Title PVH, Private Housing Finance

§ 453. Conditions precedent to making such loans. 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 shall remain unpaid or for a per…

§ 454. Servicing of municipal loans by banking institutions. The municipality is authorized to make provision, either in the loan agreement or by separate agreement, for the performance by one or more banking institutions of such services as are generally performed by any such b…

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

* § 456. Minimization of displacement. The supervising agency shall use its best efforts to ensure that activities carried out pursuant to subdivisions seven and eight of section four hundred fifty-two of this article are structured so as to minimize the likelihood of any involu…

* § 457. Records. The supervising agency shall take reasonable steps to determine and maintain a record of tenants economically displaced by virtue of the exercise of powers granted pursuant to subdivisions seven and eight of section four hundred fifty-two of this article. * NB …

§ 46. Notes and bonds of the agency. 1. (a) Subject to the provisions of section forty-seven of this article, the agency shall have power and is hereby authorized from time to time to issue its negotiable bonds and notes in conformity with applicable provisions of the uniform co…

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create and establish a special fund (herein referred to as capital reserve fund), and shall pay into such capital reserve fund (1) any monies appropriated and made available by the state for the purposes of such fun…

§ 47-a. State university construction bonds and notes. 1. Definitions. For the purposes of section forty-seven and of this section: a. "State university facility" shall mean a classroom, lecture hall, library, laboratory or other academic building, or any structure on or improve…

§ 47-b. Mental hygiene improvement bonds and notes. 1. Definitions. For the purposes of section forty-seven and of this section: a. "Community mental health and developmental disabilities facility" shall mean a building, a unit within a building, a laboratory, a classroom, a hou…

§ 47-c. Special provisions related to certain bonds and notes. Notwithstanding any other provision of law, general or special: 1. Any public corporation or officer responsible for the acquisition of real property or the planning, supervision or administration of facilities there…

§ 47-d. Health facilities bonds and notes. 1. Definitions. For the purposes of section forty-seven and this section: a. "Municipality" means a county, city or town constituting a social services district as defined in sections two, sixty-one, seventy-five and seventy-five-a of t…

§ 47-e. Housing program bonds and notes. 1. Definitions. For the purposes of this section and paragraph (c) of subdivision one of section forty-seven of this chapter: (a) "Housing program" shall mean the housing assistance projects or programs funded from an appropriation or an …

§ 470. Policy and purposes of article. It is hereby declared and found that there exists in municipalities within the state substandard and unsanitary areas and neighborhoods containing deteriorated one to four unit private and multiple dwellings, and that the rehabilitation or …

§ 471. Definitions. 1. "Agency" shall mean any agency or instrumentality of a municipality that is created by legislation and designated by the chief executive to act on behalf of the municipality with regard to the provisions of this article. 2. "Banking organization" shall mea…

§ 472. Loans to owners. 1. Notwithstanding the provisions of any general, special or local law, a municipality, acting through an agency, is authorized: (a) to make, or contract to make, loans to owners of one to four unit existing private or multiple dwellings within its territ…

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

§ 474. Servicing of loans by banking institutions and loan servicing companies. 1. The agency is authorized to make provision in the note and loan agreement or by separate agreement for the performance by one or more banking institutions of such services as are generally perform…

§ 475. Interest reduction subsidies. Notwithstanding the provisions of any general, special or local law, a municipality, acting through an agency, is authorized to provide, or contract to provide, interest reduction subsidies for loans made by private investors to owners of one…

§ 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 regulations to carry out the provisions of this article.

§ 478. Source of funds. A municipality may utilize federal grant funds, state grant funds or any municipal funds to make loans and to provide interest reduction subsidies pursuant to this article.

§ 48. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the agency to fulfill the terms of any agreements made with the holders …

§ 49. State's right to require redemption of bonds. Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the agency to…

§ 50. Remedies of noteholders and bondholders. 1. In the event that the agency shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continu…

§ 500. Acquisition of real property. Real property may be acquired by a housing company, a limited-profit housing company or by a municipality for a housing company or a limited-profit housing company, by gift, grant, devise, purchase, condemnation or otherwise.

§ 501. Proceedings to acquire. 1. A housing company or a limited-profit housing company electing to acquire through a municipality, may petition the municipality to institute proceedings under any applicable general, special or local law, to acquire property described in the pet…

§ 502. Condemnation of excess property. A municipality may take private property for a limited-profit housing company by condemnation for the purpose of providing low rent housing for families of low income, or for the clearance, replanning, reconstruction and rehabilitation of …

§ 503. Sale or lease of municipal lands to a housing company. 1. The local legislative body of a municipality, by resolution, may determine that real property of the municipality, specified and described in such resolution is not required for use by the municipality and may auth…

§ 504. Re-entry of lands sold or leased. 1. After the expiration of one year from the sale or lease of real property by the municipality to a housing company, the municipality shall have the right of re-entry in the manner hereinafter provided. Such right of re-entry may, where …

§ 507. Condemnation certificate of commissioner. The power of condemnation shall not be exercised by a housing company, except with the authorization of such action by the commissioner, which authorization shall be in the form of a certificate declaring that the acquisition of t…

§ 508. Notice of public hearing. The hearing shall be held at a time and place appointed by the commissioner who shall give notice of such hearing by publication in a newspaper, designated by him, published or circulated in the municipality or county wherein the property is loca…

§ 51. Monies of the agency. 1. All monies of the agency, except as otherwise authorized or provided in this article, shall be paid to the commissioner of taxation and finance as agent of the agency, who shall not commingle such monies with any other monies. Such monies shall be …

§ 51-a. Federal rental assistance program administrative fees. All administrative fee monies received by the agency from the federal government pursuant to section eight of the United States housing act of 1937, as amended by the Housing and Community Development Act of 1974 and…

§ 52. Notes and bonds as legal investment. The notes and bonds of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying o…

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

§ 54. Exemption from taxation of notes and bonds. It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that said purposes are publ…

§ 55. Assistance by state officers, departments, boards and commissions. 1. The department of audit and control, department of law, commissioner of housing and division of housing, and all other state officers, departments, boards, divisions and commissions may render such servi…

§ 550. Application of article. This article shall apply only to federal, state or municipal projects purchased or leased from municipalities or housing authorities by housing companies. Except as otherwise expressly provided in this article, the terms and provisions of this chap…

§ 551. Definitions. As used in this article, the following terms shall mean and include: 1. "Cost of acquisition." In the case of a project purchased from an authority or municipality, the cost of acquisition shall include the purchase price, costs incidental to the transfer of …

§ 552. Sale or lease of projects. 1. An authority or a municipality may grant, sell, lease or convey a project, or part thereof, either prior to, at the date of, or subsequent to the physical completion thereof, to a housing company, without public bidding, public sale or public…

§ 553. Conditions precedent to sale or lease. No such grant, sale, lease or conveyance under this article shall be made unless (1) the authority or municipality, after a public hearing on ten days published notice, and with the approval of the government providing the financial …

§ 554. Provisions of lease. 1. Every lease of a project or a part thereof to a housing company: (a) shall provide that all improvements shall be the property of the lessor; (b) may require that provision be made for the retirement and surrender of all outstanding shares and debe…

§ 555. Financial structure. 1. (a) The entire amount to be paid in cash or property by the stockholders and income debenture holders of a housing company acquiring fee title to a project shall be equivalent to at least twenty per centum of the cost of acquisition of such project…

§ 556. Tax exemptions. Notwithstanding the provisions of section fifty-two, subdivisions three and four of the public housing law, or of sections thirty-three or ninety-three of this chapter, the real property in a project sold or leased as provided in this article, when the tra…

§ 557. Supervision of certain housing companies. The provisions of section thirteen of this chapter requiring the approval by the commissioner of housing of the persons incorporating a limited-profit housing company, and the provisions of section fourteen of this chapter requiri…

§ 558. Subsidies. 1. The obligation of the state to pay periodic subsidies to an authority or municipality for a project which has been leased or sold to a housing company, and the obligation of a municipality to make subsidies in at least an equal amount, as required by section…

§ 559. Savings clause. 1. The repeal of laws as specified in section five hundred sixty of this article, or amendment of any law as provided by this act, shall not affect or impair the validity of any action taken by any public official under the law in effect immediately prior …

* § 56. Reports. 1. The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee, the comptroller and the director of the budget within ninety days after the end of its fiscal year, a complete and de…

§ 56-a. Indemnification of members, officers and employees. The state shall save harmless and indemnify the respective members, officers and employees of the agency and its subsidiary corporations pursuant to section seventeen of the public officers law against any claim, demand…

§ 560. Laws repealed. Subdivision four of section thirty-seven of the public housing law, as added by chapter nine hundred fifty-nine of the laws of nineteen hundred sixty, and section one hundred thirty-two of such law, as amended by chapter one hundred forty-eight of the laws …