Title PVH, Private Housing Finance

§ 219. Sale or lease of real property by a city to a redevelopment corporation. 1. The local legislative body, or if there is a board of estimate in the city, then the board of estimate, may by resolution determine that real property, title to which is held by the city, specifie…

§ 22. State loans. 1. The commissioner may enter into contracts for loans to a company. All such contracts shall be subject to approval by the state comptroller and by the attorney general as to form. 2. Loans by the state under such a contract shall be secured by a first mortga…

§ 22-a. Redevelopment loans. Notwithstanding any provision of this article to the contrary, where a state-aided project undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual project cost…

§ 22-b. Loans for state-aided limited-profit housing companies. 1. Notwithstanding any provision of this article to the contrary, the commissioner may for a period of one year from the effective date of this act approve a loan and encumbrance in excess of the actual project cost…

§ 220. Provisions of lease. If real property of a city be leased to a redevelopment corporation: 1. The lease may provide that all improvements shall be the property of the lessor; 2. The lessor may grant to the redevelopment corporation the right to mortgage the fee of such pro…

§ 221. Construction. This article shall be construed liberally to effectuate the purposes hereof, and the enumeration of specific powers in this article shall not operate to restrict the meaning of any general grant of power contained in this article or to exclude other powers c…

§ 23. Municipal loans and municipally aided projects. 1. A municipality may make or contract to make loans to a company or to a public benefit corporation providing housing for staff members, employees or students of a college, university, hospital or child care institutions and…

§ 23-a. Mortgage modifications, evidence of pre-existing indebtedness. 1. Notwithstanding the provision of any law, general or special, the supervising agency shall have the power to: (i) assign or pledge or contract to assign or pledge any mortgage securing a loan, including an…

§ 23-b. Participation in loan or investment. Notwithstanding any other provisions of this article or of any general, special or local law, where a municipality has made or contracted to make a mortgage loan to a company to finance a project: one or more banking organizations as …

§ 23-c. Mortgage modifications. 1. For the purposes of this section, the following terms shall have the meanings set forth below: (a) "Existing mortgage" shall mean any mortgage held by the municipality securing a loan made by such municipality in accordance with the provisions …

§ 24. Income debentures. 1. With the approval of the supervising agency or of the commissioner, as the case may be, the certificate of incorporation, or an amended certificate may authorize the issuance of income debentures bearing no greater interest than six per centum per ann…

§ 25. Working capital. The supervising agency or the commissioner, as the case may be, may permit stock or income debentures to be issued for working capital to be used in connection with such project to an amount not exceeding three per centum of the estimated project cost or t…

§ 250. Short title. This article shall be known and may be cited as the "Community Development Corporations Act".

§ 251. Policy and purposes of article. It is the policy of the state to promote the reconstruction and redevelopment of municipal urban renewal areas in a manner that will serve the civic, cultural and recreational needs of the community as a whole. There is need for local non-p…

§ 252. Definitions. As used in this article, unless a different meaning clearly appears from the context: 1. "Agency", "area" and "plan" shall mean agency, urban renewal area and urban renewal plan, respectively, as defined in article fifteen of the general municipal law. 2. "Mu…

§ 253. Incorporation and organization. Community development corporations shall be incorporated and organized in the manner provided in the not-for-profit corporation law for not-for-profit corporations, except that the certificate of incorporation shall be approved by the commi…

§ 254. Powers and limitations. 1. Except as is inconsistent with the provisions of this article, a community development corporation shall have, in carrying out the purposes of this article, the powers conferred on corporations by the general corporation law and the business cor…

§ 255. Members, officers and directors. 1. No member or director of a community development corporation shall receive any salary or other compensation for services, other than reimbursement of actual and necessary expenses incurred in the performance of his duties. No member, of…

§ 256. Mortgage loans. The New York state housing finance agency may enter into contracts for loans to community development corporations for one or more projects. No loan shall be made in an amount greater than ninety-five per centum of the project cost, plus working capital in…

§ 257. Conditions and security for loans. 1. No loan shall be made to a community development corporation for a project unless (a) the planning commission, if any, of the municipality has approved the project; (b) the local legislative body of the municipality, after a public he…

§ 258. Transfer of real property. 1. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee, guardian or other person holding trust funds or acting in a fiduciary …

§ 259. Supervision and regulation. The commissioner may from time to time make, amend and repeal rules and regulations for the supervision, examination, regulation and audit of community development corporations and for carrying into effect the provisions and purposes of this ar…

§ 26. Conditions and security for loans. 1. No loan shall be made by the state, the New York state housing finance agency, a municipality or the New York city housing development corporation unless the commissioner, with respect to a project aided by a state loan or New York sta…

§ 26-a. Findings for municipally-aided projects. No municipally-aided project aided solely by tax exemption shall be approved by the supervising agency unless the agency shall have made the findings set forth in subdivision one of section twenty-six.

§ 26-b. Special provisions with respect to state urban development corporation projects. 1. No loan shall be made by the state, the New York state housing finance agency, or the state urban development corporation for the acquisition, construction, reconstruction, rehabilitation…

§ 26-c. Special provisions with respect to Battery Park city projects. 1. No loan shall be made by the state or the New York state housing finance agency for the acquisition, construction, reconstruction, rehabilitation or improvement of a Battery Park city project, nor shall an…

§ 260. Tax exemption. The property of a community development corporation and its income and operations shall be exempt from taxation.

§ 261. Separability. If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to …

§ 27. Limitations. No company shall: 1. Acquire any real property or interest therein unless it shall first have obtained from the commissioner or the supervising agency, as the case may be, a certificate that such acquisition is necessary or convenient for the public purpose de…

§ 28. Payments from earnings. 1. There shall be paid annually out of the earnings of the company, after providing for all taxes, assessments and expenses, a sum for interest on and amortization of the mortgage indebtedness of all mortgages of the company, depreciation charges an…

§ 29. Acquisition of property. (a) After a project, other than a state urban development corporation project, has been been approved by the commissioner or the supervising agency and the local legislative body, the commissioner or the supervising agency as the case may be, shall…

§ 30. Transfer of real property. 1. Notwithstanding any requirement of law to the contrary, every executor, administrator, trustee, guardian or other person, holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting express…

§ 300. Short title. This article shall be known and may be cited and referred to as the "mortgage facilities corporation law".

§ 301. Policy of state and purpose of article. It is recognized that there exist in New York state certain neighborhoods, which, because of heavy in-migrations and other factors, have been characterized by over-crowding of population, extensive absentee ownership, and concentrat…

§ 302. Definitions. 1. The term "housing accommodation," as used in this article, shall mean any building or structure which is used or occupied, or is intended to be used or occupied, wholly or partly, as the home or residence of one or more human beings. 2. The term "improved …

§ 303. Establishment of corporation. There is hereby created a corporation which shall be known as "The Mortgage Facilities Corporation." The principal office of the corporation shall be in the borough of Manhattan in the county of New York. Within ten days after such office is …

§ 304. Purposes, powers and operation. 1. The purpose of the corporation shall be to assist, promote, encourage and stimulate the development and rehabilitation of blighted areas by rendering financial assistance in the construction, rehabilitation or purchase of housing accommo…

§ 305. Board of directors. 1. All the corporate powers of such corporation shall be exercised by a board of directors consisting of thirteen persons, all of whom shall be of full age, citizens of the United States and at least seven of whom shall be residents of the state. 2. At…

§ 306. Temporary board of directors. 1. The first annual meeting of such corporation shall be held at a time and place to be fixed by the temporary board of directors which shall be as soon as reasonably possible after a minimum of two and one-half per centum of the capital stoc…

§ 307. Membership. 1. The members of such corporation shall consist of such banking organizations, insurance and surety companies, as may make application for membership in such corporation, and membership shall become effective upon the acceptance of such applications by the te…

§ 308. Capital and shares. The total number of shares which the corporation may issue is forty thousand, all without par value. The consideration for which such shares may be issued is one hundred dollars per share in cash. The capital of the corporation shall be at least equal …

§ 309. Obligations. At no time shall the total obligations of such corporation exceed twenty-five million dollars.

§ 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 …

§ 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 …

§ 31-b. Assignment or pledge of tenant cooperator's shares. Notwithstanding any other provision of law, a tenant cooperator's shares in a mutual company may be assigned or pledged as collateral for the purpose of securing a loan for the purchase of such shares. The commissioner …

§ 31-c. Tenant-cooperators; application of shares. 1. No mutual company shall require a current tenant-cooperator to use cash, loan or mortgage to make an initial payment for shares that would entitle the tenant-cooperator to occupancy upon transfer to another dwelling unit with…

§ 310. Restrictions. Such corporation shall not deposit any of its funds in any banking organization unless such banking organization has been designated as a depository by a vote of the majority of all of the directors of such corporation, exclusive of any director who is an of…

§ 311. Examination. At least once in each calendar year the corporation shall be examined by the superintendent of financial services for the purpose of determining the corporation's net worth and the soundness of its management and operating policies. The corporation shall not,…

§ 312. Unissued securities and reorganization. 1. The holders of capital stock of such corporation shall not, as such, have any pre-emptive or preferential right to purchase or subscribe for any part of the unissued or new issue of capital stock of such corporation, whether now …

§ 313. Participation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or certificates of incorporation: 1. All banking organizations, insuranc…