Title PVH, Private Housing Finance

§ 614. Servicing loans. An agency may make provision in a note and loan agreement or by separate agreement for the performance of loan or grant servicing functions, including, but not limited to, functions related to lending or providing a grant for construction, as may generall…

§ 62. Article not affected if in part unconstitutional. If any section, subdivision, paragraph, sentence, clause or provision of this article shall be unconstitutional or be ineffective in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall b…

§ 63. Legislative findings and declaration. The legislature hereby finds and declares that many homeless families live in overcrowded and often dilapidated welfare hotels in cities with a population of one million or more; that welfare hotel placements are expensive and yet offe…

§ 64. Definitions. The following terms, whenever used or referred to in this article, unless the context indicates otherwise, shall have the following meanings: 1. "Agency" shall mean the New York state housing finance agency. 2. "City" shall mean cities with a population of one…

§ 65. Permanent housing for homeless families site review advisory board. 1. There is hereby created the permanent housing for homeless families site review advisory board. The board will consist of the state commissioner of housing and community renewal, the state commissioner …

§ 65-a. Permanent housing projects for homeless families. 1. Site identification; initial project description. For each proposed permanent housing project for homeless families, the city will identify a site or sites for development of permanent housing for homeless families. If…

§ 65-b. Funds for permanent housing projects for homeless families. The agency is authorized to receive and administer funds provided by the state and a city, as well as grants-in-aid and gifts of real and personal property, including money, from any source whatsoever, to be use…

§ 65-c. Approval of funding agreement; issuance of requests for proposals. The city's funds for such projects shall be provided as payments, grants or loans pursuant to a funding agreement or agreements with the agency. Any such agreement shall include the amount of funding to b…

§ 65-d. Selection of developers. Following receipt by the agency of proposals in response to such request, the agency shall evaluate the proposals in consultation with appropriate city departments and agencies and recommend to the mayor of the city for his approval developers wh…

§ 650. Short title. This article shall be known and may be cited as the "New York city housing development corporation act."

§ 651. Statement of legislative findings and purpose. 1. There continues to exist in the city of New York a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of families and persons of low income. The ordinary operations of priva…

§ 652. Definitions. As used or referred to in this article, unless a different meaning clearly appears from the context: 1. "Corporation" shall mean the corporate governmental agency created by section six hundred fifty-three of this article. 2. "State" shall mean the state of N…

§ 653. New York city housing development corporation. 1. There is hereby created the "New York city housing development corporation". The corporation shall be a corporate governmental agency, perpetual in duration, and shall constitute a public benefit corporation. It shall cons…

§ 654. Powers of the corporation. Except as otherwise limited by this article, the corporation shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and alter by-laws for its organization and internal management and, subject to agr…

§ 654-a. Subsidiaries; how created. 1. The corporation by resolution may direct any of its members, officers or employees to organize a subsidiary corporation whenever, in the sole discretion of the corporation, it has become necessary to acquire a project in the case of sale un…

§ 654-b. Housing assistance corporation. 1. There is hereby established a public benefit corporation known as the "housing assistance corporation" as a subsidiary corporation of the corporation. 2. Such subsidiary corporation may (a) receive monies from the corporation, the stat…

§ 654-c. Housing New York corporation. 1. Definitions. As used in this section, unless a different meaning clearly appears from the context: (a) "Housing New York program" shall mean the housing New York program established pursuant to section four of the housing New York progra…

§ 654-d. Residential mortgage insurance corporation. 1. Definitions. As used in this section, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (a) "Cash equivalent". A letter of credit, insu…

§ 655. Notes and bonds of the corporation. 1. (a) Subject to the provisions of section six hundred fifty-six of this article, the corporation shall have power and is hereby authorized to issue from time to time its negotiable notes and bonds in conformity with applicable provisi…

§ 655-a. Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby. The corporation is hereby authorized and empowered, from time to time and at any time to enter into a contract or contracts with the United States, acting through…

§ 656. Reserve funds and appropriations. 1. a. The corporation shall create and establish special funds (herein referred to as capital reserve funds) and shall pay into such a capital reserve fund (1) any moneys appropriated and made available by the state or city for the purpos…

§ 657. 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 corporation to fulfill the terms of any agreements made with the sai…

§ 658. State and city not liable on notes and bonds. The notes, bonds or other obligations of the corporation shall not be a debt of either the state of New York or of the city of New York, and neither the state nor the city shall be liable thereon, nor shall they be payable out…

§ 659. City'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 city may, upon furnishing sufficient funds therefor, require the corporatio…

§ 66. Authorized courses of action. For each project, the agency will review and approve or disapprove a final project description containing the information specified in section sixty-five-a of this article. The final project description shall include the identity of the projec…

§ 660. Remedies of noteholders and bondholders. 1. In the event that the corporation 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 c…

§ 661. Assistance to the corporation. The state or city may make grants of money or property to the corporation for the purpose of enabling it to carry out its corporate purposes and for the exercise of its powers, including, but not limited to, deposits to the reserve funds. Th…

§ 662. Notes and bonds as legal investments. The notes and bonds of the corporation 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 carr…

§ 663. Exemption from taxation. 1. The property of the corporation and its income and operations shall be exempt from taxation. 2. It is hereby determined that the creation of the corporation is in all respects for the benefit of the people of the state and for the improvement o…

§ 664. Employees of the corporation. 1. Notwithstanding any inconsistent provisions of this act, the appointment and promotion of all employees of and for the corporation shall be made in accordance with the provisions of the civil service law and the rules of the city civil ser…

§ 665. Assistance by department of housing preservation and development. The commissioner of housing preservation and development and the department of housing preservation and development are hereby designated to act for and in behalf of the corporation in servicing mortgage lo…

§ 666. Moneys of the corporation. 1. All moneys of the corporation, except as otherwise authorized or provided in this article, shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the state or nation…

§ 667. Actions. 1. Except in an action for wrongful death, in any case founded upon tort a notice of claim shall be required as a condition precedent to the commencement of an action or special proceeding against the corporation, any of its subsidiary corporations, or any office…

§ 668. Annual report. The corporation shall submit to the mayor, the comptroller and the director of management and budget within ninety days after the end of its fiscal year, a complete and detailed report setting forth: (1) its operations and accomplishments; (2) its receipts …

§ 669. Article not affected if in part unconstitutional. If any section, subdivision, paragraph, sentence, clause or provision of this article shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective it shall be …

§ 67. Liability on obligations. 1. Except for obligations which the agency assumes by contract for the construction, rehabilitation and development period of any project, neither the agency nor the state shall have any responsibility or liability as to the construction, rehabili…

§ 670. Inconsistent provisions in other laws superseded. Insofar as the provisions of this article are inconsistent with the provisions of any other law, general, special or local, the provisions of this article shall be controlling.

§ 68. State/city allocations of permanent housing projects for homeless families. 1. No contract shall be entered into by the agency or its designee in connection with the administration of projects, including the payment of project costs, unless the agency is assured to its sat…

§ 69. Compliance; general and administrative provisions. 1. The owner of each project shall be responsible for assuring compliance with the terms and conditions of the approved project description and this article. Any project owned by a not-for-profit corporation or a housing d…

§ 70. General policy. It is hereby declared to be the policy of this\narticle to encourage the investment of the savings of the people in low\nrent housing accommodations, to protect such investment against loss and\nto assure a fair return thereon. To this end, every responsibl…

§ 71. Definitions. The following terms, whenever used or referred to\nin this act, shall be construed as follows:\n 1. The term "housing company" means a limited-dividend housing\ncorporation, a partnership (general or limited) or a trust organized\npursuant to this article.\n 2…

§ 72. Housing companies; how created. 1. Three or more persons may\nbecome a housing company which is a corporation, for the purpose of\ncarrying out a project or projects, on making, signing, acknowledging\nand filing a certificate which shall contain:\n (1) The name of the pro…

§ 73. Consent of commissioner to creation of housing companies. 1. If\nany certificate made pursuant to subdivision one of section seventy-two\nshall be presented to the secretary of state he shall not file said\ncertificate unless there shall accompany the same a certificate of…

§ 74. Application of other laws. The provisions of the business\ncorporation law as hereafter from time to time amended shall apply to\nhousing companies which are corporations, and the provisions of all\napplicable law shall apply to housing companies which are partnerships\nor…

§ 75. Designation of and service of process on secretary of state and\nregistered agent. The provisions of sections three hundred four, three\nhundred five and three hundred six of the business corporation law shall\napply to housing companies heretofore or hereafter organized a…

§ 76. Limited return on capital and debentures. No shareholder,\npartner or beneficiary of a trust having an interest vested in\npossession in any housing company formed hereunder shall receive any\ndistribution on capital in any one year in excess of six per centum per\nannum e…

§ 77. Time of payment of subscription or capital contributions. 1.\nSubscriptions to the shares or income debentures of a housing company\norganized as a corporation shall be paid at such times and in such\ninstallments as the board of directors and the commissioner may require.…

§ 78. Consideration for capital and bonds. No housing company which is\na corporation shall issue shares, nor shall a housing company which is a\npartnership credit sums to the partners on capital account, nor shall a\nhousing company which is a trust subject amounts to the trus…

§ 79. Minimum amount of capital and debentures. The entire amount of\ncapital, together with any income debentures of a housing company shall\nbe equivalent to at least twenty per centum of the actual cost of the\nproject or projects which it operates except that in the case of …

§ 80. Income debentures. With the approval of the commissioner the\ncertificate, or an amended certificate, may authorize the issuance of\nincome debenture certificates bearing no greater interest than six per\ncentum per annum. In the case of a housing company organized as a\nc…