Title PVH, Private Housing Finance

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

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

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

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

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

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

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

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

§ 1006. Technical services and assistance to corporations and rural areas. 1. In accordance with the policy of this article, the division shall encourage the creation, development and strengthening of new not-for-profit corporations to perform housing preservation and community …

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

§ 1008. Relationship to other laws. Nothing in this article shall be deemed to deny or limit the right of any corporation to seek or receive assistance under, or otherwise participate in, any other program pursuant to this chapter, or any other governmental program relating to h…

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

§ 101. Policy of state and purpose of act. It is hereby declared that in certain areas of municipalities located within this state there exist substandard conditions and insanitary housing conditions owing to obsolescence, deterioration and dilapidation of buildings, or excessiv…

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

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

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

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

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

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

§ 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, by regulations, for the administration of the provisions of this article. Such regulations shall include, but need not be limited to, provisions for operation of the project by the sponsor in a manner consiste…

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

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

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

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

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

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

§ 1053. Contracts for rural area revitalization projects. 1. The corporation may, in the name of the state, enter into contracts with qualified applicants for the performance of rural area revitalization projects. 2. The corporation may enter into a contract pursuant to this sec…

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

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

§ 1057. Transfer of authority, administration and appropriations. 1. On and after the effective date of this section, all obligations of the division with respect to rural area revitalization projects shall become the obligations of the corporation and the corporation shall be r…

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

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

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

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

§ 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 declared that the elimination of conditions causing a deterioration of the quality of urban life in municipalities of the State and the revitalization and improvement of the quality of urban life in such municipa…

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

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

§ 1101. Definitions. For the purposes of this article: 1. "Commissioner" shall mean the commissioner of the state division of housing and community renewal. 2. "Corporation" shall mean the housing trust fund corporation established by section forty-five-a of this chapter. 3. "Re…

§ 1102. Cooperative or condominium, homesteading and rental contracts. 1. Within the limit of funds available in the housing trust fund account, the corporation is hereby authorized to enter into contracts with eligible applicants for the furnishing by such applicants of housing…

§ 1103. General and administrative provisions. 1. The corporation shall issue and promulgate rules and regulations for the administration of this article. The rules and regulations shall include provisions concerning the eligibility of applicants for payments, grants and loans u…

§ 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…