reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 104 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 104 - Consent of Supervising Agency to Creation of Redevelopment Companies.

§  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   liability  company  and  to  the  supervising  agency  in  the case of a   partnership or trust.  No certificate or any amendment thereto shall  be   filed without the prior written consent of the supervising agency.  Such   consent  of  the  supervising agency shall not be given in the case of a   partnership (general or limited), a limited liability company or a trust   unless there has been filed with the supervising  agency  a  partnership   agreement,  operating agreement  or trust agreement, as the case may be,   the terms and conditions of which shall be subject to  the  approval  of   the supervising agency.
NY Priv Hous Fin L § 105 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 105 - Application of Other Corporation Laws.

§  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   provisions of this article. In the event that any action with respect to   which  the  holders of income debentures shall have the right to vote is   proposed to be taken with regard to a redevelopment company which  is  a   corporation, then notice of any meeting at which such action is proposed   to be taken shall be given to such holders in the same manner and to the   same  extent  as  if they were shareholders entitled to notice of and to   vote at such meeting, and any certificate filed pursuant to law  in  the   department  of state with respect to any such action, whether taken with   or without meeting, and any affidavit required by law to be  annexed  to   such certificate, shall contain the same statements or recitals and such   certificate  shall  be  subscribed  and acknowledged, and such affidavit   shall be made, in the same manner as if such holders  were  shareholders   holding shares of an additional class of shares entitled to vote on such   action,  or  with  respect  to  the  proceedings  provided  for  in such   certificate.
NY Priv Hous Fin L § 105-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 105-A - Application of Other Laws.

§  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 with the provisions of this article.
NY Priv Hous Fin L § 106 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 106 - Powers of Redevelopment Companies.

§  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.
NY Priv Hous Fin L § 107 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 107 - Limited Return on Investment.

§  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 amortization of any mortgage indebtedness and  depreciation  charges   if,  when  and to the extent deemed necessary by the supervising agency,   plus a distribution of six per centum on the capital  and  interest  not   exceeding  six  per centum on outstanding income debentures; except that   in  the  case  of  redevelopment  companies  formed   prior   to   April   twenty-ninth  nineteen  hundred  sixty, and 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   amortization, depreciation and distributions, equal to but not exceeding   six  per centum of the total actual final cost of the project as defined   by subdivision two of section one hundred twelve of  this  article;  the   obligation  in  respect  of  such  payments shall be cumulative, and any   deficiency in interest, amortization, depreciation and distributions  in   any  year  shall  be  paid  either  from  any  cash surplus derived from   earnings remaining in the  treasury  of  the  redevelopment  company  in   excess of the amount necessary to provide such cumulative annual sums or   from  the  first  available  earnings  in subsequent years; and any cash   surplus  derived  from  earnings  remaining  in  the  treasury  of   the   redevelopment  company in excess of the amount necessary to provide such   cumulative annual sums shall, upon the dissolution of, or in the case of   a redevelopment company which is a trust the termination of the company,   be paid into the general fund of the municipality  except  as  otherwise   contemplated  by subdivision five of section one hundred twenty-three of   this article.
NY Priv Hous Fin L § 108 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 108 - Consideration for Capital and Bonds.

§  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   company  credit  sums  to  the  members  on capital account, nor shall a   redevelopment company which is a trust subject amounts to the trust, and   no  redevelopment  company  shall  issue  bonds  or   income   debenture   certificates  except for money or property actually received for the use   and lawful purposes of the  redevelopment  company,  provided,  however,   that  a  mutual  redevelopment  company may issue shares for home owners   purchase notes if the purchase  transaction  has  received  the  written   endorsement  of  the commissioner in accordance with supplementary rules   and regulations of the commissioner made therefor and if  at  least  two   hundred  dollars  in  money  or  property  is  received  by  such mutual   redevelopment  company  toward  the  issuance  of  such  shares.     The   consideration  for  all  capital, bonds or income debenture certificates   based upon property received shall equal a  valuation  approved  by  the   supervising  agency  and  such  a  valuation  shall be used in computing   actual or estimated cost.
NY Priv Hous Fin L § 109 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 109 - Minimum Amount of Capital and Debentures.

§ 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 pursuant   to  this  article.  The  supervising  agency  may  permit  capital to be   increased or income debenture certificates  to  be  issued  for  working   capital  to  be  used  in  connection with such project to an amount not   exceeding three per centum of the estimated cost, or three per centum of   the total actual final cost, if that should exceed the estimated cost of   a project.The provisions  of  this  section  shall  not  be  applicable  to  any   redevelopment  company if funds made available by the federal government   or any instrumentality  thereof,  or  any  mortgage  or  mortgage  bonds   insured   by   the   federal   housing   administrator   or   any  other   instrumentality of the federal government  are  used  in  financing  the   project in whole or in part.
NY Priv Hous Fin L § 110 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 110 - Income Debentures.

§ 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   debenture  certificates  and  any instrument under which they are issued   may contain such other provisions, including provision for  amortization   by  serial  maturities,  through  the  operation  of  a  sinking fund or   otherwise, as may be approved by the supervising agency.
NY Priv Hous Fin L § 111-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 111-A - Participation by Certain Corporations and Individuals.

§  111-a.  Participation by certain corporations and individuals.  Any   bank, savings bank, savings institution, savings and  loan  association,   trust company, insurance company or association, or fiduciary authorized   to invest in mortgages and mortgage bonds of a redevelopment company, or   any  combination  of  the foregoing, shall have power to participate and   invest, singly or jointly, with the New York  city  housing  development   corporation  in  a bond or note and single participating mortgage, or in   separate bonds or notes and mortgages pursuant to this article.  In  the   event  of  such  participation,  the  interest  of each shall have equal   priority as to lien in proportion to the amount of loan so secured,  but   need  not  be equal as to interest rate, time or rate of amortization or   otherwise.
NY Priv Hous Fin L § 111-B (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 111-B - Mortgage Modification Provisions for Redevelopment Companies in Cities With a Population of One Million or More.

§  111-b. Mortgage modification provisions for redevelopment companies   in cities with a population of one million or more. 1. For  purposes  of   this   section,   "restrictive  agreement"  shall  mean  a  binding  and   irrevocable  agreement  between  the  redevelopment  company   and   the   supervising  agency providing that such redevelopment company for a term   of five years from the date of such agreement (i) shall not  voluntarily   dissolve or reconstitute pursuant to section one hundred twenty-three of   this article, (ii) shall exercise any and all available options to renew   any  housing  assistance  payments contract pursuant to section eight of   the United States Housing  Act  of  nineteen  hundred  thirty-seven,  as   amended,  and  any successor rent subsidy program, (iii) shall not cause   such a contract  to  be  terminated  by  reason  of  such  redevelopment   company's  noncompliance  with  any of the terms thereof, and (iv) shall   not voluntarily cause or permit such a contract to  expire,  to  not  be   extended, to not be renewed, or to be terminated.2. Notwithstanding the provisions of this article or the provisions of   any  law, general or special, in cities with a population of one million   or more, a redevelopment company with a federally-aided mortgage  formed   pursuant  to  this  article  may  borrow  funds and secure the repayment   thereof by note and  mortgage  or  any  other  manner  approved  by  the   supervising  agency,  provided,  however,  that (a) such approval by the   supervising agency shall be conditioned upon  a  restrictive  agreement,   and  (b)  such  redevelopment company may not increase the rents paid by   the tenants to pay for any such increase in  indebtedness  that  is  not   attributable to project cost.
NY Priv Hous Fin L § 112 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 112 - Limitations.

§  112.  Limitations.  In  addition  to limitations prescribed by this   article a redevelopment company shall not have power to:1. Acquire any real property or interest  therein  for  a  project  or   projects  unless  the  supervising agency and the local legislative body   determine as provided in this article that such acquisition is necessary   or convenient for the public purpose defined in this article, and unless   any deed, lease or other instrument  by  which  such  real  property  or   interest therein is acquired contains a statement that the conveyance is   to  a  redevelopment  company  organized pursuant to article five of the   private housing finance law.2. Create its capital, or issue its debentures and and bonds  covering   any  project undertaken by it in an amount greater in the aggregate than   the total actual final cost of such project. The  actual  cost  of  such   project   shall   include   the  cost  of  the  lands  and  improvements   constituting the project  and  charges  for  financing  and  supervision   approved  by  the  supervising agency, condemnation charges and interest   and other carrying charges during  the  period  of  acquisition  and  of   construction.  The  total  actual  final  cost  shall be deemed to be an   amount equal to such actual cost plus an allowance for working  capital.   Such  allowance  for working capital shall not exceed an amount equal to   three per centum of the estimated cost or of the total actual final cost   of the project if that shall be greater than the estimated cost.3. Enter into contracts for the payment of  salaries  to  officers  or   employees,  or  for  the  construction  or  for  the substantial repair,   improvement or operation of projects except subject to the  approval  of   the supervising agency.
NY Priv Hous Fin L § 112-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 112-A - Redevelopment Loans.

§ 112-a. Redevelopment loans. Notwithstanding any provision of section   one  hundred  eleven  or  one  hundred  twelve  of  this  article to the   contrary,  where  a  redevelopment  company  undergoes  a  comprehensive   redevelopment  plan,  the  supervising  agency  may  approve  a loan and   encumbrance of such project in an amount in excess of actual cost of the   project,  provided  that  such  amount  represents   cost   of   capital   improvements,   redevelopment,  or  acquisition  by  a  new  owner,  any   consequent rent increase is not unduly burdensome to  the  tenants,  and   the  redevelopment company enters into an agreement to remain subject to   the provisions of this article for a period  of  no  less  than  fifteen   years from issuance of the loan and encumbrance.
NY Priv Hous Fin L § 113 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 113 - Use of Projects.

§  113.  Use of projects. The project or projects of any redevelopment   company shall be designed and used primarily for housing  purposes,  but   portions   of  the  project  may  be  planned  and  used  for  business,   commercial, cultural or recreational  purposes  appurtenant  thereto  as   approved in the project.
NY Priv Hous Fin L § 115 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 115 - Limitation on Changes.

§  115.  Limitation on changes. It shall be unlawful during the period   of tax exemption, granted pursuant to section one hundred twenty-five of   this article, for any redevelopment company or any successor in interest   to its title to a project or any part thereof to change  or  modify  any   feature  of  a  project for which approval of the planning commission is   required by this article,  without  the  approval  of  such  commission,   except by a three-quarters vote of the local legislative body.
NY Priv Hous Fin L § 116 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 116 - Transfer of Real Property to Redevelopment Company.

§   116.   Transfer   of   real  property  to  redevelopment  company.   Notwithstanding any requirement of law to the contrary or the absence of   direct provision therefor in the instrument under which a  fiduciary  is   acting,  every  executor,  administrator,  trustee,  guardian  or  other   person, holding trust funds or acting in a  fiduciary  capacity,  unless   the  instrument  under which such fiduciary is acting expressly forbids,   the state, its subdivisions, municipalities, all  other  public  bodies,   all  public  officers,  persons, partnerships and corporations organized   under  or  subject  to  the  provisions  of  the  insurance   law,   the   superintendent  of  financial  services  as  conservator,  liquidator or   rehabilitator of any such person, partnership or corporation, owning  or   holding  any  real  property  within  an area, may grant, sell, lease or   otherwise transfer any such real property to a redevelopment company and   receive and hold any cash, stock, income debentures,  bonds,  mortgages,   or  other  securities  or  obligations,  secured or unsecured, exchanged   therefor by such redevelopment company and may execute such  instruments   and  do  such acts as may be deemed necessary or desirable by them or it   and by the  redevelopment  company  in  connection  with  a  project  or   projects.  An  insurance  company which has undertaken a project through   direct ownership and/or lease may  transfer  to  the  project  any  real   property  which  it  owns or holds within an area and the actual cost of   such property to the insurance company shall be included  in  the  total   actual final cost of such project.
NY Priv Hous Fin L § 117 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 117 - Rules and Regulations.

§  117.  Rules  and  regulations.  The  planning  commission  and  the   supervising agency, respectively, shall have power  to  make  rules  and   regulations  to  carry  out  their  powers  and  duties pursuant to this   article and to effectuate the purposes thereof.
NY Priv Hous Fin L § 118 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 118 - Fees.

§  118.  Fees.  The supervising agency, the local legislative body and   the planning commission, if any, may each adopt a reasonable schedule of   fees to be paid by redevelopment companies upon  the  filing  with  said   supervising  agency,  local legislative body or planning commission of a   plan, plans for a project or  projects,  amendments  thereto  and  other   instruments  in  connection  therewith and redevelopment companies shall   pay reasonable fees to the said supervising agency as said agency  shall   prescribe for processing a redevelopment plan and for the supervision of   construction  and  for  the audit, regulation and general supervision of   the management of the company, which  fees  shall  be  set  aside  in  a   separate  account  and  shall  be  used  to  pay  for  the  expenses  of   administering and carrying  out  the  provisions  of  the  redevelopment   companies law.
NY Priv Hous Fin L § 120-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 120-A - State Supervision and Regulation.

§  120-a.  State  supervision  and  regulation.  A municipality with a   population of less  than  one  million  may,  by  action  of  its  local   legislative  body  concurred  in  by  the  commissioner, provide for the   supervision and regulation of a project and  the  redevelopment  company   carrying out such project by the commissioner in lieu of the supervising   agency.  With  respect to any such project and company, the commissioner   shall have, from and after the effective date of such action, all of the   powers and duties of a supervising agency pursuant to this article.  The   company shall pay  to  the  commissioner  fees,  as  prescribed  by  the   commissioner,   to   cover  the  expenses  of  examination,  audit,  and   supervision of the company and the project.
NY Priv Hous Fin L § 121 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 121 - Sinking Fund.

§  121.  Sinking  fund. Unless other provision be made therefor in the   contract with the municipality, the supervising agency, if it shall deem   it feasible at any time, subject to the limitation contained in  section   one  hundred  seven of this article, may require a redevelopment company   to provide out  of  earnings,  after  provision  for  distributions  and   interest,  a  sinking  fund in an amount to be fixed by such supervising   agency for the gradual retirement of the capital  and  income  debenture   certificates  of  such company. Such sinking fund may be used either for   the purchase or retirement, from time to  time,  of  capital  or  income   debenture certificates at a price approved by the supervising agency not   exceeding  par  value  thereof  with accrued and unpaid distributions or   interest, or if it be not practicable to purchase or retire such capital   or such income debenture certificates at a price so approved, the moneys   in such sinking fund may be added to the surplus of  such  company.  Any   capital  evidenced  by shares or income debenture certificates purchased   or retired out of such sinking fund shall be cancelled and shall not  be   reissued.
NY Priv Hous Fin L § 122 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 122 - Transfer of Title or Foreclosure of Project.

§  122.  Transfer  of  title  or  foreclosure of project. 1. Until the   termination of the tax exemption, whether by expiration or by any  other   cause, a redevelopment company, heretofore or hereafter organized, shall   not have power to sell the real property constituting the project or any   portion or portions thereof without the consent of the local legislative   body.2.  If an action be brought to foreclose a mortgage or tax lien upon a   redevelopment project, heretofore or hereafter  authorized  pursuant  to   this  article,  and  the real property constituting the project shall be   acquired at the foreclosure sale or from the mortgagee  or  lienor  that   had  acquired  the  property of such sale, or by a conveyance in lieu of   such sale,  by  a  redevelopment  company  organized  pursuant  to  this   article,  or by the federal government or an instrumentality thereof, or   by a corporation which is, or by agreement has  become  subject  to  the   supervision  of the superintendent of financial services, such successor   in interest shall acquire such project subject to all provisions of  the   contract  regulating  such  project  and shall be entitled to all of the   benefits contained in such contract. In  all  other  cases  of  sale  at   foreclosure  or  forced sale, the real property constituting the project   or  any  portion  or  portions  thereof  shall  be  sold  free  of   all   restrictions,  except  such  covenants  running  with the land as may be   contained in the contract regulating the project, or  in  the  deed,  if   any,  given  by  the municipality to the redevelopment company affecting   all or any portion of the  real  property  upon  which  the  project  is   situated,  and  the  tax  exemption, if any, theretofore granted to such   project pursuant to such contract shall immediately terminate.