Title PVH, Private Housing Finance

§ 453. Conditions precedent to making such loans. No such loan shall\nbe made by a municipality to an owner of an existing multiple dwelling\nunless the owner of such multiple dwelling shall covenant in writing\nthat so long as any part of such loan shall remain unpaid or for a\…

§ 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\nsu…

§ 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

* § 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\nin…

* § 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 …

§ 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…

§ 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\…

§ 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\ni…

§ 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 developmental disabilities facility"\nshall mean a building, a unit within a building, a laboratory, a\nclassroom, …

§ 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 …

§ 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…

§ 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 o…

§ 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 one to four\nunit private and multiple dwellings, and that the rehabilitation …

§ 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" shal…

§ 472. Loans to owners. 1. Notwithstanding the provisions of any\ngeneral, special or local law, a municipality, acting through an agency,\nis authorized:\n (a) to make, or contract to make, loans to owners of one to four unit\nexisting private or multiple dwellings within its t…

§ 473. Conditions precedent to making such loans. 1. No such loan\nshall be made to an owner of an existing private or multiple dwelling\nunless the owner of such private or multiple dwelling shall covenant in\nwriting that so long as any part of such loan shall remain unpaid or…

§ 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 perf…

§ 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 owners of …

§ 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

§ 477. Rules and regulations. The agency may promulgate rules and\nregulations to carry out the provisions of this article.\n

§ 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

§ 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 holde…

§ 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…

§ 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 cont…

§ 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

§ 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…

§ 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…

§ 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 a…

§ 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, whe…

§ 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 …

§ 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\n…

§ 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 …

§ 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\…

§ 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 carryin…

§ 53. Exemption from taxation of property and income. The property of\nthe agency and its income and operations shall be exempt from taxation.\n

§ 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 …

§ 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\ns…

§ 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 …

§ 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 transfe…

§ 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\npu…

§ 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 financi…

§ 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 a…

§ 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 proj…

§ 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\…

§ 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\nreq…

§ 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 sec…

§ 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 pri…

* § 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…

§ 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, dem…

§ 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 la…