Title PVH, Private Housing Finance

§ 32. Supervision and regulation. The commissioner or the supervising agency as the case may be, may: 1. Examine a company and keep informed as to its general condition, its capitalization and the manner in which its property is constructed, acquired, rehabilitated, leased, oper…

§ 32-a. Additional supervision and regulation. The commissioner or the supervising agency, as the case may be, shall: 1. Promulgate regulations providing for recognition of duly constituted tenants' associations and cooperators' advisory councils by the commissioner or supervisi…

§ 32-b. Annual reports. The commissioner shall, on or before the first day of July in each year, submit a report to the legislature, the state comptroller, and the attorney general on the implementation of article two of this chapter by the commissioner and the supervising agenc…

§ 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 exte…

§ 34. Foreclosure and judgments. 1. Any action or proceeding to foreclose a mortgage upon a company project, shall be in accordance with the applicable provisions of section ninety-four of this chapter. 2. In the event of an unsatisfied judgment against a company any action not …

§ 35. Voluntary dissolution. 1. A company aided by a loan made prior to May first, nineteen hundred fifty-nine, may voluntarily be dissolved, with the consent of the commissioner or of the supervising agency, as the case may be, not less than thirty-five years after the occupanc…

§ 35-a. Requirements regarding dissolution. Mutual housing companies considering dissolution and/or reconstitution pursuant to section thirty-five of this article shall be subject to the following requirements: 1. Any preliminary vote to authorize a feasibility study, or to appr…

§ 350. Short title. This article shall be known and may be cited and referred to as the "community senior citizens centers and services companies law."

§ 351. Policy and purposes of article. It is hereby declared that the provision of new and improved community senior citizens facilities is necessary to care for the increasing number of persons who are in need of programs and services for the aging. Such facilities should be lo…

§ 352. Definitions. As used in this article the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 1. "Company", or "community senior citizens centers and services company". A company, duly incorporated pu…

§ 353. Companies; how created. Notwithstanding the provisions of any other law or requirement to the contrary, companies shall be incorporated and organized pursuant to the not-for-profit corporation law and this article. In addition to those matters required to be set forth in …

§ 354. Consent of commissioner. Whenever any such certificate shall be presented to the secretary of state, he shall not file such certificate unless there shall accompany the same a certificate of the commissioner stating that he consents to the filing of such certificate; nor …

§ 355. Powers and limitations of a company. 1. Except as is inconsistent with the provisions of this article, a company shall have, in carrying out the purpose of this article, the powers conferred on corporations by the not-for-profit corporation law and shall be subject to the…

§ 356. Members; officers and directors. No member or director of a company shall receive any salary or other compensation for services as such member or director, other than reimbursement of actual and necessary expenses incurred in the performance of his duties. No member, offi…

§ 357. Financing. 1. Any company formed under this article may, subject to the approval of the commissioner, borrow funds from the New York state housing finance agency and secure the repayment thereof by bond or note and mortgage which shall contain such terms and conditions as…

§ 358. Conditions and security for loans. No loan shall be made by the New York state housing finance agency to a company until the commissioner has approved the project and finds that: (1) The company has complied with all of the provisions of this article and all applicable la…

§ 359. Rates and fees. A company shall, with the approval of the commissioner, fix maximum rates and fees to be charged persons served by each project for the facilities and services provided by the company to such persons, the average of such rates and fees for any one project …

§ 36. Sale of project prior to termination of tax exemption. 1. Except as otherwise provided in this article and prior to the expiration of thirty-five years from the date of occupancy, a project, other than a project aided by a loan made after May first, nineteen hundred fifty-…

§ 36-a. Additional powers of municipalities. In addition to any other powers granted to a municipality by law, and notwithstanding the provisions of any other law, a municipality acting by its local legislative body shall have power: 1. To undertake, plan, develop, construct or …

§ 360. Transfer of real property. 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 cap…

§ 361. Supervision and regulation. 1. The department may from time to time make, alter, amend and repeal rules and regulations for the supervision, examination, regulation and audit of companies and for carrying into effect the provisions and purposes of this article, and each c…

§ 362. Voluntary dissolution. At any time after the expiration of ten years after the occupancy date, a company may be voluntarily dissolved, with the consent of the commissioner, upon repayment in full of all obligations under the mortgage and payment of all obligations of the …

§ 363. Foreclosures and judgments. 1. In any foreclosure action the commissioner shall be made a party defendant. He shall take all steps necessary to protect the interests of the public therein and no costs shall be awarded against him or the department. Foreclosures shall not …

§ 364. Fees and charges. The department may by regulation establish and charge to any company such fees and charges for inspection, regulation, supervision and audit as to the department may appear just and reasonable in order to recover the costs of performing such functions.

§ 365. Separability. If any clause, sentence, paragraph 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 the claus…

§ 37. Separability clause. 1. Except as specifically provided in this article, nothing contained therein shall be deemed to limit or restrict any power or authority granted to banking institutions, foundations, labor unions, veterans' organizations, or insurance companies or to …

§ 40. Short title. This article may be cited as the "New York state housing finance agency act."

§ 400. Policy and purposes of article. It is hereby declared that there exists in municipalities in this state a seriously inadequate supply of safe and sanitary dwelling accommodations for persons and families of low income; that such shortage constitutes an emergency and a gra…

§ 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 e…

§ 402. Loans to owners. 1. Notwithstanding the provisions of any general, special or local law, a municipality, by such officer or agency as determined by its local legislative body, is hereby authorized: (a) to make or contract to make loans to the owners of existing multiple d…

§ 403. Occupancy. 1. The dwelling units in any existing multiple dwelling aided by a loan pursuant to this article shall be available solely for persons or families of low income during the period in which any part of such loan remains unpaid, any exemption and abatement from ta…

§ 404. Conditions precedent to making such loans. 1. No such loan shall be made by a municipality to an owner of an existing multiple dwelling unless the owner of such multiple dwelling shall covenant in writing that so long as any part of such loan remains unpaid, any exemption…

§ 405. Rent control; tax exemption. 1. Notwithstanding the provisions of, or any regulations promulgated pursuant to, the emergency housing rent control law, the local emergency housing rent control act or local law enacted pursuant thereto: (1) housing accommodations in any mul…

§ 406. Rules and regulations. An agency may promulgate supplementary rules and regulations to carry out the provisions of this article, not inconsistent with the provisions of this article.

§ 407. Participation by certain corporations and individuals. 1. One or more banking institutions, foundations, labor unions, employers' associations, veterans' organizations, insurance companies, trustees, fiduciaries or any combination of the foregoing, shall have the power to…

* § 408. Minimization of displacement. The agency shall use its best efforts to ensure that activities carried out pursuant to this article are structured so as to minimize the likelihood of any involuntary physical or economic displacement of tenants who reside in multiple dwel…

§ 41. Statement of legislative findings and purposes. 1. There continues to exist in the state a seriously inadequate supply of safe and sanitary dwelling accommodations, non-housekeeping accommodations, aged care accommodations or accommodations for handicapped persons within t…

§ 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 wit…

§ 43. New York state housing finance agency. 1. There is hereby created the "New York state housing finance agency". The agency shall be a corporate governmental agency constituting a public benefit corporation. Its membership shall consist of the commissioner of housing and com…

§ 44. Powers of the agency. Except as otherwise limited by this article, the agency shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and execute contracts and all other instruments necessary or convenient for the exercise of i…

§ 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\n…

§ 44-b. Mortgage modifications, evidence of pre-existing indebtedness. 1. Notwithstanding the provision of any law, general or special, the agency shall have the power to: (i) consent to and contract for the modification of any of the terms of a mortgage, and note or bond secure…

§ 44-c. Federally-aided mortgage loans. 1. In addition to the powers of the agency to make mortgage loans to companies organized pursuant to article two of this chapter and notwithstanding any limitations contained in such article or in this article in connection with mortgage l…

§ 45. Transfer of officers and employees. Officers and employees of state departments and agencies may be transferred to the agency and officers and employees of the agency may be transferred to state departments and agencies without examination and without loss of any civil ser…

§ 45-a. Housing trust fund corporation. 1. There is hereby established a public benefit corporation known as the "housing trust fund corporation" as a subsidiary corporation of the agency. 2. The agency may transfer to such subsidiary corporation any real, personal or mixed prop…

§ 45-b. Affordable housing corporation. 1. There is hereby established a public benefit corporation known as the "affordable housing corporation" as a subsidiary corporation of the agency. 2. The agency may transfer to such subsidiary corporation any real, personal or mixed prop…

§ 45-c. Homeless housing and assistance corporation. 1. There is hereby established a public benefit corporation known as the "homeless housing and assistance corporation" as a subsidiary corporation of the agency. 2. The agency may transfer to such subsidiary corporation any re…

§ 450. Policy and purposes of article. It is hereby declared that there exists in municipalities in this state a seriously inadequate supply of safe and sanitary dwelling accommodations; that such shortage constitutes an emergency and a grave menace to the health, safety, morals…

§ 451. Definitions. As used in this article the following terms shall mean: 1. "Existing multiple dwelling." Any dwelling classified as a multiple dwelling pursuant to the multiple dwelling law and in existence on the date upon which an application for a loan pursuant to this ar…

§ 452. Loans to owners. 1. Notwithstanding the provisions of any general, special or local law, a municipality is hereby authorized: (a) to make or contract to make loans to the owners of existing multiple dwellings within its territorial limits, subject to the limitations in su…