New York · statute · N.Y. Private Housing Finance Law · 483 active provisions
CHAPTER 803 AN ACT in relation to financial aids to private enterprise housing, constituting chapter forty-four-b of the consolidated laws Became a law April 22, 1961, with the approval of the Governor. Passed, by a majority vote, three-fifths being present The People of the State of New York, represented in Senate and…
ARTICLE 1 SHORT TITLE; DEFINITIONS Section 1. Short title. 2. Definitions.
§ 1. Short title. This chapter shall be known and may be cited and referred to as the "private housing finance law."
§ 2. Definitions. The following terms, whenever used or referred to in this chapter, shall have the following meaning, unless a different meaning clearly appears from the context, or unless specifically defined in any of the articles of this chapter: 1. "Area". A section of a municipality which is substandard or insani…
ARTICLE II LIMITED-PROFIT HOUSING COMPANIES Section 10. Short title. 11. Policy and purposes of article. 11-a. Additional policy and purposes of article. 12. Definitions. 13. Limited-profit housing companies; how created. 13-a. The applicability of not-for-profit corporation law. 13-b. Verification of papers filed with…
§ 10. Short title. This article shall be known and may be cited and referred to as the "limited-profit housing companies law."
§ 11. Policy and purposes of article. It is hereby declared that there exists in municipalities in this state a seriously inadequate supply of safe and sanitary dwelling or non-housekeeping accommodations for families and persons of low income, including accommodations for handicapped persons of low income and aged car…
§ 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 municipalities through comprehensive programs and…
§ 12. Definitions. As used in this article, the following terms shall mean and include: 1. "Areas." A section of a municipality in which there is to be located a project approved by the municipality as provided in paragraph (a) of subdivision one and in subdivision five of section twenty-six of article two of this chap…
§ 13. Limited-profit housing companies; how created. A company may be created by three or more persons, approved by the commissioner, by making, subscribing, acknowledging and filing with the secretary of state a certificate which shall be entitled and endorsed "Certificate of Incorporation of (name of company) pursuan…
§ 13-a. The applicability of not-for-profit corporation law. 1. The not-for-profit corporation law applies to every company heretofore or hereafter formed under this article and the not-for-profit corporation law, provided that: (a) If any provision of the not-for-profit corporation law conflicts with any provision of…
§ 13-b. Verification of papers filed with supervising agency. Any document required to be filed with the supervising agency regarding rental units, either state or municipal, shall be duly verified under oath of the corporation or individual filing the same. The commissioner or head of such supervising agency may restr…
§ 13-c. Voting, election and referendum procedures. 1. Any shareholder vote involving the election of board members, by-law amendments, or on dissolution or reconstitution or conversion of a mutual housing company including any votes for a special assessment pursuant to subdivisions one, two or three of section thirty-…
§ 14. Consent of commissioner to incorporation. Whenever any such certificate shall be presented to the secretary of state, he shall not file such certificate unless there shall accompany the same a certificate of the commissioner that he consents to the filing of such certificate; nor shall any amendment to the certif…
§ 15. Participation by certain corporations and individuals. 1. (a) One or more banking organizations, foundations, labor unions, employers' associations, veterans' organizations, colleges, universities, educational institutions, child care institutions, hospitals, medical research institutes, insurance companies, trus…
§ 16. Limited-profit housing companies; partnership relations. Notwithstanding any provisions in this article to the contrary, but subject to such regulations as may be prescribed by the commissioner or the supervising agency, as the case may be: 1. (a) Any company may be a partner (general or limited) in a partnership…
§ 17. Powers. 1. Subject to the limitations of this article, a company heretofore or hereafter organized under this chapter shall have the powers and be subject to the limitations contained in the business corporation law or the not-for-profit corporation law, as the case may be, and shall have the following additional…
§ 18. Designation of and service of process on secretary of state and registered agent. The provisions of sections three hundred four, three hundred five and three hundred six of the business corporation law shall apply to companies heretofore or hereafter organized pursuant to the provisions of this article.
§ 19. Consideration for issuance of stock, bonds or income debentures. No company shall issue stock, bonds, or income debentures except for money or property actually received for the use and lawful purposes of the company, provided, however, that a mutual company may issue stock for home owners purchase notes if the p…
§ 20. Mortgages, mortgage bonds and notes. 1. Any company, subject to the approval of the commissioner or of the supervising agency, as the case may be, may borrow funds and secure the repayment thereof by bond or note and mortgage or by an issue of bonds under a trust indenture. 2. Each loan made to a company shall re…
§ 21. Capital structure. The capital structure of a company undertaking a project and the proportionate amount of the project cost to be represented by mortgages, bonds, notes, income debentures and shares shall be subject to the approval of the commissioner except as otherwise provided in section twenty-three with res…
§ 22. State loans. 1. The commissioner may enter into contracts for loans to a company. All such contracts shall be subject to approval by the state comptroller and by the attorney general as to form. 2. Loans by the state under such a contract shall be secured by a first mortgage lien, and no such loan shall be made i…
§ 22-a. Redevelopment loans. Notwithstanding any provision of this article to the contrary, where a state-aided project undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual project cost within the meaning of section twenty-one…
§ 22-b. Loans for state-aided limited-profit housing companies. 1. Notwithstanding any provision of this article to the contrary, the commissioner may for a period of one year from the effective date of this act approve a loan and encumbrance in excess of the actual project cost of a state-aided project comprising more…
§ 23. Municipal loans and municipally aided projects. 1. A municipality may make or contract to make loans to a company or to a public benefit corporation providing housing for staff members, employees or students of a college, university, hospital or child care institutions and their immediate families in an amount no…