Title PVH, Private Housing Finance

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

§ 62. Article not affected if in part unconstitutional. If any\nsection, subdivision, paragraph, sentence, clause or provision of this\narticle shall be unconstitutional or be ineffective in whole or in part,\nto the extent that it is not unconstitutional or ineffective, it shal…

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

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

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

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

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

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

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

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

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

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

§ 653. New York city housing development corporation. 1. There is\nhereby created the "New York city housing development corporation". The\ncorporation shall be a corporate governmental agency, perpetual in\nduration, and shall constitute a public benefit corporation. It shall\n…

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

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

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

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

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

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

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

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

§ 657. 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\ncorporation to fulfill the terms of any agreements made with the …

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

§ 659. City'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 city\nmay, upon furnishing sufficient funds therefor, require the corpora…

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

§ 660. Remedies of noteholders and bondholders. 1. In the event that\nthe corporation shall default in the payment of principal of or interest\non any issue of notes or bonds after the same shall become due, whether\nat maturity or upon call for redemption, and such default shal…

§ 661. Assistance to the corporation. The state or city may make\ngrants of money or property to the corporation for the purpose of\nenabling it to carry out its corporate purposes and for the exercise of\nits powers, including, but not limited to, deposits to the reserve\nfunds…

§ 662. Notes and bonds as legal investments. The notes and bonds of\nthe corporation are hereby made securities in which all public officers\nand bodies of this state and all municipalities and municipal\nsubdivisions, all insurance companies and associations and other persons\n…

§ 663. Exemption from taxation. 1. The property of the corporation and\nits income and operations shall be exempt from taxation.\n 2. It is hereby determined that the creation of the corporation is in\nall respects for the benefit of the people of the state and for the\nimprovem…

§ 664. Employees of the corporation. 1. Notwithstanding any\ninconsistent provisions of this act, the appointment and promotion of\nall employees of and for the corporation shall be made in accordance\nwith the provisions of the civil service law and the rules of the city\ncivil…

§ 665. Assistance by department of housing preservation and\ndevelopment. The commissioner of housing preservation and development\nand the department of housing preservation and development are hereby\ndesignated to act for and in behalf of the corporation in servicing\nmortgag…

§ 666. Moneys of the corporation. 1. All moneys of the corporation,\nexcept as otherwise authorized or provided in this article, shall be\ndeposited as soon as practicable in a separate account or accounts in\nbanks or trust companies organized under the laws of the state or\nna…

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

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

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

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

§ 670. Inconsistent provisions in other laws superseded. Insofar as\nthe provisions of this article are inconsistent with the provisions of\nany other law, general, special or local, the provisions of this article\nshall be controlling.\n

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

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

§ 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…