Title PVH, Private Housing Finance

§ 1. Short title. This chapter shall be known and may be cited and\nreferred to as the "private housing finance law."\n

§ 10. Short title. This article shall be known and may be cited and\nreferred to as the "limited-profit housing companies law."\n

§ 100. Short title. This article shall be known and may be cited and\nreferred to as the "Redevelopment Companies Law."\n

§ 1001. Legislative findings and statement of policy. The legislature\nhereby finds and declares that there exist in certain rural areas of the\nstate significant unmet housing needs of persons and families of low or\nmoderate income, numerous housing units which are deteriorati…

§ 1002. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Commissioner" shall mean the commissioner of the state division of\nhousing and community renewal.\n 2. "Division" shall mean the state division of housing and community\n…

§ 1003. Contracts with not-for-profit corporations for housing\npreservation and community renewal activities. 1. The commissioner may\nenter into contracts with corporations incorporated pursuant to the\nnot-for-profit corporation law (or such law together with any other\nappli…

§ 1004. Payments pursuant to contracts. 1. Each contract entered into\npursuant to this article shall provide for payment to the corporation\nfor the housing preservation and community renewal activities to be\nperformed by it.\n 2. Payments pursuant to this section shall be res…

§ 1005. Enforcement of standards for contract performance. 1. The\ndivision shall by regulation provide for formal evaluation of the\nperformance of a corporation to determine its progress in achieving the\nobjectives outlined in the annual housing preservation and community\nre…

§ 1006. Technical services and assistance to corporations and rural\nareas. 1. In accordance with the policy of this article, the division\nshall encourage the creation, development and strengthening of new\nnot-for-profit corporations to perform housing preservation and\ncommun…

§ 1007. Rules and regulations. The commissioner shall issue rules and\nregulations for the administration of this article. Such rules and\nregulations shall include provisions concerning requirements as to\neligibility for contracting with the commissioner; the form of\napplicat…

§ 1008. Relationship to other laws. Nothing in this article shall be\ndeemed to deny or limit the right of any corporation to seek or receive\nassistance under, or otherwise participate in, any other program\npursuant to this chapter, or any other governmental program relating t…

§ 1009. Annual report. The commissioner shall, on or before December\nthirty-first in each year submit a report to the legislature on the\nimplementation of this article. Such report shall include, but not be\nlimited to, for each company receiving payments under this article: a…

§ 101. Policy of state and purpose of act. It is hereby declared\nthat in certain areas of municipalities located within this state there\nexist substandard conditions and insanitary housing conditions owing to\nobsolescence, deterioration and dilapidation of buildings, or exces…

§ 1010. Rural aging services. Housing preservation and community\nrenewal activities which are otherwise eligible under subdivision five\nof section one thousand two of this article, but which are or have been\nfunded under the rural aging services program operated jointly by th…

§ 1011. Merged company savings fund. The division shall create a fund\nto hold and shall transfer all funds determined to be merged corporation\nsavings pursuant to paragraph (d) of subdivision five of section one\nthousand four of this article into such fund. The division shall…

§ 102. Definitions. As used in this article, the following terms shall\nmean and include:\n 1. "Project." A specific work or improvement to effectuate all or any\npart of a plan including lands, buildings and improvements acquired,\nowned, constructed, managed or operated in an …

§ 1020. Legislative findings and statement of policy. The legislature\nhereby finds that in certain rural areas of the state significant\nnumbers of low income residents are unable to obtain decent housing. The\nnormal operation of the private market has not addressed their need…

§ 1021. Definitions. As used in this article, any term defined in\narticle seventeen of this chapter shall have the same meaning herein as\nset forth therein and the following terms shall have the following\nmeanings:\n 1. "Federal assistance" means assistance from the Farmer's …

§ 1023. Rural housing assistance contracts. 1. The commissioner may\nenter into contracts with eligible sponsors for the provision, in\neligible projects, of housing for persons of low income. Such contracts\nshall provide for the payment by the division to the sponsor of period…

§ 1024. Payments pursuant to contracts. 1. Payments shall be made\nmonthly or on such other periodic basis as may be provided in the\ncontract. Each such payment shall equal, for each unit in the project\ncovered by the contract, the difference between the project rent\nestablis…

§ 1025. Administrative provisions. 1. The commissioner shall provide,\nby regulations, for the administration of the provisions of this\narticle. Such regulations shall include, but need not be limited to,\nprovisions for operation of the project by the sponsor in a manner\ncons…

§ 103. Redevelopment companies; how created. 1. A redevelopment\ncompany may be created as a corporation by three or more persons\nsigning, acknowledging and filing a certificate which shall contain:\n (1) The name of the proposed redevelopment company.\n (2) The purposes for wh…

§ 104. Consent of supervising agency to creation of redevelopment\ncompanies. A certificate or a copy of a certificate made pursuant to\nsection one hundred three of this article shall be presented for filing\nto the secretary of state in the case of a corporation or limited\nli…

§ 105. Application of other corporation laws. The provisions of the\nbusiness corporation law as presently in effect and as hereafter from\ntime to time amended, shall apply to redevelopment companies which are\ncorporations, except where such provisions are in conflict with the…

§ 105-a. Application of other laws. The provisions of the limited\nliability company law as presently in effect and as hereafter from time\nto time amended, shall apply to redevelopment companies which are\nlimited liability companies, except where such provisions are in\nconfli…

§ 1051. Legislative findings and statement of policy. The legislature\nhereby finds and declares that there exists in many portions of the\nrural areas of the state substantial needs for revitalization and\nimprovement of housing and of local commercial and service facilities,\n…

§ 1052. Definitions. As used in this article:\n (a) all terms defined in article seventeen of this chapter shall have\nthe same meanings herein as specified therein; and\n (b) the following terms shall have the following meanings:\n (1) "rural area revitalization project" means …

§ 1053. Contracts for rural area revitalization projects. 1. The\ncorporation may, in the name of the state, enter into contracts with\nqualified applicants for the performance of rural area revitalization\nprojects.\n 2. The corporation may enter into a contract pursuant to thi…

§ 1054. Administration of contracts. 1. A contract pursuant to this\narticle may provide for such periodic payments as may be appropriate.\n 2. The corporation shall periodically review the performance of each\ncontractor pursuant to this article. Such reviews shall include\neva…

§ 1055. Rules and regulations. The corporation may provide, by\nregulation, for the administration of the rural area revitalization\nprogram. Such regulations may contain any provisions, not inconsistent\nwith this article as may be necessary or appropriate to carry out the\npol…

§ 1057. Transfer of authority, administration and appropriations. 1.\nOn and after the effective date of this section, all obligations of the\ndivision with respect to rural area revitalization projects shall become\nthe obligations of the corporation and the corporation shall b…

§ 106. Powers of redevelopment companies. Each redevelopment company\nshall have and may exercise such of the powers conferred by law as shall\nbe necessary in conducting the business of a redevelopment company and\nconsistent with the provisions of this article.\n

§ 107. Limited return on investment. Subject to the provisions of\nsection one hundred twenty-three of this article, there shall be paid\nannually out of the earnings of the redevelopment company, after\nproviding for all expenses, taxes and assessments, a sum for interest on\na…

§ 108. Consideration for capital and bonds. No redevelopment company\nwhich is a corporation shall issue shares, nor shall a redevelopment\ncompany which is a partnership credit sums to the partners on capital\naccount, nor shall a redevelopment company which is a limited liabil…

§ 109. Minimum amount of capital and debentures. Except as provided in\nthis section the capital of a redevelopment company together with any\nincome debentures shall in no event be less than the total of ten per\ncentum of the actual cost of any project or projects undertaken p…

§ 11. Policy and purposes of article. It is hereby declared that there\nexists in municipalities in this state a seriously inadequate supply of\nsafe and sanitary dwelling or non-housekeeping accommodations for\nfamilies and persons of low income, including accommodations for\nh…

§ 11-a. Additional policy and purposes of article. 1. It is hereby\ndeclared that the elimination of conditions causing a deterioration of\nthe quality of urban life in municipalities of the State and the\nrevitalization and improvement of the quality of urban life in such\nmuni…

§ 110. Income debentures. With the approval of the supervising agency,\nthe certificate creating a redevelopment company, or an amended\ncertificate, may authorize the issuance of income debenture certificates\nbearing no greater interest than six per centum per annum. Such inco…

§ 1100. Statement of legislative findings and purpose. The legislature\nhereby finds and declares that there is a serious shortage of decent\naffordable housing in the state for persons of low income; that the cost\nof providing such housing without public participation and assi…

§ 1101. Definitions. For the purposes of this article:\n 1. "Commissioner" shall mean the commissioner of the state division of\nhousing and community renewal.\n 2. "Corporation" shall mean the housing trust fund corporation\nestablished by section forty-five-a of this chapter.\…

§ 1102. Cooperative or condominium, homesteading and rental contracts.\n1. Within the limit of funds available in the housing trust fund\naccount, the corporation is hereby authorized to enter into contracts\nwith eligible applicants for the furnishing by such applicants of\nhou…

§ 1103. General and administrative provisions. 1. The corporation\nshall issue and promulgate rules and regulations for the administration\nof this article. The rules and regulations shall include provisions\nconcerning the eligibility of applicants for payments, grants and loan…

§ 1106. Legislative findings and declarations. The legislature hereby\nfinds and declares that there is a serious shortage of decent affordable\nhousing in the state for persons of low income; that the cost of\nproviding such housing without public participation and assistance i…

§ 1106-a. Definitions. For purposes of this article, the following\nterms shall have the following meanings:\n 1. "Corporation" means the housing trust fund corporation established\nby section forty-five-a of this chapter.\n 2. "Turnkey/enhanced rental project" or "project" mean…

§ 1106-b. Low income turnkey/enhanced housing trust fund program\nestablished. There is hereby established within the housing trust fund\ncorporation a low income turnkey/enhanced housing trust fund program.\nWithin the limit of funds available for this purpose in the\nturnkey/e…

§ 1106-c. Request for proposals. The corporation, pursuant to a\nrequest for proposals, shall not provide grants or loans under this\narticle except to an eligible applicant which has submitted an\napplication in consultation with the eligible owner or owners, which\ncontains:\n…

§ 1106-d. Selection of eligible applicants for grants or loans under\nthis article. 1. Prior to providing grants or loans to an eligible\napplicant pursuant to this article, the corporation shall determine\nthat:\n (a) eligible applicants can demonstrate by their past performanc…

§ 1106-e. Reserve fund. There shall be a reserve fund for each project\nwhich in no event shall initially be less than five percent of the\nturnkey/enhanced rental project costs, exclusive of any reserve fund.\nSuch reserve fund may be provided by the corporation or any other so…

§ 1106-f. Project operation and management; rent structure; tenant\nselection. The eligible owner shall enter into an agreement with the\ncorporation which provides that the eligible owner of such project\nshall:\n 1. operate and manage such project as a rental building which is…

§ 1106-g. Adjustment of rents; income verification. Notwithstanding\nany other provision of law, no grants or loans shall be provided\npursuant to this article unless an eligible owner has agreed to require\nthe tenants and occupants residing in the housing project or projects t…