Title PVH, Private Housing Finance

§ 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,\nspec…

§ 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 m…

§ 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\n…

§ 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\n…

§ 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 s…

§ 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 power…

§ 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…

§ 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, includi…

§ 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 …

§ 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 provis…

§ 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\…

§ 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 o…

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

§ 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\nn…

§ 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 …

§ 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\nc…

§ 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\…

§ 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,…

§ 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…

§ 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\npubli…

§ 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 fiducia…

§ 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…

§ 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…

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

§ 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,\nrehabilita…

§ 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…

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

§ 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\…

§ 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 purpo…

§ 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…

§ 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, …

§ 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 expr…

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

§ 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\nconcen…

§ 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 "impr…

§ 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…

§ 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\nacc…

§ 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…

§ 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\n…

§ 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…

§ 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\neq…

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

§ 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.\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\ncommissio…

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

§ 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…

§ 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 …

§ 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 …

§ 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, ins…