiven full effect according to its context as if the same had been added\\nexpressly and in terms to this chapter and shall be deemed and construed\\nto have been inserted in this chapter in the appropriate position in\\nregard to and as modifying the effect of the corresponding provision or\\nprovisions of this chapter.\\n 4. Reference in any act of the legislature of the years nineteen\\nhundred sixty-one or sixty-two to articles seven, nine, ten, twelve or\\ntwelve-a of the public housing law, chapter eight hundred forty-five of\\nthe laws of nineteen hundred forty-two, chapter eight hundred ninety-two\\nof the laws of nineteen hundred forty-one or chapter five hundred\\nsixty-four of the laws of nineteen hundred fifty-six, or any provision\\nor provisions thereof, as in force immediately prior to March first,\\nnineteen hundred sixty-two, shall be deemed and construed to refer to\\nthe corresponding article, section or other provision of this chapter\\nand shall be given full effect according to its terms as though\\nspecifically referring to such corresponding article, section or other\\nprovision of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "605", "title" : "Laws repealed", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "605", "activeDate" : "2014-09-22", "sequenceNo" : 321, "repealedDate" : null, "fromSection" : "605", "toSection" : "605", "text" : " § 605. Laws repealed. Of the laws enumerated in the schedule hereto\\nannexed, that portion specified in the last column is hereby repealed,\\nexcept as provided in sections ninety-six and six hundred four.\\n SCHEDULE OF LAWS REPEALED\\nPublic Housing Article 1 Subdivision 14-a of section 3\\nLaw Article 7 Sections 129, 130, 131, 134, 135\\n Article 9 All\\nLaws of Chapter Section\\n 1941 892 All\\n 1942 845 All\\n 1943 234 All\\n 1946 673 All\\n 1947 840 All\\n 1951 190 All\\n 1955 407 All except section 2\\n 1956 564 All\\n 1956 832 All\\n 1956 877 All\\n 1957 218 All\\n 1957 334 All\\n 1957 608 All\\n 1957 750 All\\n 1957 971 All\\n 1957 973 Sections 1, 2, 3 and 4\\n 1958 364 All\\n 1958 505 Sections 1 and 2\\n 1958 656 All\\n 1958 904 All\\n 1958 957 Section 1\\n 1959 486 All\\n 1959 675 Sections 1, 2, 3 and 4\\n 1959 727 All\\n 1960 116 Sections 1 and 2\\n 1960 359 Sections 4, 5 and 6\\n 1960 669 All\\n 1960 670 Sections 1, 2 and 3\\n 1960 671 All except section 3\\n 1960 694 All\\n 1960 892 Section 3\\n 1960 959 Section 2\\n 1960 990 All\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "606", "title" : "Extension of the time for payment and suspension of payment of real estate tax liens", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "606", "activeDate" : "2014-09-22", "sequenceNo" : 322, "repealedDate" : null, "fromSection" : "606", "toSection" : "606", "text" : " § 606. Extension of the time for payment and suspension of payment of\\nreal estate tax liens. 1. As used in this section the term abandoned\\nmultiple dwelling shall mean a class A or class B multiple dwelling\\ncontaining in the aggregate not less than three dwelling units, at least\\neighty percent of the occupied dwelling units of which are occupied by\\npersons or families of low income as defined in subdivision ten of\\nsection twelve of this chapter and which the supervising agency shall\\nfind has been abandoned by the owner or owners thereof. Any such\\nfinding shall be based on one or more of the following conditions:\\n (a) Failure to make any payments in respect of real estate taxes on\\nsaid multiple dwelling for twelve months or more, and a continuing\\nfailure to maintain essential services, or failure to remove violations\\nof the local housing maintenance code or other statutes applicable to\\nmultiple dwellings, where, as a result of either such failure the\\nmultiple dwelling has become dangerous to the life, health and safety of\\nits occupants; or\\n (b) Failure to make any payments in respect of real estate taxes on\\nsaid multiple dwelling for twelve months or more and failure to attempt\\nto collect rent from a majority of the tenants in lawful occupancy of\\ndwelling units in such multiple dwelling for a period of three\\nconsecutive months or more; or\\n (c) The entry of a judgment in favor of the petitioning tenants in a\\nproceeding instituted pursuant to article seven-A of the real property\\nactions and proceedings law, and the failure by the owner or other\\nrespondent to secure the removal of the administrator appointed pursuant\\nto such judgment within ninety days after his appointment and\\nqualification; or\\n (d) The entry or filing of an order appointing a receiver pursuant to\\nsection three hundred nine of the multiple dwelling law or any other law\\nauthorizing the appointment of a municipality or any agency or official\\nthereof as receiver of a multiple dwelling, and the failure by the owner\\nor other party entitled thereto to secure the removal or discharge of\\nsuch receiver within ninety days thereafter.\\n 2. Whenever a housing project (i) of a housing development fund\\ncompany organized pursuant to the provisions of article eleven of this\\nchapter, (ii) of a company organized pursuant to the provisions of\\narticle two, four or five of this chapter, (iii) of a company or owner\\naided by article three, eight, twelve, fourteen or fifteen of this\\nchapter, or (iv) is to be financed by a mortgage made or insured by the\\nfederal government or any agency or instrumentality thereof or a\\nmortgage loan entered into in conjunction with a housing assistance\\npayments contract in connection with new construction or substantial\\nrehabilitation pursuant to section eight of the United States Housing\\nAct of 1937, as amended, is premised upon the acquisition, ownership,\\nrehabilitation and management of an abandoned multiple dwelling, as said\\nterm is defined in subdivision one of this section, the supervising\\nagency may, subject to the requirements of subdivision four of this\\nsection, enter into an agreement with such housing company or owner,\\nwhich agreement shall provide for one or more of the following with\\nrespect to accrued real estate tax liens and municipal charges arising\\nby operation of law upon the properties upon which such abandoned\\nmultiple dwelling is located:\\n (a) The extension of the time for the payment of all or part of\\naccrued real estate tax liens and municipal charges arising by operation\\nof law by spreading the payment thereof over a period or periods of time\\nto commence presently or at some future time, but in no event beyond\\nforty years from the date of such agreement; (b) The elimination of\\ninterest and penalties on all or part of the unpaid real estate tax\\nliens and municipal charges arising by operation of law;\\n (c) The suspension of the payment of all or a part of accrued real\\nestate tax liens and municipal charges arising by operation of law for a\\nperiod not to exceed forty years from the date of such agreement;\\n (d) The elimination of all or part of accrued real estate tax liens\\nand municipal charges arising by operation of law provided that in\\nconsideration of such elimination the municipality may require the\\nhousing company to convey to it by deed an indefeasibly vested interest\\nin the real property of the project, the value of which shall be set\\nforth in such agreement but shall in no event be less than the amount of\\nreal estate tax liens and municipal charges arising by operation of law\\neliminated, to take effect as provided therein but not later than forty\\nyears from the date thereof.\\n 3. No such agreement for the extension or suspension of payment or\\nelimination of accrued real estate tax liens and municipal charges\\narising by operation of law shall be entered into until the supervising\\nagency shall first have made written findings supported by satisfactory\\nevidence that:\\n (a) The project is an abandoned multiple dwelling, as defined in\\nsubdivision one of this section, and the owner who so abandoned such\\ndwelling has no direct or indirect interest or participation in the\\nproject; and\\n (b) The housing company has available or has a reasonable expectation\\nof obtaining from public or private sources, or both, adequate financing\\nto acquire and rehabilitate the property; and\\n (c) The housing company possesses or has given satisfactory evidence\\nof its ability and intention to employ adequate competent personnel\\ncapable of rehabilitating, supervising the rehabilitation and managing\\nand operating the property in accordance with the standards and\\nconditions prescribed by this section and by the supervising agency; and\\n (d) The proposed rehabilitation will effectuate the removal of all\\nhousing and other violations of record against the property as well as\\nall incipient violations disclosed by inspections of the supervising\\nagency and other agencies of the municipality charged with enforcement\\nof applicable statutes and ordinances prescribing standards of\\nconstruction and housing maintenance and will result in the removal of\\nall unsafe and unsanitary conditions; and\\n (e) The proposed rehabilitation will not require the removal of or\\nrelocation of any residential tenants in occupancy, other than\\ntemporarily, during the period of construction, in which case suitable\\narrangements have been made for such temporary relocation; and\\n (f) In order for the housing company to acquire the property and to\\nrehabilitate, operate and maintain the same as provided herein, accrued\\nreal estate tax liens and municipal charges arising by operation of law\\naffecting the property must be extended, suspended or eliminated, in\\nwhole or in part, as provided in subdivision two of this section, which\\nfinding shall set forth the exact amount of accrued real estate tax\\nliens and municipal charges arising by operation of law and set forth\\nfull details as to the extension, suspension and elimination thereof\\nrequired in order for the rents or carrying charges to be fixed and\\nestablished by the supervising agency or as otherwise provided pursuant\\nto the provisions of article two, three, four, five, eight, eleven,\\ntwelve, fourteen or fifteen of this chapter, or in connection with a\\nmortgage made or insured by the federal government or any agency or\\ninstrumentality thereof or a mortgage loan entered into in conjunction\\nwith a housing assistance payments contract in connection with new\\nconstruction or substantial rehabilitation pursuant to section eight of\\nthe United States Housing Act of 1937, as amended, whichever may be\\napplicable, and shall further contain the calculations and assumptions\\nupon which such finding is based and shall state that the projected\\nrents or carrying charges are as high as the present occupants can\\nreasonably afford, and as can reasonably be charged and collected for\\ncomparable housing accommodations in the immediate vicinity of the\\nabandoned multiple dwelling; and\\n (g) The abandoned multiple dwelling is located in a deteriorated or\\ndeteriorating neighborhood or one imminently threatened with\\ndeterioration, and that unless the project is carried out, the property\\nwill become unsafe and unfit for continued human habitation in the near\\nfuture, and that by reason of its present and probable future condition,\\nthe property is exerting or will in the near future, exert a deleterious\\ninfluence upon the block in which it is located and upon the blocks,\\nneighborhood and area immediately surrounding and adjacent thereto.\\n 4. The agreement, with respect to a housing development fund company,\\nshall contain all of the provisions required by section five hundred\\nseventy-six of this chapter, and with regard to any housing company,\\nincluding such housing development fund company, shall contain such\\nother provisions as may be approved by the local legislative body.\\n 5. (a) An agreement authorized by subdivisions two and four of this\\nsection shall be submitted by the supervising agency to the local\\nlegislative body of the municipality in which the project is to be\\nlocated, which body may determine to extend, suspend and/or eliminate\\nthe payment of all or any part of the accrued real estate tax liens and\\nmunicipal charges arising by operation of law on the real property in\\nsuch project, but in no event beyond the limitations set forth in\\nsubdivision two of this section. The extension, suspension or\\nelimination of real estate tax liens and municipal charges arising by\\noperation of law may include all accrued local and municipal taxes,\\nincluding assessments, water and sewer rents and sewer charges and\\nspecial ad valorem levies and all emergency repair levies but shall not\\ninclude any taxes or municipal charges accruing in respect of any parcel\\nfor any period commencing after a date fixed by the local legislative\\nbody, such date being not later than the projected date of substantial\\ncompletion of the rehabilitation of the building situated on such\\nparcel.\\n (b) Where the municipality acts on behalf of another taxing\\njurisdiction in assessing real property for the purpose of taxation, or\\nin levying taxes therefor, the determination of the local legislative\\nbody in granting such extension, suspension or elimination shall have\\nthe effect of extending, suspending or eliminating the accrued real\\nestate tax liens against the real property in such project to the extent\\nand subject to the provisions of paragraph (a) of this subdivision.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "607", "title" : "Rent regulation of multiple dwellings rehabilitated with a loan granted pursuant to section three hundred twelve of the housing act of ni...", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "607", "activeDate" : "2014-09-22", "sequenceNo" : 323, "repealedDate" : null, "fromSection" : "607", "toSection" : "607", "text" : " § 607. Rent regulation of multiple dwellings rehabilitated with a loan\\ngranted pursuant to section three hundred twelve of the housing act of\\nnineteen hundred sixty-four. 1. In cities with a population of one\\nmillion or more, upon completion of rehabilitation of a class A multiple\\ndwelling, which is aided by a loan made pursuant to section three\\nhundred twelve of the housing act of nineteen hundred sixty-four, the\\nagency shall establish the initial rent for each rental dwelling unit\\nwithin the rehabilitated or converted multiple dwelling notwithstanding\\nthe provisions of, or any regulation promulgated pursuant to, the\\nemergency housing rent control law, the local emergency housing rent\\ncontrol act, the emergency tenant protection act of nineteen\\nseventy-four, the local rent stabilization law or any local law enacted\\npursuant thereto. After the agency has set the initial rents, all rental\\ndwelling units within such rehabilitated or converted multiple dwellings\\nshall become subject to the rent stabilization law of nineteen hundred\\nsixty-nine.\\n 2. The occupant in possession of such a dwelling unit when the\\nmultiple dwelling is made subject to the rent stabilization law of\\nnineteen hundred sixty-nine shall be offered a choice of a one or two\\nyear lease at the initial rents established by the agency\\nnotwithstanding any contrary provisions of, or regulations adopted\\npursuant to, the rent stabilization law of nineteen hundred sixty-nine\\nand the emergency tenant protection act of nineteen seventy-four.\\n 3. Prior to establishing initial rents the agency shall cause all\\ntenants in occupancy of such multiple dwelling to be notified of, and\\nhave an opportunity to comment on, the contemplated rehabiliation. Such\\nnotification shall advise such tenants of the approximate expected rent\\nincrease and the subsequent availability of a one or two year lease.\\nSuch notification and opportunity to comment shall be provided before\\nthe rehabilitation and again after the construction is complete and\\nbefore the establishment of the initial rents.\\n 4. For the purposes of this section, \"multiple dwelling\" shall include\\nany class A multiple dwelling having three or more units, and shall\\ninclude multiple family garden-type maisonette dwelling complexes under\\nsingle ownership having common facilities such as a sewer line, water\\nmain and heating plant notwithstanding the fact that certificates of\\noccupancy were issued for portions thereof as one or two family\\ndwellings.\\n 5. For the purposes of this section, the meaning of the terms\\n\"agency\", \"conversion\", \"non-residential property\" and \"rehabilitation\"\\nshall be the meaning provided pursuant to section eight hundred one of\\nthis chapter.\\n 6. The agency may promulgate supplementary rules and regulations to\\ncarry out the provisions of this section, not inconsistent with the\\nprovisions of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "608", "title" : "Rent regulation of rehabilitated multiple dwellings aided by certain federal housing assistance programs", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "608", "activeDate" : "2014-09-22", "sequenceNo" : 324, "repealedDate" : null, "fromSection" : "608", "toSection" : "608", "text" : " § 608. Rent regulation of rehabilitated multiple dwellings aided by\\ncertain federal housing assistance programs. 1. In cities with a\\npopulation of one million or more, upon completion of rehabilitation of\\na class A multiple dwelling which is aided by a mortgage loan entered\\ninto in conjunction with a housing assistance payments contract in\\nconnection with moderate rehabilitation pursuant to section eight of the\\nUnited States housing act of 1937, as amended, the agency shall\\nestablish the initial rent for each rental dwelling unit within the\\nrehabilitated or converted multiple dwelling notwithstanding the\\nprovisions of, or any regulation promulgated pursuant to, the emergency\\nhousing rent control law, the local emergency housing rent control act,\\nthe emergency tenant protection act of nineteen seventy-four, the local\\nrent stabilization law or any local law enacted pursuant thereto. After\\nthe agency has set the initial rents, all rental dwelling units within\\nsuch rehabilitated or converted multiple dwellings shall become subject\\nto the rent stabilization law of nineteen hundred sixty-nine.\\n 2. The occupant in possession of such a dwelling unit when the\\nmultiple dwelling is made subject to the rent stabilization law of\\nnineteen hundred sixty-nine shall be offered a choice of a one or two\\nyear lease at the initial rents established by the agency\\nnotwithstanding any contrary provisions of, or regulations adopted\\npursuant to, the rent stabilization law of nineteen hundred sixty-nine,\\nand the emergency tenant protection act of nineteen seventy-four.\\n 3. Prior to establishing initial rents the agency shall cause all\\ntenants in occupancy of such mulitple dwelling to be notified of, and\\nhave an opportunity to comment on, the contemplated rehabilitation. Such\\nnotification shall advise such tenants of the approximate expected rent\\nincrease and the subsequent availability of a one or two year lease.\\nSuch notification and opportunity to comment shall be provided before\\nthe rehabilitation and again after the construction is complete and\\nbefore the establishment of the initial rents.\\n 4. For the purposes of this section, \"multiple dwelling\" shall include\\nany class A multiple dwelling having three or more units, and shall\\ninclude multiple family garden-type maisonette dwelling complexes under\\nsingle ownership having common facilities such as a sewer line, water\\nmain and heating plant notwithstanding the fact that certificates of\\noccupancy were issued for portions thereof as one or two family\\ndwellings.\\n 5. For the purposes of this section, the meaning of the terms\\n\"agency\", \"conversion\", \"non-residential property\" and \"rehabilitation\"\\nshall be the meaning provided pursuant to section eight hundred one of\\nthis chapter.\\n 6. The agency may promulgate supplementary rules and regulations to\\ncarry out the provisions of this section, not inconsistent with the\\nprovisions of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "608-A", "title" : "Rent regulation of rehabilitated multiple dwellings acquired and reconveyed by the federal government", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2018-07-06", "2021-07-02", "2024-07-05" ], "docLevelId" : "608-A", "activeDate" : "2014-09-22", "sequenceNo" : 325, "repealedDate" : null, "fromSection" : "608-A", "toSection" : "608-A", "text" : " * § 608-a. Rent regulation of rehabilitated multiple dwellings\\nacquired and reconveyed by the federal government. 1. For the purposes\\nof this section:\\n (a)\"Agency\" shall mean a department of housing preservation and\\ndevelopment in a city having a population of one million or more.\\n (b) \"Eligible property\" shall mean real property located in a city\\nhaving a population of one million or more that has been: (i) acquired\\nby the federal government as the result of the foreclosure of a mortgage\\nloan insured by the federal government, and (ii) conveyed by the federal\\ngovernment to an owner approved by the agency for the purpose of\\nundertaking an eligible rehabilitation project.\\n (c) \"Eligible multiple dwelling\" shall mean a multiple dwelling\\nlocated on eligible property that has been the subject of an eligible\\nrehabilitation project.\\n (d) \"Eligible rehabilitation project\" shall mean the rehabilitation of\\nan eligible multiple dwelling in accordance with an agreement between\\nthe owner of the eligible property and the federal government.\\n 2. Notwithstanding the provision of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, the emergency tenant protection act of\\nnineteen seventy-four, and/or any local law enacted pursuant thereto,\\nupon completion of an eligible rehabilitation project, the agency may\\nestablish the initial rent for each dwelling unit within the eligible\\nmultiple dwelling. All dwelling units within such building subsequent to\\nestablishment of initial rents by the agency shall be subject to the\\nemergency housing rent control law, the local emergency housing rent\\ncontrol act, the emergency tenant protection act of nineteen\\nseventy-four, and/or any local law enacted pursuant thereto, if\\napplicable in the municipality in which such building is located, but\\nonly if such laws and/or acts would otherwise apply to such dwelling\\nunits; provided, however, that substantial rehabilitation work performed\\nin the course of an eligible rehabilitation project shall not cause such\\nlaws and/or acts to cease to apply to such dwelling units. The tenants\\nin occupancy of such dwelling units in such a building that are\\nregulated pursuant to such laws and/or acts shall be offered a choice of\\na one-year or two-year lease at the initial rent established by the\\nagency, notwithstanding any contrary provisions of, or regulations\\nadopted pursuant to, such laws and/or acts. The agency shall cause all\\ntenants in occupancy of each dwelling unit affected by this subdivision\\nto be notified of and have an opportunity to comment upon the\\ncontemplated rehabilitation. Such notification shall advise such tenants\\nof the approximate expected rent increase and the subsequent\\navailability of a one-year or two-year lease. Such notification and\\nopportunity to comment shall be provided prior to commencement of the\\nrehabilitation and again after its completion before establishment of\\nthe initial rents.\\n 3. The supervising agency shall use its best efforts to ensure that\\nactivities carried out pursuant to this section are structured so as to\\nminimize the likelihood of any involuntary economic displacement of\\ntenants who reside in multiple dwellings which are the subject of such\\nactivities. However, if temporary physical displacement is required as a\\ndirect result of rehabilitation work which is performed in the course of\\nthe eligible rehabilitation project, suitable temporary relocation\\narrangements shall be provided.\\n * NB Repealed June 30, 2018\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "609", "title" : "This act shall take effect March first, nineteen hundred sixty-two", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "609", "activeDate" : "2014-09-22", "sequenceNo" : 326, "repealedDate" : null, "fromSection" : "609", "toSection" : "609", "text" : " § 609. This act shall take effect March first, nineteen hundred\\nsixty-two.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 11 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A12", "title" : "New York City Housing Development Corporation", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "12", "activeDate" : "2014-09-22", "sequenceNo" : 327, "repealedDate" : null, "fromSection" : "650", "toSection" : "670", "text" : " ARTICLE XII\\n NEW YORK CITY HOUSING DEVELOPMENT CORPORATION\\nSection 650. Short title.\\n 651. Statement of legislative findings and purpose.\\n 652. Definitions.\\n 653. New York city housing development corporation.\\n 654. Powers of the corporation.\\n 654-a. Subsidiaries; how created.\\n 654-b. Housing assistance corporation.\\n 654-c. Housing New York corporation.\\n 654-d. Residential mortgage insurance corporation.\\n 655. Notes and bonds of the corporation.\\n 655-a. Authorization of contracts for taxation by the United\\n States of interest on obligations guaranteed thereby.\\n 656. Reserve funds and appropriations.\\n 657. Agreement with the state.\\n 658. State and city not liable on notes and bonds.\\n 659. City's right to require redemption of bonds.\\n 660. Remedies of noteholders and bondholders.\\n 661. Assistance to the corporation.\\n 662. Notes and bonds as legal investments.\\n 663. Exemption from taxation.\\n 664. Employees of the corporation.\\n 665. Assistance by department of housing preservation and\\n development.\\n 666. Moneys of the corporation.\\n 667. Actions.\\n 668. Annual report.\\n 669. Article not affected if in part unconstitutional.\\n 670. Inconsistent provisions in other laws superseded.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "650", "title" : "Short title", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "650", "activeDate" : "2014-09-22", "sequenceNo" : 328, "repealedDate" : null, "fromSection" : "650", "toSection" : "650", "text" : " § 650. Short title. This article shall be known and may be cited as\\nthe \"New York city housing development corporation act.\"\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "651", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "651", "activeDate" : "2014-09-22", "sequenceNo" : 329, "repealedDate" : null, "fromSection" : "651", "toSection" : "651", "text" : " § 651. Statement of legislative findings and purpose. 1. There\\ncontinues to exist in the city of New York a seriously inadequate supply\\nof safe and sanitary dwelling accommodations within the financial reach\\nof families and persons of low income. The ordinary operations of\\nprivate enterprise cannot provide an adequate supply of such\\naccommodations at rentals and carrying charges which families and\\npersons of low income can afford. In order to encourage the investment\\nof private capital and provide such dwelling accommodations, provision\\nshould be made for mortgage loans at low interest rates to housing\\ncompanies which, subject to regulation as to rents, profits, dividends\\nand disposition of their property, supply multiple dwelling\\naccommodations, and other facilities incidental or appurtenant thereto,\\nto such families and persons. For that purpose there should be created a\\ncorporate governmental agency, to be known as the \"New York city housing\\ndevelopment corporation,\" which, through the issuance of its bonds,\\nnotes or other obligations to the private investing public, may attract\\na broad base of investment by the greatest number of the general public\\nand obtain the funds necessary to make or finance the making of such\\nmortgage loans.\\n 2. There also exists in the city of New York a large number of\\nmultiple dwellings which are inadequate, unsafe or insanitary and which\\ncan be made adequate, safe and sanitary by rehabilitation or other\\nimprovement. Such rehabilitation or improvement cannot readily be\\nprovided by the ordinary operations of private enterprise without public\\naid in the form of low interest loans to the owners of such multiple\\ndwellings. In order to encourage the investment of private capital in\\nsuch rehabilitation and improvement, the agency should also be\\nempowered, through the issuance of its bonds, notes or other obligations\\nto the private investing public, to obtain the funds necessary to make\\nor finance the making of such low interest loans.\\n The necessity in the public interest for the provisions hereinafter\\nenacted is hereby declared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "652", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2021-07-09", "2023-07-21", "2025-07-04" ], "docLevelId" : "652", "activeDate" : "2014-09-22", "sequenceNo" : 330, "repealedDate" : null, "fromSection" : "652", "toSection" : "652", "text" : " § 652. Definitions. As used or referred to in this article, unless a\\ndifferent meaning clearly appears from the context:\\n 1. \"Corporation\" shall mean the corporate governmental agency created\\nby section six hundred fifty-three of this article.\\n 2. \"State\" shall mean the state of New York.\\n 3. \"City\" shall mean the city of New York.\\n 4. \"Mayor\" shall mean the mayor of the city of New York\\n 5. \"Comptroller\" shall mean the comptroller of the city of New York.\\n 6. \"Commissioner of finance\" shall mean the commissioner of finance of\\nthe city of New York.\\n 7. \"Director of management and budget\" shall mean the director of\\nmanagement and budget of the city of New York.\\n 8. \"Department of housing preservation and development\" shall mean the\\ndepartment of housing preservation and development of the city of New\\nYork.\\n 9. \"Bonds\" and \"notes\" shall mean revenue bonds and notes\\nrespectively, issued by the corporation pursuant to this article.\\n 10. \"Revenues\" shall mean the fees and charges made or received by the\\ncorporation, and all or any part of the moneys received in payment of\\nmortgage loans and interest thereon, including prepayments and other\\nmoneys received or to be received.\\n 11. \"Operating expenses\" shall mean all costs of administering the\\ncorporation, including but not limited to salaries and wages, expenses\\nof administering staff functions, fees of professional consultants,\\nlegal fees, charges incurred for servicing of mortgage loans, money\\nmanagement, office rents, utility charges, costs of supplies,\\nfurnishings, equipment, machinery and apparatus, maintenance and repair\\nof property and other expenses incurred in connection with the\\nforegoing.\\n 12. \"Maximum capital reserve fund requirement\" shall mean, as of any\\nparticular date of computation, an amount of money equal to the greatest\\nof the respective amounts, for the then current or any future fiscal\\nyear of the corporation, of annual debt service of the corporation, such\\nannual debt service for any fiscal year being the amount of money equal\\nto the aggregate of (a) all interest payable during such fiscal year on\\nall bonds of the corporation secured by the capital reserve fund or\\nfunds for which such requirement is to be determined, other than bonds\\nissued pursuant to subdivision two of section six hundred fifty-six of\\nthis article, outstanding on said date of computation, plus (b) the\\nprincipal amount of all bonds of the corporation secured by the capital\\nreserve fund or funds for which such requirement is to be determined,\\nother than bonds issued pursuant to subdivision two of section six\\nhundred fifty-six of this article outstanding on said date of\\ncomputation which matures during such fiscal year, plus (c) the amount\\nof all annual sinking fund payments payable during such fiscal year with\\nrespect to any bonds of the corporation secured by the capital reserve\\nfund or funds for which such requirement is to be determined, other than\\nbonds issued pursuant to subdivision two of section six hundred\\nfifty-six of this article, outstanding on said date of computation.\\n 13. \"Annual sinking fund payment\" shall mean the amount of money\\nspecified in the resolution authorizing term bonds as payable into a\\nsinking fund during a particular fiscal year for the retirement of term\\nbonds which mature after such fiscal year, but shall not include any\\namount payable by reason only of the maturity of a bond.\\n * 14. \"Lending institution\" shall mean any bank or trust company or\\nsavings bank, or any corporation, association or other entity which is\\nowned or controlled by any one or more such bank or trust company or\\nsavings bank, or any savings and loan association, credit union, federal\\nnational mortgage association approved mortgage banker, national banking\\nassociation, federal savings and loan association, federal savings bank,\\npublic pension fund, pension fund with assets over fifty million\\ndollars, insurance company, federal credit union or other financial\\ninstitution or governmental agency of the United States which\\ncustomarily makes, purchases, holds, insures or services residential\\nmortgages.\\n * NB Effective until July 23, 2015\\n * 14. \"Lending institution\" shall mean any bank or trust company or\\nsavings bank, or any corporation, association or other entity which is\\nowned or controlled by any one or more such bank or trust company or\\nsavings bank, or any savings and loan association, industrial bank,\\ncredit union, federal national mortgage association approved mortgage\\nbanker, national banking association, federal savings and loan\\nassociation, pension fund, insurance company, federal credit union or\\nother financial institution or governmental agency of the United States\\nwhich customarily makes, purchases, holds or services residential\\nmortgages.\\n * NB Effective July 23, 2015\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "653", "title" : "New York city housing development corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "653", "activeDate" : "2014-09-22", "sequenceNo" : 331, "repealedDate" : null, "fromSection" : "653", "toSection" : "653", "text" : " § 653. New York city housing development corporation. 1. There is\\nhereby created the \"New York city housing development corporation\". The\\ncorporation shall be a corporate governmental agency, perpetual in\\nduration, and shall constitute a public benefit corporation. It shall\\nconsist of seven members as follows: the commissioner of the department\\nof housing preservation and development, who shall serve as chairperson,\\nthe commissioner of finance, the director of management and budget, two\\npublic members to be appointed by the mayor and two public members to be\\nappointed by the governor. The public members first appointed by the\\nmayor or the governor, as may be the case, shall serve for terms ending\\ntwo and four years respectively from January first next succeeding the\\ndate of their appointment. Their successors shall serve for terms of\\nfour years each. Members shall continue in office until their successors\\nhave been appointed and qualified. The mayor or the governor shall fill\\nany vacancy which may occur by reason of death, resignation or otherwise\\nin a manner consistent with the original appointment. A public member\\nmay be removed by the mayor or the governor, whichever appointed such\\nmember, for cause, but not without an opportunity to be heard in person\\nor by counsel, in such member's defense, upon not less than ten days'\\nnotice.\\n 2. (a) The members, officers and employees of the corporation shall be\\nsubject to the conflicts of interest provisions of chapter sixty-eight\\nof the New York city charter and the rules promulgated thereunder by the\\nNew York city conflicts of interest board. Such members, officers and\\nemployees shall not be subject to the provisions of article eighteen of\\nthe general municipal law or the provisions of sections seventy-three,\\nseventy-three-a and seventy-four of the public officers law.\\n (b) The members, officers and employees of the corporation shall be\\nsubject to the provisions of section 12-110 of the administrative code\\nof the city of New York pertaining to the filing of annual disclosure\\nreports with the New York city conflicts of interest board, and for such\\npurpose the members shall be deemed to be compensated members of the\\ncorporation.\\n (c) Notwithstanding any inconsistent provisions of this or any other\\ngeneral, special or local law, no officer or employee of the state, or\\nof any civil division thereof, or of any public corporation, as defined\\nin the general construction law, shall be deemed to have forfeited or\\nshall forfeit such person's office or employment or any benefits\\nprovided under the retirement and social security law or under any\\npublic retirement system maintained by the state or by the civil\\ndivisions thereof by reason of such person's acceptance of membership on\\nor by virtue of such person being an officer, employee or agent of the\\ncorporation. A member shall not receive a salary or other compensation\\nfor services rendered pursuant to this article but shall be entitled to\\nreimbursement for such member's actual and necessary expenses incurred\\nin the performance of such services. The members may engage in private\\nemployment or in a profession or business, unless otherwise prohibited\\nfrom doing so by virtue of holding another public office, subject to the\\nprovisions of chapter sixty-eight of the New York city charter and the\\nrules promulgated thereunder by the New York city conflicts of interest\\nboard.\\n 3. The powers of the corporation shall be vested in and exercised by\\nno less than four of the members thereof then in office. The corporation\\nmay delegate to one or more of its members, officers, agents or\\nemployees such powers and duties as it may deem proper.\\n 4. The corporation and its corporate existence shall continue until\\nterminated by law; provided, however, that no such law shall take effect\\nso long as the corporation shall have notes, bonds, or other obligations\\noutstanding. Upon termination of the existence of the corporation all of\\nits rights and properties shall pass to and be vested in the city.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "654", "title" : "Powers of the corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-07-31", "2017-08-04", "2019-08-02", "2021-07-09", "2023-07-21", "2025-07-04" ], "docLevelId" : "654", "activeDate" : "2014-09-22", "sequenceNo" : 332, "repealedDate" : null, "fromSection" : "654", "toSection" : "654", "text" : " § 654. Powers of the corporation. Except as otherwise limited by this\\narticle, the corporation shall have power:\\n 1. To sue and be sued;\\n 2. To have a seal and alter the same at pleasure;\\n 3. To make and alter by-laws for its organization and internal\\nmanagement and, subject to agreements with noteholders or bondholders,\\nto make rules and regulations governing the use of its property and\\nfacilities;\\n 4. To make and execute contracts and all other instruments necessary\\nor convenient for the exercise of its powers and functions under this\\narticle;\\n 5. To acquire, hold and dispose of real and/or personal property for\\nits corporate purposes;\\n 6. To appoint officers, agents and employees, prescribe their duties\\nand qualifications and fix their compensation, subject to the provisions\\nof the civil service law and the rules of the civil service commission\\nof the city;\\n 7. Subject to the provisions of any contract with noteholders and\\nbondholders, to make mortgage loans, to participate with the city or\\nwith one or more organizations mentioned in section fifteen of this\\nchapter in making mortgage loans and to undertake commitments to make\\nany such mortgage loans to housing companies, including any subsidiary\\nof the corporation, on the same terms and otherwise in accordance with\\nthe provisions of article two of this chapter governing loans by a\\nmunicipality;\\n * 7-a. Subject to the provisions of any contract with noteholders and\\nbondholders, to make mortgage loans, to participate with the city or\\nwith one or more organizations set forth in section one hundred eleven-a\\nof this chapter in making mortgage loans and to undertake commitments to\\nmake any such mortgage loans to redevelopment companies organized under\\narticle five of this chapter;\\n * NB (Effective until ruling by Internal Revenue Service)\\n * 7-a. Subject to the provisions of any contract with noteholders and\\nbondholders, to make mortgage loans, to participate with the city or\\nwith one or more organizations set forth in sections eighty-one and one\\nhundred eleven-a of this chapter in making mortgage loans and to\\nundertake commitments to make any such mortgage loans to\\nlimited-dividend housing companies organized under article four of this\\nchapter and to redevelopment companies organized under article five of\\nthis chapter. Such mortgage loans may be made to limited-dividend and\\nredevelopment companies for such purposes as may be approved by the\\ncorporation including, but not limited to, the refinancing of the\\nexisting mortgage indebtedness of such companies, to provide funds for\\nthe replacement, improvement and rehabilitation of the properties owned\\nby said companies, to provide funds for all costs incurred by such\\ncompanies relating to the refinancing of the existing mortgage\\nindebtedness including amounts required to establish escrow accounts,\\nreserves and working capital as determined by the corporation and for\\nsuch other purposes as are permitted by articles four and five of this\\nchapter; provided, however, such purposes must be approved by the\\nFederal Internal Revenue Service for application of the tax exemption\\nfor housing bonds. Such mortgage loans may be made by the corporation\\nwithout any requirement that all or any portion of the loan be used to\\ncreate new or rehabilitated housing facilities. In furtherance of its\\npowers pursuant to this subdivision and, subject to the provisions of\\nany contract with noteholders and bondholders, the corporation may\\nacquire and contract to acquire, by assignment or otherwise, any\\nmortgage securing a loan and any related bond or note made by a\\nlimited-dividend housing company or a redevelopment company and may\\nmodify or satisfy such mortgage and accept or make a new mortgage or\\nmortgages and execute such other instruments as the corporation deems to\\nbe necessary or proper.\\n * NB (Effective pending ruling by Internal Revenue Service)\\n 8. Subject to the provisions of any contract with noteholders and\\nbondholders, to make mortgage loans including participation and\\ninvestment with the city or with one or more corporations, organizations\\nor individuals of the kind mentioned in section four hundred seven of\\nthis chapter in making mortgage loans and to undertake commitments to\\nmake mortgage loans to owners of existing multiple dwellings, including\\nany subsidiary of the corporation, on the same terms and otherwise in\\naccordance with the provisions of article eight of this chapter, except\\nthat such loans shall in all cases be secured by a first lien;\\n 8-a. Subject to the provisions of any contract with noteholders or\\nbondholders, to participate with the city or one or more private\\ninvestors as defined in section eight hundred one of this chapter or\\nwith the city and one or more such private investors in making loans in\\naccordance with the provisions of article fifteen of this chapter.\\n 9. Subject to the provisions of any contract with noteholders and\\nbondholders, to sell, at public or private sale, any mortgage or other\\nobligation securing a mortgage loan made by the corporation;\\n 10. Subject to the provisions of any contract with noteholders and\\nbondholders, in connection with the making of mortgage loans and\\ncommitments therefor, to make and collect such fees and charges,\\nincluding but not limited to reimbursement of all costs of financing by\\nthe corporation, service charges and insurance premiums, as the\\ncorporation shall determine to be reasonable;\\n 11. Subject to the provisions of any contract with noteholders and\\nbondholders, to consent to the modification, with respect to rate of\\ninterest, time of payment of any installment of principal or interest,\\nsecurity, or any other term, of any mortgage, mortgage loan, mortgage\\nloan commitment, contract or agreement of any kind to which the\\ncorporation is a party;\\n 12. To foreclose any mortgage in default or commence any action to\\nprotect or enforce any right conferred upon it by any law, mortgage,\\ncontract or other agreement, and to bid for and purchase such property\\nat any foreclosure or at any other sale, or acquire or take possession\\nof any such property; and in such event the corporation may complete,\\nadminister, pay the principal of and interest on any obligations\\nincurred in connection with such property, dispose of, and otherwise\\ndeal with, such property, in such manner as may be necessary or\\ndesirable to protect the interests of the corporation therein;\\n 12-a. To create subsidiaries, as provided in section six hundred\\nfifty-four-a of this chapter.\\n 13. To borrow money and to issue negotiable notes or bonds or other\\nobligations and to fund or refund the same, and to provide for the\\nrights of the holders of its obligations;\\n 14. To invest any funds held in reserves or sinking funds, or any\\nfunds not required for immediate use or disbursement, at the discretion\\nof the corporation, in obligations of the city, state or federal\\ngovernment, obligations the principal and interest of which are\\nguaranteed by the city, state or federal government, obligations of\\nagencies of the federal government which may from time to time be\\nlegally purchased by savings banks of the state as investments of funds\\nbelonging to them or in their control and be approved by the\\ncomptroller, obligations in which the comptroller of the state of New\\nYork is authorized to invest pursuant to section ninety-eight of the\\nstate finance law, obligations of the New York city municipal water\\nfinance authority, participation certificates of the federal home loan\\nmortgage corporation or mortgage-backed securities of the federal\\nnational mortgage association.\\n 15. Subject to the provisions of any contract with noteholders and\\nbondholders and subject to the provisions of section six hundred\\nfifty-five of this article, to purchase notes or bonds of the\\ncorporation;\\n 16. To procure insurance against any loss in connection with its\\nproperty and other assets including mortgages and mortgage loans in such\\namounts and from such insurers as it deems desirable;\\n 17. To engage the services of consultants on a contract basis for\\nrendering professional and technical assistance and advice; and where\\nthe corporation shall join with one or more organizations mentioned in\\nsection fifteen, one hundred eleven-a or four hundred seven of this\\nchapter in making mortgage loans, to make provision, either in the\\nmortgage or mortgages or by separate agreement, for the performance of\\nsuch services as are generally performed by a banking organization or\\ninsurance company which itself owns and holds a mortgage or by a trustee\\nunder a trust mortgage, and to consent to the appointment of a banking\\norganization to act in such capacity;\\n 18. To contract for and to accept any gifts or grants or loans of\\nfunds or property or fees for administering any federal rental subsidy\\ncontract or financial or other aid in any form, including but not\\nlimited to mortgage insurance, from the federal government or any agency\\nor instrumentality thereof, or from the state or any agency or\\ninstrumentality thereof, or from any other source and to comply, subject\\nto the provisions of this article, with the terms and conditions\\nthereof;\\n 19. As security for the payment of the principal of and interest on\\nany bonds so issued and any agreements made in connection therewith, to\\npledge all or any part of its revenues;\\n 20. Notwithstanding the provisions of this chapter or of any other\\nlaw, general, special or local, whenever the corporation shall find that\\nthe maximum rentals charged tenants of the dwellings in any project\\nfinanced by the corporation in whole or in part shall not be sufficient,\\ntogether with all other income of the mortgagor, to meet within\\nreasonable limits all necessary payments to be made by the mortgagor of\\nall expenses including fixed charges, sinking funds, reserves and\\ndividends, to request the mortgagor to make application to vary the\\nrental rate for such dwellings so as to secure sufficient income, and\\nupon failure of the mortgagor to take such action within thirty days\\nafter receipt of written request from the corporation to do so, to\\nrequest the supervising agency to take action upon such agency's own\\nmotion so to vary such rental rate, and upon failure of the supervising\\nagency either upon application by the mortgagor or upon its own motion\\nso to vary such rental rate within sixty days after receipt of written\\nrequest from the corporation to do so, to vary such rental rate by\\naction of the corporation;\\n 21. Subject to the provisions of any contract with noteholders and\\nbondholders, to acquire and to contract to acquire, by assignment or\\notherwise, or to take as collateral security, any mortgage securing a\\nloan, including any construction loan, and any note or bond evidencing\\nindebtedness thereon, made by the city of New York in accordance with\\nthe provisions of article two of this chapter and any contract or\\narrangement, including any subsidy contract or arrangement, related to\\nsuch mortgage, and the receipts to be derived from any of the foregoing,\\nand to assume and fulfill and contract to assume and fulfill the\\nobligations of the mortgagee or lender thereunder, and to reassign and\\nto contract to reassign to the city of New York any such mortgage, note,\\nbond, contract or arrangement and the receipts to be derived therefrom.\\n 22. Subject to the provisions of any contract with noteholders and\\nbondholders, to assign or pledge any mortgage, bond, note, contract,\\nsecurity, or arrangement and the receipts to be derived from any of the\\nforegoing, acquired pursuant to this section;\\n 22-a. Subject to the provisions of any contract with noteholders and\\nbondholders, to acquire and to contract to acquire, by assignment or\\notherwise, any mortgage securing a loan, including any construction\\nloan, and any note or bond evidencing indebtedness thereon, made by the\\ncity of New York in accordance with the provisions of article two of\\nthis chapter and any contract or arrangement, including any subsidy\\ncontract or arrangement, related to such mortgage, and to modify or to\\nsatisfy such mortgage and accept or make a new mortgage or mortgages and\\nother instruments, including mortgages to secure residual indebtedness\\nand instruments to evidence residual receipts obligations as defined in\\nsection twelve of this law and to enter into amended subsidy contracts,\\nand (i) to hold or to sell, assign or otherwise dispose of such mortgage\\nor mortgages, including those made in substitution thereof and any\\nrelated instruments, contracts and arrangements, or to issue obligations\\nsecured by such mortgage or mortgages, and pay to the city of New York\\nthe proceeds of such sale, assignment or other disposition of such\\nmortgages and the proceeds from the issuance of such obligations, less\\nlegal and other fees, costs and expenses and other amounts paid or\\nincurred by the corporation, including discounts, costs incurred by the\\ncorporation related to the sale of such mortgages or to a sale, if any,\\nof its obligations, fees payable to other governmental units, the cost\\nincurred by the corporation under an agreement with the federal\\ngovernment pursuant to subdivision twenty-two-b of this section, amounts\\nrequired to establish escrow accounts or reserves for the issuance of\\nmortgage insurance, the cost of satisfying such minimum property\\nstandards or of installing such life safety devices as may be required\\nby the federal government which standards or devices are in addition to\\nany requirement imposed by the city of New York as mortgagee, amounts\\nloaned to the mortgagor to establish such escrow accounts or reserves or\\nto satisfy such minimum property standards or to install such life\\nsafety devices, closing and other costs related to obtaining mortgage\\ninsurance from the federal government such other costs as the federal\\ngovernment may from time to time impose, any amounts not previously\\nadvanced under mortgages modified or satisfied under this subdivision as\\ndetermined by the supervising agency, and an amount not to exceed twenty\\nmillion dollars at any one time, which shall be held in a revolving\\naccount for a period not to exceed eighteen months from the time of the\\nfirst deposit therein, to pay any or all of the costs, fees and expenses\\nand other amounts attributable to issuing obligations secured by such\\nmortgage or mortgages, or to making and insuring mortgages pursuant to\\nthis subdivision, and any balance remaining in such revolving account\\nshall be paid to the city of New York no later than eighteen months\\nafter the time of the first deposit therein, and (ii) to assign or\\nreassign any such mortgage or mortgages, instruments and related\\ncontract or arrangement to the city of New York. If the corporation\\nsells any such mortgages for an amount in excess of the principal amount\\nthereof at the time of such sale, or if the corporation issues\\nobligations secured by any such mortgages and the yield on such\\nmortgages is greater than the yield on such obligations (the yield on\\nsuch mortgages and obligations having been calculated in accordance with\\nsection one hundred three of the internal revenue code of the United\\nStates and regulations thereunder), the corporation shall pay to the\\ncity of New York such premium and any such differential, but only to the\\nextent such differential is not paid to or for the benefit of the\\nholders of such obligations; and such premium and differential, to the\\nextent so paid to such city, shall be used and credited by the city of\\nNew York in accordance with subdivision four-b of section twenty-three-a\\nof this chapter as if such city had sold such mortgages or issued such\\nobligations pursuant to section twenty-three-a of this chapter. The\\ncorporation shall not modify or satisfy a mortgage pursuant to this\\nsubdivision unless such modification or satisfaction is first approved\\nby the supervising agency.\\n 22-b. To contract with the federal government for the sharing of any\\nclaim paid by the federal government on account of any insurance of a\\nmortgage, provided that the corporation's share of any such claim shall\\nnot exceed fifty percent of the insurance benefits paid by the federal\\ngovernment, and further provided that the corporation's share of such\\nclaims under any such contract shall not exceed five percent of the\\noutstanding principal amount of all mortgage loans of the corporation\\ninsured by the federal government and included within such contract.\\n 23. To make loans secured by mortgages insured or coinsured by the\\nfederal government to the owners of multiple dwellings in such amounts\\nas may be required for the rehabilitation of such multiple dwellings or,\\nif such owner acquires the multiple dwelling for the purpose of such\\nrehabilitation or owns the multiple dwelling subject to an outstanding\\nindebtedness, in such amounts as may be required for the cost of such\\nacquisition or for the refinancing of such outstanding indebtedness, but\\nin no event in such amounts as would exceed the mortgage limits imposed\\nby the federal government, and to regulate or restrict such owner as to\\nrents or sales, charges, capital structure, rate of return and method of\\noperation and to make loans secured by mortgages insured or coinsured by\\nthe federal government to the owners of projects in such amounts as may\\nbe required for the acquisition, construction or improvement of such\\nprojects, but in no event in such amounts as would exceed the mortgage\\nlimits imposed by the federal government, or ninety percent of the\\nactual cost of such acquisition, construction or improvement, whichever\\nis less, and to regulate or restrict such owner as to rents or sales,\\ncharges, capital structure, rate of return and method of operation. The\\nowner may, with the approval of the corporation, fix maximum rentals to\\nbe charged tenants of the dwellings in any multiple dwelling or project\\naided by a loan pursuant to this subdivision. The corporation, upon its\\nown motion, or upon application by the owner or by the federal\\ngovernment, may vary such rental rate from time to time so as to secure,\\ntogether with all other income of the multiple dwelling, sufficient\\nincome for it to meet within reasonable limits all necessary payments to\\nbe made by the owner of all expenses; provided that no variation in a\\nrental rate shall be effective unless approved by the federal\\ngovernment. The corporation or the department of housing preservation\\nand development shall notify occupants of the multiple dwelling, if\\nthere be any, of the contemplated rehabilitation and shall advise them\\nof the expected rental increase to result therefrom, and a\\nrepresentative of the corporation or the department of housing\\npreservation and development shall meet or offer to meet at least once\\nwith the occupants. The corporation shall promulgate such rules and\\nregulations with respect to multiple dwellings and projects financed\\npursuant to this subdivision and the owners of such multiple dwellings\\nand projects as may be necessary to carry out the provisions of this\\nsubdivision, provided that such rules and regulations shall contain\\nprovisions as to income limitations relating to admission into occupancy\\nof the dwelling units of such projects to the same effect as are\\ncontained in section thirty-one of this chapter and for the dwelling\\nunits of such other multiple dwellings to the same effect as are\\ncontained in subdivision three of section four hundred one of this\\nchapter. As used in this subdivision, the term \"multiple dwelling\" shall\\ninclude an existing building or structure which is to be converted into\\na class A multiple dwelling.\\n 23-a. Subject to the provisions of any contract with noteholders and\\nbondholders, (i) to make and contract for the making of mortgage loans\\nfor the construction or rehabilitation of projects which the New York\\ncity housing authority has agreed to purchase on a turnkey basis in\\naccordance with a federally assisted program for the production of\\npublic housing as authorized by the United States housing act of\\nnineteen hundred thirty-seven as amended to the date of enactment of\\nthis subdivision of this section, upon the completion of such\\nconstruction or rehabilitation, and (ii) to make and to contract for the\\nmaking of loans to, or to purchase loans from, banking or other lending\\ninstitutions for the purpose of financing such construction or\\nrehabilitation.\\n 23-b. In order to increase the availability of safe and sanitary\\ndwelling accommodations within the financial reach of families and\\npersons of low income, to acquire and to contract to acquire, by\\nassignment or otherwise, or to take as collateral security, any\\nfederally guaranteed security evidencing indebtedness on a mortgage\\nsecuring a loan, including any construction loan, and the receipts to be\\nderived therefrom and to assign or reassign and to contract to assign or\\nreassign any such security and the receipts to be derived therefrom,\\nsubject in each case, to the provisions of any contract with noteholders\\nand bondholders;\\n * 23-c. (1) Subject to the provisions of any contract with noteholders\\nand bondholders (a) to make and contract for the making of loans for the\\nacquisition, construction or rehabilitation of housing accommodations\\ncontaining five or more dwelling units (i) for the purpose of providing\\nhousing accommodations for occupancy by persons and families for whom\\nthe ordinary operations of private enterprise cannot provide an adequate\\nsupply of safe, sanitary and affordable housing accommodations or (ii)\\nfor units located in an area designated as blighted pursuant to article\\nfifteen or sixteen of the general municipal law, or as certified by the\\nNew York city department of housing preservation and development as\\nbeing located in an area which is blighted, and (b) to make and to\\ncontract for the making of loans to or to purchase loans from lending\\ninstitutions for the purpose of financing mortgage loans for such\\nacquisition, construction or rehabilitation, and (c) to establish such\\nregulatory requirements with regard to such housing accommodations as\\nmay be deemed appropriate by the corporation to achieve the objectives\\nof this article, and articles fifteen and sixteen of the general\\nmunicipal law notwithstanding any other provisions of this chapter to\\nthe contrary. Any notes and bonds issued pursuant to this subdivision\\nshall not be secured by any capital reserve fund established pursuant to\\nsection six hundred fifty-six of this article.\\n (2) With regard to any loan made pursuant to this subdivision and\\nnotwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, or local law enacted pursuant thereto, the\\nrent stablization law of nineteen hundred sixty-nine, or the emergency\\ntenant protection act of nineteen seventy-four, the owner of a project\\notherwise subject to any such law or act, with the approval of the\\nagency, shall establish the initial rent for each dwelling unit within\\nthe project. The corporation shall notify occupants of the project, if\\nany, of any such proposed rental establishment and offer to meet at\\nleast once with the occupants prior to its approval.\\n (3) The powers granted by this subdivision may be exercised only if\\n(a) obligations of the corporation have been issued to fund the loan\\nmade or purchased by the corporation and such obligations have received\\nan investment grade rating from a recognized rating agency; (b) the loan\\nmade or purchased by the corporation is fully secured as to principal\\nand interest by insurance or a commitment to insure by the state of New\\nYork mortgage agency or New York city residential mortgage insurance\\ncorporation or by the general credit of a bank, national bank, trust\\ncompany, savings bank, savings and loan association, insurance company,\\ngovernmental agency of the United States, or any combination thereof; or\\n(c) obligations of the corporation are purchased by a bank, national\\nbank, trust company, savings bank, savings and loan association,\\ninsurance company, governmental agency of the United States, or any\\nwholly-owned subsidiary or combination thereof.\\n * NB Repealed July 23, 2015\\n 23-d. To and shall develop, promote and ensure that, where possible,\\nminority groups which traditionally have been disadvantaged, and women\\nare afforded equal opportunity for contracts in connection with\\ndevelopment and construction contracts for developments, facilities and\\nprojects financed by the issuance of bonds, notes and other obligations\\nof the corporation.\\n 23-e. Subject to the provisions of any contract with noteholders and\\nbondholders, to refinance or acquire mortgage loans made for multiple\\ndwellings by private lenders pursuant to article eight-A or fifteen of\\nthis chapter; provided that the corporation shall not be permitted\\npursuant to this subdivision to acquire a mortgage loan, unless such\\nacquisition is in connection with a refinancing of the property for\\nwhich such mortgage loan was made.\\n 23-f. To service mortgage loans made by private or governmental\\nlenders for multiple dwellings, provided that each such mortgage loan\\nshall have been made either (i) pursuant to this chapter, or (ii) in\\nconjunction with another mortgage loan made by the city of New York.\\n 23-g. Subject to the provisions of any contract with noteholders and\\nbondholders, to acquire mortgage loans made by the city of New York\\npursuant to article eight-A of this chapter or section ninety-nine-h or\\narticle sixteen of the general municipal law or to acquire a\\nparticipation interest in such mortgage loans.\\n 23-h. Subject to the provisions of any contract with noteholders and\\nbondholders and relating to the purpose of providing housing\\naccommodations for occupancy by persons and families for whom the\\nordinary operations of private enterprise cannot provide an adequate\\nsupply of safe, sanitary and affordable housing accommodations or for\\nunits located in an area designated as blighted pursuant to article\\nfifteen or sixteen of the general municipal law, or as certified by the\\nNew York city department of housing preservation and development as\\nbeing located in an area that is blighted, the corporation is hereby\\nauthorized to carry out, by loans or guaranties, the following purposes:\\n (i) to preserve, repair, renovate, upgrade, improve, modernize,\\nrehabilitate or otherwise prolong the useful life of dwelling\\naccommodations;\\n (ii) to construct dwelling accommodations and undertake site\\npreparation related thereto;\\n (iii) to restore abandoned, vacant or occupied city or privately-owned\\ndwelling accommodations to habitable condition;\\n (iv) to assist in the acquisition of buildings that contain or are\\nexpected to contain dwelling accommodations; and\\n (v) to facilitate the disposition of city-owned buildings that contain\\nor are expected to contain dwelling accommodations.\\n 24. To contract with any of its subsidiary corporations to render such\\nservices as such subsidiary corporation may request, including, but not\\nlimited to, the use of the premises, personnel and personal property of\\nthe corporation, and to provide for reimbursement to the corporation\\nfrom such subsidiary corporation for any expenses necessarily incurred\\nby the corporation in carrying out the terms of any such contract.\\n 25. To do any and all things necessary or convenient to carry out its\\npurposes and exercise the powers expressly given and granted in this\\narticle.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "654-A", "title" : "Subsidiaries; how created", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "654-A", "activeDate" : "2014-09-22", "sequenceNo" : 333, "repealedDate" : null, "fromSection" : "654-A", "toSection" : "654-A", "text" : " § 654-a. Subsidiaries; how created. 1. The corporation by resolution\\nmay direct any of its members, officers or employees to organize a\\nsubsidiary corporation whenever, in the sole discretion of the\\ncorporation, it has become necessary to acquire a project in the case of\\nsale under foreclosure or in lieu of foreclosure and it is beneficial to\\neffectuate the purpose of this chapter for the subsidiary to hold title\\nto the project.\\n 2. Each such subsidiary corporation shall be wholly owned by the\\ncorporation and shall be organized pursuant to the business corporation\\nlaw, the not-for-profit corporation law or article two or article eleven\\nof this chapter.\\n 3. The corporation may transfer to any subsidiary corporation any\\nmoney, real or personal or mixed property or may convey to it any\\nproject in order to carry out the purposes of this article. Each such\\nsubsidiary corporation shall have all the privileges, immunities, tax\\nexemptions and other exemptions of the corporation to the extent the\\nsame are not inconsistent with the statute or statutes pursuant to which\\nsuch subsidiary was incorporated. Except as may be inconsistent with the\\nprovisions of this article, such subsidiary, if organized pursuant to\\narticle two or article eleven of this chapter, shall have all the rights\\nand powers granted to housing companies by this chapter and by any other\\nstatute pursuant to which such subsidiary corporation was organized.\\n 4. No member or officer of the corporation shall receive any\\nadditional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of such person's duties, by reason of such person's serving\\nas a member, director, trustee or officer of any subsidiary corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "654-B", "title" : "Housing assistance corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "654-B", "activeDate" : "2014-09-22", "sequenceNo" : 334, "repealedDate" : null, "fromSection" : "654-B", "toSection" : "654-B", "text" : " § 654-b. Housing assistance corporation. 1. There is hereby\\nestablished a public benefit corporation known as the \"housing\\nassistance corporation\" as a subsidiary corporation of the corporation.\\n 2. Such subsidiary corporation may (a) receive monies from the\\ncorporation, the state, any public benefit corporation, the city, the\\nfederal government or any other source for the purpose of assisting\\nrental developments to maintain rentals affordable to low and moderate\\nincome persons for whom the ordinary operation of private enterprise\\ncannot supply safe, sanitary and affordable housing accommodations, (b)\\ntransfer, lend, pledge or assign monies (i) to any rental development in\\norder to assist such development in maintaining rents affordable to such\\nlow and moderate income tenants or (ii) in order to assist the\\ncorporation in financing such developments, and (c) enter into such\\nagreements with the owners of such developments as it may deem\\nappropriate to further the objectives of this article. Such subsidiary\\ncorporation shall have all the privileges, immunities, tax exemptions\\nand other exemptions of the corporation to the extent the same are not\\ninconsistent with this article.\\n 3. The membership of such subsidiary corporation shall consist of the\\ncommissioner of the department of housing preservation and development,\\nwho shall serve as chairperson, and two public members appointed by and\\nwho serve at the pleasure of the mayor. The powers of the subsidiary\\ncorporation shall be vested in and exercised by no less than two of the\\nmembers thereto then in office. The subsidiary corporation may delegate\\nto one or more of its members, or its officers, agents and employees,\\nsuch duties and powers as it may deem proper.\\n 4. No officer or member of the corporation shall receive any\\nadditional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of such person's duties, by reason of such person's serving\\nas a member or officer of such subsidiary corporation.\\n 5. The corporation may transfer to such subsidiary corporation any\\nreal, personal or mixed property in order to carry out the purposes of\\nthis section.\\n 6. The subsidiary corporation shall have the power to:\\n (a) sue and be sued;\\n (b) have a seal and alter the same at pleasure;\\n (c) make and alter by-laws for its organization and internal\\nmanagement and make rules and regulations governing the use of its\\nproperty and facilities;\\n (d) make and execute contracts and all other instruments necessary or\\nconvenient for the exercise of its powers and functions under this\\nsection;\\n (e) acquire, hold and dispose of real or personal property for its\\ncorporate purposes;\\n (f) engage the services of private consultants on a contract basis for\\nrendering professional and technical assistance and advice;\\n (g) procure insurance against any loss in connection with its\\nactivities, properties and other assets in such amount and from such\\ninsurers as it deems desirable;\\n (h) appoint officers, agents and employees, prescribe their duties and\\nqualifications and fix their compensation subject to the provisions of\\nthe civil service law and the rules of the civil service commission of\\nthe city;\\n (i) invest any funds, or other monies under its custody and control in\\nthe same manner as the corporation; and\\n (j) to do any and all things necessary or convenient to carry out its\\npurposes and exercise the powers expressly given and granted in this\\nsection.\\n 7. The subsidiary corporation and its corporate existence shall\\ncontinue until terminated by law. Upon termination of the existence of\\nthe subsidiary corporation all of its rights and properties shall pass\\nto and be vested in the city. No such termination shall take effect as\\nlong as obligations of the subsidiary corporation remain outstanding.\\n 8. The city and the corporation shall have the power to transfer to\\nsuch subsidiary corporation agents, employees and facilities of the city\\nor corporation to enable it to fulfill the purposes of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "654-C", "title" : "Housing New York corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "654-C", "activeDate" : "2014-09-22", "sequenceNo" : 335, "repealedDate" : null, "fromSection" : "654-C", "toSection" : "654-C", "text" : " § 654-c. Housing New York corporation. 1. Definitions. As used in this\\nsection, unless a different meaning clearly appears from the context:\\n (a) \"Housing New York program\" shall mean the housing New York program\\nestablished pursuant to section four of the housing New York program\\nact.\\n (b) \"City\" shall mean the city of New York, its agencies and\\ninstrumentalities (other than the housing New York corporation) and the\\nNew York city housing development corporation.\\n (c) \"Residential housing facilities\" shall mean one or more works or\\nimprovements containing one or more residential dwelling units,\\nincluding, but not limited to, single room occupancy units, and\\nincluding the real and personal property acquired, owned, constructed,\\nequipped, improved, enlarged, rehabilitated or renovated to provide such\\naccommodations and such incidental and appurtenant commercial, social,\\nrecreational or communal facilities, to be located without the Battery\\nPark project area, as defined in the Battery Park city authority act,\\nand within the city.\\n (d) \"Excess revenues\" shall mean all revenues from the Battery Park\\nproject area, as defined in the Battery Park city authority act, in\\nexcess of those needed (i) to satisfy bond and note covenants (other\\nthan as they relate to bonds and notes issued pursuant to this section\\nand section one thousand nine hundred seventy-four-c of the public\\nauthorities law) including those covenants which require that the\\nBattery Park city authority maintain its revenues and reserve funds in\\nan amount necessary to permit it to discharge its debt service\\nobligations, (ii) to fulfill its legal and financial commitments, and\\n(iii) to pay its operating and maintenance expenses.\\n 2. There is hereby established a public benefit corporation known as\\nthe \"housing New York corporation\" as a subsidiary corporation of the\\ncorporation solely for the purpose of borrowing money and granting such\\nmoneys to the city for the purposes and in accordance with the\\nprovisions of the housing New York program.\\n 3. It is hereby found and declared that the legislature, pursuant to\\nthe housing New York program act, has established a housing New York\\nprogram under which the city will cause the acquisition, construction,\\nequipping, improving, rehabilitation and renovation of dwelling\\naccommodations within the city of New York for persons and families for\\nwhom the ordinary operations of private enterprise cannot supply such\\naccommodations; that such program is necessary in order to increase the\\npresently inadequate supply of dwelling accommodations in such city for\\nsuch persons and families; that such program shall require a substantial\\ncommitment of funds from public sources; and that the need for such\\nmoneys necessitates that the subsidiary corporation created by this\\nsection be granted the powers and be made subject to the requirements of\\nthis section. The legislature therefore finds that such subsidiary\\ncorporation, subject to the terms and conditions specified herein,\\nshould be given the power to borrow funds and grant such moneys to the\\ncity of New York, and any agency or instrumentality thereof (other than\\nsuch subsidiary corporation) or the corporation for use by such entity\\nin the housing New York program; that the financing of residential\\nhousing facilities in accordance with the housing New York program is a\\npublic purpose for which moneys may be granted, and exemptions from\\ntaxation on the income of bonds or notes of such subsidiary corporation\\nand on such subsidiary corporation's income and property granted, as\\nspecified herein; and that the powers and duties of such subsidiary\\ncorporation as recited in this section are necessary and proper for\\nachieving the ends herein recited. Therefore such subsidiary corporation\\nis hereby authorized and empowered:\\n (a) to borrow money by issuing bonds and notes for the purposes of (i)\\ngranting such moneys to the city to finance the acquisition,\\nconstruction, equipping, improvement, enlargement, rehabilitation and\\nrenovation of residential housing facilities for the purposes and in\\naccordance with the provisions of the housing New York program and (ii)\\nrefunding any bonds or notes of such subsidiary corporation issued\\npursuant to this section;\\n (b) to grant moneys to the city for the purpose of financing the\\nacquisition, construction, equipping, improvement, enlargement,\\nrehabilitation and renovation of residential housing facilities for the\\npurposes and in accordance with the provisions of the housing New York\\nprogram and to enter into any agreement specifying terms and conditions\\nwith respect thereto;\\n (c) subject to the provisions of any contract with the holders of any\\nof its bonds or notes, to pledge any revenues or assets of such\\nsubsidiary corporation, including, but not limited to, any excess\\nrevenues of the Battery Park city authority as shall be payable to such\\nsubsidiary corporation pursuant to an agreement between the Battery Park\\ncity authority and such subsidiary corporation as such subsidiary\\ncorporation shall deem necessary, to secure any bonds or notes issued or\\nany agreements entered into pursuant to this section; (d) to procure\\ninsurance, letters of credit or other credit enhancements with respect\\nto its bonds or notes issued pursuant to this section and to pay the\\npremiums and fees therefor;\\n (e) to adopt, amend or rescind rules and regulations appropriate to\\ncarry out its corporate purposes and to establish such requirements and\\nenter into such agreements to achieve the objectives of this section;\\nand\\n (f) to exercise any and all other powers authorized by this section\\nand not inconsistent with the provisions of this section.\\n 4. In addition to the foregoing, such subsidiary corporation may:\\n (a) receive moneys from the corporation, the Battery Park city\\nauthority, any other public benefit corporation, the federal government\\nor any other source for the purpose of paying its obligations issued\\npursuant to this section in order to provide residential housing\\nfacilities to low and moderate income persons for whom the ordinary\\noperation of private enterprise cannot supply safe, sanitary and\\naffordable housing accommodations,\\n (b) enter into agreements with the Battery Park city authority or any\\nother entity for the purpose of receiving moneys as described in\\nparagraph (a) of this subdivision, and\\n (c) transfer, lend, pledge or assign moneys to a trustee, fiduciary or\\nsimilar entity for the purpose of securing obligations as referenced in\\nparagraph (a) of this subdivision.\\n 5. The membership of such subsidiary corporation shall consist of\\nseven members, five of whom shall be members of the corporation (other\\nthan members thereof appointed by the governor) and two of whom shall be\\nappointed by the governor. Neither of the two members appointed by the\\ngovernor shall be members or officers of the Battery Park city authority\\nor any subsidiary corporation organized pursuant to section nineteen\\nhundred seventy-four-a of the public authorities law. The two members\\nfirst appointed by the governor shall serve for terms of two and four\\nyears respectively from January first next succeeding the date of their\\nappointment. Their successors shall serve for terms of four years each.\\nThe governor shall fill any vacancy which may occur by reason of death,\\nresignation or otherwise of a member appointed by the governor in a\\nmanner consistent with the original appointment. A member appointed by\\nthe governor (i) shall continue in office until such member's successor\\nhas been appointed and qualified and (ii) may be removed by the governor\\nfor cause, but not without an opportunity to be heard in person or by\\ncounsel, in such member's defense, upon not less than ten days' notice.\\nThe commissioner of the department of housing preservation and\\ndevelopment shall serve as chairperson of the subsidiary corporation.\\nThe powers of the subsidiary corporation shall be vested in and\\nexercised by no less than four of the members thereof then in office.\\nThe subsidiary corporation may delegate to one or more of its members,\\nor its officers, agents and employees, such duties and powers as it may\\ndeem proper.\\n 6. Notwithstanding any inconsistent provisions of this or any other\\ngeneral, special or local law, no officer or employee of the city or the\\nstate, or of any public corporation, as defined in the general\\nconstruction law, shall be deemed to have forfeited or shall forfeit\\nsuch person's office or employment by reason of such person's acceptance\\nof membership on or by virtue of such person's being an officer,\\nemployee or agent of the subsidiary corporation. No officer or member of\\nthe corporation shall receive any additional salary or other\\ncompensation, either direct or indirect, other than reimbursement for\\nactual and necessary expenses incurred in the performance of such\\nperson's duties, by reason of such person's serving as a member or\\nofficer of such subsidiary corporation.\\n 7. The corporation may transfer to such subsidiary corporation any\\nreal, personal or mixed property in order to carry out the purposes of\\nthis section.\\n 8. The subsidiary corporation also shall have the power to:\\n (a) sue and be sued;\\n (b) have a seal and alter the same at pleasure;\\n (c) make and alter by-laws for its organization and internal\\nmanagement and make rules and regulations governing the use of its\\nproperty and facilities;\\n (d) make and execute contracts and all other instruments necessary or\\nconvenient for the exercise of its powers and functions under this\\nsection;\\n (e) acquire, hold and dispose of real or personal property for its\\ncorporate purposes;\\n (f) engage the services of private consultants on a contract basis for\\nrendering professional and technical assistance and advice;\\n (g) procure insurance against any loss in connection with its\\nactivities, properties and assets in such amount and from such insurers\\nas it deems desirable;\\n (h) appoint officers, agents and employees, prescribe their duties and\\nqualifications and fix their compensation subject to the provisions of\\nthe civil service law and the rules of the civil service commission of\\nthe city;\\n (i) invest any funds, or other moneys under its custody and control in\\nthe same manner as the corporation; and\\n (j) to do any and all things necessary or convenient to carry out its\\npurposes and exercise the powers expressly given and granted in this\\nsection.\\n 9. The subsidiary corporation and its corporate existence shall\\ncontinue until terminated by law; provided, however, that no such\\ntermination shall take effect as long as obligations of the subsidiary\\ncorporation remain outstanding, unless adequate provision has been made\\nfor the payment thereof in the documents securing the same. Upon\\ntermination of the existence of the subsidiary corporation all of its\\nrights and properties shall pass to and be vested in the city of New\\nYork.\\n 10. The city and the corporation shall have the power to transfer to\\nsuch subsidiary corporation, agents, employees and facilities of the\\ncity or corporation to enable it to fulfill the purposes of this\\nsection.\\n 11. (a) Subject to the provisions of this section, the subsidiary\\ncorporation shall have power and is hereby authorized to issue from time\\nto time its notes and bonds in such principal amount as the subsidiary\\ncorporation shall determine to be necessary to provide sufficient funds\\nfor achieving its corporate purposes, including the providing of moneys\\nto the city, the payment of interest on notes and bonds of the\\nsubsidiary corporation, the establishment of reserves to secure such\\nnotes and bonds, and the payment of all expenses of the subsidiary\\ncorporation incident thereto.\\n (b) The subsidiary corporation shall have the power, from time to\\ntime, to issue (i) notes to renew notes and (ii) bonds to pay notes,\\nincluding the interest thereon and, whenever it deems refunding\\nexpedient, to refund any bonds by the issuance of new bonds, whether the\\nbonds to be refunded have or have not matured, and to issue bonds partly\\nto refund bonds then outstanding and partly for any of its corporate\\npurposes. The refunding bonds may be exchanged for the bonds to be\\nrefunded or sold and the proceeds applied to the purchase, redemption or\\npayment of such bonds.\\n (c) Except as may otherwise be expressly provided by the subsidiary\\ncorporation, every issue of its notes and bonds shall be general\\nobligations of the subsidiary corporation payable out of any revenues of\\nsuch corporation, subject only to any agreements with the holders of\\nparticular notes or bonds pledging any particular revenues.\\n (d) The notes and bonds shall be authorized by resolution or\\nresolutions of the subsidiary corporation, shall bear such date or dates\\nand shall mature at such time or times as such resolution or resolutions\\nmay provide, except that no note or any renewal thereof shall mature\\nmore than nine years after the date of issue of the original note and no\\nbond shall mature more than fifty years from the date of its issue. No\\nrefunding bonds shall mature later than fifty years from the date of\\noriginal issuance of the bonds being refunded. The bonds may be issued\\nas serial bonds payable in annual installments or as term bonds or as a\\ncombination thereof. The notes and bonds shall bear interest at such\\nrate or rates, be in such denominations, be in such form, either coupon\\nor registered, carry such registration privileges, be executed in such\\nmanner, be payable in such medium of payment, at such place or places,\\nand be subject to such terms of redemption as such resolution or\\nresolutions may provide. The notes and bonds may be sold by the\\nsubsidiary corporation at public or private sale, at such price or\\nprices as the subsidiary corporation shall determine; provided, however,\\nthat the subsidiary corporation shall consult with the comptroller of\\nthe city of New York as to the timing of any sale; and provided further\\nthat no notes or bonds of the subsidiary corporation may be sold at a\\nprivate sale unless such sale and the terms thereof have been approved\\nin writing by (a) such comptroller, where such sale is not to such\\ncomptroller, or (b) the director of the budget of the city of New York,\\nwhere such sale is to such comptroller.\\n (e) Any resolution or resolutions authorizing any notes or bonds or\\nany issue thereof may contain provisions, which shall be a part of the\\ncontract or contracts with the holders thereof, as to:\\n (i) pledging all or any part of the revenues to secure the payment of\\nthe notes or bonds or of any issue thereof, subject to such agreements\\nwith noteholders or bondholders as may then exist; (ii) pledging all or\\nany part of the assets of the subsidiary corporation to secure the\\npayment of the notes or bonds or of any issue of notes or bonds, subject\\nto such agreements with noteholders or bondholders as may then exist;\\n (iii) the setting aside of reserves or sinking funds and the\\nregulation and disposition thereof;\\n (iv) limitations on the purpose to which the proceeds of sale of notes\\nor bonds may be applied and pledging such proceeds to secure the payment\\nof the notes or bonds or of any issue thereof;\\n (v) limitations on the issuance of additional notes or bonds; the\\nterms upon which additional notes or bonds may be issued and secured;\\nand the refunding of outstanding or other notes or bonds;\\n (vi) the procedure, if any, by which the terms of any contract with\\nnoteholders or bondholders may be amended or abrogated, the amount of\\nnotes or bonds the holders of which must consent thereto, and the manner\\nin which such consent may be given;\\n (vii) limitations on the amount of moneys to be expended by the\\nsubsidiary corporation for operating expenses of the subsidiary\\ncorporation;\\n (viii) vesting in a trustee or trustees such property, rights, powers\\nand duties in trust as the subsidiary corporation may determine, which\\nmay include any or all of the rights, powers and duties of the trustee\\nappointed by the bondholders pursuant to this section and limiting or\\nabrogating the right of the bondholders to appoint a trustee under this\\nsection or limiting the rights, powers and duties of such trustee;\\n (ix) the acts or omissions to act which shall constitute a default in\\nthe obligations and duties of the subsidiary corporation to the holders\\nof the notes or bonds and providing for the rights and remedies of the\\nholders of the notes or bonds in the event of such default, including\\nthe right to appointment of a receiver; providing, however, that such\\nrights and remedies shall not be inconsistent with the general laws of\\nthe state and the other provisions of this section; and\\n (x) any other matters, of like or different character, which in any\\nway affect the security or protection of the holders of the notes or\\nbonds.\\n (f) Any pledge made by the subsidiary corporation shall be valid and\\nbinding from the time when the pledge is made; the revenues or property\\nso pledged and thereafter received by the subsidiary corporation shall\\nimmediately be subject to the lien of such pledge without any physical\\ndelivery thereof or further act, and the lien of any such pledge shall\\nbe valid and binding as against all parties having claims of any kind in\\ntort, contract or otherwise against the subsidiary corporation,\\nirrespective of whether such parties have notice thereof. Neither the\\nresolution nor any other instrument by which a pledge is created need be\\nrecorded.\\n (g) Neither the members of the subsidiary corporation nor any other\\nperson executing such notes or bonds shall be subject to any personal\\nliability or accountability by reason of the issuance thereof.\\n (h) The subsidiary corporation, subject to such agreements with\\nnoteholders or bondholders as may then exist, shall have power out of\\nany funds available therefor, to purchase notes or bonds of the\\nsubsidiary corporation which shall thereupon be cancelled.\\n (i) In the discretion of the subsidiary corporation, the bonds may be\\nsecured by a trust indenture by and between the subsidiary corporation\\nand a corporate trustee, which may be any trust company or bank having\\nthe powers of a trust company in the state. Such trust indenture may\\ncontain such provisions for protecting and enforcing the rights and\\nremedies of the bondholders as may be reasonable and proper and not in\\nviolation of law, including covenants setting forth the duties of the\\nsubsidiary corporation in relation to the exercise of its corporate\\npowers and the custody, safeguarding and application of all moneys. The\\nsubsidiary corporation may provide by such trust indenture for the\\npayment of the proceeds of the bonds and the revenues to the trustee\\nunder such trust indenture or other depository, and for the method of\\ndisbursement thereof, with such safeguards and restrictions as it may\\ndetermine. If the bonds shall be secured by a trust indenture, the\\nbondholders shall have no authority to appoint a separate trustee to\\nrepresent them.\\n (j) Whether or not the notes and bonds are of such form and character\\nas to be negotiable instruments under the terms of the uniform\\ncommercial code, the notes and bonds are hereby made negotiable\\ninstruments within the meaning of and for all the purposes of the\\nuniform commercial code, subject only to the provisions of the notes and\\nbonds for registration.\\n 12. No moneys may be borrowed by issuing bonds or notes to finance\\nresidential housing facilities pursuant to this section unless such\\nsubsidiary corporation has entered into an agreement or agreements with\\nthe mayor on behalf of the city and with the Battery Park city\\nauthority, which provide, in addition to any other terms and conditions,\\nthat:\\n (a) such residential housing facilities are to provide dwelling\\naccommodations which are to be occupied by persons and families for whom\\nthe ordinary operations of private enterprise cannot provide an adequate\\nsupply of safe, sanitary and affordable housing accommodations;\\n (b) unless otherwise specifically provided by law, neither the state\\nnor the authority are to have any responsibility as to the financing of\\nsuch residential housing facilities and neither the state, the authority\\nnor the subsidiary corporation are to have any responsibility as to the\\noperation, maintenance, repair or use of such facilities;\\n (c) the city shall use the moneys granted to it pursuant to this\\nsection to finance residential housing facilities in accordance with the\\nprovisions of the housing New York program and shall comply with the\\nterms and conditions of the housing New York program act and this\\nsection; and\\n (d) the timing, amount, maturity schedule and all other terms and\\nconditions of any issuance of bonds or notes by the subsidiary\\ncorporation pursuant to this section, will provide for the Battery Park\\ncity authority's requirements as to the development, management or\\noperation of the project and the effect of such terms and conditions on\\nthe availability of excess revenues and the pledge or assignment\\nthereof.\\n 13. Commencing on or before January thirty-first, nineteen hundred\\neighty-seven, and on or before January thirty-first of each year\\nthereafter during which the city utilizes moneys which are provided to\\nit pursuant to this section, such subsidiary corporation shall, for the\\nprior and current calendar year, submit a report to the governor, the\\ntemporary president of the senate, the speaker of the assembly, the\\nminority leader of the senate, the minority leader of the assembly, the\\nmayor and the comptroller, which shall include, but not be limited to,\\nthe total principal amount of bonds and notes which have been and are\\nexpected to be issued pursuant to this section and a copy of any\\nagreement and any amendments thereto among such subsidiary corporation,\\nthe Battery Park city authority and the city pursuant to subdivision\\ntwelve of this section. Such report may be a part of any other report\\nthat such subsidiary corporation is required to make.\\n 14. For the purposes of financing the acquisition, construction,\\nequipping, improvement, enlargement, rehabilitation and renovation of\\nresidential housing facilities pursuant to this section, such subsidiary\\ncorporation may borrow money by issuing bonds or notes in an aggregate\\nprincipal amount not exceeding four hundred million dollars plus a\\nprincipal amount of bonds or notes issued (i) to fund any related debt\\nservice reserve fund, (ii) to provide capitalized interest, and (iii) to\\nprovide fees and other charges and expenses, including underwriters'\\ndiscount, related to the issuance of such bonds or notes and the\\nmaintenance of such reserves, all as determined by such subsidiary\\ncorporation, excluding bonds or notes issued to refund outstanding bonds\\nor notes issued pursuant to this section. Any bonds or notes of such\\nsubsidiary corporation shall not be or be deemed to be obligations of\\nthe corporation or subject to or included in any authorization of or\\nlimitation on indebtedness of the corporation.\\n In computing the total principal amount of bonds or notes that may at\\nany time be issued for any purpose under this section, the amount of the\\noutstanding bonds or notes that constitutes interest under the United\\nStates Internal Revenue Code of nineteen hundred fifty-four, as amended\\nto the effective date of this section, shall be excluded.\\n 15. The state does hereby pledge to and agree with the holders of any\\nbonds or notes issued under this section that the state will not limit\\nor alter the rights hereby vested in such subsidiary corporation or the\\nBattery Park city authority to fulfill the terms of any agreements made\\nwith or for the benefit of the said holders thereof, or in any way\\nimpair the rights and remedies of such holders until such bonds or\\nnotes, together with the interest thereon, with interest on any unpaid\\ninstallments of interest, and all costs and expenses in connection with\\nany action or proceeding by or on behalf of such holders, are fully met\\nand discharged. Such subsidiary corporation is authorized to include\\nthis pledge and agreement of the state in any agreement with the holders\\nof such bonds or notes.\\n 16. The bonds or notes of such subsidiary corporation shall not be a\\ndebt of either the state of New York, the city of New York, the Battery\\nPark city authority or the corporation, and neither the state, the city\\nof New York, such authority nor the corporation shall be liable thereon,\\nnor shall they be payable out of any funds other than those of such\\nsubsidiary corporation; and such bonds or notes shall contain on the\\nface thereof a statement to such effect.\\n 17. The subsidiary corporation established pursuant to this section\\nshall have all the privileges, immunities, tax exemptions and other\\nexemptions of the corporation to the extent the same are not\\ninconsistent with this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "654-D", "title" : "Residential mortgage insurance corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "654-D", "activeDate" : "2014-09-22", "sequenceNo" : 336, "repealedDate" : null, "fromSection" : "654-D", "toSection" : "654-D", "text" : " § 654-d. Residential mortgage insurance corporation. 1. Definitions.\\nAs used in this section, the following words and terms shall have the\\nfollowing meanings unless the context shall indicate another or\\ndifferent meaning or intent:\\n (a) \"Cash equivalent\". A letter of credit, insurance policy, surety,\\nguarantee, indemnity or other security arrangement.\\n (b) \"Financial institution\". (i) Any bank, trust company, national\\nbank, state or federal savings bank, state or federal savings and loan\\nassociation, or state or federal credit union, insurance company,\\npension fund or retirement system of any corporation, association, any\\nother entity which is owned or controlled by any one or more of the\\nabove, provided such bank, trust company, national bank, state or\\nfederal savings bank, state or federal savings and loan association, or\\nstate or federal credit union, insurance company, pension fund or\\nretirement system of any corporation or association, and, if an entity\\nwhich is owned by one or more of the above, such entity, is supervised\\nby or responsible to any agency of the federal government, the state,\\nany department thereof or the governing body of any city, town or\\nvillage of the state, or (ii) any other entity approved by the\\nsubsidiary corporation, or (iii) any one or more of the above when\\nlawfully acting as a trustee or otherwise in a fiduciary capacity. The\\nterm \"financial institution\" shall also include the New York state\\nhousing finance agency, the New York state medical care facilities\\nfinance agency, the state of New York mortgage agency, the New York\\nstate urban development corporation, the corporation, the New York city\\ndepartment of housing preservation and development, the community\\npreservation corporation, any governmental agency of the United States\\nwhich customarily makes, purchases or holds residential mortgages and\\nany person who is approved as a mortgage lender by the federal housing\\nadministration for purposes of insurance issued by such administration\\nor licensed by the state of New York as a mortgage banker.\\n (c) \"Housing accommodation\". Any existing building, structure, unit\\nthereof (including an owner-occupied unit in a condominium and a\\nlessee-occupied dwelling unit in which the lessee retains a proprietary\\nlease with respect to such dwelling unit and has an allocable ownership\\ninterest in a cooperative housing corporation) or unimproved real\\nproperty, which is used or occupied, or is intended to be used or\\noccupied as the home or residence of one or more persons, a portion of\\nwhich may also be used for commercial and other community facilities\\nancillary to such residence provided that, in the case of any housing\\naccommodation consisting of more than six dwelling units, the floor area\\nof above-ground commercial facilities shall not exceed one-quarter of\\nthe above-ground floor area of such housing accommodation (inclusive of\\nsuch commercial facilities).\\n (d) \"Housing insurance contracts\". All contracts entered into by the\\nsubsidiary corporation to insure mortgages pursuant to this section, but\\nnot including (i) any contracts to insure mortgages entered into by the\\npredecessor corporation which are imposed upon and assumed by the\\nsubsidiary corporation pursuant to paragraph (d) of subdivision two of\\nthis section, or (ii) any contracts to insure mortgages entered into by\\nthe subsidiary corporation with respect to which a commitment to insure\\nwas issued by the predecessor corporation.\\n (e) \"Housing insurance fund\". The housing insurance fund as\\nestablished pursuant to subdivision twelve of this section.\\n (f) \"Housing insurance fund requirement\". As of any particular date of\\ncomputation, an amount equal to the aggregate of (i) one hundred per\\ncentum of the insured amounts due and payable by the subsidiary\\ncorporation pursuant to housing insurance contracts, plus (ii) twenty\\nper centum of the insured amounts under housing insurance contracts\\nother than insured amounts which are due and payable pursuant to (i)\\nabove, plus (iii) twenty per centum of the amounts to be insured under\\nhousing insurance contracts pursuant to the subsidiary corporation's\\ncommitments to insure.\\n (g) \"Mortgage\". A first mortgage on real property located within the\\ncity of New York, securing a preservation loan or a rehabilitation loan,\\nwith a term not to exceed forty years, on real estate, held in fee\\nsimple or on a leasehold under a lease having a period of years to run\\nat the time a mortgage is insured under this section of at least twenty\\nper centum greater duration than the remaining term of such mortgage;\\nthe term \"first mortgage\" means such first liens as are commonly given\\nto secure advances on, or the unpaid purchase price of, real estate\\nunder the laws of the state, together with the credit instruments, if\\nany, secured thereby.\\n (h) \"Mortgage insurance contracts\". All contracts to insure mortgages\\nentered into by the predecessor corporation that are imposed upon and\\nassumed by the subsidiary corporation pursuant to paragraph (d) of\\nsubdivision two of this section and all contracts to insure mortgages\\nentered into by the subsidiary corporation with respect to which a\\ncommitment to insure was issued by the predecessor corporation.\\n (i) \"Mortgage insurance fund\". The mortgage insurance fund as\\nestablished pursuant to subdivision twelve of this section.\\n (j) \"Mortgage insurance fund requirement\". As of any particular date\\nof computation, an amount equal to the aggregate of (i) one hundred per\\ncentum of the insured amounts due and payable by the subsidiary\\ncorporation pursuant to mortgage insurance contracts, plus (ii) an\\namount equal to the greater of (A) seven million five hundred thousand\\ndollars or (B) twenty per centum of the insured amounts under mortgage\\ninsurance contracts other than insured amounts which are due and payable\\nunder subparagraph (i) of this paragraph, plus (iii) twenty per centum\\nof the amounts to be insured under the predecessor corporation's\\ncommitments to insure; provided, however, that notwithstanding the\\nforegoing, at no time shall the mortgage insurance fund requirement\\nexceed the aggregate of (1) insured amounts due and payable by the\\nsubsidiary corporation pursuant to mortgage insurance contracts, plus\\n(2) one hundred per centum of the insured amounts under mortgage\\ninsurance contracts other than insured amounts which are due and payable\\nunder clause (1) of this paragraph, plus (3) one hundred per centum of\\nthe amounts to be insured under the predecessor corporation's\\ncommitments to insure.\\n (k) \"Mortgagee\". The mortgage lender under a mortgage insured by the\\npredecessor corporation or insured pursuant to subdivision ten of this\\nsection, and its successors and assigns.\\n (l) \"Mortgage loan\". A mortgage loan secured by a mortgage.\\n (m) \"Mortgagor\". The original borrower under a mortgage loan insured\\nby the predecessor corporation or insured pursuant to subdivision ten of\\nthis section, and its successors and assigns.\\n (n) \"Multi-family housing accommodation\". A housing accommodation with\\nfive or more dwelling units.\\n (o) \"Operating expenses\". All costs of administering the subsidiary\\ncorporation, including, but not limited to, salaries and wages, expenses\\nof administering staff functions, fees of professional consultants,\\nlegal fees, charges incurred for servicing of mortgage loans, money\\nmanagement fees, office rents, utility charges, costs of supplies,\\nfurnishings, equipment, machinery and apparatus, maintenance and repair\\nof property, payment to the corporation for services rendered, amounts\\ndue and owing under contracts validly entered into by the predecessor\\ncorporation or the subsidiary corporation, other than mortgage insurance\\ncontracts and housing insurance contracts, respectively, and other\\nexpenses incurred in connection with any of the foregoing.\\n (p) \"Other real property\". Any building, structure or unimproved\\nproperty which is used or occupied, or is intended to be used or\\noccupied, primarily for emergency, transitional or shelter housing, a\\nportion of which may also be used for commercial and other community\\nfacilities ancillary to such use provided that, the floor area of\\nabove-ground commercial facilities shall not exceed one-quarter of the\\nabove-ground floor area of such other real property (inclusive of such\\ncommercial facilities).\\n (q) \"Predecessor corporation\". The New York city rehabilitation\\nmortgage insurance corporation created by section one of chapter nine\\nhundred twenty-four of the laws of nineteen hundred seventy-three,\\nbeing, prior to repeal, article fourteen of the private housing finance\\nlaw.\\n (r) \"Preservation loan\". A mortgage loan extended by a financial\\ninstitution with a term not to exceed forty years for the purposes of\\nrefinancing existing indebtedness secured by one or more mortgages on a\\nhousing accommodation or other real property located within the city of\\nNew York and/or financing the acquisition of a housing accommodation or\\nother real property located within the city of New York and which\\notherwise complies with the conditions established pursuant to\\nsubdivision ten of this section.\\n (s) \"Rehabilitation\". Repairs, alterations or improvements of a\\nhousing accommodation or other real property designed to raise the\\nhousing standards therein or, in the case of other real property,\\ndesigned to provide needed improvements therein. Rehabilitation shall\\nalso include the construction of a housing accommodation or other real\\nproperty.\\n (t) \"Rehabilitation loan\". A mortgage loan extended by a financial\\ninstitution with a term not to exceed forty years which may include the\\nrefinancing of existing indebtedness, if any, secured by one or more\\nmortgages on the housing accommodation or other real property to be\\nrehabilitated, or financing the acquisition of the housing accommodation\\nor other real property to be rehabilitated, which housing accommodation\\nor other real property shall be located within the city of New York and\\nwhich otherwise complies with the conditions established pursuant to\\nsubdivision ten of this section, provided, however, that a sum equal to\\nat least twenty-five percent of the amount of the mortgage loan shall be\\nused for the cost of rehabilitation of, or construction of improvements\\non, a housing accommodation or other real property.\\n 2. New York city residential mortgage insurance corporation. (a) There\\nis hereby established a public benefit corporation known as the \"New\\nYork city residential mortgage insurance corporation\" as a subsidiary\\ncorporation of the corporation. The purpose of such subsidiary\\ncorporation shall be to insure mortgage loans in order to promote the\\npreservation of neighborhoods which are blighted, are becoming blighted\\nor may become blighted, to discourage disinvestment and encourage the\\ninvestment of mortgage capital in such neighborhoods and to provide\\nsafe, sanitary and affordable housing accommodations to persons and\\nfamilies for whom the ordinary operations of private enterprise cannot\\nsupply such accommodations.\\n (b) The subsidiary corporation shall be the successor to the\\npredecessor corporation.\\n (c) All property and rights of the predecessor corporation (other than\\nmoneys of the predecessor corporation) are hereby passed to and vested\\nin the subsidiary corporation, subject, however, to all outstanding\\ncontracts of insurance, commitments to insure mortgages, and all\\noutstanding obligations of the predecessor corporation. All moneys of\\nthe predecessor corporation (including, but not limited to, amounts held\\nin the mortgage insurance fund established pursuant to section seven\\nhundred nine of this chapter, prior to said section being repealed) and\\nall moneys held in the remic premium reserve fund established pursuant\\nto said section seven hundred nine shall be transferred to the city;\\nprovided that as a condition to said transfer, a like amount of money\\nshall be transferred from the corporation to the subsidiary corporation\\nto be deposited into the mortgage insurance fund, the housing insurance\\nfund and the remic premium reserve fund (all established pursuant to\\nsubdivision twelve of this section) in such amounts as shall be\\ndetermined by the subsidiary corporation, subject to the provisions of\\nparagraph (a) of subdivision twelve of this section.\\n (d) All debts, liabilities, obligations, contracts, agreements, and\\ncovenants of the predecessor corporation (including, but not limited to,\\ncontracts of insurance and commitments to insure mortgages) are hereby\\nimposed upon and shall be assumed by the subsidiary corporation. All\\npersons having claims under any contracts of insurance or commitments to\\ninsure mortgages entered into with the predecessor corporation may\\nenforce those claims against the subsidiary corporation in the same\\nmanner as they might have against the predecessor corporation, and the\\nrights and remedies of such persons shall not be limited or restricted\\nin any manner by this section. The foregoing notwithstanding, the debts,\\nliabilities, obligations, contracts, agreements and covenants of the\\npredecessor corporation shall not be imposed upon the corporation. All\\npersons having claims under any contracts of insurance or commitments to\\ninsure mortgages entered into with the predecessor corporation shall\\nhave no right to enforce those claims in any manner against the\\ncorporation.\\n (e) In continuing the functions and carrying out the contracts,\\nobligations and duties of the predecessor corporation, the subsidiary\\ncorporation is hereby authorized to act in its own name or in the name\\nof the predecessor corporation as may be convenient or advisable. (f)\\nAll regulations of the predecessor corporation shall continue to be in\\neffect as the regulations of the subsidiary corporation until amended,\\nsupplemented or rescinded by the subsidiary corporation in accordance\\nwith law.\\n 3. Assistance; privileges. (a) The subsidiary corporation may receive\\nmoneys from the corporation, the state, any public benefit corporation,\\nthe city, the federal government or any other source for public purposes\\nset forth in this section.\\n (b) The subsidiary corporation may contract for and accept any gifts\\nor grants or loans of funds or property or financial or other aid in any\\nform from the federal government or any agency or instrumentality\\nthereof, or from the state or any agency or instrumentality thereof,\\nincluding the city and the corporation, or from any other source, public\\nor private, and to comply, subject to the provisions of this section,\\nwith the terms and conditions thereof.\\n (c) The city and the corporation are each hereby authorized to, but\\nneither is required to, make gifts, grants or loans of funds or property\\nor financial or other aid in any form to the subsidiary corporation and\\nto enter into any contracts or other agreements with the subsidiary\\ncorporation, on such terms and conditions as the city or the\\ncorporation, as applicable, and the subsidiary corporation may agree\\nupon, all in furtherance of the public purposes set forth in this\\nsection.\\n (d) All domestic corporations or associations organized for the\\npurpose of carrying on business in this state, public benefit\\ncorporations, public employee pension funds and any other persons,\\ncorporations or associations are hereby authorized to make contributions\\nto the subsidiary corporation.\\n (e) The subsidiary corporation shall have all the privileges,\\nimmunities, tax exemptions and other exemptions of the corporation to\\nthe extent the same are not inconsistent with this section.\\n 4. Membership. The membership of such subsidiary corporation shall\\nconsist of nine members, seven of whom shall be members of the\\ncorporation and two of whom shall be appointed by the mayor. The members\\nwho are not members of the corporation shall serve for terms ending two\\nand four years respectively from January first next succeeding the date\\nof their appointment. The successors of the members who are not members\\nof the corporation shall serve for terms of four years each. A member\\nwho is not a member of the corporation shall continue in office until\\nhis or her successor has been appointed and qualified. With respect to\\nany member who is not a member of the corporation, the mayor shall fill\\nany vacancy which may occur by reason of death, resignation or otherwise\\nfor the remaining unexpired term of such member. A member who is not a\\nmember of the corporation may be removed by the mayor for cause, but not\\nwithout an opportunity to be heard in person or by counsel, in such\\nmember's defense, upon not less than ten days' notice. The powers of the\\nsubsidiary corporation shall be vested in and exercised by no less than\\nfive of the members thereof then in office. The subsidiary corporation\\nmay delegate to one or more of its members, or its officers, agents and\\nemployees, such duties and powers as it may deem proper. The\\ncommissioner of the department of housing preservation and development\\nshall serve as chairperson of the subsidiary corporation. The president\\nof the corporation shall serve as president of the subsidiary\\ncorporation.\\n 5. Compensation. Notwithstanding any inconsistent provisions of this\\nor any other general, special or local law, no officer or employee of\\nthe corporation, the city or the state, or of any public corporation, as\\ndefined in the general construction law, shall be deemed to have\\nforfeited or shall forfeit such person's office or employment or any\\nbenefits provided under the retirement and social security law or under\\nany public retirement system maintained by the state or by the civil\\ndivisions thereof by reason of such person's acceptance of membership on\\nor by virtue of such person's being an officer, employee or agent of the\\nsubsidiary corporation. The members may engage in private employment or\\nin a profession or business, unless otherwise prohibited from doing so\\nby virtue of holding another public office, subject to the provisions of\\narticle eighteen of the general municipal law. For the purposes of such\\narticle eighteen, the subsidiary corporation shall be a \"municipality\"\\nand a member shall be a \"municipal officer\". No member of the subsidiary\\ncorporation shall receive additional compensation, either direct or\\nindirect, other than reimbursement for actual and necessary expenses\\nincurred in the performance of such person's duties, by reason of such\\nperson serving as a member of the subsidiary corporation.\\n 6. Transfer of resources. The city and the corporation shall have the\\npower to, but shall not be obligated to, transfer to the subsidiary\\ncorporation such agents, employees and facilities, including any real\\nand/or personal property, in order to carry out the purposes of this\\nsection.\\n 7. Termination. The subsidiary corporation and its corporate existence\\nshall continue until terminated by law; provided, however, that no such\\nlaw shall take effect so long as the subsidiary corporation shall have\\ncontracts to insure mortgages (including mortgage insurance contracts\\nand housing insurance contracts), commitments to insure, notes, bonds,\\nor other obligations outstanding, unless adequate provision has been\\nmade for the payment thereof. Upon termination of the existence of the\\nsubsidiary corporation all of its rights and properties shall pass to\\nand be vested in the corporation.\\n 8. Powers. The subsidiary corporation shall have the power:\\n (a) To sue and be sued;\\n (b) To have a seal and alter the same at pleasure;\\n (c) To make and alter by-laws for its organization;\\n (d) To adopt, amend or rescind rules and regulations appropriate to\\ncarry out its corporate purposes, including rules and regulations\\ngoverning the use of its property and facilities and to establish such\\nrequirements and enter into such agreements to achieve the objectives of\\nthis section;\\n (e) To make and execute contracts and all other instruments necessary\\nor convenient for the exercise of its powers and functions under this\\nsection;\\n (f) To acquire, hold and dispose of real and/or personal property for\\nits corporate purposes;\\n (g) To engage the services of private consultants on a contract basis\\nfor rendering professional and technical assistance and advice;\\n (h) To appoint officers, agents and employees, prescribe their duties\\nand qualifications and fix their compensation;\\n (i) To invest any funds, or other moneys under its custody and control\\nin the same manner as the corporation;\\n (j) To establish and levy fees and charges in connection with the\\nprocessing of applications for mortgage insurance and fix premium\\ncharges for mortgage insurance;\\n (k) To enter into commitments to insure mortgages and contracts of\\ninsurance and enter into any additional agreements as the subsidiary\\ncorporation deems appropriate to further the objectives of this section;\\n (l) To fulfill its obligations and enforce its rights under any\\ncontract of insurance, or commitment to insure so furnished as provided\\nin this section and such rules and regulations as may be adopted by the\\nsubsidiary corporation;\\n (m) To pay, pursue to final collection, compromise, waive or release\\nany right, title, claim, lien or demand, however acquired, including any\\nequity or right of redemption;\\n (n) To foreclose any mortgage in default or commence any action to\\nprotect or enforce any right conferred upon it by any law, mortgage,\\ncontract or other agreement, and to bid for and purchase such property\\nat any foreclosure or at any other sale, or otherwise to acquire or take\\npossession of any such property;\\n (o) To deal with, hold, administer, manage, rent, repair, insure or\\nsell, lease or otherwise dispose of any property conveyed to or acquired\\nby the subsidiary corporation and to enter into agreements with the\\nstate, the city, or any person, firm, entity, partnership or\\ncorporation, either public or private, with regard thereto;\\n (p) To procure insurance against any loss in connection with its\\nproperty and other assets and to procure reinsurance in connection with\\nits obligations, all in such amounts and from such insurers as it deems\\nnecessary or desirable;\\n (q) To consent to the modification, with respect to rate of interest,\\ntime of payment of any installment of principal or interest, security or\\nany other term, of any mortgage, mortgage loan, contract or agreement of\\nany kind which the subsidiary corporation has insured or to which the\\nsubsidiary corporation is a party;\\n (r) To sell, at public or private sale, any mortgage, mortgage\\nparticipation or other obligation held by the subsidiary corporation;\\n (s) To procure cash equivalents for deposit in its funds;\\n (t) To enter into co-insurance agreements with any entity authorized\\nby law to provide mortgage insurance with respect to property located\\nwithin the city of New York, including, but not limited to the state of\\nNew York mortgage agency and the United States department of housing and\\nurban development;\\n (u) To do any and all things necessary or convenient to carry out its\\npurposes and exercise the powers expressly given and granted in this\\nsection.\\n 9. Classification of housing accommodations. The subsidiary\\ncorporation may classify housing accommodations within the city and\\napprove any of such classes as eligible for insurance pursuant to this\\nsection and enact separate guidelines dealing with the provision and\\nextent of such insurance.\\n 10. Insurance of mortgage loans. (a) The subsidiary corporation is\\nauthorized, subject to the provisions of this section, to make\\ncommitments to insure and to contract to insure mortgage loans eligible\\nfor insurance hereunder.\\n (b) The subsidiary corporation shall limit its insurance on a\\nrehabilitation or preservation loan to an amount not in excess of fifty\\nper centum of the outstanding principal indebtedness, provided, however,\\nthat the subsidiary corporation may insure an amount not in excess of\\nseventy-five per centum of the outstanding principal indebtedness of a\\nrehabilitation loan if it shall find that the extent of rehabilitation\\nis sufficient to justify such additional insurance, provided further,\\nhowever, that the subsidiary corporation may insure an amount not to\\nexceed the full outstanding principal indebtedness of a rehabilitation\\nor preservation loan when such mortgage loan has been made by a public\\nbenefit corporation of the state of New York which public benefit\\ncorporation has issued or will issue bonds or notes, some or all of the\\nproceeds of which bonds or notes were used or will be used to make such\\nmortgage loan, or when the mortgage loan has been made by a public\\nemployee pension fund. The foregoing notwithstanding, the sum of the\\npercentage of any mortgage loan insured by the subsidiary corporation\\nand the percentage of such loan insured or to be insured by any other\\nparty shall not exceed one hundred per centum of the outstanding\\nprincipal indebtedness of such mortgage loan.\\n (c) The subsidiary corporation shall not issue a commitment to insure\\nor a housing insurance contract unless upon the issuance thereof amounts\\non deposit in the housing insurance fund will at least equal the housing\\ninsurance fund requirement.\\n (d) Except for mortgage insurance contracts and except as otherwise\\nprovided in paragraph (e) of this subdivision, the subsidiary\\ncorporation shall not issue a commitment to insure nor shall it insure\\nany mortgage loan unless it shall first find (i) that the property which\\nis the security for such mortgage loan is located in a neighborhood\\nwithin the city of New York characterized by a deficiency of available\\nmortgage financing; (ii) that such deficiency has caused or threatens to\\ncause undermaintained and deteriorating housing accommodations and\\nsubstandard and unsanitary neighborhoods; (iii) that the granting of\\nsuch mortgage loan will aid in the preservation or rehabilitation of the\\nneighborhood in which such property is located; (iv) that, if the\\nproperty which is the security for such mortgage loan is other real\\nproperty, the granting of such mortgage loan will assist in preventing\\nthe deterioration of residential housing in the neighborhood in which\\nsuch property is located; and (v) that the property which is the\\nsecurity for such loan meets such other requirements as the subsidiary\\ncorporation may from time to time establish by guidelines adopted by the\\nsubsidiary corporation. Any such determination by the subsidiary\\ncorporation shall be conclusive and final and shall not be subject to\\nreview of any kind or nature or in any manner whatsoever and shall not\\ngive rise to any liability on the part of the subsidiary corporation.\\n (e) The subsidiary corporation may issue a commitment to insure and\\nmay insure any mortgage loans, notwithstanding the criteria set forth in\\nsubparagraph (i), (ii), (iii) or (iv) of paragraph (d) of this\\nsubdivision provided that it shall find the property which is the\\nsecurity for such mortgage loan or mortgage loans is either: (i) located\\nwithin the city of New York in an empire zone designated pursuant to\\narticle eighteen-B of the general municipal law, or (ii) will provide\\nsafe, sanitary and affordable housing for persons and families for whom\\nthe ordinary operations of private enterprise cannot supply such\\nhousing, or (iii) the entity providing the mortgage financing was or is\\ncreated by local, state or federal legislation and certifies to the\\nsubsidiary corporation that the housing accommodations or other real\\nproperty are located within the city of New York and meet the program\\ncriteria applicable to such entity. In addition, the subsidiary\\ncorporation may enter into any mortgage insurance contract,\\nnotwithstanding the criteria set forth in subparagraph (i), (ii), (iii)\\nor (iv) of paragraph (d) of this subdivision provided that with respect\\nto such mortgage insurance contract, a commitment to insure shall have\\nbeen previously issued by the predecessor corporation.\\n (f) The subsidiary corporation may issue a commitment to insure and\\nmay insure an existing mortgage loan, when an application for such\\nmortgage insurance has been submitted prior to the making of such\\nmortgage loan, and significant circumstances beyond the reasonable\\ncontrol of the mortgagor and mortgagee necessitate the making of the\\nmortgage loan prior to the issuance of the commitment to insure and when\\nit is determined by the subsidiary corporation that such mortgage loan\\nwould not have been made except for the reasonable expectation that the\\nsubsidiary corporation would insure the mortgage loan.\\n (g) To be eligible for insurance under this section, a mortgage loan\\nshall be a preservation loan and/or a rehabilitation loan and (i) bear\\ninterest, exclusive of premium charges fixed by the subsidiary\\ncorporation, at a rate not in excess of the rate of interest authorized\\nby law and not in excess of a maximum rate of interest established by\\nthe subsidiary corporation from time to time. In making its\\ndetermination of appropriate maximum interest rate, the subsidiary\\ncorporation shall take into account the rates of interest prevalent in\\nthe mortgage market, current data on secondary market yields and\\ndiscount and/or premium levels; (ii) unless the subsidiary corporation\\nin its sole discretion shall otherwise determine, provide for\\nsubstantially equal and constant periodic payments of principal and\\ninterest in amounts sufficient to pay all interest and effect full\\nrepayment of principal within the term of the mortgage loan; (iii)\\ncontain terms with respect to the prepayment, insurance, repairs,\\nalterations, payment of taxes, special assessments, service charges,\\ndefault reserves, delinquency charges, foreclosure proceedings,\\nadditional and secondary liens, and such other matters as the subsidiary\\ncorporation may in its discretion prescribe; (iv) be accompanied by\\ncertificates, issued by such officers of the mortgagee, independent\\nappraisers or other persons as the subsidiary corporation may require,\\ncertifying that: (A) where appropriate, the annual income to be derived\\nfrom the property equals not less than one hundred five per centum of\\nthe annual charges and expenses, including provision for reserves,\\nsatisfactory to the subsidiary corporation, for the amortization of\\nsubordinate mortgage loans over the remaining terms of such mortgage\\nloans regardless of whether the terms of such subordinate mortgage loans\\ninclude scheduled amortization of principal; (B) the remaining useful\\nlife of the property is greater than the term of the mortgage; and (C)\\nthe housing accommodation or other real property does not contain any\\nsubstantial violations of the housing maintenance code or the multiple\\ndwelling law, except that in the case of a mortgage loan made to the\\nowner of a housing accommodation or other real property containing any\\nsuch violations, the subsidiary corporation may insure or commit to\\ninsure such mortgage loan if the mortgagee and the owner have submitted\\na plan, satisfactory to the subsidiary corporation to eliminate such\\nviolations; and (v) satisfy such additional terms and conditions as the\\nsubsidiary corporation may prescribe.\\n (h) In addition to the conditions set forth in paragraphs (d) through\\n(g) in this subdivision, the subsidiary corporation shall not insure nor\\nissue a commitment to insure any rehabilitation loan unless it shall\\nfind (i) that rehabilitation is necessary to upgrade the property, (ii)\\nthat rehabilitation will not necessitate more than a minimum amount of\\nrelocation of the residents of any housing accommodation and (iii) that\\nthe rehabilitation undertaken with the proceeds of the rehabilitation\\nloan has been completed.\\n (i) A financial institution may request insurance by written\\napplication to the subsidiary corporation in such form and manner,\\ntogether with such information and documents, as the subsidiary\\ncorporation may prescribe. No application shall be complete unless and\\nuntil the financial institution has paid such processing fees and other\\ncharges as the subsidiary corporation may impose in connection\\ntherewith. The subsidiary corporation shall signify its acceptance of\\nsuch application for insurance by issuance of a commitment to insure or\\na contract of insurance.\\n (j) The subsidiary corporation shall not issue a commitment to insure\\na mortgage loan extended by the corporation unless such commitment to\\ninsure is approved by at least two members of a committee composed of\\nthe chairperson of the subsidiary corporation and the members of the\\nsubsidiary corporation who are not members of the corporation.\\n 11. Payment of insurance. The subsidiary corporation shall establish\\nprocedures to be followed by a mortgagee in the event of a default under\\nthe terms of any mortgage insured by the subsidiary corporation,\\nprovided, however, any modification to such procedures (other than to\\ncure any ambiguity, defect or omission) shall apply only to mortgages\\nfor which commitments have been issued after the effective date of such\\nmodification. The subsidiary corporation may establish prerequisites for\\npayment of an insurance claim, including, but not limited to, requiring\\nthe mortgagee to take such actions with respect to the property securing\\nthe defaulted mortgage as may be specified by the subsidiary corporation\\nto be satisfactory evidence of a continuing default, including but not\\nlimited to the following actions: (i) becoming lawfully the mortgagee in\\npossession thereof; (ii) causing a receiver to be appointed of such\\nproperty; (iii) obtaining voluntary conveyance of the mortgagor's right\\nand title to such property; or (iv) obtaining by foreclosure clear and\\nunencumbered title to such property, all in such manner as the\\nsubsidiary corporation may require. Following submission of a valid\\nclaim, the subsidiary corporation shall pay an amount which shall not\\nexceed the lesser of: (A) the then outstanding principal amount of the\\nmortgage multiplied by the per centum of such outstanding amount insured\\nby the subsidiary corporation plus that per centum of the mortgagee's\\ncost arising from the default, inclusive of public liens and delinquent\\nand unpaid interest, all as the subsidiary corporation may from time to\\ntime allow, which per centum shall not exceed the per centum of the\\noutstanding principal indebtedness insured by the subsidiary corporation\\nor (B) the insured amount of the mortgage loan at the date of execution\\nof the contract of insurance or its latest amendment, if any, except\\nthat the subsidiary corporation shall pay the greater of the two amounts\\non claims by a public employee pension fund or by a public benefit\\ncorporation from mortgage loans financed by the sale of notes or bonds\\nissued by said corporation and such amount payable may, if so provided\\nin the contract of insurance, include accrued interest to the date of\\nredemption for such bonds or notes and any cost associated with such\\nredemption, provided that no more than the actual loss suffered by such\\npublic benefit corporation or public employee pension fund shall be\\npaid. Such payment may be made by the subsidiary corporation in a lump\\nsum, or in partial payments made within such period of time, not in\\nexcess of two years, as may be agreed to between the subsidiary\\ncorporation and the mortgagee, all in accordance with procedures to be\\nestablished by the subsidiary corporation. The subsidiary corporation\\nshall have the power to bid for and purchase the property securing the\\ndefaulted mortgage at any foreclosure or other sale of such property, or\\nto otherwise acquire or take possession of such property in accordance\\nwith other provisions of law. In the event of any such purchase,\\nacquisition, or taking of possession, the subsidiary corporation shall\\nhave the power to complete, administer, sell, dispose of, and otherwise\\ndeal with such property, in such manner as may be necessary or desirable\\nto protect the interests of the subsidiary corporation.\\n 12. Mortgage insurance fund, housing insurance fund and remic premium\\nreserve fund. (a) The subsidiary corporation shall create and establish\\na fund to be known as the \"mortgage insurance fund\" which shall be used\\nas a revolving fund for carrying out the provisions of this section with\\nrespect to mortgage insurance contracts and shall, upon its creation,\\npay into such fund moneys made available to the subsidiary corporation\\nfrom the corporation in an amount equal to the mortgage insurance fund\\nrequirement as of such date for the purpose of such fund, and shall\\nthereafter, pay into such fund, upon receipt, (i) such portion of\\nmortgage insurance contract premium payments in an amount equal to the\\namount necessary to be transferred to the mortgage insurance fund in\\norder that the amount on deposit therein be equal to the mortgage\\ninsurance fund requirement (or such lesser amount as may be available);\\n(ii) such portion of the proceeds received by the subsidiary corporation\\nin connection with the exercise of such subsidiary corporation's rights\\nunder any mortgage insurance contract in an amount equal to the amount\\nnecessary to be transferred to the mortgage insurance fund in order that\\nthe amount on deposit therein be equal to the mortgage insurance fund\\nrequirement (or such lesser amount as may be available); (iii) any\\nmoneys appropriated, paid or otherwise made available by the city or the\\ncorporation for the purpose of such fund; and (iv) any other moneys\\nwhich may be made available to the subsidiary corporation for the\\npurpose of such fund from any other source. All moneys held in the\\nmortgage insurance fund, except as hereinafter provided, shall be used,\\nas required, solely for the payment of the subsidiary corporation's\\nliabilities arising from mortgage insurance contracts; provided,\\nhowever, that moneys in such fund shall not be withdrawn therefrom at\\nany time in such amount as would reduce the amount of such fund to less\\nthan the mortgage insurance fund requirement, except for the purposes of\\npaying such liabilities, as the same become due and for the payment of\\nwhich other moneys of the subsidiary corporation are not available. Any\\nincome or interest earned by, or increment to, the mortgage insurance\\nfund due to the investment thereof or any amount in excess of the\\nmortgage insurance fund requirement shall be transferred at least\\nannually by the subsidiary corporation to the remic premium reserve fund\\nor, at the written direction of the chairperson, to such other funds or\\naccounts of the subsidiary corporation to the extent it does not reduce\\nthe amount of the mortgage insurance fund below the mortgage insurance\\nfund requirement.\\n (b) The subsidiary corporation shall create and establish a fund to be\\nknown as the \"housing insurance fund\" which shall be used as a revolving\\nfund for carrying out the provisions of this section with respect to\\nhousing insurance contracts and shall, upon its creation, pay into such\\nfund any moneys or cash equivalents made available to the subsidiary\\ncorporation from the corporation for the purpose of such fund, and shall\\nthereafter, pay into such fund, upon receipt, (i) such portion of\\nhousing insurance contract premium payments in an amount equal to the\\namount necessary to be transferred to the housing insurance fund in\\norder that the amount on deposit therein be equal to the housing\\ninsurance fund requirement (or such lesser amount as may be available);\\n(ii) such portion of the proceeds received by the subsidiary corporation\\nin connection with the exercise of such subsidiary corporation's rights\\nunder any housing insurance contract in an amount equal to the amount\\nnecessary to be transferred to the housing insurance fund in order that\\nthe amount on deposit therein be equal to the housing insurance fund\\nrequirement (or such lesser amount as may be available); (iii) any\\nmoneys or cash equivalents appropriated, paid or otherwise made\\navailable by the city, the federal government or the corporation for the\\npurpose of such fund; and (iv) any other moneys or cash equivalents\\nwhich may be made available to the subsidiary corporation for the\\npurpose of such fund from any other source. All moneys or cash\\nequivalents held in the housing insurance fund, except as hereinafter\\nprovided, shall be used, as required, solely for the payment of the\\nsubsidiary corporation's liabilities arising from housing insurance\\ncontracts; provided, however, that moneys or cash equivalents in such\\nfund shall not be withdrawn therefrom at any time in such amount as\\nwould reduce the amount of such fund to less than the housing insurance\\nfund requirement, except for the purpose of paying such liabilities, as\\nthe same become due and for the payment of which other moneys of the\\nsubsidiary corporation are not available. Any income or interest earned\\nby, or increment to, the housing insurance fund due to the investment\\nthereof or any amount in excess of the housing insurance fund\\nrequirement shall be transferred at least annually by the subsidiary\\ncorporation to the remic premium reserve fund or at the written\\ndirection of the chairperson, to such other funds or accounts of the\\nsubsidiary corporation to the extent it does not reduce the amount of\\nthe housing insurance fund below the housing insurance fund requirement.\\n (c) The subsidiary corporation shall create and establish such\\naccounts within the housing insurance fund as may be necessary or\\ndesirable for its corporate purposes.\\n (d) The subsidiary corporation shall create and establish a fund to be\\nknown as the \"remic premium reserve fund\" for the purpose of providing\\nfor payment of the subsidiary corporation's liabilities arising from its\\noperations, its mortgage insurance contracts and its housing insurance\\ncontracts and shall, upon its creation, pay into such fund moneys or\\ncash equivalents made available to the subsidiary corporation from the\\ncorporation for the purpose of such fund, and shall thereafter, pay into\\nsuch fund, upon receipt, (i) the balance of the premium payments, if\\nany, received by the subsidiary corporation with respect to mortgage\\ninsurance contracts and housing insurance contracts after making the\\ndeposits described in subparagraph (i) of paragraph (a) and subparagraph\\n(i) of paragraph (b) respectively, of this subdivision; (ii) the balance\\nof any proceeds received by the subsidiary corporation in connection\\nwith the exercise of such subsidiary corporation's rights under any\\nmortgage insurance contract or housing insurance contract after making\\nthe deposits described in subparagraph (ii) of paragraph (a) and\\nsubparagraph (ii) of paragraph (b) respectively of this subdivision;\\n(iii) any moneys or cash equivalents appropriated, paid or otherwise\\nmade available by the city, the federal government or the corporation\\nfor the purpose of such fund; and (iv) any other moneys or cash\\nequivalents which may be made available to the subsidiary corporation\\nfor the purpose of such fund from any other source.\\n (e) The subsidiary corporation shall create and establish such\\naccounts within the remic premium reserve fund as may be necessary for\\nits corporate purposes.\\n (f) Except as otherwise provided in this section, all moneys received\\nby the subsidiary corporation shall be deposited in the remic premium\\nreserve fund.\\n (g) If the remic premium reserve fund is funded in whole or in part\\nwith cash, the moneys in such fund shall be deposited in one or more\\nbanks or trust companies designated, in manner provided by law, as\\ndepositories of the funds of the subsidiary corporation. The subsidiary\\ncorporation may invest any moneys in such fund in the same manner as\\nmoneys of the corporation may be invested, provided that such\\nobligations shall be payable within such time as the proceeds may be\\nneeded to meet expenditures estimated to be incurred by the subsidiary\\ncorporation. Any interest earned or capital gain realized on the money\\nso deposited or invested shall accrue to and become part of such fund.\\nThe separate indentity of such fund shall be maintained whether its\\nassets consist of cash or investments or both.\\n (h) The subsidiary corporation shall transfer from the remic premium\\nreserve fund such moneys as the subsidiary corporation, by its\\nchairperson, shall certify are required for the subsidiary corporation\\nto pay its operating expenses, to pay any liabilities arising from the\\nsubsidiary corporation's mortgage insurance contracts and housing\\ninsurance contracts, and to restore the mortgage insurance fund and the\\nhousing insurance fund to the mortgage insurance fund requirement and\\nhousing insurance fund requirement, respectively.\\n (i) The subsidiary corporation shall keep a separate account for the\\nremic premium reserve fund. Such account shall show (i) the date and\\namount of each sum paid into the fund, (ii) the interest earned by the\\nfund, (iii) the capital gains or losses resulting from the sale of\\ninvestments of the fund, (iv) the interest or capital gains which have\\naccrued to the fund, (v) the amount and date of each withdrawal from the\\nfund, and (vi) the assets of the fund indicating the cash balance\\ntherein and a schedule of the amounts invested.\\n (j) In computing the amount of the mortgage insurance fund, the\\nhousing insurance fund and the remic premium reserve fund for the\\npurposes of this section, securities in which all or a portion of such\\nfunds shall be invested shall be valued at par, if purchased at par, or\\nif purchased at other than par, at amortized value. Amortized value,\\nwhen used with respect to securities purchased at a premium above or a\\ndiscount below par or if purchased at par, or if purchased at other than\\npar, shall mean the value as of any given date obtained by dividing the\\ntotal premiums or discount at which such securities were purchased by\\nthe number of interest payments remaining to maturity on such securities\\nafter such purchase and by multiplying the amount so calculated by the\\nnumber of interest payment dates having passed since the date of such\\npurchase; and (i) in the case of securities purchased at a premium by\\ndeducting the product thus obtained from the purchase price, and (ii) in\\nthe case of securities purchased at a discount by adding the product\\nthus obtained to the purchase price.\\n (k) The subsidiary corporation shall create and establish such other\\nfund or funds as may be necessary or desirable for its corporate\\npurposes.\\n 13. Charges and fees. (a) The subsidiary corporation shall fix a\\npremium charge for its insurance of mortgages pursuant to this section\\nwhich shall not be less than the minimum amount nor more than the\\nmaximum amount that the state of New York mortgage agency is permitted\\nto charge pursuant to applicable provisions of law.\\n (b) The subsidiary corporation may establish and levy such other\\ncharges and fees in connection with applications for mortgage insurance\\nand insurance commitments as it may deem appropriate and necessary.\\n (c) Such premium charges and other charges shall be payable by the\\nmortgagor in cash in such manner as may be prescribed by the subsidiary\\ncorporation.\\n (d) Such premium charges and other charges and fees shall not be\\ndeemed to be interest for the purposes of section 5-501 of the general\\nobligations law.\\n 14. Assistance by the corporation. The corporation is hereby\\nauthorized to perform such functions and services in connection with any\\nlawful corporate purpose of the subsidiary corporation as shall be\\nrequested by the subsidiary corporation. The subsidiary corporation\\nshall pay to the corporation from any moneys of the subsidiary\\ncorporation available for such purposes such amounts as are necessary to\\npay the corporation for the services rendered by the corporation\\npursuant to this section.\\n 15. Assistance by the department of housing preservation and\\ndevelopment. The commissioner of housing preservation and development\\nand the department of housing preservation and development are hereby\\nauthorized to perform such functions and services in connection with any\\nlawful corporate purpose of the subsidiary corporation as shall be\\nrequested by the subsidiary corporation. The subsidiary corporation\\nshall pay to the department of housing preservation and development from\\nany moneys of the subsidiary corporation available for such purposes\\nsuch amounts as are necessary to reimburse the department of housing\\npreservation and development for the services provided pursuant to this\\nsection.\\n 16. Annual report. The subsidiary corporation shall submit to the\\nmayor, the comptroller, the director of management and budget and the\\ncorporation within ninety days after the end of its fiscal year, a\\ncomplete and detailed report setting forth: (i) its operations and\\naccomplishments; (ii) its receipts and expenditures during such fiscal\\nyear in accordance with the categories or classifications established by\\nthe subsidiary corporation for its operating and capital outlay\\npurposes; and (iii) its assets and liabilities at the end of its fiscal\\nyear, including a schedule of mortgages which have been insured during\\nsuch year, the status of the mortgage insurance fund, housing insurance\\nfund and other reserve or special funds established by the subsidiary\\ncorporation.\\n 17. Moneys of the subsidiary corporation. (a) All moneys of the\\nsubsidiary corporation, except as otherwise authorized or provided in\\nthis section, shall be deposited as soon as practicable in a separate\\naccount or accounts in banks or trust companies organized under the laws\\nof the state or national banking association, in each case doing\\nbusiness in the city. The moneys in such accounts shall be paid out on\\nchecks signed by such officer or employee of the subsidiary corporation\\nas the subsidiary corporation shall authorize. All deposits of such\\nmoneys shall, if required by the subsidiary corporation, be secured by\\nobligations of the United States or of the state or of the city of a\\nmarket value equal at all times to the amount of the deposit and all\\nbanks and trust companies are authorized to give such security for such\\ndeposits.\\n (b) The subsidiary corporation shall prescribe a system of accounts.\\n (c) The comptroller, or the comptroller's legally authorized\\nrepresentative, is hereby authorized and empowered from time to time to\\nexamine the books and accounts of the subsidiary corporation including\\nits receipts, disbursements, contracts, reserve funds, sinking funds,\\ninvestments, and any other matters relating to its financial standing.\\nSuch an examination shall be conducted by the comptroller at least once\\nin every five years; the comptroller is authorized, however, to accept\\nfrom the subsidiary corporation, in lieu of such an examination, an\\nexternal examination of its books and accounts made at the request of\\nthe subsidiary corporation.\\n (d) The subsidiary corporation shall submit to the mayor, the\\ncomptroller and the corporation within thirty days of the receipt\\nthereof by the subsidiary corporation a copy of the report of every\\nexternal examination of the books and accounts of the subsidiary\\ncorporation other than copies of the reports of such examinations made\\nby the comptroller.\\n 18. Rentals. Notwithstanding the provisions of, or any regulation\\npromulgated pursuant to, the emergency housing rent control law, the\\nlocal emergency housing rent control act or local law enacted pursuant\\nthereto, all dwelling units in a multiple dwelling the rehabilitation of\\nwhich commenced after July first, nineteen hundred seventy-seven and\\nwhich is financed by a mortgage loan insured by the subsidiary\\ncorporation (including, but not limited to, mortgage loans insured\\npursuant to mortgage insurance contracts and housing insurance\\ncontracts), except for dwelling units occupied by reason of ownership of\\nstock in a cooperative and except for dwelling units that constitute\\ncondominiums, shall be subject to the rent stabilization law of nineteen\\nhundred sixty-nine, beginning immediately after initial rents, as\\nestablished under applicable provisions of this chapter, section four\\nhundred twenty-one-a of the real property tax law, section four hundred\\neighty-nine of the real property tax law and/or subparagraph (m) of\\nparagraph one of subdivision g of section 26-405 of the administrative\\ncode of the city of New York for such dwelling units to become effective\\non the basis of such rehabilitation, provided that any occupant in\\npossession of a dwelling unit that first becomes subject to the rent\\nstabilization law of nineteen hundred sixty-nine pursuant to this\\nsection shall be offered a two-year lease notwithstanding any contrary\\nprovisions of, or regulations adopted pursuant to, such rent\\nstabilization law, at the initial rent established for such dwelling\\nunit and provided further that such dwelling units, other than those\\ndwelling units, the initial rents of which are established under\\nsubparagraph (m) of paragraph one of subdivision g of section 26-405 of\\nthe administrative code of the city of New York, shall remain subject to\\nthe rent stabilization law in accordance with the provisions of this\\nchapter, section four hundred twenty-one-a of the real property tax law\\nand/or section four hundred eighty-nine of the real property tax law as\\nthe case may be. Except to the extent to which dwelling units, which are\\ncontrolled under other provisions of law, become subject to the rent\\nstabilization law of nineteen hundred sixty-nine pursuant to the\\npreceding sentence, no dwelling unit shall become subject to the rent\\nstabilization law solely by reason of insurance of a mortgage loan by\\nthe subsidiary corporation.\\n 19. Employees of the subsidiary corporation. (a) Notwithstanding any\\ninconsistent provisions of this section, the appointment and promotion\\nof all employees of and for the subsidiary corporation shall be made in\\naccordance with the provisions of the civil service law under the\\njurisdiction of the city civil service commission and the compensation\\nfor such employees shall be fixed by the subsidiary corporation.\\n (b) The city, the corporation and the predecessor corporation shall\\nhave the power to provide for the transfer to the subsidiary corporation\\nof agents, employees and facilities of the city, the corporation or the\\npredecessor corporation, as the case may be, to enable the subsidiary\\ncorporation to fulfill its corporate purposes. Employees of the city,\\nthe corporation or the predecessor corporation to be transferred to the\\nsubsidiary corporation pursuant to this section shall be eligible for\\nsuch transfer and appointment to offices and positions of the subsidiary\\ncorporation without further examination, and all such employees who have\\nbeen appointed to positions in city service in accordance with the\\nprovisions of the civil service law under the rules of the city civil\\nservice commission shall have the same status with respect thereto in\\nthe service of the subsidiary corporation as they had in city service.\\nEmployees who are members or beneficiaries of any existing pension or\\nretirement system shall continue to have such rights, privileges,\\nobligations or status with respect to such system or systems as are\\nprescribed by law on the date this section takes effect, and all such\\nemployees who have been appointed to positions in city service in\\naccordance with the provisions of the civil service law under the rules\\nof the city civil service commission shall have the same status with\\nrespect thereto in the service of the corporation as they had in city\\nservice.\\n 20. Subsidiaries; how created. (a) The subsidiary corporation by\\nresolution may direct any of its members, officers or employees to\\norganize a subsidiary of the subsidiary corporation whenever, in the\\nsole discretion of the subsidiary corporation, it has become necessary\\nto acquire one or more housing accommodations or other real property in\\nthe case of sale under foreclosure or in lieu of foreclosure and it is\\nbeneficial to effectuate the purpose of this chapter for the subsidiary\\nof the subsidiary corporation to hold title to such housing\\naccommodations or other real property.\\n (b) Each such subsidiary of the subsidiary corporation shall be wholly\\nowned by the subsidiary corporation and shall be organized pursuant to\\nthe business corporation law, the not-for-profit corporation law or\\narticle two or article eleven of this chapter.\\n (c) The subsidiary corporation may transfer to any subsidiary of the\\nsubsidiary corporation any money, real and/or personal property or may\\nconvey to it any housing accommodation or other real property in order\\nto carry out the purposes of this article. Each such subsidiary of the\\nsubsidiary corporation shall have all the privileges, immunities, tax\\nexemptions and other exemptions of the subsidiary corporation to the\\nextent the same are not inconsistent with the statute or statutes\\npursuant to which such subsidiary of the subsidiary corporation was\\nincorporated. Except as may be inconsistent with the provisions of this\\narticle, such subsidiary, if organized pursuant to article two or\\narticle eleven of this chapter, shall have all the rights and powers\\ngranted to housing companies by this chapter and by any other statute\\npursuant to which such subsidiary of the subsidiary corporation was\\norganized.\\n (d) No member or officer of the subsidiary corporation shall receive\\nany additional compensation, either direct or indirect, other than\\nreimbursement for actual and necessary expenses incurred in the\\nperformance of such person's duties, by reason of such person serving as\\na member, director, trustee or officer of any subsidiary of the\\nsubsidiary corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "655", "title" : "Notes and bonds of the corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "655", "activeDate" : "2014-09-22", "sequenceNo" : 337, "repealedDate" : null, "fromSection" : "655", "toSection" : "655", "text" : " § 655. Notes and bonds of the corporation. 1. (a) Subject to the\\nprovisions of section six hundred fifty-six of this article, the\\ncorporation shall have power and is hereby authorized to issue from time\\nto time its negotiable notes and bonds in conformity with applicable\\nprovisions of the uniform commercial code in such principal amount as\\nthe corporation shall determine to be necessary to provide sufficient\\nfunds for achieving its corporate purposes, including the making of\\nmortgage loans, the payment of interest on notes and bonds of the\\ncorporation, the establishment of reserves to secure such notes and\\nbonds, and the payment of all operating expenses of the corporation\\nincident to or necessary or convenient to carry out its corporate\\npurposes and powers.\\n (b) The corporation shall have the power, from time to time, to issue\\n(i) notes to renew notes and (ii) bonds to pay notes, including the\\ninterest thereon and, whenever it deems refunding expedient, to refund\\nany bonds by the issuance of new bonds, whether the bonds to be refunded\\nhave or have not matured, and to issue bonds partly to refund bonds then\\noutstanding and partly for any of its corporate purposes. The refunding\\nbonds may be exchanged for the bonds to be refunded or sold and the\\nproceeds applied to the purchase, redemption or payment of such bonds.\\n (c) Except as may otherwise be expressly provided by the corporation,\\nevery issue of its notes and bonds shall be general obligations of the\\ncorporation payable out of any revenues of the corporation, subject only\\nto any agreements with the holders of particular notes or bonds pledging\\nany particular revenues.\\n 2. The notes and bonds shall be authorized by resolution or\\nresolutions of the corporation, shall bear such date or dates and shall\\nmature at such time or times as such resolution or resolutions may\\nprovide, except that no note or any renewal thereof shall mature more\\nthan five years, and in the case of any note or any renewal thereof\\nissued for the purposes of making mortgage loans shall mature more than\\nnine years, after the date of issue of the original note and no bond\\nshall mature more than fifty years from the date of its issue. The\\nbonds may be issued as serial bonds payable in annual installments or as\\nterm bonds or as a combination thereof. The notes and bonds shall bear\\ninterest at such rate or rates, be in such denominations, be in such\\nform, either coupon or registered, carry such registration privileges,\\nbe executed in such manner, be payable in such medium of payment, at\\nsuch place or places, and be subject to such terms of redemption as such\\nresolution or resolutions may provide. The notes and bonds may be sold\\nby the corporation at public or private sale, at such price or prices as\\nthe corporation shall determine; provided, however, that the corporation\\nshall consult with the comptroller as to the timing of any sale; and\\nprovided further that no notes or bonds of the corporation may be sold\\nat a private sale unless such sale and the terms thereof have been\\napproved in writing by (a) the comptroller, where such sale is not to\\nthe comptroller, or (b) the director of the budget, where such sale is\\nto the comptroller.\\n 3. Any resolution or resolutions authorizing any notes or bonds or any\\nissue thereof may contain provisions, which shall be a part of the\\ncontract or contracts with the holders thereof, as to:\\n (a) pledging all or any part of the revenues to secure the payment of\\nthe notes or bonds or of any issue thereof, subject to such agreements\\nwith noteholders or bondholders as may then exist;\\n (b) pledging all or any part of the assets of the corporation,\\nincluding mortgages and obligations securing the same, to secure the\\npayment of the notes or bonds or of any issue of notes or bonds, subject\\nto such agreements with noteholders or bondholders as may then exist;\\n (c) the use and disposition of the gross income from mortgages owned\\nby the corporation and payment of principal of mortgages owned by the\\ncorporation;\\n (d) the setting aside of reserves or sinking funds and the regulation\\nand disposition thereof;\\n (e) limitations on the purpose to which the proceeds of sale of notes\\nor bonds may be applied and pledging such proceeds to secure the payment\\nof the notes or bonds or of any issue thereof;\\n (f) limitations on the issuance of additional notes or bonds; the\\nterms upon which additional notes or bonds may be issued and secured;\\nand the refunding of outstanding or other notes or bonds;\\n (g) the procedure, if any, by which the terms of any contract with\\nnoteholders or bondholders may be amended or abrogated, the amount of\\nnotes or bonds the holders of which must consent thereto, and the manner\\nin which such consent may be given;\\n (h) limitations on the amount of moneys to be expended by the\\ncorporation for operating expenses of the corporation;\\n (i) vesting in a trustee or trustees such property, rights, powers and\\nduties in trust as the corporation may determine, which may include any\\nor all of the rights, powers and duties of the trustee appointed by the\\nbondholders pursuant to this article, and limiting or abrogating the\\nright of the bondholders to appoint a trustee under this article or\\nlimiting the rights, powers and duties of such trustee;\\n (j) the acts or omissions to act which shall constitute a default in\\nthe obligations and duties of the corporation to the holders of the\\nnotes or bonds and providing for the rights and remedies of the holders\\nof the notes or bonds in the event of such default, including the right\\nto appointment of a receiver; providing, however, that such rights and\\nremedies shall not be inconsistent with the general laws of the state\\nand the other provisions of this article;\\n (k) any other matters, of like or different character, which in any\\nway affect the security or protection of the holders of the notes or\\nbonds.\\n 3-a. Any resolution or resolutions authorizing any notes or bonds or\\nany issue thereof shall contain provisions, which shall be a part of the\\ncontract or contracts with the holders thereof, ensuring that no\\nmortgage loan shall be made by the corporation from the proceeds of such\\nnotes or bonds or issue thereof unless the estimated revenues from the\\nmortgaged property, including any subsidies, shall be sufficient in\\namount to secure repayment of the loan and the interest thereon and to\\npay all other necessary expenses of the mortgagor relating to such\\nproperty.\\n 4. Any pledge made by the corporation shall be valid and binding from\\nthe time when the pledge is made; the revenues or property so pledged\\nand thereafter received by the corporation shall immediately be subject\\nto the lien of such pledge without any physical delivery thereof or\\nfurther act, and the lien of any such pledge shall be valid and binding\\nas against all parties having claims of any kind in tort, contract or\\notherwise against the corporation, irrespective of whether such parties\\nhave notice thereof. Neither the resolution nor any other instrument by\\nwhich a pledge is created need be recorded.\\n 5. Neither the members of the corporation nor any other person\\nexecuting such notes or bonds shall be subject to any personal liability\\nor accountability by reason of the issuance thereof.\\n 6. The corporation, subject to such agreements with noteholders or\\nbondholders as may then exist, shall have power out of any funds\\navailable therefor, to purchase notes or bonds of the corporation, which\\nshall thereupon be cancelled, at a price not exceeding\\n (a) if the notes or bonds are then redeemable, the redemption price\\nthen applicable plus accrued interest to the next interest payment date\\nthereon, or\\n (b) if the notes or bonds are not then redeemable, the redemption\\nprice applicable on the first date after such purchase upon which the\\nnotes or bonds become subject to redemption plus accrued interest to\\nsuch date.\\n 7. In the discretion of the corporation, the bonds may be secured by a\\ntrust indenture by and between the corporation and a corporate trustee,\\nwhich may be any trust company or bank having the powers of a trust\\ncompany in the state. Such trust indenture may contain such provisions\\nfor protecting and enforcing the rights and remedies of the bondholders\\nas may be reasonable and proper and not in violation of law, including\\ncovenants setting forth the duties of the corporation in relation to the\\nexercise of its corporate powers and the custody, safeguarding and\\napplication of all moneys. The corporation may provide by such trust\\nindenture for the payment of the proceeds of the bonds and the revenues\\nto the trustee under such trust indenture or other depository, and for\\nthe method of disbursement thereof, with such safeguards and\\nrestrictions as it may determine. All expenses incurred in carrying out\\nsuch trust indenture may be treated as a part of the operating expenses\\nof the corporation. If the bonds shall be secured by a trust indenture,\\nthe bondholders shall have no authority to appoint a separate trustee to\\nrepresent them.\\n 8. Whether or not the notes and bonds are of such form and character\\nas to be negotiable instruments under the terms of the uniform\\ncommercial code, the notes and bonds are hereby made negotiable\\ninstruments within the meaning of and for all the purposes of the\\nuniform commercial code, subject only to the provisions of the notes and\\nbonds for registration.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "655-A", "title" : "Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "655-A", "activeDate" : "2014-09-22", "sequenceNo" : 338, "repealedDate" : null, "fromSection" : "655-A", "toSection" : "655-A", "text" : " § 655-a. Authorization of contracts for taxation by the United States\\nof interest on obligations guaranteed thereby. The corporation is hereby\\nauthorized and empowered, from time to time and at any time to enter\\ninto a contract or contracts with the United States, acting through any\\ndepartment, officer, agency, or instrumentality thereof, (a) pursuant to\\nwhich the United States (i), unconditionally guarantees the payment,\\nwhen due, of the interest on, and the principal of, bonds, notes, or\\nother obligations issued or to be issued by the corporation or (ii) pays\\na portion of the interest payable on such bonds, notes, or other\\nobligations issued or to be issued by the corporation and (b) in\\nconsideration of which the corporation covenants and consents that the\\ninterest on such bonds, notes, or other obligations shall be includible\\nunder the internal revenue code of nineteen hundred fifty-four or any\\nsubsequent corresponding internal revenue law of the United States in\\nthe gross income of the holder or holders of such bonds, notes, or other\\nobligations to the same extent and in the same manner that the interest\\non bills, bonds, notes or other obligations of the United States is\\nincludible in the gross income of the holder or holders thereof under\\nsaid internal revenue code or any such subsequent law. The corporation\\nis hereby futher authorized and empowered to include in such bonds,\\nnotes, or other obligations and any documents related thereto such\\nreference to, or summary of, the contract or contracts as shall be\\nsatisfactory to such department, officer, agency, or instrumentality of\\nthe United States. The powers herein conferred shall be in addition to\\nthe powers conferred by any other law and such powers shall not be\\nsubject to the limitations or restrictions of any other law, but nothing\\ncontained herein or in any such contract or contracts shall be construed\\nto covenant or consent, or to authorize any covenant or consent, to the\\napplication of any other provision of any other law, federal or state,\\nto the corporation or to such bonds, notes, or other obligations, or to\\nthe elimination or modification in any way of any other exemption\\n(including without limitation exemption from taxation under section six\\nhundred sixty-three of this article), privilege, or immunity thereof.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "656", "title" : "Reserve funds and appropriations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2016-12-02", "2018-08-31", "2019-10-11", "2020-04-17", "2021-11-12", "2022-08-19", "2023-10-27", "2025-08-29" ], "docLevelId" : "656", "activeDate" : "2014-09-22", "sequenceNo" : 339, "repealedDate" : null, "fromSection" : "656", "toSection" : "656", "text" : " § 656. Reserve funds and appropriations. 1. a. The corporation shall\\ncreate and establish special funds (herein referred to as capital\\nreserve funds) and shall pay into such a capital reserve fund (1) any\\nmoneys appropriated and made available by the state or city for the\\npurpose of such fund, (2) any proceeds of sale of notes or bonds, to the\\nextent provided in the resolution or resolutions of the corporation\\nauthorizing the issuance thereof, and (3) any other moneys which may be\\nmade available to the corporation for the purpose of such fund from any\\nother source or sources. All moneys held in a capital reserve fund,\\nexcept as hereinafter provided, shall be used, as required, solely for\\nthe payment of the principal of bonds as the same mature or the annual\\nsinking fund payments, the purchase or redemption of bonds, the payment\\nof interest on bonds or the payment of any redemption premium required\\nto be paid when such bonds are redeemed prior to maturity; provided,\\nhowever, that moneys in such fund shall not be withdrawn therefrom at\\nany time in such amount as would reduce the amount of such fund to less\\nthan the maximum capital reserve fund requirement, except for the\\npurposes of paying interest on bonds, principal of bonds and annual\\nsinking fund payments, as the same become due and for the payment of\\nwhich other moneys of the corporation are not available. Any income or\\ninterest earned by, or increment to, a capital reserve fund due to the\\ninvestment thereof or any amount in excess of the maximum capital\\nreserve fund requirement may be transferred by the corporation to other\\nfunds or accounts of the corporation to the extent it does not reduce\\nthe amount of such capital reserve fund below the maximum capital\\nreserve fund requirement.\\n b. The corporation shall not issue bonds at any time if upon issuance\\nthe amount in the capital reserve fund will be less than the maximum\\ncapital reserve fund requirement, unless the corporation, at the time of\\nissuance of such bonds, shall deposit in such fund from the proceeds of\\nthe bonds so to be issued, or otherwise, an amount which, together with\\nthe amount then in such fund, will not be less than the maximum capital\\nreserve fund requirement.\\n c. No bonds or notes of the corporation shall be issued if upon such\\nissuance the aggregate principal amount of bonds and notes of the\\ncorporation then outstanding exceeds the lesser of eleven billion two\\nhundred fifty million dollars or such amount as would cause the maximum\\ncapital reserve fund requirement to exceed eighty-five million dollars;\\nprovided that, in determining such aggregate principal amounts there\\nshall be deducted (i) all sums then available for the payment of such\\nbonds or notes either at maturity or through the operation of a sinking\\nfund; (ii) the aggregate principal amount of outstanding bonds issued\\n(a) to refund notes and (b) to refund bonds, theretofore issued and then\\noutstanding; and (iii) the aggregate principal amount of outstanding\\nnotes issued to renew notes theretofore issued and then outstanding. The\\nprovisions of the prior sentence notwithstanding, the corporation shall\\nnot issue bonds if such issuance shall cause the maximum reserve fund\\nrequirement to exceed thirty million dollars unless prior to such\\nissuance the senate and assembly shall have adopted a concurrent\\nresolution passed by the votes of a majority of all the members elected\\nto each such house and, subsequent thereto, the governor shall evidence\\nin writing the governor's agreement with such resolution to the\\nchairperson of the corporation, which resolution shall be in full force\\nand effect on the date of issuance of the bonds, permitting the maximum\\ncapital reserve fund requirement to equal or exceed the amount of the\\nmaximum capital reserve fund requirement which would be effective upon\\nthe issuance of the bonds in question, but in no event shall the maximum\\ncapital reserve fund requirement exceed eighty-five million dollars.\\n d. In computing the amount of a capital reserve fund for the purposes\\nof this section, securities in which all or a portion of such fund shall\\nbe invested shall be valued at par if purchased at par or if purchased\\nat other than par, at amortized value. Amortized value, when used with\\nrespect to securities purchased at a premium above or a discount below\\npar, shall mean the value as of any given date obtained by dividing the\\ntotal premium or discount at which such securities were purchased by the\\nnumber of interest payments remaining to maturity on such securities\\nafter such purchase and by multiplying the amount so calculated by the\\nnumber of interest payment dates having passed since the date of such\\npurchase; and (i) in the case of securities purchased at a premium by\\ndeducting the product thus obtained from the purchase price, and (ii) in\\nthe case of securities purchased at a discount by adding the product\\nthus obtained to the purchase price.\\n e. To assure the continued operation and solvency of the corporation\\nfor the carrying out of its corporate purposes, provision is made in\\nparagraph a of this subdivision for the accumulation in each capital\\nreserve fund of an amount equal to the maximum capital reserve fund\\nrequirement. In order further to assure such maintenance of each capital\\nreserve fund, there shall be paid by the city to the corporation for\\ndeposit in each capital reserve fund on or before the first day of\\nApril, in each year, such amount, if any, needed for the purpose of\\nrestoring each such capital reserve fund to the maximum capital reserve\\nfund requirement for such fund, as shall be certified by the chairperson\\nof the corporation to the mayor and the director of management and\\nbudget on or before the first day of December next preceding; provided\\nthat any such amount shall have been first appropriated by or on behalf\\nof the city for such purpose or shall have been otherwise made available\\nfrom the proceeds of notes or bonds of the city authorized and issued\\npursuant to the local finance law for such purpose, which is hereby\\ndetermined to be a specific object or purpose having a period of\\nprobable usefulness of five years. In the event of the failure or\\ninability of the city to pay over to the corporation, in full, on or\\nbefore such first day of April the amount so certified the chairperson\\nof the corporation shall forthwith certify to the comptroller of the\\nstate of New York the amount remaining unpaid and thereupon the state\\ncomptroller shall pay to the corporation, out of the first moneys\\navailable for the next succeeding payments of (i) state aid apportioned\\nto the city of New York as per capita aid for the support of local\\ngovernment pursuant to section fifty-four of the state finance law or\\n(ii) such other aid or assistance payable by the state to the city and\\nnot otherwise allocated as shall supersede or supplement such state per\\ncapita aid, including federal moneys apportioned to the city by the\\nstate, such amount remaining unpaid, after giving written notice to the\\ndirector of management and budget of each amount to be paid out of such\\nstate aid, until the amount in each such capital reserve fund is\\nrestored to the maximum capital reserve fund requirement thereof;\\nprovided, however, that prior to the issuance of any notes or bonds of\\nthe corporation pursuant to this article the city shall have enacted a\\nlocal law authorizing payments from such sources into such a fund so\\nlong as any notes or bonds of the corporation shall be outstanding and\\nunpaid, and provided further that moneys, if any, payable to the city\\nuniversity construction fund pursuant to the provisions of the city\\nuniversity construction fund act shall be paid, in full, to such fund,\\nprior to any payments therefrom to the corporation. Any amount so paid\\nover to the corporation shall be deducted from the corresponding\\napportionment of such per capita state aid otherwise payable to the city\\nof New York, and shall not obligate the state to make nor entitle the\\ncity to receive any additional apportionment or payment of per capita\\nstate aid. All amounts paid over to the corporation as provided in this\\nparagraph, including amounts paid by the state comptroller out of\\npayments of such state aid, shall constitute and be accounted for as\\nnon-interest bearing loans by the city to the corporation and, subject,\\nsubordinate and junior to the rights of the holders of any notes or\\nbonds of the corporation theretofore or thereafter issued, shall be\\nrepaid to the city from (i) moneys in such capital reserve fund in\\nexcess of the maximum capital reserve fund requirement thereof or (ii)\\nany moneys of the corporation not required for any other of its\\ncorporate purposes.\\n f. In the event the chairperson of the corporation shall certify to\\nthe mayor and director of management and budget or to the state\\ncomptroller any amount necessary to restore a capital reserve fund to\\nthe maximum capital reserve fund requirement thereof pursuant to\\nsubdivision e of this section, the chairperson shall simultaneously\\ndeliver to such persons a statement of the cause or causes of such\\ncapital reserve fund deficiency and the measures to be taken by the\\ncorporation or the department of housing preservation and development to\\ninsure repayment of any loans made by the city to the corporation,\\nincluding amounts paid by the state comptroller out of payments of state\\naid, for the purpose of restoring such capital reserve fund to the\\nmaximum capital reserve fund requirement thereof and to prevent the\\nrecurrence of any such deficiency.\\n 2. Notwithstanding the provisions of subdivision one hereof, the\\ncorporation may issue bonds for any of its corporate purposes, without\\nmaking any deposit in a capital reserve fund and the provisions of\\nsubdivision one of section six hundred fifty-six of this article shall\\nnot apply to such bonds and the principal of and interest on such bonds\\nshall not be payable from or secured by any capital reserve fund.\\n 3. The corporation shall create and establish such other fund or funds\\nas may be necessary or desirable for its corporate purposes.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "657", "title" : "Agreement with the state", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "657", "activeDate" : "2014-09-22", "sequenceNo" : 340, "repealedDate" : null, "fromSection" : "657", "toSection" : "657", "text" : " § 657. Agreement with the state. The state does hereby pledge to and\\nagree with the holders of any notes or bonds issued under this article\\nthat the state will not limit or alter the rights hereby vested in the\\ncorporation to fulfill the terms of any agreements made with the said\\nholders thereof, or in any way impair the rights and remedies of such\\nholders until such notes and bonds, together with the interest thereon,\\nwith interest on any unpaid installments of interest, and all costs and\\nexpenses in connection with any action or proceeding by or on behalf of\\nsuch holders, are fully met and discharged. The corporation is\\nauthorized to include this pledge and agreement of the state in any\\nagreement with the holders of such notes or bonds.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "658", "title" : "State and city not liable on notes and bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "658", "activeDate" : "2014-09-22", "sequenceNo" : 341, "repealedDate" : null, "fromSection" : "658", "toSection" : "658", "text" : " § 658. State and city not liable on notes and bonds. The notes, bonds\\nor other obligations of the corporation shall not be a debt of either\\nthe state of New York or of the city of New York, and neither the state\\nnor the city shall be liable thereon, nor shall they be payable out of\\nany funds other than those of the corporation; and such notes and bonds\\nshall contain on the face thereof a statement to such effect.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "659", "title" : "City's right to require redemption of bonds", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "659", "activeDate" : "2014-09-22", "sequenceNo" : 342, "repealedDate" : null, "fromSection" : "659", "toSection" : "659", "text" : " § 659. City's right to require redemption of bonds. Notwithstanding\\nand in addition to any provisions for the redemption of bonds which may\\nbe contained in any contract with the holders of the bonds, the city\\nmay, upon furnishing sufficient funds therefor, require the corporation\\nto redeem, prior to maturity, as a whole, any issue of bonds on any\\ninterest payment date not less than twenty years after the date of the\\nbonds of such issue at one hundred five per centum of their face value\\nand accrued interest or at such lower redemption price as may be\\nprovided in the bonds in case of the redemption thereof as a whole on\\nthe redemption date. Notice of such redemption shall be published in at\\nleast two newspapers published and circulating in the city of New York\\nat least twice, the first publication to be at least thirty days before\\nthe date of redemption.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "660", "title" : "Remedies of noteholders and bondholders", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "660", "activeDate" : "2014-09-22", "sequenceNo" : 343, "repealedDate" : null, "fromSection" : "660", "toSection" : "660", "text" : " § 660. Remedies of noteholders and bondholders. 1. In the event that\\nthe corporation shall default in the payment of principal of or interest\\non any issue of notes or bonds after the same shall become due, whether\\nat maturity or upon call for redemption, and such default shall continue\\nfor a period of thirty days, or in the event that the corporation shall\\nfail or refuse to comply with the provisions of this article, or shall\\ndefault in any agreement made with the holders of any issue of notes or\\nbonds, the holders of twenty-five per centum in aggregate principal\\namount of the notes or bonds of such issue then outstanding, by\\ninstrument or instruments filed in the office of the clerk of the county\\nof New York and proved or acknowledged in the same manner as a deed to\\nbe recorded, may appoint a trustee to represent the holders of such\\nnotes or bonds for the purposes herein provided.\\n 2. Such trustee may, and upon written request of the holders of\\ntwenty-five per centum in principal amount of such notes or bonds then\\noutstanding shall, in such trustee's own name:\\n (a) by suit, action or proceeding in accordance with the civil\\npractice law and rules, enforce all rights of the noteholders or\\nbondholders, including the right to require the corporation to carry out\\nany agreement with such holders and to perform its duties under this\\narticle;\\n (b) bring suit upon such notes or bonds;\\n (c) by action or suit, require the corporation to account as if it\\nwere the trustee of an express trust for the holders of such notes or\\nbonds;\\n (d) by action or suit, enjoin any acts or things which may be unlawful\\nor in violation of the rights of the holders of such notes or bonds;\\n (e) declare all such notes or bonds due and payable, and if all\\ndefaults shall be made good, then, with the consent of the holders of\\ntwenty-five per centum of the principal amount of such notes or bonds\\nthen outstanding, annul such declaration and its consequences.\\n 3. The supreme court shall have jurisdiction of any suit, action or\\nproceeding by the trustee on behalf of such noteholders or bondholders.\\nThe venue of any such suit, action or proceeding shall be laid in the\\ncounty of New York.\\n 4. Before declaring the principal of notes or bonds due and payable,\\nthe trustee shall first give thirty days' notice in writing to the\\ncorporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "661", "title" : "Assistance to the corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "661", "activeDate" : "2014-09-22", "sequenceNo" : 344, "repealedDate" : null, "fromSection" : "661", "toSection" : "661", "text" : " § 661. Assistance to the corporation. The state or city may make\\ngrants of money or property to the corporation for the purpose of\\nenabling it to carry out its corporate purposes and for the exercise of\\nits powers, including, but not limited to, deposits to the reserve\\nfunds. This section shall not be construed to limit any other power the\\nstate or city may have to make such grants to the corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "662", "title" : "Notes and bonds as legal investments", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "662", "activeDate" : "2014-09-22", "sequenceNo" : 345, "repealedDate" : null, "fromSection" : "662", "toSection" : "662", "text" : " § 662. Notes and bonds as legal investments. The notes and bonds of\\nthe corporation are hereby made securities in which all public officers\\nand bodies of this state and all municipalities and municipal\\nsubdivisions, all insurance companies and associations and other persons\\ncarrying on an insurance business, all banks, bankers, trust companies,\\nsavings banks and savings associations, including savings and loan\\nassociations, building and loan associations, investment companies and\\nother persons carrying on a banking business, all administrators,\\nguardians, executors, trustees and other fiduciaries, and all other\\npersons whatsoever who are now or may hereafter be authorized to invest\\nin bonds or in other obligations of the state, may properly and legally\\ninvest funds, including capital, in their control or belonging to them.\\nThe notes and bonds are also hereby made securities which may be\\ndeposited with and may be received by all public officers and bodies of\\nthe state and all municipalities and public corporations for any purpose\\nfor which the deposit of bonds or other obligations of the state is now\\nor may hereafter be authorized.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "663", "title" : "Exemption from taxation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "663", "activeDate" : "2014-09-22", "sequenceNo" : 346, "repealedDate" : null, "fromSection" : "663", "toSection" : "663", "text" : " § 663. Exemption from taxation. 1. The property of the corporation and\\nits income and operations shall be exempt from taxation.\\n 2. It is hereby determined that the creation of the corporation is in\\nall respects for the benefit of the people of the state and for the\\nimprovement of their health, safety, welfare, comfort and security, and\\nthat said purposes are public purposes and that the corporation will be\\nperforming an essential governmental function in the exercise of the\\npowers conferred upon it by this article. The state covenants with the\\npurchasers and all subsequent holders and transferees of notes and bonds\\nissued by the corporation, in consideration of the acceptance of and\\npayment for the notes and bonds, that the notes and bonds of the\\ncorporation issued pursuant to this article and the income therefrom and\\nall its fees, charges, gifts, grants, revenues, receipts, and other\\nmoneys received or to be received, pledged to pay or secure the payment\\nof such notes or bonds shall at all times be free from taxation, except\\nfor estate and gift taxes and taxes on transfers. The corporation is\\nauthorized to include this covenant of the state in any agreement with\\nthe holders of such notes or bonds.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "664", "title" : "Employees of the corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "664", "activeDate" : "2014-09-22", "sequenceNo" : 347, "repealedDate" : null, "fromSection" : "664", "toSection" : "664", "text" : " § 664. Employees of the corporation. 1. Notwithstanding any\\ninconsistent provisions of this act, the appointment and promotion of\\nall employees of and for the corporation shall be made in accordance\\nwith the provisions of the civil service law and the rules of the city\\ncivil service commission and the compensation for such employees shall\\nbe fixed by the corporation.\\n 2. The city and the corporation shall have the power to provide for\\nthe transfer to the corporation of agents, employees and facilities of\\nthe city to enable the corporation to fulfill its corporate purposes.\\nEmployees of the city to be transferred to the corporation pursuant to\\nthis article shall be eligible for such use in offices and positions of\\nthe corporation without further examination, and all such employees who\\nhave been appointed to positions in city service in accordance with the\\nprovisions of the civil service law under the rules of the city civil\\nservice commission shall have the same status with respect thereto in\\nthe service of the corporation as they had in city service. Employees\\nwho are members or beneficiaries of any existing pension or retirement\\nsystem shall continue to have such rights, privileges, obligations or\\nstatus with respect to such system or systems as are prescribed by law\\non the date this article takes effect, and all such employees who have\\nbeen appointed to positions in city service in accordance with the\\nprovisions of the civil service law under the rules of the city civil\\nservice commission shall have the same status with respect thereto in\\nthe service of the corporation as they had in city service.\\n 3. The predecessor corporation, as defined in subdivision one of\\nsection six hundred fifty-four-d of this article and the corporation\\nshall have the power to provide for the transfer to the corporation of\\nagents, employees and facilities of the predecessor corporation to\\nenable the corporation to assist the subsidiary corporation in\\nfulfilling its corporate purposes. Employees of the predecessor\\ncorporation to be transferred to the corporation pursuant to this\\narticle shall be eligible for such use in offices and positions of the\\ncorporation without further examination, and all such employees who have\\nbeen appointed to positions in predecessor corporation service in\\naccordance with the provisions of the civil service law under the rules\\nof the city civil service commission shall have the same status with\\nrespect thereto in the service of the corporation as they had in\\npredecessor corporation service. Employees who are members or\\nbeneficiaries of any existing pension or retirement system shall\\ncontinue to have such rights, privileges, obligations or status with\\nrespect to such system or systems as are prescribed by law on the date\\nthis subdivision takes effect, and all such employees who have been\\nappointed to positions in predecessor corporation service in accordance\\nwith the provisions of the civil service law under the rules of the city\\ncivil service commission shall have the same status with respect thereto\\nin the service of the corporation as they had in predecessor corporation\\nservice.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "665", "title" : "Assistance by department of housing preservation and development", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "665", "activeDate" : "2014-09-22", "sequenceNo" : 348, "repealedDate" : null, "fromSection" : "665", "toSection" : "665", "text" : " § 665. Assistance by department of housing preservation and\\ndevelopment. The commissioner of housing preservation and development\\nand the department of housing preservation and development are hereby\\ndesignated to act for and in behalf of the corporation in servicing\\nmortgage loans of the corporation, and shall perform such functions and\\nservices in connection with the making, servicing and collection of such\\nloans as shall be requested by the corporation. The corporation shall\\npay to the department of housing preservation and development from any\\nmoneys of the corporation available for such purposes such amounts as\\nare necessary to reimburse the department of housing preservation and\\ndevelopment for the reasonable cost of the services performed by the\\ncommissioner of housing preservation and development and by the\\ndepartment of housing preservation and development pursuant to this\\nsection.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "666", "title" : "Moneys of the corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "666", "activeDate" : "2014-09-22", "sequenceNo" : 349, "repealedDate" : null, "fromSection" : "666", "toSection" : "666", "text" : " § 666. Moneys of the corporation. 1. All moneys of the corporation,\\nexcept as otherwise authorized or provided in this article, shall be\\ndeposited as soon as practicable in a separate account or accounts in\\nbanks or trust companies organized under the laws of the state or\\nnational banking association doing business in the city. The moneys in\\nsuch accounts shall be paid out on checks signed by such officer or\\nemployee of the corporation as the corporation shall authorize. All\\ndeposits of such moneys shall, if required by the corporation, be\\nsecured by obligations of the United States or of the state or of the\\ncity of a market value equal at all times to the amount of the deposit\\nand all banks and trust companies are authorized to give such security\\nfor such deposits.\\n Notwithstanding the provisions of this section, the corporation shall\\nhave power to contract with the holders of any of its notes or bonds as\\nto the custody, collection, securing, investment and payment of any\\nmoneys of the corporation and of any moneys held in trust or otherwise\\nfor the payment of notes or bonds, and to carry out such contract.\\nMoneys held in trust or otherwise for the payment of notes or bonds or\\nin any way to secure notes or bonds and deposits of such moneys may be\\nsecured in the same manner as moneys of the corporation, and all banks\\nand trust companies are authorized to give such security for such\\ndeposits.\\n 2. Subject to the provisions of any contract with noteholders and\\nbondholders and the approval of the comptroller, the corporation shall\\nprescribe a system of accounts.\\n 3. The comptroller, or his legally authorized representative, is\\nhereby authorized and empowered from time to time to examine the books\\nand accounts of the corporation including its receipts, disbursements,\\ncontracts, reserve funds, sinking funds, investments, and any other\\nmatters relating to its financial standing. Such an examination shall be\\nconducted by the comptroller at least once in every five years; the\\ncomptroller is authorized, however, to accept from the corporation, in\\nlieu of such an examination, an external examination of its books and\\naccounts made at the request of the corporation.\\n 4. The corporation shall submit to the mayor and the comptroller\\nwithin thirty days of the receipt thereof by the corporation a copy of\\nthe report of every external examination of the books and accounts of\\nthe corporation other than copies of the reports of such examinations\\nmade by the comptroller.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "667", "title" : "Actions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "667", "activeDate" : "2014-09-22", "sequenceNo" : 350, "repealedDate" : null, "fromSection" : "667", "toSection" : "667", "text" : " § 667. Actions. 1. Except in an action for wrongful death, in any case\\nfounded upon tort a notice of claim shall be required as a condition\\nprecedent to the commencement of an action or special proceeding against\\nthe corporation, any of its subsidiary corporations, or any officer,\\nappointee or employee thereof, and the provisions of section fifty-e of\\nthe general municipal law shall govern the giving of such notice. An\\naction for wrongful death shall be commenced in accordance with the\\nnotice of claim and time limitation provisions of title eleven of\\narticle nine of the public authorities law. Any other action against the\\ncorporation, any of its subsidiary corporations, or any other officer,\\nappointee or employee thereof for damages for injuries to real or\\npersonal property, or for the destruction thereof, or for personal\\ninjuries, alleged to have been sustained, shall not be commenced more\\nthan one year and ninety days after the cause of action therefor shall\\nhave accrued.\\n 2. Except as may otherwise be expressly provided by the corporation,\\nthe corporation shall not be liable for any debts, liabilities,\\nobligations, agreements, contracts or covenants of any of its subsidiary\\ncorporations. No action or special proceeding of any kind may be brought\\nagainst the corporation by any person having claims against or contracts\\nwith any of its subsidiary corporations (including any predecessor\\ncorporation of any of its subsidiary corporations) if the corporation\\nwas not a party to the matter giving rise to such claims or contracts.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "668", "title" : "Annual report", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "668", "activeDate" : "2014-09-22", "sequenceNo" : 351, "repealedDate" : null, "fromSection" : "668", "toSection" : "668", "text" : " § 668. Annual report. The corporation shall submit to the mayor, the\\ncomptroller and the director of management and budget within ninety days\\nafter the end of its fiscal year, a complete and detailed report setting\\nforth: (1) its operations and accomplishments; (2) its receipts and\\nexpenditures during such fiscal year in accordance with the categories\\nor classifications established by the corporation for its operating and\\ncapital outlay purposes, including a listing of all private consultants\\nengaged by the corporation on a contract basis and a statement of the\\ntotal amount paid to each such private consultant; (3) its assets and\\nliabilities at the end of its fiscal year, including a schedule of its\\nmortgage loans and commitments and the status of reserve, special or\\nother funds; and (4) a schedule of its notes and bonds outstanding at\\nthe end of its fiscal year, together with a statement of the amounts\\nredeemed and incurred during such fiscal year.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "669", "title" : "Article not affected if in part unconstitutional", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "669", "activeDate" : "2014-09-22", "sequenceNo" : 352, "repealedDate" : null, "fromSection" : "669", "toSection" : "669", "text" : " § 669. Article not affected if in part unconstitutional. If any\\nsection, subdivision, paragraph, sentence, clause or provision of this\\narticle shall be unconstitutional or ineffective, in whole or in part,\\nto the extent that it is not unconstitutional or ineffective it shall be\\nvalid and effective and no other section, subdivision, paragraph,\\nsentence, clause or provision shall on account thereof be deemed invalid\\nor ineffective.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "670", "title" : "Inconsistent provisions in other laws superseded", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "670", "activeDate" : "2014-09-22", "sequenceNo" : 353, "repealedDate" : null, "fromSection" : "670", "toSection" : "670", "text" : " § 670. Inconsistent provisions in other laws superseded. Insofar as\\nthe provisions of this article are inconsistent with the provisions of\\nany other law, general, special or local, the provisions of this article\\nshall be controlling.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 26 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A15", "title" : "Participation Loans to Owners of Multiple Dwellings By Private Investors and Municipalities Utilizing Federal Grant Funds", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "15", "activeDate" : "2014-09-22", "sequenceNo" : 354, "repealedDate" : null, "fromSection" : "800", "toSection" : "806", "text" : " ARTICLE XV\\n PARTICIPATION LOANS TO OWNERS OF\\n MULTIPLE DWELLINGS BY PRIVATE INVESTORS AND\\n MUNICIPALITIES UTILIZING FEDERAL GRANT FUNDS\\nSection 800. Policy and purposes of article.\\n 801. Definitions.\\n 801-a. Application to certain garden-type maisonette dwelling\\n projects.\\n 802. Participation loans to owners.\\n 803. Conditions precedent to making such loans.\\n 804. Rentals.\\n 805. Participation of New York city housing development\\n corporation.\\n 806. Regulations.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "800", "title" : "Policy and purposes of article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "800", "activeDate" : "2014-09-22", "sequenceNo" : 355, "repealedDate" : null, "fromSection" : "800", "toSection" : "800", "text" : " § 800. Policy and purposes of article. It is hereby declared and found\\nthat there exists in municipalities in this state substandard and\\ninsanitary areas and neighborhoods characterized by undermaintained and\\ndeteriorating housing accommodations and under-utilized non-residential\\nbuildings and under-utilized vacant land. It is further found that there\\nexists in such municipalities a diminishing and seriously inadequate\\nsupply of safe and sanitary dwelling accommodations, particularly for\\npersons of low income; that the loss of housing accommodations is caused\\nby the inability of the ordinary unaided operations of private\\nenterprise to make loans for rehabilitation or construction purposes or\\nfor conversion which accelerates the process of deterioration and\\nabandonment, turning active and viable neighborhoods into slums and\\nblighted areas; and that the prevention of deterioration and loss\\nthrough abandonment can only be achieved by the elimination of\\nconditions which are unsafe or detrimental to health, the replacement of\\nantiquated heating, plumbing, and electrical systems and, where\\nnecessary, the overall rehabilitation of certain housing accommodations,\\nthe construction of new housing accommodations on vacant land and the\\nconversion of under-utilized non-residential property to residential\\nuse, and that the unavailability of funds for the conversion of\\nunder-utilized property to residential use, for the preservation and\\nrehabilitation of housing accommodations and for the construction of new\\nhousing accommodations on vacant land constitutes a threat to the\\nhealth, safety and well-being of the persons who occupy them and denies\\nto others the possibility of living in safe and sanitary housing\\naccommodations.\\n In order to promote the preservation and rehabilitation of such\\nhousing accommodations, the creation of new housing accommodations by\\nthe conversion of under-utilized non-residential property into multiple\\ndwellings and the construction of new housing accommodations on vacant\\nland in such areas and to encourage the investment of private capital in\\nsuch areas, provision should be made for a municipality to attract\\nprivate investment for such purposes by utilizing funds, which are\\navailable from the federal government through specific or discretionary\\ngrants, or are available from other financing sources, for joint\\nparticipation loans with private investors to effect the required\\nconstruction, rehabilitation or conversion.\\n The necessity in the public interest for the provisions hereinafter\\nenacted is hereby declared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "801", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "801", "activeDate" : "2014-09-22", "sequenceNo" : 356, "repealedDate" : null, "fromSection" : "801", "toSection" : "801", "text" : " § 801. Definitions. As used in this article the following terms shall\\nhave the following meanings unless a different meaning clearly appears\\nfrom the context:\\n 1. \"Agency\" shall mean the office or agency of a municipality\\nauthorized to administer the expenditure of grants from the United\\nStates of America to assist community development activities and\\nprograms for the construction, rehabilitation or conservation of\\nmultiple dwellings and housing accommodations or for the conversion of\\nunder-utilized non-residential property into multiple dwellings or, in\\nthe absence of such an office or agency, the comptroller or chief fiscal\\nofficer of such municipality; except that in the city of New York it\\nshall be the department of housing preservation and development or any\\nsuccessor thereto and shall include, except for purposes of section\\neight hundred four of this article, the New York city housing\\ndevelopment corporation with respect to any participation in a loan by\\nsuch corporation pursuant to section eight hundred five of this article.\\n 1-a. \"Construction\" shall mean the construction of new multiple\\ndwellings upon vacant land.\\n 2. \"Conversion\" shall mean the conversion of under-utilized\\nnon-residential property into a multiple dwelling.\\n 3. \"Federal grant funds\" shall mean any grants received from the\\nUnited States of America for community development activities or for the\\nconstruction, rehabilitation or conservation of multiple dwellings or\\nfor the conversion of under-utilized non-residential property into\\nmultiple dwellings.\\n 4. \"Non-residential property\" shall mean any property which is not a\\nmultiple dwelling, and which is intended to be converted into a multiple\\ndwelling, and which is under-utilized for commercial, industrial or\\nother non-residential purposes.\\n 5. \"Owner\" shall mean an individual, partnership, corporation or other\\nentity, including a non-profit company, a mutual company, or a housing\\ndevelopment fund company, which holds record title in fee simple to the\\nexisting multiple dwelling to be rehabilitated or the non-residential\\nproperty to be converted into a multiple dwelling and the real property\\nupon which it is situate or to vacant land upon which the new multiple\\ndwelling is to be constructed.\\n 6. \"Private investor\" shall mean one or more banking organizations,\\nfoundations, labor unions, credit unions, employers' associations,\\nveterans' organizations, colleges, universities, educational\\ninstitutions, child care institutions, hospitals, medical research\\ninstitutes, insurance companies, trustees or fiduciaries, trustees of\\npension and retirement funds and systems, corporations, partnerships,\\nindividuals or other entities or any combination of the foregoing, and\\nshall include the United States of America and any of its agencies\\nacting as a lender under the loan program pursuant to section three\\nhundred twelve of the housing act of nineteen hundred sixty-four and any\\namendments thereto or any similar program. As used in this subdivision,\\nthe terms \"trustees\" and \"fiduciaries\" shall include any fiduciary or\\nfiduciaries holding funds for investment, and the term \"banking\\norganizations\" shall have the same meaning as in subdivision eleven of\\nsection two of the banking law.\\n 7. \"Rehabilitation\" shall mean the installation, replacement or repair\\nof heating, plumbing, electrical and related systems, or elimination of\\nconditions dangerous to human life or detrimental to health, including\\nnuisances as defined in section three hundred nine of the multiple\\ndwelling law, or other rehabilitation or improvement of existing\\nmultiple dwellings.\\n 8. \"Value\" shall mean the \"as is\" value of the existing multiple\\ndwelling, or in the case of non-residential property to be converted\\ninto a multiple dwelling, the \"as is\" value of such non-residential\\nproperty, and the land upon which it is situate prior to rehabilitation\\nor conversion or, in the case of the construction of a new multiple\\ndwelling, the \"as is\" value of the vacant land prior to such\\nconstruction plus the total of all costs of such rehabilitation,\\nconversion or construction, including, but not limited to, the costs of\\nany or all undertakings necessary for the planning, financing, tenant\\nrelocation, acquisition, satisfaction of tax liens and other municipal\\nliens and encumbrances, construction, equipment and development in\\nconnection therewith.\\n 9. \"State grant funds\" shall mean any grants received from the state\\nor any public benefit corporation for community development activities\\nfor the construction, rehabilitation or conservation of multiple\\ndwellings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "801-A", "title" : "Application to certain garden-type maisonette dwelling projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "801-A", "activeDate" : "2014-09-22", "sequenceNo" : 357, "repealedDate" : null, "fromSection" : "801-A", "toSection" : "801-A", "text" : " § 801-a. Application to certain garden-type maisonette dwelling\\nprojects. For purposes of this article an existing multiple dwelling\\nshall be deemed to include any garden-type maisonette dwelling project\\nconsisting of a series of dwelling units which together and in their\\naggregate were arranged or designed to provide three or more apartments\\nand are provided as a group collectively with all essential services\\nsuch as, but not limited to, water supply, house sewers and heat, and\\nwhich are in existence and operated as a unit under single ownership on\\nthe date upon which an application for a loan pursuant to this article\\nis received by the municipality, notwithstanding that certificates of\\noccupancy were issued for portions thereof as private dwellings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "802", "title" : "Participation loans to owners", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "802", "activeDate" : "2014-09-22", "sequenceNo" : 358, "repealedDate" : null, "fromSection" : "802", "toSection" : "802", "text" : " § 802. Participation loans to owners. 1. Notwithstanding the\\nprovisions of any general, special or local law, one or more private\\ninvestors and a municipality, acting through its agency, shall have the\\npower to participate and invest in making loans to the owners of\\nexisting multiple dwellings or to the owners of non-residential property\\nor to the owners of vacant land subject to the limitations of\\nsubdivisions two through seven of this section, in such amounts as shall\\nbe required for the rehabilitation of such existing multiple dwellings\\nor for the conversion of such non-residential property or for the\\nconstruction of a new multiple dwelling on such vacant land, and if any\\nsuch owner acquires the existing multiple dwelling or the\\nnon-residential property or the vacant land for the purpose of such\\nrehabilitation, conversion or construction or owns the existing multiple\\ndwelling or the non-residential property or the vacant land subject to\\nan outstanding indebtedness, such loans may include such amounts as may\\nbe required for the cost of such acquisition or for the refinancing of\\nsuch outstanding indebtedness, and such private investors and a\\nmunicipality may jointly participate or invest in the making of\\ntemporary loans or advances to such owners in anticipation of the\\npermanent participation loans for such purposes.\\n 2. A municipality may utilize federal grant funds or state grant funds\\nor any municipal funds to finance its participation or investment in a\\nloan pursuant to this article. This subdivision shall not apply to any\\nparticipation in a loan by the New York city housing development\\ncorporation pursuant to section eight hundred five of this article.\\n 3. (a) Each participation loan shall be secured by a bond or note and\\nsingle participating mortgage or by separate bonds or notes and\\nmortgages upon the existing multiple dwelling or the non-residential\\nproperty and the land upon which it is situated or in the case of the\\nconstruction of a new multiple dwelling, upon the vacant land and the\\nmultiple dwelling to be constructed, provided that each such loan shall\\nbe made upon such terms and conditions as may be approved by the agency,\\nincluding but not limited to provisions that (i) priority may be given\\nto the payment of the principal of and interest on that portion of the\\nmortgage indebtedness attributable to participation in the loan by one\\nor more private investors, (ii) the interest of the municipality created\\nas a result of making such a mortgage loan may be subordinated to the\\ninterest that one or more of such private investors may have upon such\\nparticipation, (iii) the interest of each upon such participation need\\nnot be of equal priority as to lien nor be equal as to interest rate,\\ntime or rate of amortization of principal or time of payment of\\ninterest, or otherwise, (iv) the bond or note and mortgage may provide\\nthat the municipality's portion of a participation loan made to an owner\\nshall be reduced to zero commencing in the fifteenth year after the\\nexecution of the bond or note and mortgage, provided that, as of the\\ndate of any such reduction, such multiple dwelling has been and\\ncontinues to be owned and operated in a manner consistent with a\\nregulatory agreement with the municipality. Notwithstanding such\\nprovision as contained in the bond or note and mortgage, the\\nmunicipality's portion of the loan shall be reduced to zero only if,\\nprior to or simultaneously with delivery of such bond or note and\\nmortgage, the agency made a written determination that such reduction\\nwould be necessary to ensure the continued affordability or economic\\nviability of the multiple dwelling. Such written determination shall\\ndocument the basis upon which the loan was determined to be eligible for\\nevaporation.\\n (b) The aggregate amount of each such participation loan shall not\\nexceed the cost of the rehabilitation, conversion or construction, plus\\nthe costs of any or all undertakings necessary for the planning,\\nfinancing, acquisition, satisfaction of tax liens and other municipal\\nliens and encumbrances, construction, equipment and development in\\nconnection therewith, provided that, if any portion of such loan is used\\nfor the cost of acquisition or for refinancing, the amount of a\\nmunicipality's portion of such loan shall not exceed one and one-half\\ntimes the cost of rehabilitation, conversion or construction.\\n (c) The amount of any such loan, together with the amount of all prior\\nliens and encumbrances, shall not exceed, except in the case of a loan\\nmade to a non-profit company, a mutual company, or a housing development\\nfund company, ninety per centum of value unless the agency makes a\\nwritten determination that the owner has insufficient resources to pay\\nfor the remaining ten per centum of value, in which case such loan shall\\nnot exceed ninety-five per centum of value. The amount of any such loan,\\ntogether with the amount of all prior liens and encumbrances, made to a\\nnon-profit company, a mutual company, or a housing development fund\\ncompany shall not exceed value, provided that when after completion of\\nsuch rehabilitation, conversion or construction, such multiple dwelling\\nis, or is to be operated, exclusively for the benefit of persons and\\nfamilies who are entitled to occupancy by reason of ownership of stock\\nin the corporate owners, such loan shall not exceed ninety-eight per\\ncentum of value unless the agency makes a written determination that the\\nowner has insufficient resources to pay for the remaining two per centum\\nof value, in which case such loan shall not exceed value.\\n 4. Each such bond or note and mortgage or bonds or notes and mortgages\\nshall be repaid over or within a period of thirty years in such manner\\nas may be provided in such bond or note and mortgage or bonds or notes\\nand mortgages but in no case shall the term of such loan exceed the\\nprobable life of the multiple dwelling which is hereby determined to be\\nthirty years. Such bond or note and mortgage or bonds or notes and\\nmortgages and any contract in connection with such permanent and\\ntemporary loans may contain such other terms and provisions not\\ninconsistent with the provisions of this article as the local\\nlegislative body or the agency may deem necessary or desirable to secure\\nrepayment of the loan, the interest thereon and other charges in\\nconnection therewith and to carry out the purposes and provisions of\\nthis article.\\n 5. The bond or note or the bonds or notes issued by the owner and the\\nmortgage or mortgages relating thereto may authorize such owner, with\\nthe consent of the agency and the private investor, to prepay the\\nprincipal of the loan subject to such terms and conditions as therein\\nprovided. Such bond or note and mortgage or bonds or notes and mortgages\\nmay contain such other clauses and provisions as the agency shall\\nrequire.\\n 6. Where a municipality joins with one or more private investors in\\nmaking a participation loan secured by a single participating mortgage\\nor by separate mortgages, the agency may make provision, either in the\\nmortgage or mortgages or by separate agreement, for the performances of\\nsuch services as are generally performed by a banking institution or\\ninsurance company which itself owns and holds a mortgage or by a trustee\\nunder a trust mortgage and for the imposition of reasonable fees for\\nfinancing, regulation, supervision and audit of such multiple dwelling.\\nThe agency is hereby authorized to act as trustee or to consent to the\\nappointment of a banking institution or any subsidiary thereof to act in\\nsuch capacity and to provide such services as are generally performed by\\nany such bank itself or its subsidiary owning and holding such a\\nmortgage.\\n 7. Banking organizations and insurance companies may exercise such\\npower only to the extent and on such conditions as may be authorized by\\nthe state superintendent of financial services.\\n 8. Notwithstanding the provisions of any other law, a savings bank may\\ninvest to an amount not exceeding ninety per centum of the value of any\\nreal property when jointly participating or investing in a loan pursuant\\nto the provisions of this article or not exceeding ninety-five per\\ncentum of the value of any real property when jointly participating or\\ninvesting in a loan pursuant to the provisions of article fourteen of\\nthis chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "803", "title" : "Conditions precedent to making such loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "803", "activeDate" : "2014-09-22", "sequenceNo" : 359, "repealedDate" : null, "fromSection" : "803", "toSection" : "803", "text" : " § 803. Conditions precedent to making such loans. A municipality shall\\nnot participate in a loan pursuant to this article unless the agency\\nfinds that the area in which the existing multiple dwelling,\\nnon-residential property or vacant land is situated is a blighted,\\ndeteriorated or deteriorating area, or has a blighting influence on the\\nsurrounding area, or is in danger of becoming a slum or a blighted area\\nbecause of the existence of substandard, insanitary, deteriorating or\\ndeteriorated conditions, an aged housing stock, or under-utilized\\nnon-residential property, or other factors indicating an inability of\\nthe private sector unaided to cause such rehabilitation, conversion or\\nconstruction to be made and unless the agency has notified occupants of\\nthe existing multiple dwelling of the contemplated rehabilitation and\\nhas advised them of the expected rental increase to result therefrom and\\na representative of the agency has met or has offered to meet at least\\nonce with the occupants.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "804", "title" : "Rentals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "804", "activeDate" : "2014-09-22", "sequenceNo" : 360, "repealedDate" : null, "fromSection" : "804", "toSection" : "804", "text" : " § 804. Rentals. Notwithstanding the provisions of, or any regulation\\npromulgated pursuant to, the emergency housing rent control law, the\\nlocal emergency housing rent control act or local law enacted pursuant\\nthereto, upon completion of the rehabilitation of an existing multiple\\ndwelling, the construction of a new multiple dwelling or the conversion\\nof non-residential property into a multiple dwelling aided by a\\nparticipation loan made pursuant to this article, the agency shall\\nestablish the initial rent for each dwelling unit within the\\nrehabilitated, newly constructed or converted multiple dwelling. Where\\nthe city of New York or the New York city housing development\\ncorporation has participated or invested in a loan pursuant to this\\narticle, all dwelling units within the multiple dwelling subsequent to\\nthe establishment of initial rents by the agency shall be subject to the\\nrent stabilization law of nineteen hundred sixty-nine provided, that the\\noccupant in possession of a dwelling unit when the multiple dwelling is\\nmade subject to the rent stabilization law of nineteen hundred\\nsixty-nine shall be offered a two year lease notwithstanding any\\ncontrary provisions of, or regulations adopted pursuant to, the rent\\nstabilization law of nineteen hundred sixty-nine at such initial rent\\nset for such dwelling unit by the agency.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "805", "title" : "Participation of New York city housing development corporation", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "805", "activeDate" : "2014-09-22", "sequenceNo" : 361, "repealedDate" : null, "fromSection" : "805", "toSection" : "805", "text" : " § 805. Participation of New York city housing development corporation.\\nThe New York city housing development corporation may participate with\\none or more private investors or with the city of New York or with both\\nin making a loan pursuant to the provisions of this article. Where such\\ncorporation participates in making such a loan, the term municipality as\\nused in this article shall include such corporation with respect to such\\nparticipation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "806", "title" : "Regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "806", "activeDate" : "2014-09-22", "sequenceNo" : 362, "repealedDate" : null, "fromSection" : "806", "toSection" : "806", "text" : " § 806. Regulations. The agency may promulgate supplementary rules and\\nregulations to carry out the provisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 8 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A16", "title" : "Neighborhood Preservation Companies", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "16", "activeDate" : "2014-09-22", "sequenceNo" : 363, "repealedDate" : null, "fromSection" : "901", "toSection" : "910", "text" : " ARTICLE XVI\\n NEIGHBORHOOD PRESERVATION COMPANIES\\nSection 901. Declaration of legislative findings.\\n 902. Definitions.\\n 903. Contracts with neighborhood preservation companies.\\n 904. Payments to neighborhood preservation companies for\\n neighborhood preservation activities.\\n 905. Periodic review of contract performance; renegotiation and\\n termination of contract.\\n 906. Technical services and assistance to neighborhood\\n preservation companies.\\n 907. Rules and regulations to be promulgated by the\\n commissioner.\\n 908. Applicability of other laws to neighborhood preservation\\n companies.\\n 909. Annual report.\\n 910. Merged company savings fund.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "901", "title" : "Declaration of legislative findings", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "901", "activeDate" : "2014-09-22", "sequenceNo" : 364, "repealedDate" : null, "fromSection" : "901", "toSection" : "901", "text" : " § 901. Declaration of legislative findings. The legislature hereby\\nfinds and declares that there has developed in recent years, in various\\nmunicipalities of the state, a growth of community-based not-for-profit\\norganizations, originating for the most part within and organized by\\nresidents of neighborhoods which are characterized by a predominance of\\nresidents of low income and a residential housing stock which is largely\\nold, deteriorating and substandard.\\n The legislature further finds that the involvement of the residents of\\nvarious municipalities of the state in neighborhood preservation\\nactivities in their respective neighborhoods, through the media of\\nlocally-based, not-for-profit organizations responsive to the needs of\\nthe residents, is in the public interest and may be expected to produce\\nincreased renovation and rehabilitation of existing but deteriorating\\nhousing accommodations, improvement in housing code enforcement and the\\ncorrection, removal and repair of substandard housing and housing\\nconditions dangerous to life, safety or health. Such involvement in\\nneighborhood preservation activities may also be expected to produce\\nreduced abandonment of housing, which the legislature finds to be\\nincreasing in many neighborhoods of the state and to be continuing to\\ncause shortages of housing accommodations for persons and families of\\nlow income and the relocation of such families from neighborhoods to\\nwhich they have developed strong emotional as well as economic\\nattachments.\\n The legislature further finds that many municipalities throughout the\\nstate are now receiving or will receive monies under federal programs,\\nthat such funds may be used and applied by such municipalities for the\\nneighborhood preservation activities referred to in this article and\\nthat an efficient and effective use of such funds and the public\\ninterest will be promoted by the active involvement of various\\nnot-for-profit organizations.\\n The legislature further finds that numerous not-for-profit\\norganizations which have arisen throughout the state are heavily\\ndependent upon voluntary services of neighborhood residents; that such\\norganizations are dependent in part for operating funds upon fees\\ngenerated by the management of housing accommodations; that such\\norganizations are dependent for the remainder of their operating funds,\\nto a significant extent, upon gifts and grants from private individuals,\\ncorporations and foundations; that such financial assistance is\\ninherently uncertain and covers expenses only over short periods of\\ntime, thereby causing such organizations to be inadequately financed,\\nunable to plan any long range housing activities and unable to attract,\\nemploy or contract with needed experts and technicians for assistance to\\nimplementing neighborhood preservation programs; and that it is a proper\\nand necessary public purpose and activity of the state to assure the\\nadequate funding of not-for-profit organizations which are active in\\nneighborhood preservation activities.\\n The necessity in the public interest for the provisions hereinafter\\nenacted is hereby declared as a matter of legislative determination.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "902", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-12-24" ], "docLevelId" : "902", "activeDate" : "2014-09-22", "sequenceNo" : 365, "repealedDate" : null, "fromSection" : "902", "toSection" : "902", "text" : " § 902. Definitions. As used in this article, the following words and\\nphrases shall have the following meanings:\\n 1. \"Commissioner\" shall mean the commissioner of the state division of\\nhousing and community renewal.\\n 2. \"Division\" shall mean the state division of housing and community\\nrenewal.\\n 3. \"Municipality\" shall mean any city, town or village within the\\nstate.\\n 4. \"Neighborhood preservation company\" shall mean a corporation\\norganized under the provisions of the not-for-profit corporation law\\nwhich has been engaged primarily in one or more of the neighborhood\\npreservation activities specified in subdivision five of this section.\\n 5. \"Neighborhood preservation activities\" shall mean activities\\nengaged in by a neighborhood preservation company within a\\ngeographically defined neighborhood of a municipality, provided,\\nhowever, that the division may fund a neighborhood preservation company\\nto engage in such activities in unserved and underserved areas of the\\nmunicipality lying outside of its initially designated neighborhood\\narea, that are designed (a) to construct, maintain, preserve, repair,\\nrenovate, upgrade, improve, modernize, rehabilitate or otherwise prolong\\nthe useful life and to manage and coordinate the rehabilitation of\\nresidential dwelling accommodations within such neighborhood, to restore\\nabandoned and vacant as well as occupied housing accommodations to\\nhabitable condition; to demolish structurally unsound or unsafe or\\notherwise unsightly or unhealthy structures which no longer serve or can\\neconomically be made to serve a useful purpose consistent with\\nstabilizing or improving a neighborhood; to seal and maintain vacant but\\nstructurally sound structures which are capable of being rehabilitated\\nat a future time and used for housing purposes; to acquire, where\\nappropriate, buildings which contain housing accommodations; to\\nfacilitate the disposition of buildings containing housing\\naccommodations to individual occupants thereof or to cooperative groups\\nwhose members shall be occupants thereof; to assist owners, occupants\\nand tenants of housing accommodations to obtain improvements in the\\nphysical conditions thereof and in the maintenance and management\\nthereof; and to manage housing accommodations as agents for the owners\\nthereof or administrators or receivers appointed or designated pursuant\\nto any law of the state; and (b) to accomplish similar purposes and meet\\nsimilar needs with respect to retail and service establishments within\\nsuch neighborhoods when carried out in connection with and incidental to\\na program of housing related activities.\\n 6. \"Persons of low income\" shall mean individuals and families whose\\nannual incomes do not exceed ninety per cent of the median annual income\\nfor all residents of the municipality within which they reside.\\n 7. \"Merged company\" shall mean a neighborhood preservation company\\nmaintaining a contract pursuant to section nine hundred three of this\\narticle that has undergone a merger with one or more other neighborhood\\npreservation companies, which is also maintaining a contract pursuant to\\nsection nine hundred three of this article, that has led the merged\\ncompanies to reduce the number of contracts being maintained with the\\ndivision pursuant to section nine hundred three of this article to a\\ntotal of one.\\n 8. \"Unmerged company\" shall mean a neighborhood preservation company\\nthat is not a merged company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "903", "title" : "Contracts with neighborhood preservation companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "903", "activeDate" : "2014-09-22", "sequenceNo" : 366, "repealedDate" : null, "fromSection" : "903", "toSection" : "903", "text" : " § 903. Contracts with neighborhood preservation companies. 1. The\\ncommissioner may enter into contracts with neighborhood preservation\\ncompanies for the performance of neighborhood preservation activities.\\nSuch contracts shall be entered into, however, only after appropriate\\nfindings by the commissioner and shall be subject to the limitations\\nhereinafter set forth.\\n 2. Prior to entering into a contract with a neighborhood preservation\\ncompany, the commissioner shall have made a finding that the\\nneighborhood in which the activities are proposed to be conducted\\ncontains a significant amount of deteriorating or substandard housing\\nwhich is not being adequately repaired, renovated, upgraded, modernized\\nor rehabilitated under existing programs so as to provide sound housing\\nat costs which the residents of such neighborhoods can afford; that the\\nneighborhood preservation company which proposes to contract with the\\ncommissioner is a bona fide organization which shall have been in\\nexistence either as a corporation or as an unincorporated, organized\\ngroup and performing significant neighborhood preservation activities\\nfor at least one full year prior to entering into any contract with the\\ncommissioner and which shall have demonstrated by its immediate past and\\ncurrent activities that it has the ability to preserve, repair,\\nmaintain, renovate, rehabilitate, manage or operate housing\\naccommodations or to engage in other neighborhood preservation\\nactivities in such neighborhood; that the neighborhood preservation\\nactivities which are to be performed pursuant to the proposed contract\\nare needed by the neighborhood; and that the neighborhood preservation\\ncompany possesses or will acquire or gain access to the requisite staff,\\noffice facilities within such neighborhood, equipment and expertise to\\nenable it to perform the activities which it proposes to undertake\\npursuant to such contract; provided, however, that merged companies'\\noffice facilities may be located outside such neighborhood if they are\\nlocated in a municipality wholly contained within the merged companies'\\nneighborhood, and provided further, however, that it shall not be a bar\\nto the commissioner's contracting with a neighborhood preservation\\ncompany that one or more organizations, whether pursuant to contract\\nwith the commissioner or not, are conducting neighborhood preservation\\nactivities wholly or partially within the same neighborhood.\\n 3. In determining to enter into a contract with a neighborhood\\npreservation company pursuant to this article, the commissioner shall\\ninvestigate, to the extent which he shall deem necessary or appropriate,\\nand determine;\\n (a) that the geographic boundaries proposed by the applicant for such\\na contract define a recognized or established neighborhood or area\\nwithin the municipality;\\n (b) that the demographic and other relevant data pertaining to such\\nneighborhood indicate that the neighborhood has sustained physical\\ndeterioration, decay, neglect or disinvestment, that a substantial\\nproportion of the residential population that the neighborhood\\npreservation company proposes to assist through its activities is of low\\nincome and that such neighborhood is in need of active intervention to\\neffect its preservation, stabilization or improvement;\\n (c) that the activities proposed to be conducted by the neighborhood\\npreservation company are reasonably calculated to have a positive effect\\non the preservation, stabilization or improvement of the neighborhood;\\n (d) that the neighborhood preservation company's officers, directors\\nand members are fairly representative of the residents and other\\nlegitimate interests of the neighborhood, that they will carry out such\\na contract in a responsible manner and that at least thirty-three\\npercent of the directors of the neighborhood preservation company are\\nresidents of the neighborhood;\\n (f) that the fees received or proposed to be received by the\\nneighborhood preservation company from the management of housing\\naccommodations are fair and reasonable;\\n (g) that the plan submitted by the neighborhood preservation company\\ndemonstrates that such company will, to the extent possible, give\\npriority when hiring new employees to residents of the neighborhood who\\nare either unemployed or not fully employed;\\n (h) that the neighborhood preservation company has a plan to\\nfacilitate, to the maximum extent feasible, the disposition of any\\nbuildings containing housing accommodations owned by the company to\\nindividual occupants thereof or to cooperative groups whose members\\nshall be occupants thereof; and\\n (i) that the interests of occupants of any buildings containing\\nhousing accommodations owned by the neighborhood preservation company\\nare adequately represented.\\n 4. Contracts entered into hereunder with neighborhood preservation\\ncompanies shall be limited in duration to periods of one year, but may\\nthereafter be renewed, extended or succeeded by new contracts from year\\nto year in the discretion of the commissioner; they shall define with\\nparticularity the neighborhood or portion thereof within which the\\nneighborhood preservation activities shall be performed; they shall\\nspecify the nature of the neighborhood preservation activities which\\nshall be performed including the approximate number of buildings,\\nresidential dwelling units and local retail and service establishments\\nwhich shall be affected; they shall locate and describe, with as much\\nparticularity as is reasonably possible, the buildings with respect to\\nwhich such activities shall be performed during the contract term; and\\nthey shall specify the number of persons, salaries or rates of\\ncompensation and a description of duties of those who shall be engaged\\nby the neighborhood preservation company to perform the activities\\nembraced by the contract together with a schedule of other anticipated\\nexpenses.\\n 5. Prior to renewing or extending a contract or entering a succeeding\\ncontract with a neighborhood preservation company the division shall\\ndetermine that:\\n (a) the company shall have substantially completed the neighborhood\\npreservation activities specified in the contract to be renewed,\\nextended, or succeeded;\\n (b) the company shall have received the sums, services, and funds\\nspecified in subdivision four of section nine hundred four of this\\narticle; and\\n (c) the activities carried out by the company pursuant to its contract\\nshall have had a significant impact on the community's needs as\\nspecified in the contract.\\n 6. Prior to terminating, not renewing or not extending a contract the\\ndivision shall:\\n (a) determine that the company is in violation of the terms and\\nconditions of the contract or that funds provided pursuant to the\\ncontract are being expended in a manner not consistent with the terms of\\nthe contract or the provisions of this article; or\\n (b) determine that necessary and appropriate technical assistance has\\nbeen provided without significant improvement in the activities of the\\ncompany; and\\n (c) provide the company with written notice, at least forty-five days\\nin advance, of its intent to terminate, not renew or not extend the\\ncontract and provide the company with an opportunity to appear and be\\nheard before the division with respect to the reasons for such proposed\\ntermination, non-renewal or non-extension. At the same time that a\\ncompany is notified of the division's intent to terminate, not renew or\\nnot extend the contract, the division shall likewise inform the senate\\nand assembly members who represent areas within such company's\\ngeographic boundaries.\\n 7. The division shall establish, for renewal of contracts, a procedure\\nwhich provides the company with at least forty-five days notice of the\\ncompany's obligations and rights in that process, informs the company of\\nthe amount of the renewal contract, and facilitates the timely execution\\nof the contract and disbursement of funds.\\n 8. The division may temporarily withhold payments and may elect not to\\nrenew or extend a contract or enter a succeeding contract with any\\nneighborhood preservation company if the company is not in compliance\\nwith its contract, has without good cause failed to submit documentation\\nrequired under its contract or requested by the division to make the\\ndeterminations required under subdivision five of this section or has\\nnot satisfied any other conditions consistent with this article for\\nrenewing or extending a contract or entering a succeeding contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "904", "title" : "Payments to neighborhood preservation companies for neighborhood preservation activities", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "904", "activeDate" : "2014-09-22", "sequenceNo" : 367, "repealedDate" : null, "fromSection" : "904", "toSection" : "904", "text" : " § 904. Payments to neighborhood preservation companies for\\nneighborhood preservation activities. 1. Each contract entered into with\\na neighborhood preservation company shall provide for payment to the\\nneighborhood preservation company for neighborhood preservation\\nactivities to be performed by it.\\n 2. Payment to neighborhood preservation companies pursuant to this\\narticle shall be restricted to sums required for the payment of salaries\\nand wages to employees of such companies who are engaged in rendering\\nneighborhood preservation activities, fees to consultants and\\nprofessionals retained by them for planning and performing such\\nactivities and other costs and expenses directly related to such\\nemployees, consultants and professionals.\\n 3. In no event shall any contract or payment be made, nor shall any\\npayments be used, to defray the costs of the construction, repair,\\nrenovation, rehabilitation, operation, demolition, clearance or sealing\\nof any building or other structure, except that such funds may be used\\nfor planning any such activity and for renovating, repairing,\\nfurnishing, equipping and operating an office facility to be used in\\nconnection with the conduct of neighborhood preservation activities by\\nthe neighborhood preservation company. Payments shall be made by the\\ndivision to the neighborhood preservation company, not less frequently\\nthan semi-annually, at or prior to the commencement of each such time\\nperiod, to compensate such company for the neighborhood preservation\\nactivities which it shall undertake to perform provided, that with\\nrespect to contracts entered into on or after June thirtieth, nineteen\\nhundred ninety-seven the first such payment shall be made by the\\ndivision beginning on or after July first of the fiscal year for which\\nan appropriation in support of such payment was made and provided\\nfurther that the final such payment to the neighborhood preservation\\ncompany shall be made no later than March thirty-first of such fiscal\\nyear, unless such payment has been withheld pursuant to subdivision\\neight of section nine hundred three of this article.\\n 4. In negotiating each contract, the division shall consider and take\\ninto account any and all other sums available or anticipated to be made\\navailable to the neighborhood preservation company from any and all\\nsources which may be used to defray the costs of the neighborhood\\npreservation activities set forth in the contract, including, without\\nlimitation, fees generated by the management of housing accommodations,\\ncontributions from private foundations, corporations, firms and\\nindividuals and funds received under grants and contracts pursuant to\\nany program or programs operated or administered by any governmental\\nagency or instrumentality and shall make a determination that the sums\\navailable or anticipated to be made available for the neighborhood\\npreservation company from such other sources, together with the value of\\nservices to be rendered for the benefit of the neighborhood preservation\\ncompany for which payment is not required to be made by such company,\\namount to at least thirty-three and one-third percent of the amount of\\nsuch contract.\\n 5. When disbursing funds for contracts with neighborhood preservation\\ncompanies, pursuant to section nine hundred three of this article, the\\ndivision shall use the following criteria, formulas and tables to\\ndetermine the distribution of funds:\\n (a)(i) The total unmerged company funding shall equal the current\\nnumber of unmerged company contracts multiplied by the per group award.\\n (ii) The unmerged company funding shall equal the per group award.\\n (iii) The merged company funding shall equal the funding modification\\nmultiplied by the per group award.\\n (b) Merged company funding shall be determined on an individual basis\\nfor each neighborhood preservation company. The following tables show\\nthe funding modification to be used:\\n (i) In the case of two companies merging, the following table shall be\\nused:\\n Years since Funding\\n merger modification\\n 1 200%\\n 2 190%\\n 3 180%\\n 4 170%\\n 5 160%\\n 6 150%\\n (ii) In the case of three companies merging, the following table shall\\nbe used:\\n Years since Funding\\n merger modification\\n 1 300%\\n 2 290%\\n 3 280%\\n 4 270%\\n 5 260%\\n 6 250%\\n 7 240%\\n 8 230%\\n 9 220%\\n 10 210%\\n 11 200%\\n (iii) In the case of four or more companies merging, the following\\ntable shall be used:\\n Years since Funding\\n merger modification\\n 1 400%\\n 2 390%\\n 3 380%\\n 4 370%\\n 5 360%\\n 6 350%\\n 7 340%\\n 8 330%\\n 9 320%\\n 10 310%\\n 11 300%\\n 12 290%\\n 13 280%\\n 14 270%\\n 15 260%\\n 16 250%\\n (c) If a neighborhood preservation company that has undergone a merger\\ncontinues to renew their contract beyond the timeframes listed in the\\nabove tables, it shall have its funding determined using the last\\nfunding modification listed.\\n (d) The merged company savings shall be determined on an individual\\nbasis for each merged company. It shall be calculated by subtracting the\\namount of such company's merged company funding from the amount the\\nmerged companies would have received if they had maintained separate\\ncontracts.\\n (e) The per group award shall equal the total funding available minus\\nthe amount for the contract with the neighborhood preservation\\ncoalition, which shall equal the total unmerged company funding plus the\\nsum of the merged company funding plus the sum of the merged company\\nsavings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "905", "title" : "Periodic review of contract performance; renegotiation and termination of contract", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "905", "activeDate" : "2014-09-22", "sequenceNo" : 368, "repealedDate" : null, "fromSection" : "905", "toSection" : "905", "text" : " § 905. Periodic review of contract performance; renegotiation and\\ntermination of contract. 1. The division shall, by regulation as\\nhereinafter provided, provide for formal evaluation of the performance\\nof a company to determine its progress in achieving the objectives\\noutlined in the annual neighborhood preservation plan contained in its\\ncontract with the division. Such evaluation shall include a review of\\nthe efforts of the company to execute each of the components of its plan\\nand a consultation between the company and the division regarding the\\nfindings of the division relative to performance. The division shall\\nprovide or cause to be provided technical assistance determined to be\\nnecessary by the division to improve the ability of the company to\\nexecute each of the components of its plan. Such evaluation and\\ndetermination of the need for technical assistance shall consider the\\nfinancial and staff resources of the company for the period evaluated\\nand any special considerations which may have had an impact on\\nperformance during the period.\\n 2. If the division determines that a company has not made sufficient\\nprogress toward achieving the objectives of its annual neighborhood\\npreservation plan the division shall conduct a site visit to review\\nthese findings and, if warranted, shall place the company on probation.\\n 3. The division shall terminate or not renew or not extend a contract\\nin accordance with provisions of subdivision six of section nine hundred\\nthree of this article if the commissioner determines that the\\nperformance of a company is not sufficient to merit continued\\nparticipation in the program.\\n 4. Notwithstanding the foregoing, the commissioner may terminate any\\ncontract upon a finding of substantial non-compliance or other\\nsubstantial breach of the contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "906", "title" : "Technical services and assistance to neighborhood preservation companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "906", "activeDate" : "2014-09-22", "sequenceNo" : 369, "repealedDate" : null, "fromSection" : "906", "toSection" : "906", "text" : " § 906. Technical services and assistance to neighborhood preservation\\ncompanies. 1. The division is hereby authorized to render to\\nneighborhood preservation companies such technical services and\\nassistance as it may possess or as may be available to it to enable such\\ncompanies to comply with the intent and provisions of this article. The\\ndivision is further authorized to take all steps necessary to encourage\\nthe formation, organization and growth of new neighborhood preservation\\ncompanies. The division may also, from funds appropriated for the\\npurposes of this article, contract with municipal and other public\\nagencies and with private persons, firms and corporations for the\\nprovision of such technical services and assistance which may include:\\npreparation and submission of proposals for entering into contracts with\\nthe commissioner; preparation and submission of reports required under\\nsuch contracts or regulations issued by the commissioner; internal\\norganization and management of the neighborhood preservation companies;\\nrecruitment and training of personnel of the neighborhood preservation\\ncompanies; preparation of plans and projects, negotiation of agreements\\nand compliance with requirements of programs in which neighborhood\\npreservation companies may become engaged in the course of their\\nneighborhood preservation activities; and other technical advice or\\nassistance relating to the performance or rendition of neighborhood\\npreservation activities.\\n 2. The affordable housing corporation, the housing trust fund\\ncorporation or their designee as the case may be, shall provide an\\nincentive grant to each company that is awarded a contract pursuant to\\narticle eighteen or nineteen of this chapter. Such incentive grant shall\\nconsist of the payment of an additional sum of money equal to three\\npercent of the amount payable to such company pursuant to each contract\\nprovided, however, that such payment shall not be counted against the\\nper dwelling unit total imposed by subdivision one of section eleven\\nhundred two of this chapter or the per dwelling unit limitation imposed\\nby subdivision one of section eleven hundred twelve of this chapter, and\\nprovided further that such additional amount shall not exceed forty\\nthousand dollars per contract. Such incentive grant shall be utilized\\neither for purposes consistent with the provisions of this article or\\nfor the cost of neighborhood preservation activities related to such\\ncontract and shall not be subject to the limitation on the amount of\\nfunds which may be received by companies contained in subdivision four\\nof section nine hundred three of this article. Such incentive grant\\nshall be added to and considered a payment under the contract for\\npurposes of allocating funds to any single municipality.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "907", "title" : "Rules and regulations to be promulgated by the commissioner", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "907", "activeDate" : "2014-09-22", "sequenceNo" : 370, "repealedDate" : null, "fromSection" : "907", "toSection" : "907", "text" : " § 907. Rules and regulations to be promulgated by the commissioner.\\nThe commissioner shall issue and promulgate rules and regulations for\\nthe administration of this article, which rules and regulations shall\\ninclude provisions concerning requirements as to eligibility for\\ncontracting with the commissioner; the form of applications for\\ncontracts; supervision and evaluation of neighborhood preservation\\ncompanies including standards and performance criteria for continued,\\nincreased or decreased funding to insure the companies meet the\\nobjectives of this article and the objectives outlined in their\\nneighborhood preservation plans; reporting, budgeting and record keeping\\nrequirements; provisions for renegotiation, modification, termination,\\nextension and renewal of contracts, which provisions shall include the\\nbases for funding increases from the preceding contract including, but\\nnot be limited to, performance which exceeds minimum performance\\ncriteria and provisions for probationary periods where appropriate;\\nprovisions for technical services and assistance to neighborhood\\npreservation companies within the limits of available funding;\\nprotection of the interests of tenants in buildings owned or managed by\\nneighborhood preservation companies; and such other matters not\\ninconsistent with the purposes and provisions of this article as the\\ncommissioner shall deem necessary, proper or appropriate. Such rules and\\nregulations shall prohibit any neighborhood preservation company\\nreceiving funds under contracts entered into pursuant to this article\\n(i) from engaging in any activities promoting any political candidate or\\nparty or (ii) from expending any such funds in activities the purpose of\\nwhich is to influence legislation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "908", "title" : "Applicability of other laws to neighborhood preservation companies", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "908", "activeDate" : "2014-09-22", "sequenceNo" : 371, "repealedDate" : null, "fromSection" : "908", "toSection" : "908", "text" : " § 908. Applicability of other laws to neighborhood preservation\\ncompanies. Nothing contained in this article shall be deemed or\\nconstrued to prevent or deny to any neighborhood preservation company\\nthe opportunity to qualify as a developer, sponsor, owner or other\\nparticipant in accordance with the provisions of any article of this\\nchapter, or pursuant to any other law of the state or to deny to any\\nsuch company the privileges or immunities of any other provisions of\\nthis chapter or other law, nor shall any neighborhood preservation\\ncompany be precluded from organizing or causing to be organized or from\\nacquiring any other corporation for the purpose of conducting or\\ncarrying out any project, program or service authorized by any law of\\nthe state.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "909", "title" : "Annual report", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "909", "activeDate" : "2014-09-22", "sequenceNo" : 372, "repealedDate" : null, "fromSection" : "909", "toSection" : "909", "text" : " § 909. Annual report. The commissioner shall, on or before December\\nthirty-first in each year submit a report to the legislature on the\\nimplementation of this article. Such report shall include, but not be\\nlimited to, for each company receiving payments under this article: a\\ndescription of such company's contract amount and cumulative total; the\\nspecific neighborhood preservation activities performed by such company;\\nthe findings required by the commissioner under subdivision two of\\nsection nine hundred three of this article; the amounts of monies\\nreceived by the company from sources other than payments made pursuant\\nto this article; the value of services rendered for the benefit of the\\ncompany for which payment is not required to be made; and such other\\ninformation as the commissioner deems appropriate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "910", "title" : "Merged company savings fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "910", "activeDate" : "2014-09-22", "sequenceNo" : 373, "repealedDate" : null, "fromSection" : "910", "toSection" : "910", "text" : " § 910. Merged company savings fund. The division shall create a fund\\nto hold and shall transfer all funds determined to be merged company\\nsavings pursuant to paragraph (d) of subdivision five of section nine\\nhundred four of this article into such fund. The division shall use such\\nfunds, as available, for entering into new contracts, pursuant to\\nsection nine hundred three of this article, with neighborhood\\npreservation companies located in areas of the state that are currently\\nunserved by a neighborhood preservation company.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 10 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A16-A", "title" : "Urban Initiatives", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "16-A", "activeDate" : "2014-09-22", "sequenceNo" : 374, "repealedDate" : null, "fromSection" : "920", "toSection" : "924", "text" : " ARTICLE XVI-A\\n URBAN INITIATIVES\\nSection 920. Statement of legislative findings and purpose.\\n 921. Definitions.\\n 922. Urban initiative contracts.\\n 923. General and administrative provisions.\\n 924. Transfer of authority, administration and appropriations.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "920", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "920", "activeDate" : "2014-09-22", "sequenceNo" : 375, "repealedDate" : null, "fromSection" : "920", "toSection" : "920", "text" : " § 920. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that there exists in New York state a serious\\nneed for the restoration and improvement of housing, local commercial\\nareas and public facilities in distressed urban neighborhoods and that\\nthe state should encourage the revitalization of such neighborhoods;\\nthat not-for-profit community-based organizations and charitable\\norganizations that have a direct interest in improving the health,\\nsafety and economic viability of a distressed urban neighborhood can\\nplay a crucial role in such revitalization; the legislature therefore\\nfinds that a program should be established to fund not-for-profit\\ncommunity-based organizations and charitable organizations to improve\\ndistressed urban neighborhoods by preserving existing housing units,\\ngenerating new housing units, upgrading commercial and retail areas, and\\nby creating innovative approaches to neighborhood and community\\nrevitalization which improve cultural and community facilities and\\nspirit.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "921", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "921", "activeDate" : "2014-09-22", "sequenceNo" : 376, "repealedDate" : null, "fromSection" : "921", "toSection" : "921", "text" : " § 921. Definitions. As used in this article:\\n 1. \"Commissioner\" shall mean the commissioner of the state division of\\nhousing and community renewal.\\n 2. \"Division\" shall mean the division of housing and community\\nrenewal.\\n 3. \"Eligible applicant\" shall mean a not-for-profit corporation or\\ncharitable organization, organized for a period of one or more years,\\nwhich is either incorporated under the not-for-profit corporation law\\n(or such law together with any other applicable law) or, if\\nunincorporated, is not organized for the private profit or benefit of\\nits members and has been engaged primarily in community preservation\\nactivities.\\n 4. \"Municipality\" shall mean any unit of local government within the\\nstate with a population of more than twenty thousand persons.\\n 5. \"Neighborhood\" shall mean an area within the municipality\\nidentified by recognized or established boundaries consistent with a\\ndetermination of neighborhood eligibility under article sixteen of this\\nchapter.\\n 6. \"Urban initiatives projects\" or \"projects\" shall mean a specific\\nwork or series of works for the revitalization and improvement of a\\nneighborhood through creation, preservation or improvement of\\nresidential housing units; preservation or improvement of local\\ncommercial facilities and public facilities or other aspects of the area\\nenvironment which include as part of its project the creation,\\npreservation or improvement of residential housing units.\\n 7. \"Persons of low income\" shall mean those persons and families whose\\nincomes do not exceed eighty percent of the median income for the\\nmetropolitan statistical area in which a project is located.\\n 8. \"Corporation\" shall mean the housing trust fund corporation\\nestablished in section forty-five-a of this chapter.\\n 9. \"Division urban initiatives program\" shall mean the program\\nheretofore administered by the division pursuant to appropriations and\\nreappropriations for the purposes of urban initiatives programs.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "922", "title" : "Urban initiative contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "922", "activeDate" : "2014-09-22", "sequenceNo" : 377, "repealedDate" : null, "fromSection" : "922", "toSection" : "922", "text" : " § 922. Urban initiative contracts. 1. Within the limit of funds\\navailable in the urban initiative program, the corporation is hereby\\nauthorized to enter into contracts with eligible applicants to provide\\nstate financial assistance for the project costs attributable to urban\\ninitiatives projects within neighborhoods. The state financial\\nassistance shall be either in the form of payments, grants or loans, as\\nthe corporation shall determine. No more than fifty percent of the total\\namount appropriated pursuant to this article in any fiscal year shall be\\nallocated to urban initiatives projects located within any single\\nmunicipality.\\n 2. The total state payment pursuant to any one contract shall not\\nexceed two hundred thousand dollars and the contract shall provide for\\ncompletion of the project within a reasonable period, as specified\\ntherein which shall not in any event exceed two years from its\\ncommencement. Up to ten percent of the project cost may be used for the\\neligible applicant's operating expenses including expenses related to\\norganization operating support and administration of the contract.\\n 3. The corporation shall require that, in order to receive funds\\npursuant to this article, the eligible applicant must submit an\\noperating plan which shall include but not be limited to project\\nfeasibility, leveraging, impact on the community, group capability, and\\naffirmative action and minority business participation. Such plan shall\\nbe submitted pursuant to a request for proposals issued by the\\ncorporation.\\n 4. The eligible applicant which proposes to contract with the\\ncorporation shall be a bona fide organization or a successor\\norganization with appropriate experience in community revitalization\\nactivities and shall demonstrate by its immediate past and current\\nactivities that it has, or shows that it can acquire, the capability and\\nexpertise to successfully complete the proposed project. The eligible\\napplicant's officers, directors and members must be representative of\\nthe residents and other legitimate interests of the neighborhood.\\n 5. Occupant selection procedures shall be established which provide\\nthat any lawful occupants who live in a project prior to rehabilitation\\nshall not be displaced as a result of such rehabilitation, other than\\ntemporarily, in which case suitable relocation arrangements shall be\\nprovided, and that any additional occupants who move into a project are\\npersons of low income. Preference in selection of such additional\\noccupants (i) shall be given to persons or families with the lowest\\nincomes possible, given the income requirements of the project; and (ii)\\nshall also be given to persons or families whose current housing fails\\nto meet basic standards of health and safety and who have little\\nprospect of improving the condition of their housing except by residing\\nin a project receiving payments, grants or loans under this article.\\n 6. For any application for such a contract under this article, the\\ncorporation shall provide the applicant with a list of conditions that\\nmust be met prior to entering into a contract pursuant to this article.\\nWithin fifteen working days of receipt by the corporation of all\\ndocuments in satisfaction of the list, the corporation shall notify the\\napplicant of the sufficiency or insufficiency of the documents. After\\nsatisfaction by the applicant of all conditions required by the\\ncorporation prior to entering into a contract the corporation shall\\nenter into the contract within forty-five working days of satisfaction\\nof such conditions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "923", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "923", "activeDate" : "2014-09-22", "sequenceNo" : 378, "repealedDate" : null, "fromSection" : "923", "toSection" : "923", "text" : " § 923. General and administrative provisions. 1. The corporation shall\\nissue and promulgate rules and regulations for the administration of\\nthis article. The rules and regulations shall include provisions\\nconcerning the eligibility of applicants for payments, grants and loans\\nunder this article; funding criteria and the funding determination\\nprocess; supervision and evaluation of contracting applicants;\\nreporting, budgeting and record-keeping requirements; provisions for\\nmodification and termination of contracts; and such other matters not\\ninconsistent with the purposes and provisions of this article as the\\ncorporation shall deem necessary or appropriate.\\n 2. The corporation shall provide for the review, at periodic\\nintervals, of the performance of the not-for-profit corporations and\\ncharitable organizations receiving financial assistance pursuant to this\\narticle. Such review shall, among other things, be for the purposes of\\nascertaining conformity to contractual provisions, the financial\\nintegrity and efficiency of the organizations and the evaluation of the\\nproject.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "924", "title" : "Transfer of authority, administration and appropriations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "924", "activeDate" : "2014-09-22", "sequenceNo" : 379, "repealedDate" : null, "fromSection" : "924", "toSection" : "924", "text" : " § 924. Transfer of authority, administration and appropriations. 1. On\\nand after the effective date of this article, all obligations of the\\ndivision with respect to the division urban initiatives program shall\\nbecome the obligations of the corporation and the corporation shall be\\nresponsible for the administration of the division urban initiatives\\nprogram. The division shall provide for the orderly transfer of all\\nmatters, records and things relating to such program to the corporation.\\n 2. Notwithstanding the provisions of any general or special law, the\\ndirector of the budget is authorized to transfer to the corporation\\nfunds otherwise appropriated or reappropriated for the purposes of the\\ndivision urban initiatives program from the division of housing and\\ncommunity renewal.\\n 3. All rules, regulations, acts, determinations and decisions of the\\ndivision or the commissioner with respect to the administration of the\\ndivision urban initiatives program in force on the effective date of\\nthis section shall continue in force and effect as rules, regulations,\\nacts, determinations and decisions of the corporation until duly\\nmodified or rescinded by the corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 5 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A17", "title" : "Housing and Community Preservation In Rural Areas", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "17", "activeDate" : "2014-09-22", "sequenceNo" : 380, "repealedDate" : null, "fromSection" : "1001", "toSection" : "1011", "text" : " ARTICLE XVII\\n HOUSING AND COMMUNITY PRESERVATION IN RURAL AREAS\\nSection 1001. Legislative findings and statement of policy.\\n 1002. Definitions.\\n 1003. Contracts with not-for-profit corporations for housing\\n preservation and community renewal activities.\\n 1004. Payments pursuant to contracts.\\n 1005. Enforcement of standards for contract performance.\\n 1006. Technical services and assistance to corporations and\\n rural areas.\\n 1007. Rules and regulations.\\n 1008. Relationship to other laws.\\n 1009. Annual report.\\n 1010. Rural aging services.\\n 1011. Merged company savings fund.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1001", "title" : "Legislative findings and statement of policy", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1001", "activeDate" : "2014-09-22", "sequenceNo" : 381, "repealedDate" : null, "fromSection" : "1001", "toSection" : "1001", "text" : " § 1001. Legislative findings and statement of policy. The legislature\\nhereby finds and declares that there exist in certain rural areas of the\\nstate significant unmet housing needs of persons and families of low or\\nmoderate income, numerous housing units which are deteriorating or in\\nneed of rehabilitation or improvement, and related factors demonstrating\\na need for increased attention to housing preservation and community\\nrevitalization in such areas. Meeting the housing and community renewal\\nneeds of rural areas entails special problems arising from the dispersal\\nof population over wide areas, the existence of substandard areas in the\\nform of small, often isolated, pockets of poverty rather than massive\\nconcentrations, the extremely limited resources of the small units of\\nlocal government involved, and other characteristics of these areas.\\n Locally based not-for-profit organizations can play a crucial role in\\nhousing preservation and community revitalization. The public policy of\\nsupport for such organizations embodied in article sixteen of this\\nchapter, and the legislative findings set forth in such article, are\\nhereby reaffirmed. The legislature further finds and determines that the\\nneeds of rural areas and of existing and potential not-for-profit\\norganizations serving such areas will be best met by a program of\\nsupport for such organizations and their activities similar to that in\\narticle sixteen of this chapter but recognizing the distinctive\\ncharacteristics of such areas. It is the purpose of this article to\\nestablish such a program within the division of housing and community\\nrenewal.\\n It is further declared to be the public policy of the state that all\\nprograms of housing and community assistance administered by the\\ndivision of housing and community renewal or other agencies should be\\ncarried out with due regard for the special conditions in and needs of\\nthe rural areas of the state.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1002", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-12-24" ], "docLevelId" : "1002", "activeDate" : "2014-09-22", "sequenceNo" : 382, "repealedDate" : null, "fromSection" : "1002", "toSection" : "1002", "text" : " § 1002. Definitions. As used in this article, the following terms\\nshall have the following meanings:\\n 1. \"Commissioner\" shall mean the commissioner of the state division of\\nhousing and community renewal.\\n 2. \"Division\" shall mean the state division of housing and community\\nrenewal.\\n 3. \"Rural area of the state\" shall mean cities, towns and villages\\nhaving a population of less than twenty-five thousand.\\n 4. \"Region\" shall mean those portions of the rural area of the state,\\nas specified in the contract entered into pursuant to this article,\\nwithin which housing and community renewal activities funded in part\\npursuant to this article are to be carried out.\\n 5. \"Housing preservation and community renewal activities\" include (a)\\nthe new construction or the acquisition, maintenance, preservation,\\nrepair, rehabilitation or other improvement of vacant or occupied\\nhousing accommodations; demolition or sealing of vacant structures where\\nnecessary or appropriate; disposition of housing accommodations to\\npresent or potential occupants or co-operative organizations; training\\nor other forms of assistance to occupants of housing accommodations; and\\nmanagement of housing accommodations as agent for the owners, receivers,\\nadministrators or municipalities; (b) activities, similar to those\\nspecified in paragraph (a) of this subdivision, aimed at accomplishing\\nsimilar purposes and meeting similar needs with respect to retail and\\nservice establishments within a region when carried out in connection\\nwith and incidental to a program of housing related activities.\\n 6. \"Persons of low income\" shall mean individuals and families whose\\nannual incomes do not exceed ninety per cent of the median annual income\\nfor all residents of the region within which they reside or a larger\\narea encompassing such region for which median annual income can be\\ndetermined.\\n 7. \"Merged corporation\" shall mean a not-for-profit corporation\\nmaintaining a contract pursuant to section one thousand three of this\\narticle that has undergone a merger with one or more other\\nnot-for-profit corporation, which is also maintaining a contract\\npursuant to section one thousand three of this article, that has led the\\nmerged corporations to reduce the number of contracts being maintained\\nwith the division pursuant to section one thousand three of this article\\nto a total of one.\\n 8. \"Unmerged corporation\" shall mean a not-for-profit corporation that\\nis not a merged corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1003", "title" : "Contracts with not-for-profit corporations for housing preservation and community renewal activities", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1003", "activeDate" : "2014-09-22", "sequenceNo" : 383, "repealedDate" : null, "fromSection" : "1003", "toSection" : "1003", "text" : " § 1003. Contracts with not-for-profit corporations for housing\\npreservation and community renewal activities. 1. The commissioner may\\nenter into contracts with corporations incorporated pursuant to the\\nnot-for-profit corporation law (or such law together with any other\\napplicable law) for the performance of housing preservation and\\ncommunity renewal activities within a region, subject to the provisions\\nof this article.\\n 2. Prior to entering into a contract with a corporation, the\\ncommissioner shall have made a finding that the region in which the\\nactivities are proposed to be conducted contains a significant amount of\\ndeteriorating or substandard housing which is not being adequately\\nrepaired, renovated, upgraded, modernized or rehabilitated under\\nexisting programs so as to provide sound housing at costs which the\\nresidents of such region can afford; that the corporation which proposes\\nto contract with the commissioner is a bona fide organization which\\nshall have been in existence either as a corporation or as an\\nunincorporated, organized group and performing significant housing\\npreservation and community renewal activities for at least one full year\\nprior to entering into any contract with the commissioner and which\\nshall have demonstrated by its immediate past and current activities\\nthat it has the ability to preserve, repair, maintain, renovate,\\nrehabilitate, manage or operate housing accommodations or to engage in\\nother housing preservation and community renewal activities in such\\nregion; that the housing preservation and community renewal activities\\nwhich are to be performed pursuant to the proposed contract are needed\\nby the region; and that the corporation possesses or will acquire or\\ngain access to the requisite staff, office facilities with direct access\\nto such region, equipment and expertise to enable it to perform the\\nactivities which it proposes to undertake pursuant to such contract;\\nprovided, however, that merged corporations' office facilities may be\\nlocated outside such region if they are located in a municipality wholly\\ncontained within the merged corporations' region, and provided further,\\nhowever, that it shall not be a bar to the commissioner's contracting\\nwith a corporation that one or more other organizations, are conducting\\nhousing preservation and community renewal activities wholly or\\npartially within the same region whether or not pursuant to contract\\nwith the commissioner.\\n 3. The commissioner may enter into a contract pursuant to this section\\nonly if he determines:\\n (a) that the region proposed to be served by the applicant is an\\nappropriate portion of the rural area of the state for the performance\\nof activities pursuant to this article by a corporation;\\n (b) that such region contains significant unmet housing needs of\\npersons of low income, that a substantial portion of its population\\nconsists of such persons, and that the housing stock in the region,\\nbecause of its age, deterioration, or other factors, requires\\nimprovement in order to preserve the communities within the region;\\n (c) that the particular activities to be performed by the corporation\\nwill meet one or more needs of the region and are reasonably calculated\\nto have a positive effect on regional preservation, stabilization or\\nimprovement;\\n (d) that the corporation's officers, directors and members are fairly\\nrepresentative of the residents and other legitimate interests of the\\nregion, that they may be expected to carry out the contract in a\\nresponsible manner, and that a majority of the directors of the\\ncorporation are residents of the region;\\n (f) that any fees received or proposed to be received by the\\ncorporation in connection with its activities pursuant to the contract\\nare fair and reasonable;\\n (g) that the corporation will, to the extent possible, give preference\\nin hiring to residents of the region who are unemployed or\\nunderemployed;\\n (h) that the corporation will, to the maximum extent feasible, dispose\\nof residential buildings owned or to be acquired by it to the occupants\\nthereof or to cooperative groups whose members shall be occupants\\nthereof; and\\n (i) that due consideration will be given to the interests of occupants\\nof properties owned or to be acquired by the corporation.\\n 4. Contracts pursuant to this section shall be for a period of no more\\nthan one year, but may be renewed or extended from year to year; they\\nshall define with particularity the region or portion thereof within\\nwhich the housing preservation and community renewal activities shall be\\nperformed; they shall specify the nature of the housing preservation and\\ncommunity renewal activities which shall be performed including the\\napproximate number of buildings, residential dwelling units and local\\nretail and service establishments which shall be affected; they shall\\nlocate and describe, with as much particularity as is reasonably\\npossible, the buildings with respect to which such activities shall be\\nperformed during the contract term; and they shall specify the number of\\npersons, salaries or rates of compensation and a description of duties\\nof those who shall be engaged by the corporation to perform the\\nactivities embraced by the contract together with a schedule of other\\nanticipated expenses.\\n 5. Prior to renewing or extending a contract or entering a succeeding\\ncontract with a corporation the division shall determine that:\\n (a) the corporation shall have substantially completed the housing\\npreservation and community renewal activities specified in the contract\\nto be renewed, extended, or succeeded;\\n (b) the corporation shall have received the sums, services, and funds\\nspecified in subdivision four of section one thousand four of this\\narticle; and\\n (c) the activities carried out by the corporation pursuant to its\\ncontract shall have had a significant impact on the community's needs as\\nspecified in the contract.\\n 6. Prior to terminating, not renewing or not extending a contract the\\ndivision shall:\\n (a) determine that the corporation is in violation of the terms and\\nconditions of the contract or that funds provided pursuant to the\\ncontract are being expended in a manner not consistent with the terms of\\nthe contract or the provisions of this article; or\\n (b) determine that necessary and appropriate technical assistance has\\nbeen provided without significant improvement in the activities of the\\ncorporation; and\\n (c) provide the corporation with written notice, at least forty-five\\ndays in advance, of its intent to terminate, not renew or not extend the\\ncontract and provide the corporation with an opportunity to appear and\\nbe heard before the division with respect to the reasons for such\\nproposed termination, non-renewal or non-extension. At the same time\\nthat the corporation is notified of the division's intent to terminate,\\nnot renew or not extend the contract, the division shall likewise inform\\nthe senate and assembly members who represent areas within such\\ncorporation's geographic boundaries.\\n 7. The division shall establish, for renewal of contracts, a procedure\\nwhich provides the corporation with at least forty-five days notice of\\nthe corporation's obligations and rights in that process, informs the\\ncorporation of the amount of the renewal contract, and facilitates the\\ntimely execution of the contract and disbursement of funds.\\n 8. The division may temporarily withhold payments and may elect not to\\nrenew or extend a contract or enter a succeeding contract with any\\nnot-for-profit corporation if the corporation is not in compliance with\\nits contract, has without good cause failed to submit documentation\\nrequired under contract or requested by the division to make the\\ndeterminations required under subdivision five of this section or has\\nnot satisfied any other conditions consistent with this article for\\nrenewing or extending a contract or entering a succeeding contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1004", "title" : "Payments pursuant to contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1004", "activeDate" : "2014-09-22", "sequenceNo" : 384, "repealedDate" : null, "fromSection" : "1004", "toSection" : "1004", "text" : " § 1004. Payments pursuant to contracts. 1. Each contract entered into\\npursuant to this article shall provide for payment to the corporation\\nfor the housing preservation and community renewal activities to be\\nperformed by it.\\n 2. Payments pursuant to this section shall be restricted to sums\\nrequired for the compensation of persons employed by, and consultants\\nretained by, the corporation for the performance of the activities\\ncovered by the contract and other costs and expenses directly related to\\nsuch employees and consultants.\\n 3. No part of any such payment shall be used to defray in whole or in\\npart the cost of acquisition, improvement, rehabilitation, operation or\\ndemolition of any building or other structure, but this provision shall\\nnot prohibit the use of such funds for planning any such activity or for\\nthe expenses of providing office and related facilities for the\\ncorporation for use in carrying out its activities pursuant to the\\ncontract. Payments shall be made by the division to the corporation at\\nsuch periods, not less frequently than semi-annually, as shall be\\nprovided in the contract. Such payments shall be made at or prior to the\\ncommencement of each such time period, to compensate the corporation for\\nthe activities which are to be carried out during such time period\\nprovided, that with respect to contracts entered into on or after June\\nthirtieth, nineteen hundred ninety-seven the first such payment shall be\\nmade by the division beginning on or after July first of the fiscal year\\nfor which an appropriation in support of such payment was made and\\nprovided further that the final such payment to the corporation shall be\\nmade no later than March thirty-first of such fiscal year, unless such\\npayment has been withheld pursuant to subdivision eight of section one\\nthousand three of this article.\\n 4. In negotiating each contract, the division shall consider and take\\ninto account any and all other sums available or anticipated to be made\\navailable to the corporation from any and all sources which may be used\\nto defray the costs of the housing preservation and community renewal\\nactivities set forth in the contract, including, without limitation,\\nfees generated by the management of housing accommodations,\\ncontributions from private foundations, corporations, firms and\\nindividuals and funds received under grants and contracts pursuant to\\nany program or programs operated or administered by any governmental\\nagency or instrumentality and shall make a determination that the sums\\navailable or anticipated to be made available for the corporation from\\nsuch other sources, together with the value of services to be rendered\\nfor the benefit of the corporation for which payment is not required to\\nbe made by such corporation, amount to at least thirty-three and\\none-third percent of the amount of such contract.\\n 5. When disbursing funds for contracts with not-for-profit\\ncorporations, pursuant to section one thousand three of this article,\\nthe division shall use the following criteria, formulas and tables to\\ndetermine the distribution of funds:\\n (a) (i) The total unmerged corporation funding shall equal the current\\nnumber of unmerged corporation contracts multiplied by the per group\\naward.\\n (ii) The unmerged corporation funding shall equal the per group award.\\n (iii) The merged corporation funding shall equal the funding\\nmodification multiplied by the per group award.\\n (b) Merged corporation funding shall be determined on an individual\\nbasis for each not-for-profit corporation. The following tables show the\\nfunding modification to be used:\\n (i) In the case of two not-for-profit corporations merging, the\\nfollowing table shall be used:\\n Years since Funding\\n merger modification\\n 1 200%\\n 2 190%\\n 3 180%\\n 4 170%\\n 5 160%\\n 6 150%\\n (ii) In the case of three not-for-profit corporations merging, the\\nfollowing table shall be used:\\n Years since Funding\\n merger modification\\n 1 300%\\n 2 290%\\n 3 280%\\n 4 270%\\n 5 260%\\n 6 250%\\n 7 240%\\n 8 230%\\n 9 220%\\n 10 210%\\n 11 200%\\n (iii) In the case of four or more not-for-profit corporations merging,\\nthe following table shall be used:\\n Years since Funding\\n merger modification\\n 1 400%\\n 2 390%\\n 3 380%\\n 4 370%\\n 5 360%\\n 6 350%\\n 7 340%\\n 8 330%\\n 9 320%\\n 10 310%\\n 11 300%\\n 12 290%\\n 13 280%\\n 14 270%\\n 15 260%\\n 16 250%\\n (c) If a not-for-profit corporation that has undergone a merger\\ncontinues to renew their contract beyond the timeframes listed in the\\nabove tables, it shall have its funding determined using the last\\nfunding modification listed.\\n (d) The merged corporation savings shall be determined on an\\nindividual basis for each merged corporation. It shall be calculated by\\nsubtracting the amount of such corporation's merged corporation funding\\nfrom the amount the merged corporations would have received if they had\\nmaintained separate contracts.\\n (e) The per group award shall equal the total funding available minus\\nthe amount for the contract with the rural preservation coalition which\\nshall equal the total unmerged company funding plus the sum of the\\nmerged company funding.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1005", "title" : "Enforcement of standards for contract performance", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1005", "activeDate" : "2014-09-22", "sequenceNo" : 385, "repealedDate" : null, "fromSection" : "1005", "toSection" : "1005", "text" : " § 1005. Enforcement of standards for contract performance. 1. The\\ndivision shall by regulation provide for formal evaluation of the\\nperformance of a corporation to determine its progress in achieving the\\nobjectives outlined in the annual housing preservation and community\\nrenewal plan contained in its contract with the division. Such\\nevaluation shall include a review of the efforts of the corporation to\\nexecute each of the components of its plan and a consultation between\\nthe corporation and the division regarding the findings of the division\\nrelative to performance. The division shall provide or cause to be\\nprovided technical assistance determined to be necessary by the division\\nto improve the ability of the corporation to execute each of the\\ncomponents of its plan. Such evaluation and determination of the need\\nfor technical assistance shall consider the financial and staff\\nresources of the corporation for the period evaluated and any special\\nconsiderations which may have had an impact on performance during the\\nperiod.\\n 2. If the division determines that a corporation has not made\\nsufficient progress toward achieving the objectives of its annual\\nhousing preservation and community renewal plan the division shall\\nconduct a site visit to review these findings and, if warranted, shall\\nplace the corporation on probation.\\n 3. The division shall terminate or not renew or not extend a contract\\nin accordance with provisions of subdivision seven of section one\\nthousand three of this article if the commissioner determines that the\\nperformance of a corporation is not sufficient to merit continued\\nparticipation in the program.\\n 4. Notwithstanding the foregoing, the commissioner may terminate any\\ncontract upon a finding of substantial non-compliance or other\\nsubstantial breach of the contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1006", "title" : "Technical services and assistance to corporations and rural areas", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1006", "activeDate" : "2014-09-22", "sequenceNo" : 386, "repealedDate" : null, "fromSection" : "1006", "toSection" : "1006", "text" : " § 1006. Technical services and assistance to corporations and rural\\nareas. 1. In accordance with the policy of this article, the division\\nshall encourage the creation, development and strengthening of new\\nnot-for-profit corporations to perform housing preservation and\\ncommunity renewal activities in the rural areas of the state, and is\\nauthorized to take all steps necessary to that end. The division shall\\nprovide technical services and assistance to not-for-profit corporations\\nseeking to serve the housing or community renewal needs of rural areas,\\nto better enable such corporations to meet the requirements of, and\\nobtain funding under this article or any other program of governmental\\nassistance, federal, state or local, to carry out their present and\\nproposed activities, and otherwise to further the purposes and policy of\\nthis article. Such services and assistance may be provided through the\\ndivision's own personnel and facilities, through contractual services,\\nor otherwise.\\n 2. The affordable housing corporation or the housing trust fund\\ncorporation, as the case may be, shall provide an incentive grant to\\neach corporation that is awarded a contract pursuant to article eighteen\\nor nineteen of this chapter. Such incentive grants shall consist of the\\npayment of an additional sum of money equal to three percent of the\\namount payable to such corporation pursuant to each contract provided,\\nhowever, that such payment shall not be counted against the per dwelling\\nunit total imposed by subdivision one of section eleven hundred two of\\nthis chapter or the per dwelling unit limitation imposed by subdivision\\none of section eleven hundred twelve of this chapter, and provided\\nfurther that such additional amount shall not exceed forty thousand\\ndollars per contract. Such incentive grant shall be utilized either for\\npurposes consistent with the provisions of this article or for the cost\\nof housing preservation and community renewal activities related to such\\ncontract and shall not be subject to the limitation on the amount of\\nfunds which may be received by corporations contained in subdivision\\nfour of section one thousand three of this article. Such incentive grant\\nshall be added to and considered a payment under the contract for\\npurposes of allocating funds to any single municipality.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1007", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1007", "activeDate" : "2014-09-22", "sequenceNo" : 387, "repealedDate" : null, "fromSection" : "1007", "toSection" : "1007", "text" : " § 1007. Rules and regulations. The commissioner shall issue rules and\\nregulations for the administration of this article. Such rules and\\nregulations shall include provisions concerning requirements as to\\neligibility for contracting with the commissioner; the form of\\napplications for contracts; supervision and evaluation of corporations\\nwhich contract with the commissioner including standards and performance\\ncriteria for continued, increased or decreased funding to insure the\\ncorporations meet the objectives of this article and the objectives\\noutlined in their housing preservation and community renewal plans;\\nreporting, budgeting and record keeping requirements; provisions for\\nrenegotiation, modification, termination, extension and renewal of\\ncontracts, which provisions shall include the bases for funding\\nincreases from the preceding contract including, but not be limited to,\\nperformance which exceeds minimum performance criteria and provisions\\nfor probationary periods where appropriate; provisions for technical\\nservices and assistance to such corporations within the limits of\\navailable funding; protection of the interests of tenants in buildings\\nowned or managed by such corporations; and may include any provisions,\\nnot inconsistent with the provisions of this article or other applicable\\nlaw, which the commissioner deems necessary or appropriate to carry out\\nthe policy and purposes of this article. Such rules and regulations\\nshall prohibit any corporation receiving funds under contracts entered\\ninto pursuant to this article (i) from engaging in any activities\\npromoting any political candidate or party or (ii) from expending any\\nsuch funds in activities the purpose of which is to influence\\nlegislation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1008", "title" : "Relationship to other laws", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1008", "activeDate" : "2014-09-22", "sequenceNo" : 388, "repealedDate" : null, "fromSection" : "1008", "toSection" : "1008", "text" : " § 1008. Relationship to other laws. Nothing in this article shall be\\ndeemed to deny or limit the right of any corporation to seek or receive\\nassistance under, or otherwise participate in, any other program\\npursuant to this chapter, or any other governmental program relating to\\nhousing or community renewal. Nothing in this article shall be deemed to\\ndeny or limit the right of any corporation to carry out any program or\\nservice through a subsidiary corporation or other instrumentality.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1009", "title" : "Annual report", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1009", "activeDate" : "2014-09-22", "sequenceNo" : 389, "repealedDate" : null, "fromSection" : "1009", "toSection" : "1009", "text" : " § 1009. Annual report. The commissioner shall, on or before December\\nthirty-first in each year submit a report to the legislature on the\\nimplementation of this article. Such report shall include, but not be\\nlimited to, for each company receiving payments under this article: a\\ndescription of such company's contract amount and cumulative total; the\\nspecific housing and community preservation activities in rural areas\\nperformed by such company; the findings required by the commissioner\\nunder subdivision two of section one thousand three of this article; the\\namounts of monies received by the company from sources other than\\npayments made pursuant to this article; the value of services rendered\\nfor the benefit of the company for which payment is not required to be\\nmade; and such other information as the commissioner deems appropriate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1010", "title" : "Rural aging services", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1010", "activeDate" : "2014-09-22", "sequenceNo" : 390, "repealedDate" : null, "fromSection" : "1010", "toSection" : "1010", "text" : " § 1010. Rural aging services. Housing preservation and community\\nrenewal activities which are otherwise eligible under subdivision five\\nof section one thousand two of this article, but which are or have been\\nfunded under the rural aging services program operated jointly by the\\ndivision and the state office for the aging, shall not be subject to the\\nlimitation on the amount of funds which may be received by corporations\\ncontained in subdivision four of section one thousand three of this\\narticle. All provisions otherwise applicable to funds received under\\nsection one thousand three of this article shall also apply to funds\\nreceived under this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1011", "title" : "Merged company savings fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1011", "activeDate" : "2014-09-22", "sequenceNo" : 391, "repealedDate" : null, "fromSection" : "1011", "toSection" : "1011", "text" : " § 1011. Merged company savings fund. The division shall create a fund\\nto hold and shall transfer all funds determined to be merged corporation\\nsavings pursuant to paragraph (d) of subdivision five of section one\\nthousand four of this article into such fund. The division shall use\\nsuch funds, as available, for entering into new contracts, pursuant to\\nsection one thousand three of this article, with not-for-profit\\ncorporations located in areas of the state that are currently unserved\\nby a not-for-profit corporation that is maintaining a contract pursuant\\nto section one thousand three of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 11 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A17-A", "title" : "Rental Assistance Program For Rural Areas", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "17-A", "activeDate" : "2014-09-22", "sequenceNo" : 392, "repealedDate" : null, "fromSection" : "1020", "toSection" : "1025", "text" : " ARTICLE XVII-A\\n RENTAL ASSISTANCE PROGRAM FOR RURAL AREAS\\nSection 1020. Legislative findings and statement of policy.\\n 1021. Definitions.\\n 1023. Rural housing assistance contracts.\\n 1024. Payments pursuant to contracts.\\n 1025. Administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1020", "title" : "Legislative findings and statement of policy", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1020", "activeDate" : "2014-09-22", "sequenceNo" : 393, "repealedDate" : null, "fromSection" : "1020", "toSection" : "1020", "text" : " § 1020. Legislative findings and statement of policy. The legislature\\nhereby finds that in certain rural areas of the state significant\\nnumbers of low income residents are unable to obtain decent housing. The\\nnormal operation of the private market has not addressed their needs.\\n The elderly and families are especially affected by the lack of\\nhousing in rural areas. Elderly persons are frequently forced to choose\\nbetween continuing to live in homes which have become too large to care\\nfor and use well or leaving their communities to live elsewhere.\\nFamilies, particularly those just beginning, are often faced with either\\nsubstandard, unsafe housing, living with relatives in overcrowded\\nconditions, or leaving their communities. The ensuing social and\\neconomic disruption has profoundly adverse effects on the rural\\ncommunities as well as the residents.\\n Numerous housing programs have been initiated by the federal\\ngovernment to provide housing for those of low income. For the most\\npart, these programs have worked best in areas of high population\\ndensity, thus effectively, although unintentionally, failing to fulfill\\ntheir intent in rural areas.\\n The legislature further finds that locally based housing providers can\\neffectively serve the needs of low and moderate income persons in rural\\nareas. Their efforts have been severely limited, however, by the\\ncontemporary high cost of financing, inflation and massive retrenchment\\nin federal housing assistance programs.\\n The legislature further finds it to be in the best interests of the\\npeople of New York state to assist local housing providers in meeting\\nthe needs of low income occupants in rural areas by supplementing\\nfederal assistance programs with a program of state rental assistance\\npayments similar to the federal Farmer's Home Administration Program.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1021", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1021", "activeDate" : "2014-09-22", "sequenceNo" : 394, "repealedDate" : null, "fromSection" : "1021", "toSection" : "1021", "text" : " § 1021. Definitions. As used in this article, any term defined in\\narticle seventeen of this chapter shall have the same meaning herein as\\nset forth therein and the following terms shall have the following\\nmeanings:\\n 1. \"Federal assistance\" means assistance from the Farmer's Home\\nAdministration pursuant to title five of the United States Housing Act\\nof 1949.\\n 2. \"Eligible sponsor\" means either a corporation organized pursuant to\\nthe not-for-profit corporation law, a public housing authority as\\ndefined pursuant to subdivision two of section three of the public\\nhousing law, or an eligible borrower as defined in Title V of the United\\nStates Housing Act of 1949.\\n 3. \"Eligible project\" means a housing project located in a rural area\\nwhich is to be owned or operated by an eligible sponsor and which has\\nreceived (or which the sponsor has demonstrated to the satisfaction of\\nthe commissioner will receive) federal assistance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1023", "title" : "Rural housing assistance contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1023", "activeDate" : "2014-09-22", "sequenceNo" : 395, "repealedDate" : null, "fromSection" : "1023", "toSection" : "1023", "text" : " § 1023. Rural housing assistance contracts. 1. The commissioner may\\nenter into contracts with eligible sponsors for the provision, in\\neligible projects, of housing for persons of low income. Such contracts\\nshall provide for the payment by the division to the sponsor of periodic\\nrental assistance payments with respect to the housing accommodations\\noccupied by such persons.\\n 2. Such contracts may, subject to the availability of moneys in the\\nrural housing assistance fund, commit the division to make such payments\\nfor a period of up to five years from the date of completion of the\\neligible project. Any such contract shall provide that the sponsor shall\\nnot withdraw the project, or any units therein, from the program during\\nsuch period except for good cause as provided therein. Notwithstanding\\nany provision of this chapter, all contracts shall terminate after five\\nyears or when the actual dollar amount as stipulated in the contract has\\nbeen expended, whichever is sooner. For any application for such a\\ncontract under this article, the division shall provide the applicant\\nwith a list of conditions that must be met prior to entering into a\\ncontract pursuant to this article. Within fifteen working days of\\nreceipt by the division of all documents in satisfaction of the list,\\nthe division shall notify the applicant of the sufficiency or\\ninsufficiency of the documents. After satisfaction by the applicant of\\nall conditions required by the division prior to entering into a\\ncontract the division shall enter into the contract within forty-five\\nworking days of satisfaction of such conditions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1024", "title" : "Payments pursuant to contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1024", "activeDate" : "2014-09-22", "sequenceNo" : 396, "repealedDate" : null, "fromSection" : "1024", "toSection" : "1024", "text" : " § 1024. Payments pursuant to contracts. 1. Payments shall be made\\nmonthly or on such other periodic basis as may be provided in the\\ncontract. Each such payment shall equal, for each unit in the project\\ncovered by the contract, the difference between the project rent\\nestablished pursuant to subdivision two of this section and the tenant\\nrent payment established pursuant to subdivision three of this section.\\n 2. The project rent shall be: (a) in the case of a housing company\\nregulated by the state pursuant to this chapter, the current maximum\\nlawful rent for the unit; (b) in the case of a housing company regulated\\nby a municipality pursuant to this chapter, the current maximum lawful\\nrent for the unit, subject to such additional limitations and conditions\\nas the commissioner may prescribe by contract; or (c) in the case of any\\nother sponsor, the rent established or approved by the commissioner as\\nprescribed in the contract.\\n 3. The tenant rent payment shall be an amount computed pursuant to the\\nregulations of the commissioner, which regulations shall prescribe a\\nformula substantially similar to that currently provided pursuant to\\ntitle five of the United States Housing Act of 1949, as amended.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1025", "title" : "Administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1025", "activeDate" : "2014-09-22", "sequenceNo" : 397, "repealedDate" : null, "fromSection" : "1025", "toSection" : "1025", "text" : " § 1025. Administrative provisions. 1. The commissioner shall provide,\\nby regulations, for the administration of the provisions of this\\narticle. Such regulations shall include, but need not be limited to,\\nprovisions for operation of the project by the sponsor in a manner\\nconsistent with the intent of this article.\\n 2. Every contract entered into pursuant to this article shall obligate\\nthe sponsor not to charge or collect from any tenant of a unit covered\\nby such contract a rent higher than the tenant rent payment established\\npursuant to section one thousand twenty-four of this article.\\n 3. Rental assistance payments pursuant to this article may be pledged\\nby the sponsor in connection with the financing or refinancing of a\\nproject, subject to any conditions prescribed in the housing assistance\\ncontract, but no such pledge shall create any obligation or liability on\\nthe part of the state or any agency or instrumentality thereof other\\nthan that prescribed in the contract.\\n 4. Nothing in this article shall prevent any sponsor from seeking or\\naccepting any other form of governmental subsidy or assistance, but any\\ncontract pursuant to this article shall provide for appropriate\\nadjustments in the rental assistance payments to reflect such other\\nsubsidy or assistance.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 5 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A17-B", "title" : "Rural Area Revitalization Projects", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "17-B", "activeDate" : "2014-09-22", "sequenceNo" : 398, "repealedDate" : null, "fromSection" : "1051", "toSection" : "1057", "text" : " ARTICLE XVII-B\\n RURAL AREA REVITALIZATION PROJECTS\\nSection 1051. Legislative findings and statement of policy.\\n 1052. Definitions.\\n 1053. Contracts for rural area revitalization projects.\\n 1054. Administration of contracts.\\n 1055. Rules and regulations.\\n 1057. Transfer of authority, administration and appropriations.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1051", "title" : "Legislative findings and statement of policy", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1051", "activeDate" : "2014-09-22", "sequenceNo" : 399, "repealedDate" : null, "fromSection" : "1051", "toSection" : "1051", "text" : " § 1051. Legislative findings and statement of policy. The legislature\\nhereby finds and declares that there exists in many portions of the\\nrural areas of the state substantial needs for revitalization and\\nimprovement of housing and of local commercial and service facilities,\\nand for related community renewal activities. The findings set forth in\\narticle seventeen of this chapter, with respect to the special needs and\\nproblems of such areas and the significant potential role of locally\\nbased not-for-profit organizations in helping to meet such needs, are\\nhereby reaffirmed. The legislature hereby determines that, in addition\\nto the program of state support to help meet the administrative expenses\\nof such organizations under article seventeen, a further public need\\nexists for state funding of a portion of the costs of specific\\nrevitalization projects carried out by such groups and similar local\\norganizations. It is the purpose of this article to encourage community\\npreservation and improvement in the rural area of the state by\\nestablishing a program of such funding.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1052", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1052", "activeDate" : "2014-09-22", "sequenceNo" : 400, "repealedDate" : null, "fromSection" : "1052", "toSection" : "1052", "text" : " § 1052. Definitions. As used in this article:\\n (a) all terms defined in article seventeen of this chapter shall have\\nthe same meanings herein as specified therein; and\\n (b) the following terms shall have the following meanings:\\n (1) \"rural area revitalization project\" means a specific work or\\nseries of works for the revitalization and improvement of a region of\\nthe rural area of the state through creation, preservation or\\nimprovement of housing resources; creation, preservation or improvement\\nof local commercial facilities; restoration or improvement of public\\nfacilities or other aspects of the area environment; related community\\npreservation or renewal activities; or any combination of the above.\\n (2) \"qualified applicant\" means a not-for-profit corporation under\\ncontract pursuant to article seventeen of this chapter or any other\\nlocally based organization which is either incorporated under the\\nnot-for-profit corporation law (or such law together with any other\\napplicable law) or, if unincorporated, is not organized for the private\\nprofit or benefit of its members.\\n (3) \"Corporation\" means the housing trust fund corporation established\\nin section forty-five-a of this chapter.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1053", "title" : "Contracts for rural area revitalization projects", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1053", "activeDate" : "2014-09-22", "sequenceNo" : 401, "repealedDate" : null, "fromSection" : "1053", "toSection" : "1053", "text" : " § 1053. Contracts for rural area revitalization projects. 1. The\\ncorporation may, in the name of the state, enter into contracts with\\nqualified applicants for the performance of rural area revitalization\\nprojects.\\n 2. The corporation may enter into a contract pursuant to this section\\nonly if he determines that:\\n (a) the region to be served is a portion of the rural area of the\\nstate which is in need of revitalization and can benefit from a program\\ncarried out by one or more locally based groups.\\n (b) the applicant organization, or any predecessor organization, has\\nhad appropriate experience in community preservation activities; that it\\nhas, or shows that it can acquire, the capability and expertise to\\nundertake successfully the proposed project; and that it is managed and\\ndirected by persons representative of the region within which it\\noperates.\\n (c) the project or projects, alone or in combination with other\\nproposed activities of the applicant or others, will be likely to\\ncontribute in a significant way towards the revitalization and general\\ncommunity renewal of the region.\\n 3. Each contract pursuant to this section shall provide for payment by\\nthe corporation for the activities to be carried out pursuant to the\\ncontract. Such payment shall be based on the projected costs of such\\nactivities and the other sources of funding which may be available to\\nthe applicant (including, if applicable, funding pursuant to article\\nseventeen of this chapter) from any source. Up to ten percent of the\\nprogram or project cost may be used for the qualified applicant's\\noperating expenses including expenses related to organization operating\\nsupport and administration of the contract. The total state payment\\npursuant to any one contract shall not exceed two hundred thousand\\ndollars.\\n 4. The contract shall provide for completion of the project within a\\nreasonable period, as specified therein, which shall not in any event\\nexceed two years from its commencement.\\n 5. For any application for such a contract under this article, the\\ncorporation shall provide the applicant with a list of conditions that\\nmust be met prior to entering into a contract pursuant to this article.\\nWithin fifteen working days of receipt by the corporation of all\\ndocuments in satisfaction of the list, the corporation shall notify the\\napplicant of the sufficiency or insufficiency of the documents. After\\nsatisfaction by the applicant of all conditions required by the\\ncorporation prior to entering into a contract the corporation shall\\nenter into the contract within forty-five working days of satisfaction\\nof such conditions.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1054", "title" : "Administration of contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1054", "activeDate" : "2014-09-22", "sequenceNo" : 402, "repealedDate" : null, "fromSection" : "1054", "toSection" : "1054", "text" : " § 1054. Administration of contracts. 1. A contract pursuant to this\\narticle may provide for such periodic payments as may be appropriate.\\n 2. The corporation shall periodically review the performance of each\\ncontractor pursuant to this article. Such reviews shall include\\nevaluation of the quality of the activities performed, the conformity\\nthereof to contract provisions and the financial integrity and\\nefficiency of the contractor.\\n 3. Each contract pursuant to this article shall provide that:\\n (a) it may be modified and renegotiated from time to time; and\\n (b) it may be terminated by the corporation upon a finding of\\nsubstantial noncompliance or other breach of its terms by the\\ncontractor.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1055", "title" : "Rules and regulations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1055", "activeDate" : "2014-09-22", "sequenceNo" : 403, "repealedDate" : null, "fromSection" : "1055", "toSection" : "1055", "text" : " § 1055. Rules and regulations. The corporation may provide, by\\nregulation, for the administration of the rural area revitalization\\nprogram. Such regulations may contain any provisions, not inconsistent\\nwith this article as may be necessary or appropriate to carry out the\\npolicy and intent of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1057", "title" : "Transfer of authority, administration and appropriations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1057", "activeDate" : "2014-09-22", "sequenceNo" : 404, "repealedDate" : null, "fromSection" : "1057", "toSection" : "1057", "text" : " § 1057. Transfer of authority, administration and appropriations. 1.\\nOn and after the effective date of this section, all obligations of the\\ndivision with respect to rural area revitalization projects shall become\\nthe obligations of the corporation and the corporation shall be\\nresponsible for the administration of all rural area revitalization\\nprojects. The division shall provide for the orderly transfer of all\\nmatters, records and things relating to rural revitalization projects to\\nthe corporation.\\n 2. Notwithstanding the provisions of any general or special law, the\\ndirector of the budget is authorized to transfer to the corporation\\nfunds otherwise appropriated or reappropriated for the purposes of rural\\narea revitalization projects to the division of housing and community\\nrenewal.\\n 3. All rules, regulations, acts, determinations and decisions of the\\ndivision or the commissioner thereof with respect to the administration\\nof rural area revitalization projects in force on the effective date of\\nthis section shall continue in force and effect as rules, regulations,\\nacts, determinations and decisions of the corporation until duly\\nmodified or rescinded by the corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 6 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A18", "title" : "Low Income Housing Trust Fund Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "18", "activeDate" : "2014-09-22", "sequenceNo" : 405, "repealedDate" : null, "fromSection" : "1100", "toSection" : "1103", "text" : " ARTICLE XVIII\\n LOW INCOME HOUSING TRUST FUND PROGRAM\\nSection 1100. Statement of legislative findings and purpose.\\n 1101. Definitions.\\n 1102. Cooperative or condominium, homesteading and rental\\n contracts.\\n 1103. General and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1100", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1100", "activeDate" : "2014-09-22", "sequenceNo" : 406, "repealedDate" : null, "fromSection" : "1100", "toSection" : "1100", "text" : " § 1100. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that there is a serious shortage of decent\\naffordable housing in the state for persons of low income; that the cost\\nof providing such housing without public participation and assistance is\\nprohibitively high; that there exists throughout the state a significant\\nnumber of dwellings which are deteriorated and are vacant or\\nunderutilized; that the existence of such properties creates a serious\\nthreat to the health and safety of persons who live in or near them,\\nlimits the availability of decent affordable housing to others,\\ncontributes to the blight and deterioration of neighborhoods, and drains\\nmunicipal resources and expenditures; that the rehabilitation of these\\nproperties would stem the deterioration of neighborhoods and promote the\\npreservation and creation of safe and sanitary low income housing; that\\nthe potential exists to make such housing available to persons of low\\nincome through projects carried out by eligible applicants to\\nrehabilitate these dwelling accommodations, bring these accommodations\\ninto compliance with all applicable laws and regulations and remove all\\nhazardous and immediately hazardous code conditions; that the purposes\\nof this article should also be served by providing for new construction\\nof housing for persons of low income in areas in which rehabilitation\\nopportunities are limited or where new construction would prove to be\\nmore effective; that the carrying out of such projects serves a\\nsignificant public purpose and may appropriately be performed by\\neligible applicants; that payment for such services, tax exemptions and\\nother public participation in such projects would bring down the cost of\\nsuch housing and make it affordable to persons of low income; and that\\nit is the policy of the state to preserve and create such housing and to\\nprovide for the aid, care, and support of the needy. The legislature\\ntherefore finds that a program should be established to provide monies\\nfor the rehabilitation and construction of these properties by eligible\\napplicants to promote the preservation and creation of affordable\\nhousing for persons of low income.\\n It is intended that any payments, grants or loans provided to\\nmunicipalities through this program not substitute for funds which such\\nmunicipalities would have spent in the absence of this program and that\\nsuch payments, grants and loans will enable such municipalities to\\nexpand their commitment to increase the supply of affordable low income\\nhousing to levels greater than would have been possible without this\\nprogram.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1101", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1101", "activeDate" : "2014-09-22", "sequenceNo" : 407, "repealedDate" : null, "fromSection" : "1101", "toSection" : "1101", "text" : " § 1101. Definitions. For the purposes of this article:\\n 1. \"Commissioner\" shall mean the commissioner of the state division of\\nhousing and community renewal.\\n 2. \"Corporation\" shall mean the housing trust fund corporation\\nestablished by section forty-five-a of this chapter.\\n 3. \"Rehabilitation\" shall mean all work necessary to bring a\\nresidential property into compliance with all applicable laws and\\nregulations including but not limited to the installation, replacement\\nor repair of heating, plumbing, electrical and related systems and the\\nelimination of all hazardous and immediately hazardous violations in the\\nstructure in accordance with state and local laws and regulations of\\nstate and local agencies. Rehabilitation may also include reconstruction\\nor work to improve the habitability or prolong the useful life of the\\nresidential property.\\n 4. \"Cooperative project\" or \"condominium project\" shall mean any\\nvacant residential or nonresidential property, or any portion thereof,\\nor any distressed residential property, which, subsequent to conversion\\nor rehabilitation under this article, will be owned as a cooperative or\\na condominium or new residential construction to be owned as a\\ncooperative or a condominium.\\n 5. \"Homesteading project\" shall mean any vacant residential or\\nnonresidential property, or any portion thereof, or any distressed\\nresidential property, or any new residential construction which,\\nsubsequent to construction, conversion or rehabilitation under this\\narticle, will contain less than five dwelling units, have at least one\\nowner occupant and not be owned as a cooperative or a condominium.\\n 6. \"Rental project\" shall mean any vacant residential or\\nnonresidential property, or any portion thereof, or any distressed\\nresidential property, or any new residential construction which,\\nsubsequent to construction, conversion or rehabilitation under this\\narticle, will be owned and operated as rental residential property.\\n 7. \"Eligible applicant\" shall mean a person of low income, a housing\\ndevelopment fund company incorporated pursuant to article eleven of this\\nchapter, a not-for-profit corporation or charitable organization which\\nhas as one of its primary purposes the improvement of housing for\\npersons of low income, a wholly-owned subsidiary of such a corporation\\nor organization, a partnership at least fifty percent of the controlling\\ninterest of which is held by such a corporation or organization and\\nwhich has agreed to limit profits or rate of return of investors in\\naccordance with a formula established or approved by the corporation or\\na private developer which has agreed to limit profits or rate of return\\nof investors in accordance with a formula established or approved by the\\ncorporation, a city, town or village, or a county, provided, however,\\nthat the county is only acting as an administrator of a program under\\nwhich projects are rehabilitated or constructed or nonresidential\\nproperties are converted by other eligible applicants, or a municipal\\nhousing authority created pursuant to the public housing law, provided,\\nhowever, that any real property of such housing authority to be\\nrehabilitated, constructed or converted under this article shall not\\nhave been financed pursuant to the provisions of the public housing law\\nand shall not have been owned by such authority prior to July first,\\nnineteen hundred eighty-six and provided further, however, that persons\\nof low income shall not be direct recipients of payments, grants or\\nloans from the corporation under this article but may receive such funds\\nfrom another eligible applicant.\\n 8. \"Conversion\" shall mean all work necessary to convert\\nnonresidential property into a cooperative or condominium, homesteading\\nor rental rehabilitation project.\\n 9. \"Nonresidential property\" shall mean any property which is not\\nresidential property and is underutilized.\\n 10. \"Persons of low income\" shall mean (a) in cities with a population\\nof one million or more persons, those persons and families whose incomes\\ndo not exceed eighty percent of the median income for the metropolitan\\nstatistical area in which a project is located; provided however that in\\nthe case of an owner occupant of a homesteading project, \"persons of low\\nincome\" shall also mean those persons and families whose incomes do not\\nexceed eighty percent of the median income for the state and (b) in the\\nportion of the state outside cities with a population of one million or\\nmore persons, (i) and within a metropolitan statistical area those\\npersons and families whose incomes do not exceed ninety percent of the\\nmedian income for the metropolitan statistical area in which a project\\nis located or ninety percent of the median income for the state,\\nwhichever is greater or, (ii) if a project is located outside a\\nmetropolitan statistical area, those persons and families whose incomes\\ndo not exceed ninety percent of the median income for the county in\\nwhich a project is located, or ninety percent of the median income for\\nthe state, whichever is greater.\\n 11. \" Distressed residential property\" shall mean (a) a residential\\nproperty which has an occupancy rate by lawful occupants of less than\\nsixty percent, (b) a portion of a residential property described in\\nparagraph (a) of this subdivision provided that such portion also has an\\noccupancy rate by lawful occupants of less than sixty percent, (c) a\\nresidential property which consists of one or two residential units\\nprior to rehabilitation under this article and which, subsequent to\\nrehabilitation, will contain at least one additional residential unit,\\nor (d) a residential property, the rehabilitation of which would\\npreserve affordable housing currently serving a population whose housing\\nneed would justify its replacement if it ceased to be available.\\n 12. \"Project\" shall mean a cooperative, condominium, homesteading or\\nrental project. In cases where any such project consists of less than\\nthe total number of units or the total amount of floor space of a\\nproperty, any reference in this article, to a \"project\", \"cooperative\\nproject\", \"condominium project\", \"rental project\" or \"homesteading\\nproject\" shall mean that portion of such property which makes up such\\nproject.\\n 13. \"Private developer\" shall mean a person, firm, partnership or\\ncorporation which is not otherwise included in the definition of\\n\"eligible applicant\".\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1102", "title" : "Cooperative or condominium, homesteading and rental contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-07-09", "2025-10-24" ], "docLevelId" : "1102", "activeDate" : "2014-09-22", "sequenceNo" : 408, "repealedDate" : null, "fromSection" : "1102", "toSection" : "1102", "text" : " § 1102. Cooperative or condominium, homesteading and rental contracts.\\n1. Within the limit of funds available in the housing trust fund\\naccount, the corporation is hereby authorized to enter into contracts\\nwith eligible applicants for the furnishing by such applicants of\\nhousing for persons of low income. Each such contract shall provide that\\neligible applicants rehabilitate or construct one or more projects or\\nconvert one or more nonresidential properties. Such contracts may\\nprovide for payments, grants or loans by the corporation for the\\nactivities to be carried out by the eligible applicant under the\\ncontract. Such contracts shall provide that a private developer make an\\nequity investment of the greater of (i) two and one-half percent of\\nproject costs or (ii) five percent of project costs less grants which\\nare to be applied to such costs. The foregoing shall not preclude a\\nprivate developer from making a greater equity investment. Any payments,\\ngrants or loans made by the corporation outstanding at the time of\\nresale shall be subject to repayment in whole or in part upon resale\\nafter termination of the regulatory period and as otherwise provided\\ntherein. Such repayment provisions may survive the end of the regulatory\\nperiod. Such contracts may provide that eligible applicants shall either\\n(a) perform activities specified under the contract themselves or (b)\\nact as administrators of a program under which projects are\\nrehabilitated or constructed or nonresidential properties are converted\\nby other eligible applicants or (c) perform both such functions. In the\\ncase of a municipality acting as an administrator, funds provided to\\nsuch municipality hereunder shall not be deemed to be municipal funds.\\nThe corporation shall refer any request for payments, grants or loans\\nfrom persons of low income to eligible applicants in the area in which\\nsuch persons reside. Loans may be in the form of participation in loans\\nincluding but not limited to participation in loans originated or\\nfinanced by lending institutions as defined in section forty-two of this\\nchapter, the state of New York mortgage agency, the New York city\\nhousing development corporation, the New York state housing finance\\nagency or private or public employee pension funds. Notwithstanding any\\nother provision of law, payments, grants and loans may be deposited by\\nthe corporation directly with a lending institution at or before the\\ntime of initial loan closing pursuant to an escrow agreement\\nsatisfactory to the corporation. Payments, grants and loans shall be on\\nsuch terms and conditions as the corporation, or the eligible applicant\\nwith the approval of the corporation, as the case may be, shall\\ndetermine. Payments, grants and loans shall be used to pay for the\\nactual and necessary cost of acquisition, construction, rehabilitation\\nor conversion, provided that not more than fifty percent of such\\npayments, grants and loans received for the rehabilitation, construction\\nor conversion of a project may be used for the cost of the project's\\nacquisition and not more than ten percent of such payments, grants and\\nloans may be used for the rehabilitation, construction or conversion of\\ncommunity service facilities and, provided further, that payments,\\ngrants or loans shall not be used for (i) the administrative costs of an\\neligible applicant except as otherwise authorized by law, (ii) the cost\\nof the acquisition, construction, conversion or rehabilitation of\\nresidential units which, subsequent to such acquisition, construction,\\nconversion or rehabilitation, are to be occupied by persons other than\\npersons of low income, and (iii) the cost of the acquisition,\\nconstruction, conversion or rehabilitation of units which, subsequent to\\nsuch acquisition, construction, conversion or rehabilitation, are\\noccupied or to be occupied for other than residential purposes, except\\nfor community service facilities as described above. No such payments,\\ngrants or loans shall exceed a total of one hundred twenty-five thousand\\ndollars per dwelling unit. Among the criteria the corporation shall\\nconsider in determining whether to provide additional funds are: average\\ncost of construction in the area, location of the project and the impact\\nof the additional funding on the affordability of the project for the\\noccupants of such project. The length of any loan provided under this\\narticle shall not exceed thirty years. No more than fifty percent of the\\ntotal amount originally appropriated pursuant to this article in any\\nfiscal year shall be allocated to projects located within any single\\nmunicipality. Of the amount originally appropriated to the corporation\\nin any fiscal year, no more than thirty-three and one-third percent\\nshall be allocated to private developers for projects within a city with\\na population of one million or more. Of the amount originally\\nappropriated to the corporation in any fiscal year, no more than\\nthirty-three and one-third percent shall be allocated to private\\ndevelopers for projects in the area outside cities with a population of\\none million or more.\\n 2. The corporation and eligible applicants which act as administrators\\nof a program under this article shall deposit any recaptured funds or\\nfunds from the repayment of loans and interest received on loans into\\nthe housing trust fund account.\\n 3. The corporation shall not enter into a contract under this article\\nunless the eligible applicant has submitted an application and such\\napplication contains a plan, acceptable to the corporation, which\\nprovides for each project:\\n (a) That violations on the project which are classified as hazardous\\nor immediately hazardous shall be repaired in accordance with state and\\nlocal laws and regulations of state and local agencies and the project\\nshall be brought into compliance with all applicable laws and\\nregulations.\\n (b) For the establishment of occupant selection procedures which\\nprovide that any lawful occupants who live in a project prior to\\nrehabilitation shall not be displaced as a result of such\\nrehabilitation, other than temporarily, in which case suitable\\nrelocation arrangements shall be provided, and that any additional\\noccupants who move into a project are persons of low income. Preference\\nin selection of such additional occupants; (i) shall be given to persons\\nor families with the lowest incomes possible, given the income\\nrequirements of the project and; (ii) shall also be given to persons or\\nfamilies whose current housing fails to meet basic standards of health\\nand safety and who have little prospect of improving the condition of\\ntheir housing except by residing in a project receiving payments, grants\\nor loans under this article.\\n (c) In the case of a homesteading project that (i) the project may\\nonly be transferred or sold to an eligible applicant; and (ii) the\\nresale price of the project shall not exceed an amount equal to the sum\\nof (A) the original equity paid by the owner for the project and\\nrehabilitation or construction thereof, exclusive of any payments,\\ngrants or loans received pursuant to this article for such purposes, or\\nfrom such other sources as determined by the corporation, with interest\\nthereon at the rate of six percent per annum, (B) the cost of capital\\nimprovements to the project paid by such owner after the completion of\\nrehabilitation or construction, exclusive of any payments, grants or\\nloans received pursuant to this article for such purposes, or from such\\nother sources as determined by the corporation, with interest thereon at\\nthe rate of six percent per annum, (C) the actual amortization paid by\\nsuch owner in the reduction of total outstanding principal indebtedness\\non all existing and prior mortgages on, or loans for, such project, but\\nonly to the extent that the proceeds of such mortgages or loans were\\nused by the owner for the project and rehabilitation or construction\\nthereof or for the cost of capital improvements thereto, with interest\\nthereon at the rate of six percent per annum, (D) the actual outstanding\\nprincipal indebtedness on all existing mortgages on, or loans or other\\nobligations for, such project which the owner is required to satisfy,\\nbut only to the extent that the proceeds of such mortgages or loans were\\nused by the owner for the project and rehabilitation or construction\\nthereof or for the cost of capital improvements thereto, with interest\\nthereon at the rate of six percent per annum, provided that if the\\nindebtedness is not paid in full upon the sale of the project, such\\nowner shall not be credited with the amount of such indebtedness, and\\n(E) the reasonable costs and expenses incurred in connection with the\\nsale of such project.\\n (d) In the case of a cooperative project that (i) the shares\\napplicable to a cooperative unit shall be transferred or sold only to an\\neligible applicant; and (ii) the resale price of shares applicable to a\\ncooperative unit shall not exceed an amount equal to the sum of (A) the\\noriginal equity paid by the tenant shareholder for such shares and for\\nthe rehabilitation or construction of such unit, exclusive of any\\npayments, grants or loans received pursuant to this article for such\\npurposes or from such other sources as determined by the corporation,\\nwith interest thereon at the rate of six percent per annum, (B) the cost\\nof capital improvements to such unit paid by such tenant shareholder\\nafter the completion of rehabilitation or construction, exclusive of any\\npayments, grants or loans received pursuant to this article for such\\npurposes or from such other sources as determined by the corporation,\\nwith interest thereon at the rate of six percent per annum, (C) the\\npro-rata portion of any capital assessments or capital contributions for\\nbuilding wide improvements paid by such tenant shareholder, with\\ninterest thereon at the rate of six percent per annum, (D) the pro-rata\\nportion of actual amortization paid by such tenant shareholder on all\\nexisting and prior mortgages on such project in the reduction of total\\noutstanding principal indebtedness, with interest thereon at the rate of\\nsix percent per annum, (E) the actual amortization paid by such tenant\\nshareholder in the reduction of total outstanding principal indebtedness\\non all existing and prior loans for such unit, but only to the extent\\nthat the proceeds of such loans were used by the tenant shareholder for\\nthe purchase of such shares or for the cost of the rehabilitation or\\nconstruction of, or capital improvements to, such unit, with interest\\nthereon at the rate of six percent per annum, (F) the actual outstanding\\nprincipal indebtedness on all existing loans or other obligations for\\nsuch unit which the tenant shareholder is required to satisfy, but only\\nto the extent that the proceeds of such loans were used by such tenant\\nshareholder for the purchase of such shares or for the cost of the\\nrehabilitation or construction of, or capital improvements to, such\\nunit, provided that if such indebtedness is not paid in full upon the\\nsale of such tenant's shares such tenant shareholder shall not be\\ncredited with the amount of such indebtedness, and (G) the reasonable\\ncosts and expenses incurred in connection with the sale of such shares.\\n (e) In the case of a condominium project that (i) a condominium unit\\nshall be transferred or sold only to an eligible applicant; and (ii) the\\nresale price of a condominium unit shall not exceed an amount equal to\\nthe sum of (A) the original equity paid by the owner for such unit and\\nthe rehabilitation or construction thereof, exclusive of any payments,\\ngrants or loans received pursuant to this article for such purposes or\\nfrom such other sources as determined by the corporation, with interest\\nthereon at the rate of six percent per annum, (B) the cost of capital\\nimprovements to such unit paid by such owner after the completion of\\nrehabilitation or construction, exclusive of any payments, grants or\\nloans received pursuant to this article for such purposes or from such\\nother sources as determined by the corporation, with interest thereon at\\nthe rate of six percent per annum, (C) the pro-rata portion of any\\ncapital assessments or capital contributions for building wide\\nimprovements paid by such owner to the project, with interest thereon at\\nthe rate of six percent per annum, (D) the actual amortization paid by\\nsuch owner on all existing and prior mortgages on, or loans for, such\\nunit in the reduction of total outstanding principal indebtedness, but\\nonly to the extent that the proceeds of such mortgages or loans were\\nused by such owner for the unit and the rehabilitation or construction\\nthereof or for the cost of capital improvements thereto with interest\\nthereon at the rate of six percent per annum, (E) the actual outstanding\\nprincipal indebtedness on all existing mortgages on, and loans or other\\nobligations for, such unit which the owner is required to satisfy, but\\nonly to the extent that the proceeds of such mortgages or loans were\\nused by such owner for the unit and the rehabilitation or construction\\nthereof or for the cost of capital improvements thereto, provided that\\nif the indebtedness is not paid in full upon the sale of such unit, such\\nowner shall not be credited with the amount of such indebtedness, and\\n(F) the reasonable costs and expenses incurred in connection with the\\nsale of such unit.\\n (f) In the case of a rental project that (i) the rental project may\\nonly be transferred or sold to an eligible applicant; and (ii) the\\nresale price of the rental project shall not exceed an amount equal to\\nthe sum of (A) the original equity paid by the owner for the project and\\nrehabilitation or construction thereof, exclusive of any payments,\\ngrants or loans received pursuant to this article for such purposes or\\nfrom such other sources as determined by the corporation, with interest\\nthereon at the rate of six percent per annum, (B) the cost of capital\\nimprovements to the project paid by the owner after the completion of\\nrehabilitation or construction, exclusive of any payments, grants or\\nloans received pursuant to this article for such purposes or from such\\nother sources as determined by the corporation, with interest thereon at\\nthe rate of six percent per annum, (C) the actual amortization paid by\\nsuch owner on all existing and prior mortgages on, or loans for, such\\nproject in the reduction of total outstanding principal indebtedness,\\nbut only to the extent that the proceeds of such mortgages or loans were\\nused by such owner for the project and rehabilitation thereof or for the\\ncost of capital improvements thereto, with interest thereon at the rate\\nof six percent per annum, (D) the actual outstanding principal\\nindebtedness on all existing mortgages on, or loans or other obligations\\nfor, such project which the owner is required to satisfy, but only to\\nthe extent that the proceeds of such mortgages or loans were used by the\\nowner for the project and rehabilitation thereof or for the cost of\\ncapital improvements thereto, provided that if the indebtedness is not\\npaid in full upon the sale of the project, such owner shall not be\\ncredited with the amount of such indebtedness, and (E) the reasonable\\ncosts and expenses incurred in connection with the sale of such project.\\n (g) In the case of a rental project, that the project shall be\\noperated initially as a rental property, and when located in the city of\\nNew York shall be subject to the rent stabilization law of nineteen\\nhundred sixty-nine, and when located in a municipality which has elected\\nto be covered by the provisions of the emergency tenant protection act\\nof nineteen seventy-four, be subject to the provisions of such act. Any\\nsubsequent conversion to cooperative or condominium ownership during the\\nperiod in which such property remains subject to the provisions of this\\narticle shall only be allowed with the consent of the corporation and if\\ndone pursuant to section three hundred fifty-two-eeee or three hundred\\nfifty-two-eee of the general business law shall only be allowed pursuant\\nto a non-eviction plan. The conversion of a rental project to\\ncooperative or condominium ownership shall make the cooperative or\\ncondominium subject to the provisions of this article for cooperative or\\ncondominium projects for the remaining term which the rental project was\\nto be subject to the provisions of this article.\\n (h) To be located in an area which is blighted, deteriorated or\\ndeteriorating, or has a blighting influence on the surrounding area, or\\nis in danger of becoming a slum or a blighted area because of the\\nexistence of substandard, insanitary, deteriorating or deteriorated\\nconditions, an aged housing stock, or vacant non-residential property,\\nor other factors indicating an inability or unwillingness of the private\\nsector unaided to cause the rehabilitation, construction or conversion\\nwhich is contracted for under this article.\\n 3-a. The corporation shall provide the applicant with a list of\\nconditions that must be met prior to entering into a contract pursuant\\nto this article. Within fifteen working days of receipt by the\\ncorporation of all documents in satisfaction of the list, the\\ncorporation shall notify the applicant of the sufficiency or\\ninsufficiency of the documents. After satisfaction by the applicant of\\nall conditions required by the corporation prior to entering into a\\ncontract the corporation shall enter into the contract within forty-five\\nworking days of satisfaction of such conditions.\\n 4. Notwithstanding the provisions of, or any regulation promulgated\\npursuant to, the emergency housing rent control law, the local emergency\\nhousing rent control act, or local law enacted pursuant thereto, the\\nrent stabilization law of nineteen hundred sixty-nine, or the emergency\\ntenant protection act of nineteen seventy-four, the eligible applicant\\nwith the approval of the corporation shall have the power to set the\\ninitial rent level of any rental housing accommodation which is located\\nin a rental or homesteading project receiving payments, grants or loans\\nunder this article.\\n 5. Any cooperative or condominium or rental project which receives\\npayments, grants or loans pursuant to this article shall be subject to\\nits provisions for a period of twenty years following completion of\\nrehabilitation work, construction or conversion or for the period during\\nwhich any loan or indebtedness received under this article remains\\noutstanding, whichever is greater provided however that all housing\\naccommodations in rental projects shall continue to be subject to the\\nrent stabilization law of nineteen hundred sixty-nine or the emergency\\ntenant protection act of nineteen seventy-four, as provided in paragraph\\n(g) of subdivision three of this section as the case may be, for the\\nperiod specified in this subdivision and thereafter the applicability of\\nsuch laws shall terminate as to each accommodation upon the first\\nvacancy which occurs in each accommodation.\\n 6. Any homesteading project which receives payments, grants or loans\\nunder this article shall be subject to its provisions for a period of\\nfifteen years following completion of rehabilitation work, construction\\nor conversion, or for the period during which any loan or indebtedness\\nreceived under this article remains outstanding, whichever is greater.\\n 6-a. Notwithstanding any provisions of subdivisions five and six of\\nthis section to the contrary, in the case of projects subject to a\\nmortgage made by any lender:\\n (a) such lender, if not the corporation, shall give the corporation\\nnotice when an owner has defaulted on any payment of principal or\\ninterest on such mortgage loan for a project for a consecutive period of\\nsixty days.\\n (b) following receipt of such notice, or at such earlier time as the\\ncorporation deems appropriate, the corporation shall seek to cure such\\ndefault and make the project economically viable by assisting the owner\\nin entering into a mortgage modification agreement with the lender,\\nfinding a new eligible applicant to own the project and assume the\\nobligations under the mortgage or taking such other actions, consistent\\nwith the provisions of this article, as the corporation deems\\nappropriate.\\n (c) notwithstanding the provisions of paragraphs (a) and (b) of this\\nsubdivision, with respect to any lender other than the corporation, the\\ncorporation may provide in agreements respecting any project that where\\na lender shall have foreclosed or obtained title to a project in\\naccordance with law and the provisions of its mortgage, the project or\\nparticular residential units therein shall not be subject to one or more\\nprovisions of this article, other than the rent stabilization coverage\\nprovisions of paragraph (g) of subdivision three of this section. Any\\nagreement pursuant to this paragraph shall only be made upon a finding\\nby the corporation that such agreement is necessary in order to enable a\\nproject owner to obtain a mortgage loan from a lender other than the\\ncorporation.\\n 7. The corporation shall provide for the review, at periodic intervals\\nat least annually, of the performance of eligible applicants under\\ncontract pursuant to this article. Such review shall, among other\\nthings, be for the purposes of ascertaining conformity to contractual\\nprovisions, the financial integrity and efficiency of eligible\\napplicants and the evaluation of the project. Contracts entered into\\npursuant to this article may be terminated, funds may be withheld and\\nunspent funds may be recaptured by the corporation upon a finding of\\nsubstantial nonperformance or breach by the eligible applicant of its\\nobligations under its contract.\\n 8. Within each of the three categories of projects (cooperative or\\ncondominium, rental, or homesteading), preference in the awarding of\\ncontracts shall be given to economically feasible projects which contain\\na substantial number of persons of low income whose income does not\\nexceed fifty percent of the median income for the metropolitan\\nstatistical area in which the project is located, or if the project is\\nlocated outside such an area, to projects which contain a substantial\\nnumber of persons of low income whose incomes do not exceed fifty\\npercent of the median income for the county in which the project is\\nlocated, additional preference shall be given to economically feasible\\nprojects located on a brownfield site that has received a certificate of\\ncompletion.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1103", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1103", "activeDate" : "2014-09-22", "sequenceNo" : 409, "repealedDate" : null, "fromSection" : "1103", "toSection" : "1103", "text" : " § 1103. General and administrative provisions. 1. The corporation\\nshall issue and promulgate rules and regulations for the administration\\nof this article. The rules and regulations shall include provisions\\nconcerning the eligibility of applicants for payments, grants and loans\\nunder this article; funding criteria and the funding determination\\nprocess; supervision and evaluation of contracting applicants;\\nreporting, budgeting and record-keeping requirements; provisions for\\nmodification and termination of contracts; and such other matters not\\ninconsistent with the purposes and provisions of this article as the\\ncorporation shall deem necessary or appropriate.\\n 2. The corporation may provide technical services and assistance or\\ncontract to provide technical services and assistance to eligible\\napplicants to comply with the provisions and intent of this article\\nwhich services and assistance may include but shall not necessarily be\\nlimited to rehabilitation skills training, site selection, financial\\npackaging and engineering and architectural services necessary for the\\npreparation of proposals for entering into contracts or for the\\ncontinued operation of cooperative or condominium, homesteading or\\nrental rehabilitation projects.\\n 3. The corporation shall, on or before September fifteenth in each\\nyear, submit a proposed budget for the operation of the corporation for\\nits next fiscal year to the director of the budget for his review. The\\nchairman of the corporation shall also deliver a copy of such budget to\\nthe chairman of the senate finance committee and the chairman of the\\nassembly ways and means committee at the same time that the budget is\\ndelivered to the director of the budget. The budget shall include the\\ntotal amount needed for corporate purposes, including the funds required\\nby the corporation for its general and administrative expenses, the\\nsource of all funds that the corporation expects to receive and such\\nother information as the director of the budget shall require.\\n 4. The corporation shall require the submission of the names,\\naddresses and business background of the principals involved, the nature\\nof their fiduciary relationship and their financial relationship, past,\\npresent and future, to the project and to each other.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 4 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A18-A", "title" : "Low Income Turnkey/enhanced Housing Trust Fund Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "18-A", "activeDate" : "2014-09-22", "sequenceNo" : 410, "repealedDate" : null, "fromSection" : "1106", "toSection" : "1106-J", "text" : " ARTICLE XVIII-A\\n LOW INCOME TURNKEY/ENHANCED\\n HOUSING TRUST FUND PROGRAM\\nSection 1106. Legislative findings and declarations.\\n 1106-a. Definitions.\\n 1106-b. Low income turnkey/enhanced housing trust fund program\\n established.\\n 1106-c. Request for proposals.\\n 1106-d. Selection of eligible applicants for grants or loans\\n under this article.\\n 1106-e. Reserve fund.\\n 1106-f. Project operation and management; rent structure; tenant\\n selection.\\n 1106-g. Adjustment of rents; income verification.\\n 1106-h. Real property tax exemption.\\n 1106-i. General and administrative provisions of this article.\\n 1106-j. Liability on obligations.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106", "title" : "Legislative findings and declarations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106", "activeDate" : "2014-09-22", "sequenceNo" : 411, "repealedDate" : null, "fromSection" : "1106", "toSection" : "1106", "text" : " § 1106. Legislative findings and declarations. The legislature hereby\\nfinds and declares that there is a serious shortage of decent affordable\\nhousing in the state for persons of low income; that the cost of\\nproviding such housing without public participation and assistance is\\nprohibitively high; that programs operated by municipal housing\\nauthorities and municipalities have for decades provided hundreds of\\nthousands of low income New Yorkers with decent, safe and affordable\\nhousing; that due to the lack of funds available for leveraging state\\ndollars for low income housing, and the delay that occurs when a variety\\nof funding sources are used to produce such housing, a need exists for\\nthe state to fully finance debt free low income housing. The\\nlegislature therefore finds that a program should be established\\npursuant to which the housing trust fund corporation shall provide\\ngrants or loans to municipal housing authorities, municipalities and\\nnot-for-profit organizations or charitable organizations, housing\\ndevelopment fund companies, or private developers which shall be used to\\npay for all or a portion of the project costs of constructing or\\nrehabilitating turnkey/enhanced rental projects, and that such projects\\nshall thereafter be owned by eligible owners for the benefit of persons\\nof low income. The legislature intends that grants or loans provided to\\nmunicipal housing authorities, or municipalities through the low income\\nturnkey/enhanced housing trust fund program shall not substitute for\\nfunds which such authorities or municipalities would have spent in the\\nabsence of such program, and that authorities and municipalities shall\\nuse such grants or loans to increase the supply of low income housing to\\nlevels greater than would have been possible without such program.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-A", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-A", "activeDate" : "2014-09-22", "sequenceNo" : 412, "repealedDate" : null, "fromSection" : "1106-A", "toSection" : "1106-A", "text" : " § 1106-a. Definitions. For purposes of this article, the following\\nterms shall have the following meanings:\\n 1. \"Corporation\" means the housing trust fund corporation established\\nby section forty-five-a of this chapter.\\n 2. \"Turnkey/enhanced rental project\" or \"project\" means a vacant\\nproperty which is converted or rehabilitated to residential rental use,\\na newly constructed rental project or projects or a state-aided public\\nhousing project or projects where more than thirty percent of the units\\nare vacant.\\n 3. \"Turnkey/enhanced rental project costs\" means the reasonable and\\nnecessary costs for planning, financing, acquisition of land or\\nbuildings and construction of new buildings or the reconstruction,\\nrehabilitation, repair or remodeling of existing buildings, provided\\nhowever that not more than twenty percent of such costs may be used for\\nacquisition of land or buildings. Such costs may also include all or any\\nportion of the cost necessary for the creation of a reserve fund\\nrequired pursuant to section eleven hundred six-e of this article, and\\nall or a portion of a working capital fund. Such costs shall not include\\nthe costs of nondwelling-related facilities, eligible applicant\\nadministrative costs or, in cities with a population of one million or\\nmore, the cost of demolition or acquisition of land or buildings.\\n 4. \"Eligible applicant\" means a housing development fund company\\nincorporated pursuant to article eleven of this chapter, a\\nnot-for-profit corporation or charitable organization which has as one\\nof its primary purposes the improvement of housing for persons of low\\nincome, a wholly owned subsidiary of such a corporation or organization,\\na municipality, a municipal housing authority created pursuant to the\\npublic housing law or a person, firm, partnership or corporation which\\nhas agreed to limit profits or rate of return of investors in accordance\\nwith a formula established by the corporation. In the case of an\\napplication by a city with a population of one million or more for\\nfunding pursuant to this article for projects expected to contain thirty\\npercent or more permanent housing units occupied by eligible homeless\\nfamilies, as defined in article three-A of this chapter, such city shall\\nbe an eligible applicant only if the corporation shall determine in its\\nsole discretion that funding for the purpose of undertaking the project\\nis unavailable for the project pursuant to article three-A of this\\nchapter.\\n 5. \"Eligible owner\" means a housing development fund company\\nincorporated pursuant to article eleven of this chapter, a\\nnot-for-profit corporation or charitable organization which has as one\\nof its primary purposes the improvement of housing for persons of low\\nincome, a wholly owned subsidiary of such a corporation or organization,\\na partnership at least fifty percent of the controlling interest of\\nwhich is held by such a corporation or organization and which has agreed\\nto limit profits or rate of return of investors in accordance with a\\nformula established or approved by the corporation, a municipality or a\\nmunicipal housing authority created pursuant to the public housing law.\\n 6. \"Reserve fund\" means a fund or funds to be used in accordance with\\nguidelines established by the corporation for ongoing operation and\\nmaintenance costs and replacement costs and may only be used after the\\nfirst year of a project's operation, as measured from the date of\\nsubstantial occupancy, except in the event of an imminent threat to the\\nhealth and safety of the tenants. Such fund shall be deposited in a\\nbanking institution whose principal place of business is located within\\nthe state of New York and which has a proven record of investment in the\\ncommunity in which the project is located.\\n 7. \"Working capital fund\" shall mean a fund to be used for start-up\\nexpenses including, but not limited to, liability insurance, fidelity\\nbond premiums, utility hook-up deposits, maintenance equipment, movable\\nfurnishings and equipment and other initial project related expenses, as\\napproved by the corporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-B", "title" : "Low income turnkey/enhanced housing trust fund program established", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-B", "activeDate" : "2014-09-22", "sequenceNo" : 413, "repealedDate" : null, "fromSection" : "1106-B", "toSection" : "1106-B", "text" : " § 1106-b. Low income turnkey/enhanced housing trust fund program\\nestablished. There is hereby established within the housing trust fund\\ncorporation a low income turnkey/enhanced housing trust fund program.\\nWithin the limit of funds available for this purpose in the\\nturnkey/enhanced housing account, the corporation is hereby authorized\\nto enter into contracts to provide grants or loans to eligible\\napplicants for all or a portion of turnkey/enhanced rental project costs\\nto construct or rehabilitate turnkey/enhanced rental projects subject to\\nthe terms and conditions of this article. Upon completion of\\nconstruction or rehabilitation of a turnkey/enhanced rental project, an\\neligible applicant may, where appropriate, transfer such project to an\\neligible owner.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-C", "title" : "Request for proposals", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2015-08-14" ], "docLevelId" : "1106-C", "activeDate" : "2014-09-22", "sequenceNo" : 414, "repealedDate" : null, "fromSection" : "1106-C", "toSection" : "1106-C", "text" : " § 1106-c. Request for proposals. The corporation, pursuant to a\\nrequest for proposals, shall not provide grants or loans under this\\narticle except to an eligible applicant which has submitted an\\napplication in consultation with the eligible owner or owners, which\\ncontains:\\n 1. a development timetable acceptable to the corporation that shall\\ninclude the projected time schedule for (a) commencement and completion\\nof regulatory and review processes and approvals including procedures\\nfor land use and disposition; (b) construction loan closing; and (c)\\ncommencement and completion of construction. Such timetable shall also\\ninclude a projected date as to when the units will be available for\\noccupancy and when such units will be fully occupied and any other\\ninformation the corporation deems appropriate;\\n 2. a proposed operating and maintenance budget;\\n 3. an estimate of the total project costs which shall include (a) the\\ncosts necessary for construction or rehabilitation which shall not\\nexceed a ceiling amount established by the corporation which is\\nconsistent with the reasonable costs of constructing or rehabilitating\\nprojects in the municipality in which the project shall be located, (b)\\nthe costs necessary for working capital and a reserve fund and (c) such\\nother reasonable costs necessary for the completion of such project;\\n 4. evidence that the municipality within which the turnkey/enhanced\\nrental project will be located is experiencing a shortage of affordable\\nhousing for persons of low income and the proposed turnkey/enhanced\\nrental project will contribute to reducing such shortage;\\n 5. the names, addresses and business background of the principals\\ninvolved, the nature of their fiduciary relationship and their financial\\nrelationship, past, present and future, to the project and to each\\nother; 6. the identity of the eligible owner if the eligible owner is\\nnot the eligible applicant; and\\n 7. such other information as the corporation may require.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-D", "title" : "Selection of eligible applicants for grants or loans under this article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-D", "activeDate" : "2014-09-22", "sequenceNo" : 415, "repealedDate" : null, "fromSection" : "1106-D", "toSection" : "1106-D", "text" : " § 1106-d. Selection of eligible applicants for grants or loans under\\nthis article. 1. Prior to providing grants or loans to an eligible\\napplicant pursuant to this article, the corporation shall determine\\nthat:\\n (a) eligible applicants can demonstrate by their past performance or\\nother objective factors, that they are able to complete a\\nturnkey/enhanced rental project in a timely, efficient and cost\\neffective manner;\\n (b) the turnkey/enhanced rental project will be managed by an eligible\\nowner or other entity who can demonstrate by its past performance or\\nother objective factors that it is capable of effectively managing such\\na project for the benefit of persons of low income; and\\n (c) the eligible applicant shall not borrow any funds for the project\\nwithout the prior approval of the corporation.\\n 2. In selecting eligible applicants who will obtain grants or loans\\npursuant to this article, the corporation shall give preference to\\nproposals for turnkey/enhanced rental projects which:\\n (a) will be located in an area which is experiencing a severe shortage\\nof affordable housing for persons of low income;\\n (b) will be located in a municipality which will utilize steps to\\nsimplify or expedite processing, where applicable;\\n (c) will result in the greatest number of quality units and the lowest\\ncosts per unit; and\\n (d) will rehabilitate or construct small scale, low rise buildings.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-E", "title" : "Reserve fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-E", "activeDate" : "2014-09-22", "sequenceNo" : 416, "repealedDate" : null, "fromSection" : "1106-E", "toSection" : "1106-E", "text" : " § 1106-e. Reserve fund. There shall be a reserve fund for each project\\nwhich in no event shall initially be less than five percent of the\\nturnkey/enhanced rental project costs, exclusive of any reserve fund.\\nSuch reserve fund may be provided by the corporation or any other source\\nand, if provided by another source, shall be provided in cash or the\\npayment of such cash shall be assured by deposit of adequate marketable\\ncollateral prior to the payment by the corporation of any project costs,\\nexcluding advances for planning costs.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-F", "title" : "Project operation and management; rent structure; tenant selection", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-F", "activeDate" : "2014-09-22", "sequenceNo" : 417, "repealedDate" : null, "fromSection" : "1106-F", "toSection" : "1106-F", "text" : " § 1106-f. Project operation and management; rent structure; tenant\\nselection. The eligible owner shall enter into an agreement with the\\ncorporation which provides that the eligible owner of such project\\nshall:\\n 1. operate and manage such project as a rental building which is used\\nfor other than transient occupancy;\\n 2. structure rent levels in such project to be: (a) affordable to the\\ntenants as specified in subdivision four of this section to the extent\\neconomically feasible and (b) when added to any other sources of funds\\navailable for the project's operation not in excess of the costs of\\noperating and maintaining the project including a reserve fund;\\n 3. not borrow any funds for the project without the prior approval of\\nthe corporation;\\n 4. to the extent economically feasible, select tenants who move into\\nsuch project and maintain a mix of tenants so that (a) at least thirty\\npercent and no more than seventy percent of such tenants are receiving\\nbenefits pursuant to section one hundred thirty-one-a of the social\\nservices law or could only afford rents no greater than those paid by\\npersons receiving benefits pursuant to such section, provided, however,\\nthat of such tenants preference shall be given to persons who have been\\nreferred from hotels, motels or shelters operated by a social services\\ndistrict or receiving payment directly or indirectly from such district,\\nor any other philanthropic or charitable facility providing such\\naccommodations; and (b) the remaining tenants have incomes which do not\\nexceed eighty percent of the median income for the metropolitan\\nstatistical area in which such project is located or if a project is\\nlocated outside such area, those persons or families whose incomes do\\nnot exceed eighty percent of the median income for the county in which a\\nproject is located; and\\n 5. provide such other information as may be necessary to carry out the\\nprovisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-G", "title" : "Adjustment of rents; income verification", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-G", "activeDate" : "2014-09-22", "sequenceNo" : 418, "repealedDate" : null, "fromSection" : "1106-G", "toSection" : "1106-G", "text" : " § 1106-g. Adjustment of rents; income verification. Notwithstanding\\nany other provision of law, no grants or loans shall be provided\\npursuant to this article unless an eligible owner has agreed to require\\nthe tenants and occupants residing in the housing project or projects to\\nsubmit an annual income affidavit as prescribed by the corporation,\\ntogether with proper documentation as and if prescribed by the\\ncorporation, as the case may be. Upon submission of such affidavit and\\ndocumentation, if any, the eligible owner shall adjust the rent of a\\ntenant pursuant to a procedure established by the corporation by\\nregulation which procedure shall, to the extent economically feasible,\\nmaintain the affordability of such project to such tenants. If the\\ntenant or occupant shall fail to submit such affidavit and\\ndocumentation, or if such verification as prescribed by the corporation\\nshall result in a disagreement caused by understatement of income and\\nthe tenant shall have failed to correct such original affidavit and\\ndocumentation on forms specified by the corporation within sixty days of\\nnotification by certified mail by the eligible owner addressed to the\\ntenant, the eligible owner shall in addition to the last rent assess\\nsuch tenant or occupant a surcharge which shall equal the difference\\nbetween the tenant's last rent and the rent the tenant would otherwise\\nhave to pay had the grant or loan provided under this article been made\\nas a loan at the prevailing market rate of interest and requiring thirty\\nyear amortization at the time the grant or loan was made. The provisions\\nof any other law to the contrary notwithstanding, solely for the purpose\\nof verification of income, the corporation may contract with the\\ndepartment of taxation and finance for services performed by such\\ndepartment in verifying income information forwarded by the corporation\\nor the eligible owner to such department. Nothing contained herein shall\\nbe construed to authorize the corporation to contract with such\\ndepartment to provide any income information whatsoever and such\\nagreement shall be limited solely to the verification of income\\ninformation. No officer or employee of the corporation, the New York\\nstate housing finance agency, the division of housing and community\\nrenewal or the eligible owner shall be subject to any civil or criminal\\nliability by reason of his forwarding to the department of taxation and\\nfinance of any income information pursuant to this section, unless (i)\\nsuch information is knowingly and willfully materially misrepresented by\\nsuch officer or employee or (ii) such information is knowingly and\\nwillfully divulged to any person, except in the discharge of such\\nofficer's or employee's duties solely for the purpose of verification of\\nincome, for any reason whatsoever. The corporation shall promulgate\\nrules and regulations to effect the provisions of this section provided\\nhowever that the corporation need not promulgate rules and regulations\\nin the event the corporation adopts procedures which are substantially\\nsimilar to the rules and regulations adopted by the commissioner\\npursuant to section sixty of this chapter. The provisions of the state\\nfreedom of information act shall not apply to any income information\\nobtained by an eligible owner, division of housing and community\\nrenewal, New York state housing finance agency or the corporation,\\npursuant to the provisions of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-H", "title" : "Real property tax exemption", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-H", "activeDate" : "2014-09-22", "sequenceNo" : 419, "repealedDate" : null, "fromSection" : "1106-H", "toSection" : "1106-H", "text" : " § 1106-h. Real property tax exemption. 1. The local legislative body\\nof any city, town or village is hereby authorized and empowered to adopt\\nand amend a local law to provide that all or any portion of the value of\\nthe property included in a turnkey/enhanced rental project which\\nrepresents an increase over the assessed valuation of the real property,\\nboth land and improvements, prior to the improvements of the property\\nnecessary or intended to effectuate the purposes of this article, may be\\nexempt from any and all city, village and town real property taxes, as\\ndefined in subdivision twenty of section one hundred two of the real\\nproperty tax law, real property special ad valorem levies, as defined in\\nsubdivision fourteen of section one hundred two of the real property tax\\nlaw, and special assessments, as defined in subdivision fifteen of\\nsection one hundred two of the real property tax law, except that the\\nassessed valuation may be increased or decreased to reflect a change in\\nthe level of assessment as certified pursuant to title two of article\\ntwelve of the real property tax law.\\n 2. In any assessing unit in which there has been a change in level of\\nassessment as provided in title two of article twelve of the real\\nproperty tax law, the commissioner of taxation and finance shall certify\\nthe change in level of assessment factor in the manner provided in title\\ntwo of article twelve of the real property tax law. The term \"assessing\\nunit\" as used in this subdivision means a city, town, village or county\\nhaving a county department of assessment with the power to assess real\\nproperty.\\n 3. Such local law may also provide for the abatement of any or all of\\nthe property taxes which are payable to such city, town or village from\\nsuch project, for such duration as is provided in such local law, if any\\nproperty taxes remain to be paid after the exemption or abatement\\nprovided in this section is determined.\\n 4. Provided that the tax exemption or abatement authorized by this\\nsection shall be in addition to any other tax exemption or abatement\\nauthorized by law, and provided further, however, that in the event a\\nproject ceases to be subject to one or more provisions of this article\\nany tax exemption or abatement authorized pursuant to this section with\\nrespect to the eligible property of such project shall terminate.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-I", "title" : "General and administrative provisions of this article", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-I", "activeDate" : "2014-09-22", "sequenceNo" : 420, "repealedDate" : null, "fromSection" : "1106-I", "toSection" : "1106-I", "text" : " § 1106-i. General and administrative provisions of this article. 1.\\nThe corporation shall provide for the review, at periodic intervals at\\nleast annually, of the performance of eligible applicants to the extent\\napplicable and eligible owners under contract pursuant to this article.\\nSuch review shall, among other things, be for the purposes of\\nascertaining conformity to contractual provisions and the financial\\ncondition of the project.\\n 2. The provisions of section eleven hundred three of this chapter\\nshall apply to this article.\\n 3. Paragraph f of subdivision three of section eleven hundred two of\\nthis chapter shall apply to this article. For the purposes of said\\nparagraph a turnkey/enhanced rental project shall be deemed to be a\\nrental project.\\n 4. The corporation shall deposit any recaptured funds or funds from\\nthe repayment of loans and interest received on loans into the\\nturnkey/enhanced housing account.\\n 5. Notwithstanding any other provision of law, payments, grants and\\nloans may be deposited by the corporation directly with a lending\\ninstitution at or before the time of initial loan closing pursuant to an\\nescrow agreement satisfactory to the corporation.\\n 6. In addition to the information contained in the report required\\npursuant to section twenty of the public housing law, the corporation\\nshall, on or before October first in each year, submit a report to the\\ngovernor, the temporary president of the senate, the speaker of the\\nassembly and the minority leader of the senate and the minority leader\\nof the assembly which shall include (i) the name of the eligible owner\\nof the turnkey/enhanced housing trust fund project if such owner is not\\nalso the eligible applicant; (ii) the actual development schedule to\\ndate for each project; and (iii) a list of the number of units per\\nproject that upon initial occupancy were occupied by homeless families\\nwho previously resided in hotels, motels or shelters that are regulated\\nunder title eighteen of the official compilation of codes, rules and\\nregulations of the state of New York, and a list of names and locations\\nof such hotels, motels or shelters.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1106-J", "title" : "Liability on obligations", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1106-J", "activeDate" : "2014-09-22", "sequenceNo" : 421, "repealedDate" : null, "fromSection" : "1106-J", "toSection" : "1106-J", "text" : " § 1106-j. Liability on obligations. 1. Except for obligations which\\nthe corporation assumes by contract for the construction, rehabilitation\\nand development period of any project, neither the corporation, the New\\nYork state housing finance agency nor the state shall have any\\nresponsibility or liability as to construction, rehabilation, operation,\\nmaintenance, repair or use of projects unless otherwise specifically\\nprovided by law.\\n 2. Any contract entered into pursuant to this section between the\\ncorporation and an eligible applicant, or eligible owner of a project\\nshall cite and set forth subdivision one of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 11 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A19", "title" : "Affordable Home Ownership Development Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "19", "activeDate" : "2014-09-22", "sequenceNo" : 422, "repealedDate" : null, "fromSection" : "1110", "toSection" : "1113", "text" : " ARTICLE XIX\\n AFFORDABLE HOME OWNERSHIP\\n DEVELOPMENT PROGRAM\\nSection 1110. Statement of legislative findings and purpose.\\n 1111. Definitions.\\n 1112. Affordable home ownership development contracts.\\n 1113. General and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1110", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1110", "activeDate" : "2014-09-22", "sequenceNo" : 423, "repealedDate" : null, "fromSection" : "1110", "toSection" : "1110", "text" : " § 1110. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that home ownership by persons of low and\\nmoderate income has long been, and still is, an essential element of the\\nstate's social economy, resulting in the development, stabilization and\\npreservation of neighborhoods and communities. The legislature further\\nfinds that persons of low and moderate income require assistance to\\nenable them to supplement their own resources and the ability of the\\nprivate sector to make the availability of private home ownership a\\nreality. By providing home ownership assistance the state may narrow the\\ngap between the resources of the individual and the high cost of home\\nownership and by requiring leveraging may cause investment of other\\npublic and private funds. The appeal of private home ownership has been\\ndemonstrated to be a strong incentive to families to move into areas\\nwhich otherwise may be in danger of becoming blighted through neglect\\nand the lack of investment. Pride in ownership will halt deterioration\\nand offer the prospect of turnaround. The legislature further finds that\\nadequate private resources are often not available to persons with\\nmodest incomes to acquire, rehabilitate or construct their homes and\\nthat the preservation of and development of existing private homes can\\noften prevent an area from becoming a slum or a blighted area. In\\naddition, stimulation of the level of activity in construction of new\\naffordable homes will provide needed jobs and stability for communities.\\nThe legislature therefore finds that a program should be established to\\nprovide monies to make the construction, rehabilitation and improvement\\nof homes for low and moderate income persons more affordable. It is\\nintended that any monies provided to municipalities through this program\\nnot substitute for monies which such municipalities would have spent in\\nthe absence of this program and that such monies will enable such\\nmunicipalities to expand their commitment to increase the supply and\\ncondition of low and moderate income owner occupied housing to levels\\ngreater than would have been possible without this program.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1111", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1111", "activeDate" : "2014-09-22", "sequenceNo" : 424, "repealedDate" : null, "fromSection" : "1111", "toSection" : "1111", "text" : " § 1111. Definitions. 1. \"Home\" shall mean a one to four family\\ndwelling which has at least one owner occupant or an owner occupied unit\\nin a cooperative or a condominium.\\n 2. \"Eligible applicant\" shall mean a city, a town, a village, a\\nhousing development fund company incorporated pursuant to article eleven\\nof this chapter, any not-for-profit corporation or charitable\\norganization which has as one of its primary purposes the improvement of\\nhousing or a municipal housing authority created pursuant to the public\\nhousing law, or a public benefit corporation formed to assist particular\\nmunicipalities with their housing, community development or renewal\\nneeds, or a county, provided, however, that the county acts as an\\nadministrator of a program under which projects are constructed,\\nrehabilitated or improved by other eligible applicants or acts in any\\nother capacity as permitted by law.\\n 3. \"Grantee\" shall mean an eligible applicant which operates a program\\nof financial assistance pursuant to this article.\\n 4. \"Owner\" shall mean an individual who owns or agrees to purchase a\\nhome assisted under this program and to occupy it as his principal place\\nof residence or a partnership, corporation or other entity which will\\nbuild or rehabilitate vacant properties for sale to home buyers.\\n 5. \"Home buyers\" shall mean individuals or households for whom there\\nare no other reasonable and affordable homeownership, rehabilitation or\\nhome improvement alternatives, as the case may be, in the private\\nmarket, as determined by the grantee and who shall occupy a home\\nassisted under this article as their principal place of residence.\\n 6. \"Rehabilitation\" or \"home improvement\" shall mean all work\\nnecessary to bring a structure into compliance with all applicable laws\\nand regulations including but not limited to the installation,\\nreplacement or repair of heating, plumbing, electrical and related\\nsystems and the elimination of all hazardous and immediately hazardous\\nviolations in the structure in accordance with state and local laws and\\nregulations of state and local agencies. Rehabilitation or home\\nimprovement may also include reconstruction or work to improve the\\nhabitability or prolong the useful life of residential property.\\n 7. \"Corporation\" shall mean the affordable housing corporation created\\nby section forty-five-b of this chapter.\\n 8. \"Affordable home ownership development programs\" or \"Project\" shall\\nmean the rehabilitation, improvement, construction or acquisition,\\nsingly or in combination, of one or more homes.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1112", "title" : "Affordable home ownership development contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2021-12-31", "2022-08-26" ], "docLevelId" : "1112", "activeDate" : "2014-09-22", "sequenceNo" : 425, "repealedDate" : null, "fromSection" : "1112", "toSection" : "1112", "text" : " § 1112. Affordable home ownership development contracts. 1. Within the\\nlimit of funds available in the affordable housing development account,\\nthe corporation is hereby authorized to enter into contracts with\\neligible applicants to provide grants which such applicants shall use to\\nfinance affordable home ownership development programs subject to the\\nterms and conditions of this article. Any grants received by a\\nmunicipality hereunder shall not be deemed to be municipal funds.\\nGrantees shall utilize funds provided pursuant to this article solely as\\npayments, grants and loans to owners to reduce the costs of new\\nconstruction, rehabilitation or home improvement or the cost of\\nacquisition, but only where such acquisition is part of an affordable\\nhome ownership development program or project to construct or\\nrehabilitate homes, or as otherwise authorized by law. Such financial\\nassistance may be in the form of loans, participation in loans including\\nbut not limited to participation in loans originated or financed by\\nlending institutions as defined in section forty-two of this chapter,\\nprivate or public employee pension funds or the state of New York\\nmortgage agency, or grants, on such terms and conditions as the grantee\\nwith the approval of the corporation shall determine, provided that no\\nsuch payments, grants and loans shall exceed the lesser of (i) sixty\\npercent of the project cost for projects involving acquisition or one\\nhundred percent of rehabilitation programs without an acquisition\\ncomponent or (ii) the following per dwelling unit limitations (A)\\nthirty-five thousand dollars for projects except as provided in item (B)\\nof this clause or (B) forty thousand dollars for a high cost project or\\na project which will receive a loan from the federal farmers home\\nadministration. Up to ten percent of the program or project cost may be\\nused for grantee operating expenses including expenses related to the\\norganization operating support and administration of the contract. Among\\nthe criteria the corporation shall consider in determining whether a\\nproject is a high cost project are: average cost of construction in the\\narea, location of the project, and the impact of the additional funding\\non the affordability of the project for the occupants of such project.\\nNo more than fifty percent of the total amount appropriated pursuant to\\nthis article in any fiscal year shall be allocated to homes located\\nwithin any single municipality.\\n 2. The corporation shall not enter into a contract under this article\\nexcept with an eligible applicant which has submitted an application\\npursuant to a request for proposals issued by the corporation which\\napplication contains a plan acceptable to the corporation which provides\\nthat:\\n (a) The proposed project or program will make home ownership,\\nrehabilitation or home improvement affordable to persons who cannot\\nafford to own, rehabilitate or improve homes by relying upon the\\nordinary unaided operation of private enterprise.\\n (b) There shall be criteria, satisfactory to the corporation, which\\nprovide for maximum income limitations or a system of income targeting\\ndesigned to ensure that home buyers who benefit from financial\\nassistance provided pursuant to this article would be unable to acquire,\\nrehabilitate or improve homes by relying upon the ordinary unaided\\noperation of private enterprise.\\n (c) The payments, grants and loans provided by grantees pursuant to\\nthis article will be supplemented by private or other public investment\\nand the payments, grants and loans provided by the grantee are the least\\nnecessary to make home ownership, rehabilitation or home improvement\\naffordable to the income group to be served by the proposed project or\\nprogram.\\n (d) The proposed project or projects, if not built or rehabilitated by\\na not-for-profit corporation, will be built or rehabilitated by a\\nprivate developer/builder who has agreed to limit his profit in\\naccordance with a formula, satisfactory to the corporation, which has\\nbeen established by the grantee.\\n (e) The proposed project or program will provide assistance in an area\\nwhich is blighted, deteriorated or deteriorating, or has a blighting\\ninfluence on the surrounding area, or is in danger of becoming a slum or\\na blighted area because of the existence of substandard, insanitary,\\ndeteriorating or deteriorated conditions, an aged housing stock, or\\nvacant non-residential property, or other factors indicating an\\ninability or unwillingness of the private sector unaided to cause the\\nconstruction, rehabilitation or home improvement for which payments,\\ngrants and loans under this article is provided.\\n (f) Home buyers will occupy homes as their principal place of\\nresidence and funds provided for the benefit of the home buyer will be\\nrecaptured by the grantee if the home buyer does not occupy the home as\\nthe home buyer's principal place of residence under the terms and\\nconditions of a formula established or approved by the corporation.\\n (g) In the case of a rehabilitation or home improvement program, the\\nmajority of payments, grants and loans provided for each home shall be\\nused to perform work which prolongs the useful life of the home or shall\\nbe used to correct basic structural defects or to repair basic building\\nsystems which threaten or if not corrected or repaired could threaten\\nthe health and safety of the dwelling's residents.\\n (h) The corporation shall provide the applicant with a list of\\nconditions that must be met prior to entering into a contract pursuant\\nto this article. Within fifteen working days of receipt by the\\ncorporation of all documents in satisfaction of the list, the\\ncorporation shall notify the applicant of the sufficiency or\\ninsufficiency of the documents. After satisfaction by the applicant of\\nall conditions required by the corporation prior to entering into a\\ncontract the corporation shall enter into the contract within forty-five\\nworking days of satisfaction of such conditions.\\n (i) Eligible applicants receiving awards pursuant to this article for\\nhomes located in cities with a population of one hundred thousand or\\nmore shall provide preference to homebuyers who are members of a police\\nforce of such city, provided that such city has adopted a local law\\nauthorizing such preference.\\n 3. In determining awards pursuant to this article the corporation\\nshall give preference to applications based upon the extent to which the\\nproposed program or project will:\\n (a) Serve the lowest income households in the applicable region and is\\ndesigned to continue to be affordable to such households for a\\nsubstantial period of time.\\n (b) Leverage private and other public investment so as to reduce the\\namount of assistance provided pursuant to this article which is\\nnecessary to operate or establish the program or project.\\n (c) Contribute to the development of the neighborhood or community in\\nwhich the program or project is located.\\n (d) Not directly displace current low and moderate income residents of\\nsuch neighborhood or community.\\n (e) Be undertaken and completed in a timely fashion.\\n (f) Utilize innovative, cost effective design techniques and building\\nmaterials, which reduce construction, rehabilitation or operating costs\\nincluding, but not limited to factory built or modular homes.\\n (g) Be located on a brownfield site that has received a certificate of\\ncompletion.\\n 4. The corporation shall not provide a grant to an eligible applicant\\npursuant to this article unless the corporation determines that there is\\na strong probability that the private investment in the applicant's\\nproposed program would not be made without the grant and that the grant\\nwill not substitute for private funds which would be otherwise available\\nto the program.\\n 5. The corporation shall provide for the review, at periodic intervals\\nnot less than annually, of the performance of grantees receiving\\nfinancial assistance pursuant to this article. Such review shall, among\\nother things, be for the purposes of ascertaining conformity to\\ncontractual provisions, the financial integrity and efficiency of\\ngrantees and the evaluation of the grantees' activities. Contracts\\nentered into pursuant to this article may be terminated, funds may be\\nwithheld and unspent funds recaptured by the corporation upon a finding\\nof substantial nonperformance or breach by the grantee of its\\nobligations under its contract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1113", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1113", "activeDate" : "2014-09-22", "sequenceNo" : 426, "repealedDate" : null, "fromSection" : "1113", "toSection" : "1113", "text" : " § 1113. General and administrative provisions. 1. The corporation\\nshall issue and promulgate rules and regulations for the administration\\nof this article. The rules and regulations shall include provisions\\nconcerning eligibility of grantees for state financial assistance;\\nfunding criteria and the funding determination process; supervision and\\nevaluation of the contracting grantees; reporting, budgeting and\\nrecordkeeping requirements; provisions for modification, termination,\\nextension and renewal of contracts; and such other matters not\\ninconsistent with the purposes and provisions of this article as the\\ncorporation shall deem necessary, proper or appropriate. Grantees shall\\ndeposit any funds received from the repayment of loans or interest\\nreceived on loans into the affordable home ownership development\\naccount. The corporation may provide technical services and assistance\\nor contract to provide technical services and assistance to grantees to\\ncomply with the provisions and intent of this article which services and\\nassistance may include but shall not necessarily be limited to\\nconstruction skills training, site selection, financial packaging and\\nengineering and architectural services necessary for the preparation of\\nproposals for entering into contracts or for the continued operation of\\nprojects.\\n 2. (a) The corporation shall provide the commissioner of housing and\\ncommunity renewal, on a timely basis, with the data and other\\ninformation necessary to compile the report or reports required pursuant\\nto section twenty of the public housing law.\\n (b) The corporation shall, on or before September fifteenth in each\\nyear, submit a proposed budget for the operation of the corporation for\\nits next fiscal year to the director of the budget for his review. The\\nchairman of the corporation shall also deliver a copy of such budget to\\nthe chairman of the senate finance committee and the chairman of the\\nassembly ways and means committee at the same time that the budget is\\ndelivered to the director of the budget. The budget shall include the\\ntotal amount needed for corporate purposes, including the funds required\\nby the corporation for its general and administrative expenses, the\\nsource of all funds that the corporation expects to receive and such\\nother information as the director of the budget shall require.\\n 3. The corporation shall require the submission of the names,\\naddresses and business background of the principals involved, the nature\\nof their fiduciary relationship and their financial relationship, past,\\npresent and future, to the project and to each other.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 4 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A20", "title" : "Manufactured Home Cooperative Fund Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "20", "activeDate" : "2014-09-22", "sequenceNo" : 427, "repealedDate" : null, "fromSection" : "1120", "toSection" : "1123", "text" : " ARTICLE XX\\n MANUFACTURED HOME COOPERATIVE FUND PROGRAM\\nSection 1120. Statement of legislative intent.\\n 1121. Definitions.\\n 1122. Manufactured home cooperative fund contracts.\\n 1123. General and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1120", "title" : "Statement of legislative intent", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1120", "activeDate" : "2014-09-22", "sequenceNo" : 428, "repealedDate" : null, "fromSection" : "1120", "toSection" : "1120", "text" : " § 1120. Statement of legislative intent. The legislature hereby finds\\nand declares that the shortage of decent affordable housing for persons\\nof low and moderate income remains significant and must be addressed in\\nnew and innovative ways; that a particular housing problem exists for\\nhomeowners residing in manufactured home parks, wherein there is the\\npotential for serious dislocation of families and loss of equity through\\nthe sale of manufactured home parks to interests not conducive to\\ncontinuation of park settings for these manufactured homes; that\\nmanufactured home park residents frequently lack the resources to\\npurchase new homes or move existing homes; that an innovative and cost\\neffective solution to the problem of dislocation of manufactured home\\npark families is the formation of park cooperatives in which the\\nmanufactured home park is owned cooperatively by the manufactured home\\nowners who reside therein; that a significant public purpose may be\\nserved by assisting these homeowners in the formation of manufactured\\nhome park cooperatives, such purpose being a reduction in the cost of\\nsafe and sanitary housing for persons of low and moderate income; that\\nmanufactured home park cooperatives should be assisted through public\\nsupport for infrastructure improvements; that it is the policy of the\\nstate to create such housing cooperative opportunities and to provide\\nfor the aid, care, and support of the needy in a manner that encourages\\nself-sufficiency and self-determination. The legislature therefore finds\\nthat a program should be established to provide monies for land\\nacquisition by manufactured home park cooperatives and for improvements\\nto the infrastructures of such manufactured home parks.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1121", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1121", "activeDate" : "2014-09-22", "sequenceNo" : 429, "repealedDate" : null, "fromSection" : "1121", "toSection" : "1121", "text" : " § 1121. Definitions. For the purposes of this article:\\n 1. \"Agency\" shall mean the New York state housing finance agency\\ncreated by section forty-three of this chapter.\\n 2. \"Cooperative project\" or \"project\" shall mean any manufactured home\\npark property which, subsequent to receiving assistance under this\\narticle, will be owned as a cooperative by the owners of the\\nmanufactured homes situated therein.\\n 3. \"Eligible applicant\" shall mean a manufactured home residents'\\nassociation representing a majority of the manufactured home residents,\\na manufactured home park cooperative, a municipality, a housing\\ndevelopment fund company incorporated pursuant to article eleven of this\\nchapter, or any not-for-profit corporation or charitable organization\\nwhich has as one of its primary purposes the improvement of housing.\\n 4. \"Infrastructure improvement\" shall mean the construction,\\nreconstruction, improvement, reconditioning, and preservation, including\\nthe acquisition of real property and interests therein required or\\nexpected to be required in connection therewith, of roads, bridges,\\nsewage and water collection and disposal systems, lighting districts,\\nsidewalks, and other capital projects which will benefit the cooperative\\nas a whole.\\n 5. \"Manufactured home park\" shall mean a manufactured home park as\\ndefined in section two hundred thirty-three of the real property law.\\n 6. \"Manufactured home park cooperative\" shall mean a corporation or\\nother entity formed for the purpose of owning a manufactured home park\\nwherein the ownership of such shares, membership interest or certificate\\nof membership will entitle the owners or holders thereof to occupancy in\\nsuch park pursuant to section three hundred fifty-two-e of the general\\nbusiness law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1122", "title" : "Manufactured home cooperative fund contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1122", "activeDate" : "2014-09-22", "sequenceNo" : 430, "repealedDate" : null, "fromSection" : "1122", "toSection" : "1122", "text" : " § 1122. Manufactured home cooperative fund contracts. 1. Within the\\nlimit of funds available in the manufactured home cooperative fund, the\\nagency is hereby authorized to enter into contracts with eligible\\napplicants to provide loans which such eligible applicants shall use to\\nestablish manufactured home park cooperatives through acquisition or\\ninfrastructure improvement or both.\\n 2. No such loan may be made or its term extended pursuant to this\\narticle, unless the agency determines that the eligible applicants\\ncannot afford or obtain the financing necessary to accomplish the\\npurposes of such loans through the ordinary unaided operation of private\\nenterprise.\\n 3. The agency shall not enter into loans under this article except\\nwith an eligible applicant which has submitted a plan acceptable to the\\nagency which provides that subsequent to conversion to cooperative\\nownership, a majority of the manufactured home owners or one or more\\nmembers of their immediate family intend to occupy their manufactured\\nhomes as their primary residence.\\n 4. Such contracts may provide for loans by the agency for the\\nactivities to be carried out by the eligible applicant under the\\ncontract, including participation in loans including but not limited to\\nparticipation in loans originated or financed by lending institutions as\\ndefined in section forty-two of this chapter, private or public employee\\npension funds or the state of New York mortgage agency. Loans shall be\\nat the prevailing interest rate in the area for long term residential\\nmortgages or at such lower rate as the agency determines to be necessary\\nfor the project to be financially feasible. Loans shall not exceed\\nninety-five percent of the project costs including purchase price and\\ncosts for infrastructure improvement. The term of the loan for a\\ncooperative project or infrastructure improvement shall not exceed ten\\nyears unless extended for periods not to exceed ten years in which case\\nthe term of the loan as extended shall not exceed thirty years in the\\naggregate and the amortization schedule for the loan shall not exceed\\nthirty years.\\n 5. In determining loans pursuant to this article the agency shall give\\npreference to applications based upon the following criteria:\\n (a) the extent to which park residents are threatened with\\ndisplacement by the projected sale or closing of the existing park;\\n (b) the scarcity of affordable alternate sites in the immediate area\\nfor relocation of park residents;\\n (c) the extent to which manufactured home parks, subsequent to\\nreceiving assistance under this article, will be owned as a cooperative\\nby shareholders or owners or holders of membership interests or\\ncertificate of membership in such cooperative whose average incomes do\\nnot exceed (i) the greater of one hundred percent of the median income\\nfor the metropolitan statistical area in which a project is located or\\none hundred percent of the median income for the state, or (ii) if the\\nproject is located outside such an area, the greater of one hundred\\npercent of the median income for the county in which the project is\\nlocated or one hundred percent of the median income for the state;\\n (d) the extent to which the proposed resident ownership structure\\nprovides long-term security and tenure;\\n (e) the extent to which the proposed project will be undertaken and\\ncompleted in a timely fashion; and\\n (f) the extent to which the homes in a park are occupied by the\\nmanufactured home owners or members of their families.\\n 6. The agency shall provide for the review, at periodic intervals not\\nless than annually, of the performance of applicants receiving financial\\nassistance pursuant to this article. Such review shall, among other\\nthings, be for the purposes of ascertaining conformity to contractual\\nprovisions, the financial integrity and efficiency of applicants and the\\nevaluation of the applicants' activities. Contracts entered into\\npursuant to this article may be terminated, funds may be withheld and\\nunspent funds recaptured by the agency upon a finding of substantial\\nnonperformance or breach by the applicant of its obligations under its\\ncontract.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1123", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1123", "activeDate" : "2014-09-22", "sequenceNo" : 431, "repealedDate" : null, "fromSection" : "1123", "toSection" : "1123", "text" : " § 1123. General and administrative provisions. 1. The agency may issue\\nand promulgate rules and regulations for the administration of this\\narticle. The rules and regulations shall include provisions concerning\\nthe eligibility of applicants for payments, grants and loans under this\\narticle; funding criteria and the funding determination process;\\nsupervision and evaluation of contracting applicants; reporting,\\nbudgeting and record-keeping requirements; provisions for modification\\nand termination of contracts; and such other matters not inconsistent\\nwith the purposes and provisions of this article as the agency shall\\ndeem necessary, proper and appropriate.\\n 2. The agency may provide technical services and assistance or\\ncontract to provide technical services and assistance to eligible\\napplicants to comply with the provisions and intent of this article\\nwhich services and assistance may include but shall not necessarily be\\nlimited to site selection, financial packaging and engineering and\\narchitectural services necessary for the preparation of proposals for\\nentering into contracts or for the continued operation of a manufactured\\nhome cooperative or for infrastructure improvement projects.\\n 3. The agency and applicants shall deposit any recaptured funds or\\nfunds from the repayment of loans and interest received on loans into\\nthe manufactured home cooperative fund.\\n 4. Notwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the agency pursuant to this\\narticle shall not be subject to the provisions of article one-A of the\\npublic authorities law.\\n 5. The agency shall require the submission of the names, addresses and\\nbusiness background of the principals involved, the nature of their\\nfiduciary relationship and their financial relationship, past, present\\nand future, to the project and to each other.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 4 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A21", "title" : "Infrastructure Development Demonstration Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "21", "activeDate" : "2014-09-22", "sequenceNo" : 432, "repealedDate" : null, "fromSection" : "1130", "toSection" : "1133", "text" : " ARTICLE XXI\\n INFRASTRUCTURE DEVELOPMENT\\n DEMONSTRATION PROGRAM\\nSection 1130. Statement of legislative findings and purpose.\\n 1131. Definitions.\\n 1132. Infrastructure development contracts.\\n 1133. General and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1130", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1130", "activeDate" : "2014-09-22", "sequenceNo" : 433, "repealedDate" : null, "fromSection" : "1130", "toSection" : "1130", "text" : " § 1130. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that there exists throughout the state a\\nserious shortage of affordable housing and that the cost of\\ninfrastructure improvements, such as sewer, water and utility lines,\\nincreases the cost of providing such housing. The legislature therefore\\ndetermines that a demonstration program should be established to provide\\ninfrastructure development grants in conjunction with existing state,\\nlocal and federal housing programs to eligible applicants to enable, aid\\nand facilitate the development of affordable housing.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1131", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1131", "activeDate" : "2014-09-22", "sequenceNo" : 434, "repealedDate" : null, "fromSection" : "1131", "toSection" : "1131", "text" : " § 1131. Definitions. 1. \"Eligible applicant\" shall mean a public\\nbenefit corporation, not-for-profit corporation or charitable\\norganization whose purpose includes the construction or rehabilitation\\nof affordable housing or a municipality.\\n 2. \"Infrastructure improvements\" shall mean the installation or\\nupgrading of water and sewer lines to a public connection, the\\ninstallation or upgrading of private wells and sanitary systems, storm\\nsewers and road and sidewalk construction where required by local zoning\\nordinances and the installation of gas and electric lines and other site\\nimprovements or site preparation which is necessary for the creation of\\naffordable housing.\\n 3. \"Affordable housing project\" shall mean residential housing being\\nrehabilitated or constructed in conjunction with a state, federal or\\nlocal program to produce affordable housing.\\n 4. \"Agency\" shall mean the New York state housing finance agency.\\n 5. \"Municipality\" shall mean a county, city, town or village.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1132", "title" : "Infrastructure development contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1132", "activeDate" : "2014-09-22", "sequenceNo" : 435, "repealedDate" : null, "fromSection" : "1132", "toSection" : "1132", "text" : " § 1132. Infrastructure development contracts. 1. The agency is hereby\\nauthorized, within the amounts appropriated, to enter into contracts\\nwith eligible applicants to provide funds for infrastructure\\nimprovements which are necessary for and will reduce the cost of the new\\nconstruction or rehabilitation of affordable housing projects. Such\\ncontracts shall provide for grants by the agency to the eligible\\napplicant for infrastructure improvements carried out under the\\ncontract. Grants shall be used to advance to or reimburse the eligible\\napplicant for the actual and necessary cost of providing such\\ninfrastructure improvements, provided however that grants shall not be\\nused to pay the administrative costs incurred by an eligible applicant\\nfor such improvements. Such payments, including payments to a\\nmunicipality, shall be made in accordance with the agency's prompt\\npayment statement adopted pursuant to section twenty-eight hundred\\neighty of the public authorities law. Payment to the eligible applicant\\nshall not be conditioned on pre-payment for such improvements by the\\neligible applicant. No such grants shall exceed an amount equal to five\\nthousand dollars for each unit of affordable housing to be constructed\\nor rehabilitated in conjunction with such infrastructure improvements.\\n 2. The agency shall not enter into a contract under this article\\nexcept with an eligible applicant which has submitted an application to\\na state, federal or local entity to receive funds for the construction\\nor rehabilitation of an affordable housing project and submits proof of\\nsuch application to the agency. Such contract shall contain provisions\\nthat infrastructure development funds are dependent upon such\\napplication being approved. Any contract for infrastructure development\\nfunds shall contain such other information which the agency deems\\nappropriate, and a plan acceptable to the agency which demonstrates that\\nthe infrastructure improvements shall be undertaken in conjunction with\\nthe new construction or rehabilitation of an affordable housing project,\\nshall be completed in a timely fashion and will result in a\\ncorresponding reduction in the cost of such affordable housing to the\\noccupants therein.\\n 3. Moneys expended by the agency for the purposes of this article\\nshall not substitute for locally funded operating or capital\\nexpenditures which the municipality would have allocated through its\\nnormal budgetary process to programs that provide infrastructure\\nimprovement in the absence of the funds provided for this program. All\\nsuch moneys shall be used to increase locally funded operating or\\ncapital expenditures for this program to a level which is greater than\\nthe level which would have existed if such moneys had not been provided\\nby the state. Nothing in this subdivision shall require the municipality\\nto allocate funds for this program if in the municipality's judgment\\nsuch allocation would require an increase in taxation or a reduction in\\nother municipal services.\\n 4. Notwithstanding the provisions of article one-A of the public\\nauthorities law, contracts entered into by the agency pursuant to this\\narticle shall not be subject to the provisions of article one-A of the\\npublic authorities law.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1133", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1133", "activeDate" : "2014-09-22", "sequenceNo" : 436, "repealedDate" : null, "fromSection" : "1133", "toSection" : "1133", "text" : " § 1133. General and administrative provisions. 1. The agency shall\\nissue and promulgate rules and regulations for the administration of\\nthis article. The rules and regulations shall include provisions\\nconcerning eligibility of applicants for grants under this article;\\nfunding criteria and funding determination process; evaluation of\\ncontracting applicants; provisions for modification and termination of\\ncontracts; and such other matters not inconsistent with the purposes and\\nprovisions of this article as the agency shall deem necessary or\\nappropriate.\\n 2. Not less than seventy-five percent of the total amount appropriated\\nfor the purposes of this demonstration program shall be made available\\nfor projects located in cities, towns or villages having a population of\\nthirty thousand or less persons; such remaining amounts shall be made\\navailable to projects located in cities, towns or villages having a\\npopulation of more than thirty thousand persons.\\n 3. The agency shall inform prospective eligible applicants of the\\nexistence of this program and to the maximum extent practicable shall\\nprovide information on this program to all applicants for housing\\nprograms designed to promote the construction or rehabilitation of\\naffordable housing.\\n 4. The agency shall enter into agreements to the extent feasible, with\\nother state agencies and public corporations to carry out the provisions\\nof this article. In entering into such agreements the agency shall\\nconsider the extent to which funds provided pursuant to this article\\nwould compliment the programs administered by such agencies or public\\ncorporations. Such agreements shall be designed to allow the funds\\nhereunder to be used in conjunction with the programs administered by\\nsuch agencies or public corporations.\\n 5. The agency or its designee shall require submission of the names,\\naddresses and business background of the principals involved, the nature\\nof their fiduciary relationship and their financial relationship, past,\\npresent and future, to the project and to each other.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 4 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A22", "title" : "Affordable Housing Development Loans", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "22", "activeDate" : "2014-09-22", "sequenceNo" : 437, "repealedDate" : null, "fromSection" : "1150", "toSection" : "1153", "text" : " ARTICLE XXII\\n AFFORDABLE HOUSING DEVELOPMENT LOANS\\nSection 1150. Statement of legislative findings and purposes.\\n 1151. Definitions.\\n 1152. Affordable housing development loans.\\n 1153. General provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1150", "title" : "Statement of legislative findings and purposes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1150", "activeDate" : "2014-09-22", "sequenceNo" : 438, "repealedDate" : null, "fromSection" : "1150", "toSection" : "1150", "text" : " § 1150. Statement of legislative findings and purposes. It is hereby\\nfound and declared that there exists in the city of New York a seriously\\ninadequate supply of safe, sanitary and affordable dwelling\\naccommodations for persons and families for whom the ordinary operations\\nof private enterprise cannot provide such accommodations. The\\nlegislature further finds and declares that the city of New York should\\nbe permitted to assist the private sector in the development of dwelling\\naccommodations affordable to such persons through establishment of a\\nprogram to provide monies to make the construction of dwelling\\naccommodations more affordable. It is recognized that currently the city\\nof New York assists the development of such housing accommodations\\nthrough the provisions of articles fifteen and sixteen of the general\\nmunicipal law which permit such assistance on city-owned sites which are\\nsold to private developers or non-profit groups for construction of\\nhousing. It is intended that the city of New York also be authorized to\\nexpend monies to assist housing development on sites which are not\\ncity-owned. Accordingly, the legislature enacts this article to provide\\nsuch authorization and to encourage the development of additional\\naffordable dwelling accommodations.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1151", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "1151", "activeDate" : "2014-09-22", "sequenceNo" : 439, "repealedDate" : null, "fromSection" : "1151", "toSection" : "1151", "text" : " § 1151. Definitions. 1. \"Eligible site\" shall mean any real property\\nin the city of New York which the agency determines to be located in an\\narea which is blighted or deteriorated or has a blighting influence on\\nthe surrounding area or is in danger of becoming a slum or blighted area\\nbecause of neighborhood conditions indicating an inability or\\nunwillingness of the private sector to invest in housing in such area.\\n 2. \"Eligible project\" shall mean a project intended to construct new\\nhousing accommodations on an eligible site by new construction or\\nsubstantial rehabilitation. An eligible project shall serve the needs of\\npersons of low income, including privately-owned one to four family\\ndwellings, condominiums and cooperatives, and rental projects.\\n 3. \"Development costs\" shall mean the reasonable and necessary costs\\nfor planning, financing, acquisition of land or buildings and\\nconstruction of new buildings or the reconstruction, rehabilitation,\\nrepair or remodeling of existing buildings and the costs of necessary\\nsite improvements.\\n 4. \"Persons of low income\" for purposes of this article shall mean\\nthose persons defined as low income pursuant to section two of this\\nchapter.\\n 5. \"Sponsor\" shall mean any not-for-profit corporation, any public\\nbenefit corporation or any individual, corporation or partnership which\\nreceives a loan pursuant to this article for the construction of an\\neligible project, or which receives an advance pursuant to this article\\nto defray the pre-development costs of any eligible project. A sponsor\\nwho is not a not-for-profit corporation shall agree to limit its profit\\nin accordance with a formula satisfactory to the agency.\\n 6. \"Loan\" shall mean a first mortgage loan made by a private lender in\\nparticipation with the city of New York to a sponsor for the purpose of\\nconstruction of an eligible project including a loan in which the\\nportion of the loan funded by the agency is represented by a separate\\nnote and mortgage.\\n 7. \"Private lender\" shall mean one or more banking organizations,\\nfoundations, labor unions, credit unions, employees' associations,\\nveterans' organizations, colleges, universities, educational\\ninstitutions, child care institutions, hospitals, medical research\\ninstitutes, insurance companies, trustees or fiduciaries, trustees of\\npensions and retirement funds and systems, corporations, partnerships,\\nindividuals or other entities or any combinations of the foregoing, and\\nshall include any public benefit corporations and the United States of\\nAmerica and any of its agencies and departments. As used in this\\ndefinition, the terms \"trustees\" and \"fiduciaries\" shall include any\\nfiduciary or fiduciaries holding funds for investment and the term\\n\"banking organizations\" shall have the same meaning as in subdivision\\neleven of section two of the banking law.\\n 8. \"Rental project\" shall mean any project consisting of five or more\\ndwelling units occupied as a residential rental project.\\n 9. \"Agency\" shall mean the department of housing preservation and\\ndevelopment of the city of New York or any successor thereto.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1152", "title" : "Affordable housing development loans", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-10-27" ], "docLevelId" : "1152", "activeDate" : "2014-09-22", "sequenceNo" : 440, "repealedDate" : null, "fromSection" : "1152", "toSection" : "1152", "text" : " § 1152. Affordable housing development loans. 1. Notwithstanding the\\nprovisions of any general, special or local law, one or more private\\nlenders and the city of New York, acting through the agency shall have\\nthe power to participate and invest in making loans to sponsors for the\\nconstruction of eligible projects. Such loans may include such amounts\\nas may be required for site acquisition. Each such participation loan\\nshall be secured by a bond or note and single participating mortgage or\\nby separate bonds or notes and mortgages upon the eligible project. Such\\nbond or note and mortgage or bonds or notes or mortgages may contain\\nsuch other terms and provisions not inconsistent with the provisions of\\nthis article as the agency may deem necessary or desirable.\\n 2. The portion of such loan funded by the agency shall not exceed an\\namount equal to sixty percent of the actual total development cost of an\\neligible project. The agency may enter into an agreement with a private\\nlender to deposit its share of a loan with the private lender to be\\nadvanced by the private lender. The portion of the loan funded by the\\nagency may be equal to or subordinate in lien to the portion of the loan\\nfunded by the private lender and may contain such terms with respect to\\ninterest rate, if any, rate of amortization of principal, if any, and\\ntime of payment of interest and principal as determined by the agency.\\nThe agency may make provision either in the mortgage or mortgages or by\\nseparate agreement for the performance by the private lender of such\\nservices as are generally performed by a banking institution which\\nitself holds a mortgage, including, without limitation, construction\\nloan advances, construction supervision, initiation of foreclosure\\nproceedings, procurement of insurance, and all other matters in\\nconnection with the financing, supervision, regulation and audit of any\\nsuch loan to any such eligible project.\\n 3. If a portion of the loan is to be utilized for acquisition of an\\neligible site such portion shall in no event exceed fifteen percent of\\nthe total amount of such loan or the appraised value of the site,\\nwhichever is the lesser.\\n 4. If the eligible project is to consist of one to four unit dwelling\\naccommodations or cooperative or condominium units, the agency's share\\nof the loan may be converted after completion of construction into\\nmortgages on such dwelling accommodations or condominium units or\\nfinancing statements filed with respect to such cooperative shares,\\nprovided such units or such cooperative shares are purchased by persons\\nof eligible income. Such mortgages may provide that they will\\nautomatically be reduced to zero over a period of continuous\\nowner-occupancy of the housing accommodations assisted by such loan.\\nNotwithstanding such provision as contained in such mortgage, the loan\\nshall be reduced to zero only if, prior to or simultaneously with\\ndelivery of such mortgage, the agency made a written determination that\\nsuch reduction would be necessary to ensure the continued affordability\\nor economic viability of the eligible project. Such written\\ndetermination shall document the basis upon which the loan was\\ndetermined to be eligible for evaporation. Such period of continuous\\nowner-occupancy shall not be less than fifteen years.\\n 5. If the eligible project is to consist of one to four unit dwelling\\naccommodations or cooperative or condominium units, the agency shall\\nrequire that the dwelling units be offered only to bona fide purchasers\\nwho intend to occupy a unit as their principal place of residence;\\nprovided, however, that in the case of two to four unit dwelling\\naccommodations the bona fide purchaser may occupy only a single unit as\\na principal place of residence. If the purchaser ceases to occupy the\\nunit as a principal place of residence, the agency may provide for\\nrecapture of all or a portion of the agency's share of the loan.\\n 6. If the eligible project is a rental project, the agency's share of\\nthe loan may be converted after completion of construction into a\\nnon-interest bearing, non-amortizing thirty year loan payable at the end\\nof its term, provided that such loan shall be also payable out of\\nprofits upon any sale or refinancing of the project prior to the end of\\nsuch thirty year period. The sponsor or any subsequent owner or owners\\nof such a project shall agree to rent such units only to persons of\\neligible income for such thirty year period and shall agree that all\\nunits shall be subject to the rent stabilization law of nineteen hundred\\nsixty-nine, as amended for a period of thirty years after initial\\noccupancy, unless converted to a cooperative or condominium pursuant to\\nsubdivision eight of this section. At the end of such period each unit\\nshall continue to be subject to such law thereafter until the first\\nvacancy occurs at which time the unit shall be decontrolled. Initial\\nrentals for all rental units shall be set by the agency.\\n 7. If the eligible project is a rental project annual profits shall be\\nlimited to an amount set by the agency for as long as the loan is\\noutstanding. Excess profits shall be used to establish project reserves,\\nprovide capital improvements or reduce the principal amount of the\\nagency's loan, as determined by the agency.\\n 8. If the eligible project is a rental project, no conversion to a\\ncooperative or condominium shall be permitted for a period of twenty\\nyears after initial occupancy, and unless (i) the agency's share of the\\nloan is prepaid upon such conversion, (ii) the conversion shall be done\\npursuant to section three hundred fifty-two-eeee of the general business\\nlaw as a non-eviction plan, and (iii) apartments occupied by\\nnon-purchasing tenants continue to be subject to the rent stabilization\\nlaw of nineteen hundred sixty-nine as amended, until the occurrence of a\\nvacancy.\\n 9. A loan made pursuant to this article shall be exempt from the\\nmortgage recording taxes imposed by article eleven of the tax law.\\n 10. Notwithstanding the provisions of any general, special or local\\nlaw or charter, the agency shall have power, without soliciting\\ncompeting bids, to contract with any sponsor or to make provision in a\\nloan for the construction or reconstruction of any site improvements\\nlocated in the public right-of-way which are necessary for the\\ndevelopment of an eligible project. Such site improvements may include,\\nbut shall not be limited to, streets, sidewalks, lighting fixtures, and\\nwater and sewer lines.\\n 11. No loan shall be made pursuant to the provisions of this article\\nunless the agency finds that: (a) the construction of the eligible\\nproject does not directly displace current low and moderate income\\nresidents of the eligible site; (b) the eligible project leverages\\nprivate and other public investment, if any, so as to reduce the amount\\nof assistance provided pursuant to this article to the minimal amount\\nwhich is necessary for construction of the eligible project; (c) the\\neligible project will be built by a private developer/builder who has\\nagreed to limit its profit in accordance with a formula satisfactory to\\nthe agency; (d) the eligible project will provide assistance to an area\\nwhich is blighted or deteriorated or has a blighting influence on the\\nsurrounding area, or is in danger of becoming a slum or a blighted area\\nbecause of neighborhood conditions indicating an inability or\\nunwillingness of the private sector to cause the type of construction\\nfor which a loan is to be provided; and (e) the eligible project will\\nmake home ownership or rental housing affordable to persons who cannot\\npresently afford the housing available based upon the ordinary unaided\\noperation of private enterprise.\\n 12. a. The agency may make non-interest bearing advances to sponsors\\nto defray the pre-development costs of eligible projects in accordance\\nwith the provisions of this chapter.\\n b. No such advances shall be made unless the agency finds that: (i)\\nthe sponsor proposes to finance the eligible project in whole or in part\\nby a loan granted pursuant to this article or that the project, if\\notherwise financed, will provide housing for persons or families of low\\nincome, and that such project is otherwise consistent with the purposes\\nof this article; (ii) the project site is suitable, there is a need for\\nthe housing type proposed in the area to be served and the project is\\nfeasible; and (iii) it is reasonable to anticipate that financing will\\nbe obtained and the agency makes a finding to that effect.\\n c. No such advances may be made to a sponsor unless such sponsor\\nenters into an agreement with the agency which provides that such\\nsponsor shall be regulated with respect to rents, profits, dividends and\\ndisposition of its property or franchise, in accordance with the\\nprovisions of this article.\\n d. An advance granted pursuant to this section shall be used only to\\ndefray the pre-development costs of eligible projects. For purposes of\\nthis subdivision, the term pre-development costs shall include, but\\nshall not be limited to: the reasonable and necessary costs for\\nplanning, site preparation, developing architectural drawings and\\nconducting engineering and environmental studies, but shall not include\\nacquisition of land or buildings, drainage and landscaping of vacant\\nland, construction of new buildings or the reconstruction or\\nrehabilitation of existing buildings.\\n e. Each such advance shall be repaid in full to the agency by the\\nsponsor. Such repayment shall be made upon receipt by the sponsor or its\\nsuccessor in interest of the proceeds of its mortgage or construction\\nloan for the eligible project, unless the agency extends the period for\\nthe repayment of such advances. In no event shall the time of repayment\\nbe extended to a date later than the date of final advance of funds\\npursuant to such mortgage or construction loan. Notwithstanding this\\nparagraph, the agency may reduce such advance to zero over a period of\\ncontinued compliance with the agency's agreement with the sponsor\\npursuant to paragraph c of this subdivision if the agency has made a\\nwritten determination that such reduction would be necessary to ensure\\nthe continued affordability or economic viability of the eligible\\nproject. Such written determination shall document the basis upon which\\nthe agency's non-interest bearing advance was determined eligible for\\nevaporation.\\n f. If the agency, in its discretion, determines at any time that\\nmortgage or construction financing for the eligible project may not be\\nobtained, then all advances made to the sponsor pursuant to this\\nsubdivision shall become immediately due and payable upon the demand of\\nthe agency.\\n 13. If the eligible project is a rental project, the bond or note and\\nmortgage or bonds or notes or mortgages issued by the sponsor of any\\neligible project to secure a participation loan may provide that the\\ncity's portion of such loan shall be reduced to zero commencing on the\\nfifteenth year after the execution of such bond or note and mortgage or\\nbonds or notes or mortgages, provided that, as of the date of any such\\nreduction, the eligible project has been and continues to be owned and\\noperated in a manner consistent with a regulatory agreement with the\\ncity. Notwithstanding such provision as contained in the bond or note\\nand mortgage or bonds or notes or mortgages, the loan shall be reduced\\nto zero only if, prior to or simultaneously with delivery of such bond\\nor note and mortgage or bonds or notes or mortgages, the agency made a\\nwritten determination that such reduction would be necessary to ensure\\nthe continued affordability or economic viability of the eligible\\nproject. Such written determination shall document the basis upon which\\nthe loan was determined to be eligible for evaporation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1153", "title" : "General provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1153", "activeDate" : "2014-09-22", "sequenceNo" : 441, "repealedDate" : null, "fromSection" : "1153", "toSection" : "1153", "text" : " § 1153. General provisions. 1. The agency shall issue and promulgate\\nrules and regulations for the administration of this article.\\n 2. If any clause, sentence, paragraph, section or part of this act\\nshall be adjudged by any court of competent jurisdiction to be invalid,\\nsuch judgement shall not affect, impair or invalidate the remainder\\nthereof, but shall be confined in its operation to the clause, sentence,\\nparagraph, section or part thereof directly involved in the controversy\\nin which such judgment shall have been rendered.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 4 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A24", "title" : "National Affordable Housing Act Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "24", "activeDate" : "2014-09-22", "sequenceNo" : 442, "repealedDate" : null, "fromSection" : "1170", "toSection" : "1174", "text" : " ARTICLE XXIV\\n NATIONAL AFFORDABLE HOUSING ACT PROGRAM\\nSection 1170. Statement of legislative findings and purposes.\\n 1171. Definitions.\\n 1172. The New York state HOME program.\\n 1173. Gap communities.\\n 1174. General and administrative provisions.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1170", "title" : "Statement of legislative findings and purposes", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1170", "activeDate" : "2014-09-22", "sequenceNo" : 443, "repealedDate" : null, "fromSection" : "1170", "toSection" : "1170", "text" : " § 1170. Statement of legislative findings and purposes. The\\nlegislature hereby finds and declares that it is in the best interest of\\nthe state to authorize participation in programs created by the federal\\ngovernment pursuant to the national affordable housing act of 1990 and\\nthat it is the purpose of this article to coordinate activities aided\\nunder existing municipal, state and federal housing programs with other\\npublic and private actions in order to address the lack of adequate\\naffordable housing in New York state.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1171", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1171", "activeDate" : "2014-09-22", "sequenceNo" : 444, "repealedDate" : null, "fromSection" : "1171", "toSection" : "1171", "text" : " § 1171. Definitions. As used in this article: 1. \"NAHA\" shall mean the\\nnational affordable housing act, 42 U.S.C. 12701-12839.\\n 2. \"HOME program\" shall mean subtitle A of title II of the national\\naffordable housing act.\\n 3. \"Division\" shall mean the division of housing and community\\nrenewal.\\n 4. \"HUD\" shall mean the federal department of housing and urban\\ndevelopment.\\n 5. \"HOME regulations\" shall mean HUD regulations created pursuant to\\nthe national affordable housing act of 1990 as amended.\\n 6. \"Applicant\" shall mean any entity eligible to receive grants or\\nloans under the HOME program.\\n 7. \"CHAS\" shall mean the New York state comprehensive housing\\naffordability strategy prepared in accordance with the requirements of\\nthe national affordable housing act of 1990.\\n 8. \"Participating jurisdiction\" shall mean a unit of general local\\ngovernment designated by HUD to receive HOME funds through a formula\\nallocation.\\n 9. \"Non-participating jurisdiction\" shall mean a unit of general local\\ngovernment which does not receive federal funds directly under the HOME\\nprogram.\\n 10. \"Eligible activities\" shall have the same meaning as set forth in\\nthe HOME regulations.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1172", "title" : "The New York state HOME program", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1172", "activeDate" : "2014-09-22", "sequenceNo" : 445, "repealedDate" : null, "fromSection" : "1172", "toSection" : "1172", "text" : " § 1172. The New York state HOME program. 1. Agreements. (a) Within\\nthe limit of HOME program funds, the division is hereby authorized to\\ntake administrative actions necessary to comply with HUD requirements\\nand consistent with the provisions of this article in order to enter\\ninto agreements with applicants to provide grants and loans which such\\napplicants shall use to finance projects that qualify under HOME\\nregulations as eligible activities.\\n (b) The division shall not enter into an agreement under this article\\nexcept with an eligible applicant which has submitted an application\\npursuant to a notification of fund availability and a request for\\nproposals issued by the division.\\n (c) The division and the applicant shall execute a grant or loan\\nagreement which shall set forth the terms and conditions under which the\\ngrant or loan will be provided.\\n 2. Notice of fund availability. The division shall issue its initial\\nnotice of fund availability and request for proposals within forty-five\\nworking days of the effective date of this article. No more than sixty\\npercent of the HOME funds shall be available for reservation in such\\ninitial funding cycle. No later than sixteen months from the effective\\ndate of this article, the division shall issue a second request for\\nproposals and make available those funds not committed during the\\ninitial request for proposals, including funds recaptured by or\\notherwise made available to the division by the federal government under\\nthe HOME program. Additional requests for proposals shall be issued at\\nthe discretion of the division but in any event no later than sixty days\\nfollowing the availability of additional federal funds.\\n 3. Application procedures. (a) Documentation determining eligibility.\\nThe division shall provide each applicant with a list of documents that\\nmust be included in the application before the application can be\\nentered into the competitive process for the awarding of grants and\\nloans. The division shall also include with such list of documents a\\ndetailed description of the review and selection procedures criteria\\nutilized by the division pursuant to paragraph (b) of this subdivision.\\nWithin ten working days after the last day for receipt of applications,\\nthe division shall notify applicants if and how the application is\\nincomplete and provide ten working days to complete such application.\\nDocumentation requirements shall include but not necessarily be limited\\nto: (1) a feasibility study and market analysis of the proposal; (2) a\\nproposed project financing and leveraging plan; (3) a schedule, with\\nspecific dates, of the expected project commencement date, expected\\ncompletion date, and if appropriate, the anticipated schedule for\\nclosing and occupancy of units; (4) a description of the applicant's\\nqualifications and previous experience; (5) a statement by the applicant\\nas to the status of all public approvals and clearances required to\\nundertake the project; (6) a plan as to how applicants will ensure\\ncompliance with all federally mandated regulations throughout the\\nregulatory term; (7) a statement describing the amount of and source of\\nany matching contributions required for the proposed project and an\\nopinion of counsel that funds proposed to be used as matching\\ncontributions are legally available to be used as proposed; and (8) a\\nstatement of need and how the project will further goals delineated\\nwithin the state CHAS.\\n (b) The review and selection procedure. Within forty-five working days\\nof the effective date of this article, the division shall develop,\\nconsistent with federal law and regulations, a review procedure and\\nselection criteria for evaluating applications, which shall include\\ndesign, underwriting, legal and program requirements. Such procedure and\\nselection criteria shall be provided to applicants with the application.\\nSuch selection criteria shall include but not be limited to the\\nfollowing factors: (1) the extent to which the proposal will serve a\\ndemonstrated need; (2) the degree to which the proposal leverages\\nprivate investment or other funding sources; (3) the likelihood of\\nsuccessful project completion, including consideration of the submitted\\nmarket analysis, the prior experience of the applicant, and the\\nviability of the submitted completion schedule; and (4) type of\\nassistance requested.\\n 4. Selection for award and notification requirements. The division\\nshall base the awarding of grants and loans subject to the availability\\nof funds upon the competitive review and selection procedure described\\nin paragraph (b) of subdivision three of this section. Within eighty\\nworking days following the last day for receipt of applications in\\nresponse to a request for proposals, the division shall notify all\\napplicants of its funding decisions.\\n (a) The division will notify, in writing, all applicants who were not\\nselected for funding of the reasons why the proposal was not funded,\\nincluding the design, underwriting, legal or program deficiencies,\\ndeficiencies of any documents and/or the basis upon which the\\napplication was determined to be ineligible for funding. Until the\\nissuance of a subsequent notice of fund availability, applicants not\\nselected for funding due solely to the non-availability of federal funds\\nunder the notice of fund availability shall remain eligible for\\nselection for funding under such notice of fund availability in the\\nevent that unused federal funds become available for reallocation.\\n (b) The division shall provide each applicant selected for funding\\nwith a list of conditions that must be met prior to entering into a\\ncontract pursuant to this article. Within fifteen working days of\\nreceipt by the division of all documents in satisfaction of the list,\\nthe division shall notify the applicant of the sufficiency or\\ninsufficiency of the documents. After satisfaction by the applicant of\\nall conditions required by the division prior to entering into a\\ncontract, the division shall enter into the contract within forty-five\\nworking days of satisfaction of such conditions. Applications which are\\nnot selected for funding must be resubmitted by the applicant for\\nconsideration under subsequent notices of funding availability.\\n 5. Distribution of funds. Eighty percent of the funds available\\nhereunder after deducting the set asides mandated by NAHA for community\\nhousing development organizations, shall be reserved for projects\\nlocated within non-participating jurisdictions, provided however, that\\nsuch reservation may be less than eighty percent where, following a\\nnotice of funding availability and request for proposals, the division\\nhas made a written finding that (i) applications, except those not\\nselected for funding pursuant to subdivision four of this section, for\\nprojects in non-participating jurisdictions will not totally utilize the\\nremaining available reserved funds and (ii) such funds are subject to\\nrecapture by HUD pursuant to federal HOME regulations within one hundred\\neighty days.\\n 6. Monitoring and review. The division shall provide for the review,\\nat periodic intervals not less than annually, of the performance of\\napplicants receiving grants or loans pursuant to this article. Such\\nreview shall, among other things, be for the purposes of ascertaining\\nthe conformity to agreement provisions, and adherence to federal HOME\\nregulations. Agreements entered into pursuant to this article may be\\nterminated and funds may be withheld or recaptured by the division upon\\na finding of substantial nonperformance or breach by such applicant\\nunder its agreement or for failure to adhere to federal NAHA\\nrequirements.\\n 7. Notwithstanding any contrary provision of law, on and after June\\nthirtieth, nineteen hundred ninety-five, the division shall not issue\\nnotices of fund availability, accept applications or enter into any new\\nagreements pursuant to the provisions of this section.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1173", "title" : "Gap communities", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1173", "activeDate" : "2014-09-22", "sequenceNo" : 446, "repealedDate" : null, "fromSection" : "1173", "toSection" : "1173", "text" : " * § 1173. Gap communities. Notwithstanding the provisions of section\\neleven hundred seventy-two of this article the division may award funds\\nto one or more localities, whose allocations of HOME program funds from\\nthe federal government are insufficient for such to become a\\nparticipating jurisdiction, as are necessary to qualify the locality as\\na participating jurisdiction as set forth in 92.102 of the HOME\\nregulations. Provided, however, the provisions of this section shall\\nexpire and be deemed repealed having no further force and effect on and\\nafter September thirtieth, nineteen hundred ninety-two.\\n * NB Expired September 30, 1992\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1174", "title" : "General and administrative provisions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1174", "activeDate" : "2014-09-22", "sequenceNo" : 447, "repealedDate" : null, "fromSection" : "1174", "toSection" : "1174", "text" : " § 1174. General and administrative provisions. 1. The division shall\\nissue and promulgate rules and regulations for the administration of\\nthis article. The rules and regulations shall include provisions\\nconcerning reporting, budgeting and recordkeeping requirements;\\nprovision for modification, termination, extension and renewal of\\nagreements; and such other matters not inconsistent with the purposes\\nand provisions of this article as the division shall deem necessary,\\nproper or appropriate.\\n 2. The division may provide appropriate technical services and\\nassistance to applicants to comply with the provisions of this article.\\n 3. The division shall issue a report to the temporary president of the\\nsenate and the speaker of the assembly, the chairpersons of the senate\\nand assembly housing committees and the chairpersons of the senate\\nfinance and assembly ways and means committees on or before January\\nfirst, nineteen hundred ninety-three and annually thereafter with\\nrespect to funds committed, contracted or disbursed pursuant to the\\nnational affordable housing act. This report shall include but not be\\nlimited to: a description of the programs/projects funded pursuant to\\nthis program; the amount of funds committed, contracted or disbursed\\nduring the previous federal fiscal year; the amount of such funds\\nderived from bond proceeds; the number of new affordable units\\nconstructed or rehabilitated, including both rental and home ownership;\\nthe number of units created which were constructed or rehabilitated by\\ncombining NAHA funds with other state-assisted housing programs and an\\naccounting of the amount of such state-assisted housing program funds\\nexpended; and any access to additional HOME funds made available through\\nany federal fund reallocation. In addition such report shall indicate\\nthe status of the rules and regulations as required in subdivision one\\nof this section, until such rules and regulations have been promulgated.\\n 4. All state agencies, offices, departments, boards, divisions,\\ncommissions, public authorities and public benefit corporations may\\nrender such services to the division within their respective functions\\nas may be requested by the division in order to administer the\\nprovisions of this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 5 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A25", "title" : "New York Access to Home Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22", "2023-11-26" ], "docLevelId" : "25", "activeDate" : "2014-09-22", "sequenceNo" : 448, "repealedDate" : null, "fromSection" : "1200", "toSection" : "1202", "text" : " ARTICLE XXV\\n NEW YORK ACCESS TO HOME PROGRAM\\nSection 1200. Statement of legislative findings and purpose.\\n 1201. Definitions.\\n 1202. Access to home contracts.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1200", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2023-11-26", "2024-02-02", "2024-05-17" ], "docLevelId" : "1200", "activeDate" : "2014-09-22", "sequenceNo" : 449, "repealedDate" : null, "fromSection" : "1200", "toSection" : "1200", "text" : " § 1200. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that there exists in New York state a serious\\nneed for financial and technical resources to assist renters and\\nproperty owners to make dwelling units accessible for low and moderate\\nincome persons with disabilities. Providing assistance with the cost of\\nadapting homes will enable many New Yorkers with disabilities to safely\\nand comfortably continue to, or return to, live in their residences\\ninstead of residing in an institutional setting.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1201", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2024-08-02", "2024-10-25" ], "docLevelId" : "1201", "activeDate" : "2014-09-22", "sequenceNo" : 450, "repealedDate" : null, "fromSection" : "1201", "toSection" : "1201", "text" : " § 1201. Definitions. As used in this article:\\n 1. \"Corporation\" shall mean the housing trust fund corporation\\nestablished in section forty-five-a of this chapter.\\n 2. \"Eligible applicant\" shall mean a city, town, village or\\nnot-for-profit corporation in existence for a period of one or more\\nyears prior to application, which is, or will be at the time of award,\\nincorporated under the not-for-profit corporation law and has\\nsubstantial experience in adapting or retrofitting homes for persons\\nwith disabilities.\\n 3. \"Disabled veteran\" shall mean a veteran who is certified by the\\nUnited States department of veterans affairs or the department of\\ndefense as entitled to receive disability payments upon the\\ncertification of such department for a disability incurred by him or her\\nin time of war.\\n 4. \"Access to home programs\" or \"programs\" shall mean a series of\\nactivities by an eligible applicant to administer funds to provide\\neither loans or grants to homeowners and renters and to oversee the\\nadaptation or retrofitting of eligible properties.\\n 5. \"Eligible property\" shall mean a housing unit that is the primary\\nresidence of a person with a physical disability and a total household\\nincome that does not exceed eighty percent of median income or a\\ndisabled veteran who has a total household income that does not exceed\\none hundred twenty percent of median income. A property shall not be\\nconsidered an eligible property if the owner of the property is\\notherwise obligated by federal, state or local law to provide the\\nimprovements funded under this article.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1202", "title" : "Access to home contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22", "2024-08-02", "2024-10-25" ], "docLevelId" : "1202", "activeDate" : "2014-09-22", "sequenceNo" : 451, "repealedDate" : null, "fromSection" : "1202", "toSection" : "1202", "text" : " § 1202. Access to home contracts. 1. Within the limit of funds\\navailable in the access to home program, the corporation is hereby\\nauthorized to enter into contracts with eligible applicants to provide\\nfinancial assistance for the actual costs of an access to home program.\\nThe financial assistance shall be either in the form of grants or loans,\\nas the corporation shall determine. No more than fifty percent of the\\ntotal amount awarded pursuant to this article in any fiscal year shall\\nbe allocated to access to home programs located within any single\\nmunicipality.\\n 2. The total payment pursuant to any one contract shall not exceed\\nfive hundred thousand dollars and the contract shall provide for\\ncompletion of the program within a reasonable period, as specified\\ntherein, which shall not in any event exceed three years from its\\ncommencement. Upon request, the corporation may extend the term of the\\ncontract for up to two additional one year periods for good cause shown\\nby the eligible applicant.\\n 3. The corporation may authorize the eligible applicant to spend up to\\nseven and a half percent of the contract amount for approved\\nadministrative costs associated with administering the program.\\n 4. The corporation shall require that, in order to receive funds\\npursuant to this article, the eligible applicant shall submit a plan\\nwhich shall include, but not be limited to, program feasibility, impact\\non the community, budget for expenditure of program funds, a schedule\\nfor completion of the program, affirmative action and minority business\\nparticipation.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 3 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A26", "title" : "New York Main Street Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "26", "activeDate" : "2014-09-22", "sequenceNo" : 452, "repealedDate" : null, "fromSection" : "1220", "toSection" : "1222", "text" : " ARTICLE XXVI\\n NEW YORK MAIN STREET PROGRAM\\nSection 1220. Statement of legislative findings and purpose.\\n 1221. Definitions.\\n 1222. Main street contracts.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1220", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1220", "activeDate" : "2014-09-22", "sequenceNo" : 453, "repealedDate" : null, "fromSection" : "1220", "toSection" : "1220", "text" : " § 1220. Statement of legislative findings and purpose. The legislature\\nhereby finds and declares that there exists in New York state a serious\\nneed for financial and technical resources to help communities with\\ntheir efforts to preserve and revitalize main street and downtown\\nbusiness districts which include commercial and residential uses. The\\nlegislature therefore finds that a program should be established to\\nprovide financial assistance to stimulate reinvestment in properties\\nlocated within main street, mixed-use commercial, and downtown business\\ndistricts in urban, small town, and rural areas by preserving existing\\nhousing units, fostering the development of new housing units, upgrading\\ncommercial and retail areas, and by creating innovative approaches to\\nneighborhood and community revitalization, including the improvement of\\ncultural, civic and community facilities.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1221", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1221", "activeDate" : "2014-09-22", "sequenceNo" : 454, "repealedDate" : null, "fromSection" : "1221", "toSection" : "1221", "text" : " § 1221. Definitions. As used in this article:\\n 1. \"Corporation\" shall mean the housing trust fund corporation\\nestablished in section forty-five-a of this chapter.\\n 2. \"Eligible applicant\" shall mean a unit of local government or\\nnot-for-profit corporation in existence for a period of one or more\\nyears prior to application, which is, or will be at the time of award,\\nincorporated under the not-for-profit corporation law and has been\\nengaged primarily in community development activities.\\n 3. \"Eligible area\" shall mean an area: (i) that has experienced\\nsustained physical deterioration, decay, neglect, or disinvestment; (ii)\\nhas a number of substandard buildings or vacant residential or\\ncommercial units; and (iii) in which more than fifty percent of the\\nresidents are persons of low income, or which is designated by a state\\nor federal agency to be eligible for a community or economic development\\nprogram.\\n 4. \"Main street program\" or \"program\" shall mean a proposal by an\\neligible applicant for a specific work or series of works for the\\nrevitalization and improvement of an eligible area through the creation,\\npreservation or improvement of residential housing units; local\\ncommercial facilities; public facilities or other aspects of the area\\nenvironment. Not less than eighty percent of the total amount awarded\\npursuant to this article in any fiscal year shall be allocated to main\\nstreet programs that include the creation, preservation or improvement\\nof residential housing units as an objective.\\n 5. \"Persons of low income\" shall mean those persons and families whose\\nincomes do not exceed ninety percent of the area median income for the\\ncounty in which a project is located as calculated by the United States\\ndepartment of housing and urban development.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1222", "title" : "Main street contracts", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1222", "activeDate" : "2014-09-22", "sequenceNo" : 455, "repealedDate" : null, "fromSection" : "1222", "toSection" : "1222", "text" : " § 1222. Main street contracts. 1. Within the limit of funds available\\nin the main street program, the corporation is hereby authorized to\\nenter into contracts with eligible applicants to provide financial\\nassistance for the actual costs of a main street program. The financial\\nassistance shall be either in the form of payments, grants or loans, as\\nthe corporation shall determine. No more than fifty percent of the total\\namount awarded pursuant to this article in any fiscal year shall be\\nallocated to main street programs located within any single\\nmunicipality.\\n 2. The total payment pursuant to any one contract shall not exceed\\nfive hundred thousand dollars and the contract shall provide for\\ncompletion of the program within a reasonable period, as specified\\ntherein which shall not in any event exceed two years from its\\ncommencement. Upon request, the corporation may extend the term of the\\ncontract for up to an additional two year period for good cause shown by\\nthe eligible applicant.\\n 3. The corporation may authorize the eligible applicant to spend up to\\nseven and one-half percent of the contract amount for approved planning\\nand administrative costs of carrying out a program.\\n 4. The corporation shall provide technical assistance and training to\\neligible applicants to help communities with their efforts to preserve\\nand revitalize main street and downtown business districts consistent\\nwith the legislative findings and purpose of this article.\\n 5. The corporation shall require that, in order to receive funds\\npursuant to this article, the eligible applicant must submit a plan\\nwhich shall include but not be limited to program feasibility,\\nleveraging of other resources, impact on the community, affirmative\\naction and minority business participation.\\n 6. If the eligible applicant is a not-for-profit corporation, its\\nofficers, directors and members must be representative of the residents\\nand other legitimate interests of the community.\\n 7. The owner of a property improved with funds made available under\\nthis article must agree for a minimum of five years to: maintain the\\nproperty in good operating order and condition; to make available and\\nmaintain the affordability of residential housing units to persons of\\nlow income; and to obtain the consent of the corporation prior to making\\nalterations to the property or changing its use.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 3 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "A27", "title" : "Rural and Urban Community Investment Fund Program", "docType" : "ARTICLE", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "27", "activeDate" : "2014-09-22", "sequenceNo" : 456, "repealedDate" : null, "fromSection" : "1230", "toSection" : "1232", "text" : " ARTICLE XXVII\\n RURAL AND URBAN COMMUNITY INVESTMENT FUND PROGRAM\\nSection 1230. Statement of legislative findings and purpose.\\n 1231. Definitions.\\n 1232. Rural and urban community investment fund.\\n", "documents" : { "items" : [ { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1230", "title" : "Statement of legislative findings and purpose", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1230", "activeDate" : "2014-09-22", "sequenceNo" : 457, "repealedDate" : null, "fromSection" : "1230", "toSection" : "1230", "text" : " § 1230. Statement of legislative findings and purpose. The legislature\\nfinds and declares that there exists in New York state a serious need to\\nassist communities with the creation and improvement of affordable\\nhousing, and the commercial, retail and community facilities related to\\nmixed use affordable residential developments. Locally based\\nnot-for-profit organizations play a significant role in addressing the\\nunique characteristics of rural and urban communities. Partnerships,\\nalliances and collaborations with corporate entities, to the extent\\npracticable, will foster cross-sector collaboration in order to build a\\ndiverse community support system. The legislature finds that, in both\\nrural and urban areas of the state, a program should be established to\\nfund the creation, preservation and/or improvement of affordable\\nhousing; or the creation, preservation or improvement of the commercial,\\nretail or community facilities component of mixed use affordable\\nresidential developments.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1231", "title" : "Definitions", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1231", "activeDate" : "2014-09-22", "sequenceNo" : 458, "repealedDate" : null, "fromSection" : "1231", "toSection" : "1231", "text" : " § 1231. Definitions. 1. \"Corporation\" shall mean the housing trust\\nfund corporation established in section forty-five-a of this chapter.\\n 2. \"Rural and urban community investment fund program\" shall mean\\nactivities by an eligible applicant for a specific work or series of\\nworks for the creation, preservation or improvement of affordable\\nhousing, or the creation, preservation or improvement of the commercial,\\nretail or community facilities component of mixed use affordable\\nresidential developments, in rural and urban areas of the state.\\n 3. \"Rural area of the state\" shall mean cities, towns and villages\\nhaving a population of less than twenty-five thousand as determined by\\nthe last federal decennial census.\\n 4. \"Urban area of the state\" shall mean any unit of local government\\nwithin the state with a population of more than or equal to twenty-five\\nthousand persons as determined by the last federal decennial census.\\n 5. \"Eligible applicant\" shall include a not-for-profit corporation or\\ncharitable organization, or a wholly-owned subsidiary of such a\\ncorporation or organization, or a private for-profit developer such as a\\nperson, corporation, partnership or limited liability company.\\n 6. \"Affordable residential development\" shall include residential\\nunits that are rent restricted and occupied by persons and families\\nwhose income does not exceed ninety percent of area median income for\\nthe county in which a project is located as calculated by the United\\nStates department of housing and urban development.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false }, { "lawId" : "PVH", "lawName" : "Private Housing Finance", "locationId" : "1232", "title" : "Rural and urban community investment fund", "docType" : "SECTION", "publishedDates" : [ "2014-09-22" ], "docLevelId" : "1232", "activeDate" : "2014-09-22", "sequenceNo" : 459, "repealedDate" : null, "fromSection" : "1232", "toSection" : "1232", "text" : " § 1232. Rural and urban community investment fund. 1. Within amounts\\nappropriated or otherwise available therefor, the housing trust fund\\ncorporation shall develop and administer a rural and urban community\\ninvestment fund program which shall provide assistance in the form of\\npayments, grants and loans for reasonable and necessary expenses, to an\\neligible applicant for the creation, preservation or improvement of\\naffordable housing; or the creation, preservation or improvement of the\\ncommercial, retail or community facilities component of mixed use\\naffordable residential developments, in rural and urban areas of the\\nstate.\\n 2. Program criteria. The corporation shall develop procedures,\\ncriteria and requirements related to the application and award of\\nprojects pursuant to this section which shall include: eligibility,\\nmarket demand, feasibility and funding criteria; the funding\\ndetermination process; supervision and evaluation of contracting\\napplicants; reporting, budgeting and record-keeping requirements;\\nprovisions for modification and termination of contracts; and such other\\nmatters not inconsistent with the purposes and provisions of this\\narticle as the corporation shall deem necessary or appropriate.\\n 3. Fund allocation. Sixty percent of the total funds awarded pursuant\\nto this article in any fiscal year shall be allocated to projects\\nlocated in urban areas of the state. Forty percent of the total funds\\nawarded pursuant to this article in any fiscal year shall be allocated\\nto projects located in rural areas of the state.\\n 4. Funding criteria. A one-third match requirement shall be required\\nof any eligible applicant, which may include donated property, materials\\nor labor and other resources, and may be reduced or eliminated for\\nprojects located within a declared disaster area.\\n 5. Funding and annual report. The corporation in its sole discretion\\nshall authorize all funding decisions and make all award announcements.\\nThe corporation shall, on or before December thirty-first in each year\\nsubmit a report to the legislature on the implementation of this\\narticle. Such report shall include, but not be limited to, for each\\naward made to a grantee under this article: a description of such award;\\ncontract amount and cumulative total; the specific activities in rural\\nand urban areas performed by such grantee; the amounts of match monies\\nreceived by the grantee from sources other than payments made pursuant\\nto this article; and such other information as the corporation deems\\npertinent.\\n", "documents" : { "items" : [ ], "size" : 0 }, "repealed" : false } ], "size" : 3 }, "repealed" : false } ], "size" : 34 }, "repealed" : false } } }