reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 23-C (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 23-C - Mortgage Modifications.

§  23-c.  Mortgage modifications. 1. For the purposes of this section, the following terms shall have the meanings set forth below:  (a)  "Existing  mortgage"  shall  mean  any  mortgage  held   by   the municipality  securing  a  loan  made by such municipality in accordance with the provisions of this article, and any  note  or  bond  evidencing indebtedness  thereon, including, but not limited to, any mortgage, note or bond securing residual indebtedness and any mortgage,  note  or  bond securing a loan to finance the construction of a project.   b.  "Non-recoverable  debt  service"  shall  mean, with respect to any increase in indebtedness executed or approved pursuant to  this  section that  is  not attributable to project cost, all payments of interest and principal on such portion of the indebtedness.  (c) "Restrictive agreement" shall mean a binding agreement  between  a company  and the supervising agency, which (i) prohibits the dissolution of the company pursuant to the provisions of section thirty-five of this article for not less than six years from the date of such agreement, and (ii) prohibits the consideration of non-recoverable debt service in  any rent  increase  pursuant to the provisions of section thirty-one of this article at any time subsequent to the date of such agreement.   2. Notwithstanding the provisions of this article or the provisions of any law, general or special, a company that enters  into  a  restrictive agreement  on  or  after  the effective date of a chapter of the laws of 2004 which added this  subdivision,  may,  with  the  approval  of  such supervising agency:  (a)  substitute  a new mortgage approved by the supervising agency for any existing mortgage;  (b) extend or modify any existing mortgage in such manner and for such term as shall be determined by the supervising agency;  (c) subordinate any existing mortgage in any manner  approved  by  the supervising  agency to the lien of any mortgage held by a lender that is authorized to participate in loans pursuant to section twenty-three-b of this article; and  (d) borrow funds and secure the repayment thereof by note and mortgage or in any other manner approved by the supervising agency.
NY Priv Hous Fin L § 24 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 24 - Income Debentures.

§  24.  Income  debentures.  1.  With  the approval of the supervising   agency or of the commissioner, as the case may be,  the  certificate  of   incorporation,  or  an amended certificate may authorize the issuance of   income debentures bearing no greater interest than six  per  centum  per   annum   except   as  otherwise  provided  in  this  article.  After  the   incorporation of a company, the directors thereof may, with the  consent   of  two-thirds  of  the  holders  of  the  preferred  stock  issued  and   outstanding offer to the stockholders of the company, the  privilege  of   exchanging  their  stock  in such quantities and at such times as may be   approved by the supervising agency or the commissioner, as the case  may   be,  for  such income debentures. In no event, shall the amount of stock   of the company be less than a per centum  of  the  total  of  stock  and   income  debentures,  to  be  fixed  by  the supervising agency or by the   commissioner, as the case may be.2. Such income debentures 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 or by   the commissioner, as the case may be.
NY Priv Hous Fin L § 25 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 25 - Working Capital.

§  25. Working capital. The supervising agency or the commissioner, as   the case may be, may permit stock or income debentures 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  project  cost  or  the   actual project cost, whichever is larger.
NY Priv Hous Fin L § 26-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 26-A - Findings for Municipally-Aided Projects.

§ 26-a. Findings for municipally-aided projects.No  municipally-aided  project  aided solely by tax exemption shall be   approved by the supervising agency unless the agency shall have made the   findings set forth in subdivision one of section twenty-six.
NY Priv Hous Fin L § 26-C (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 26-C - Special Provisions With Respect to Battery Park City Projects.

§ 26-c. Special provisions with respect to Battery Park city projects. 1.  No  loan  shall  be  made by the state or the New York state housing finance  agency  for  the  acquisition,  construction,   reconstruction, rehabilitation  or improvement of a Battery Park city project, nor shall any  such  project  be  approved  by  the   commissioner,   unless   the commissioner finds that:  (a)  the estimated revenues of the project will be sufficient to cover all probable costs of all operations and maintenance, of  fixed  charges and operating reserves and depreciation reserves, if any;  (b) the plans and specifications of the project assure adequate light, air, sanitation and fire protection;  (c)  the  project  is  in  conformity  with  a plan or undertaking for providing low rent housing facilities for persons of low income.   2. Notwithstanding any other provisions of this article, in  the  case of a Battery Park city project financed or to be financed by a loan from Battery  Park city authority, all approvals, findings and consents which are required to be given or made by the commissioner  pursuant  to  this article  shall  be given or made instead by Battery Park city authority, and the authority shall exercise, with respect to such project and  with respect  to the company carrying out such project, all of the powers and duties exercised by the  commissioner  pursuant  to  this  article  with respect  to  projects  financed  by  the  New York state housing finance agency.
NY Priv Hous Fin L § 29 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 29 - Acquisition of Property.

§ 29. Acquisition of property.  (a)  After a project, other than a state urban development corporation project, has been been approved by the commissioner or  the  supervising agency   and  the  local  legislative  body,  the  commissioner  or  the supervising agency as  the  case  may  be,  shall  issue  a  certificate declaring  that  the  acquisition  of  the property is necessary for the public purpose defined in this article and the company may  acquire  the property needed for the project or the municipality may, with respect to a municipally-aided project or a project aided either by a state loan or a  loan from the New York state housing finance agency, take property by condemnation for the company, pursuant to the provisions of article nine of this chapter.  (b) after a state  urban  development  corporation  project  has  been approved  by  the  commissioner,  the  commissioner  shall authorize the company undertaking the project to acquire the property needed for  such project.  (c) Notwithstanding the provisions of subdivision (a) of this section, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, the approval of the project and the  certificate  declaring  that  the  acquisition  of  the property is necessary for the public purposes  defined  in  this  article  shall  be issued by Battery Park city authority.
NY Priv Hous Fin L § 31-B (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 31-B - Assignment or Pledge of Tenant Cooperator's Shares.

§   31-b.   Assignment   or  pledge  of  tenant  cooperator's  shares.   Notwithstanding any other provision of law, a tenant cooperator's shares   in a mutual company may be assigned or pledged  as  collateral  for  the   purpose  of  securing  a  loan  for  the  purchase of such shares.   The   commissioner or supervising agency, as the case may be, shall promulgate   regulations which provide that in the event of a default of  such  loan,   such  shares  may be resold, and the dwelling accommodations represented   by such shares may be occupied, only in accordance with  the  provisions   of this article.
NY Priv Hous Fin L § 31-C (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 31-C - Tenant-Cooperators; Application of Shares.

§  31-c.  Tenant-cooperators;  application  of  shares.  1.  No mutual   company shall require a current tenant-cooperator to use cash,  loan  or   mortgage  to  make  an initial payment for shares that would entitle the   tenant-cooperator to occupancy upon transfer to  another  dwelling  unit   within   the  mutual  company's  facilities,  but  instead,  subject  to   subdivision two of this section, shall first allow the tenant-cooperator   the option to apply the value of his or her shares  and  equity  in  the   mutual  company  toward  any  consideration required to be paid for such   shares.2. Within one hundred eighty  days  of  the  effective  date  of  this   section,  the  commissioner  and the supervising agency, as the case may   be,  shall   each   promulgate   regulations   authorizing   a   current   tenant-cooperator,  entitled  to  occupancy  by  reason  of ownership of   shares in such mutual company, to apply all or a portion of the value of   his  or  her  shares  and  equity  in  the  mutual  company  toward  any   consideration  required  to  be  paid for shares which would entitle the   tenant-cooperator to occupancy of another unit owned and operated by the   mutual company,  regardless  of  the  sale  of  the  tenant-cooperator's   current shares in such mutual company, but subject to such other charges   due and owing to the mutual company for which such tenant-cooperator may   be  liable.  Any  dispute  thereof  may  be  determined  by  a  court of   appropriate jurisdiction and any requirement to waive such  right  as  a   condition  of  ownership  or  transfer  shall  be void as against public   policy.
NY Priv Hous Fin L § 32-B (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 32-B - Annual Reports.

§ 32-b. Annual reports. The commissioner shall, on or before the first   day  of July in each year, submit a report to the legislature, the state   comptroller, and the attorney general on the implementation  of  article   two  of  this chapter by the commissioner and the supervising agency and   the policy included therein.  Such  report  shall  include  and  not  be   limited  to  rent and carrying charge levels, changes therein, operation   of the state capital grant program and  federal  subsidy  programs,  tax   abatement  levels, total capital outlay, amortization, mortgage interest   rates, income levels served  by  the  housing,  surcharge  billings  and   collections  and  use  of  surcharge  revenues,  and vacancy rates. Such   report shall  also  include  information  regarding  any  limited-profit   housing company that has voluntarily dissolved in the preceding calendar   year,  and any limited-profit housing company that has filed a notice of   intent to dissolve in the current calendar year  with  the  commissioner   and  the  supervising agency. This information shall include, but not be   limited to, the name and address of the development, the number of units   in  the  development,  a  range  of  amounts  of  rent  offered  in  the   development,  the  number  of  tenants  in  the development, the current   vacancy  rate  in  the  development,  income  levels   served   by   the   development,   how   long   the   limited-profit   housing  company  has   participated in the program,  and  any  sales  or  transfers  that  have   occurred  since  the limited-profit housing company was created. For the   purpose of preparing such report,  the  commissioner  may  request,  and   shall  receive, from any municipality or supervising agency such data as   he deems necessary or desirable and  such  municipality  or  supervising   agency  shall  furnish  the  requested  data  within  sixty days of such   request.
NY Priv Hous Fin L § 34 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 34 - Foreclosure and Judgments.

§  34.  Foreclosure  and  judgments.  1.  Any  action or proceeding to   foreclose a mortgage upon a company project, shall be in accordance with   the applicable provisions of section ninety-four of this chapter.2. In the event of an  unsatisfied  judgment  against  a  company  any   action  not  pertaining  to  the  collection of a mortgage indebtedness,   shall  be  in  accordance  with  the  applicable  provision  of  section   ninety-five of this chapter.3.  For  the  purpose  of  this section, wherever reference is made in   sections ninety-four and  ninety-five  of  this  chapter  to  a  housing   company,  it  shall  be  deemed to refer to a company as defined in this   article.
NY Priv Hous Fin L § 36 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 36 - Sale of Project Prior to Termination of Tax Exemption.

§  36.  Sale  of  project  prior  to  termination of tax exemption. 1.   Except as otherwise provided in this article and prior to the expiration   of thirty-five years from the date of occupancy, a project, other than a   project  aided  by  a  loan  made  after  May  first,  nineteen  hundred   fifty-nine,  shall not be sold except to a company organized pursuant to   the provisions of this article; prior to the expiration of twenty  years   from  the  date  of  occupancy, a project aided by a loan made after May   first, nineteen hundred fifty-nine,  shall  not  be  sold  except  to  a   company  organized  pursuant  to  the provisions of this article.   Such   successor  company  shall  acquire  such  project  subject  to  all  the   provisions  of the loan and mortgage contract and the provisions of this   article, and shall be entitled to all  the  benefits  provided  in  such   contract  or  granted under this article, and a company so conveying all   its projects may be dissolved with the consent of  the  commissioner  or   the supervising agency, as the case may be.2.   In  the  event  of  any  sale  described  in  this  section,  the   stockholders of the dissolving company shall in no  event  receive  more   than the par value of their stock with accrued and unpaid dividends upon   such stock.
NY Priv Hous Fin L § 37 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 37 - Separability Clause.

§  37. Separability clause. 1. Except as specifically provided in this   article, nothing contained therein shall be deemed to limit or  restrict   any  power  or  authority  granted to banking institutions, foundations,   labor unions, veterans' organizations, or insurance companies or to  any   other  corporation  or  to  any  fiduciary by any other provision of law   heretofore or hereafter enacted.2. If any clause, sentence, paragraph, section or part of this article   shall be adjudged by any court of competent jurisdiction to  be  invalid   such  judgment  shall  not  affect,  impair  or invalidate the remainder   thereof, but shall be confined in its operation to the clause, sentence,   paragraph, section or part thereof directly involved in the  controversy   in which such judgment shall have been rendered.
NY Priv Hous Fin L § 40 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 40 - Short Title.

§  40.  Short  title. This article may be cited as the "New York state   housing finance agency act."
NY Priv Hous Fin L § 45 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 45 - Transfer of Officers and Employees.

§  45.  Transfer  of officers and employees. Officers and employees of   state departments and agencies may be  transferred  to  the  agency  and   officers  and  employees  of  the  agency  may  be  transferred to state   departments and agencies without examination and  without  loss  of  any   civil  service  status or rights. No such transfer may, however, be made   except with the approval of the head of the state department or division   involved and the director of the budget and the chairman of the  agency,   and  in  compliance  with the rules and regulations of the civil service   commission of the state.
NY Priv Hous Fin L § 48 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 48 - Agreement With the State.

§  48.  Agreement  with the state. The state does hereby pledge to and   agree with the holders of any notes or bonds issued under this  article,   that  the  state will not limit or alter the rights hereby vested in the   agency to fulfill the terms of any  agreements  made  with  the  holders   thereof,  or  in  any way impair the rights and remedies of such holders   until such notes or bonds, together  with  the  interest  thereon,  with   interest  on  any  unpaid  installments  of  interest, and all costs and   expenses in connection with any action or proceeding by or on behalf  of   such holders, are fully met and discharged.  The agency is authorized to   include this pledge and agreement of the state in any agreement with the   holders of such notes or bonds.
NY Priv Hous Fin L § 49 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 49 - State's Right to Require Redemption of Bonds.

§  49.  State's  right to require redemption of bonds. Notwithstanding   and in addition to any provisions for the redemption of bonds which  may   be  contained  in  any contract with the holders of the bonds, the state   may, upon furnishing sufficient funds therefor, require  the  agency  to   redeem,  prior  to  maturity,  as  a  whole,  any  issue of bonds on any   interest payment date not less than twenty years after the date  of  the   bonds  of  such issue at one hundred five per centum of their face value   and accrued interest or  at  such  lower  redemption  price  as  may  be   provided  in  the  bonds in case of the redemption thereof as a whole on   the redemption date. Notice of such redemption shall be published in  at   least  two  newspapers  publishing  and  circulating respectively in the   cities of Albany and New York at least twice, the first  publication  to   be at least thirty days before the date of redemption. The provisions of   this  section  relating  to  the  state's right to require redemption of   bonds, shall not apply to state-supported debt, as  defined  in  section   sixty-seven-a  of  the  state  finance  law,  issued by the agency. Such   agency bonds shall remain subject to redemption pursuant to any contract   with the holders of such bonds.
NY Priv Hous Fin L § 51 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 51 - Monies of the Agency.

§  51.  Monies  of  the agency. 1. All monies of the agency, except as   otherwise authorized or provided in this article, shall be paid  to  the   commissioner  of  taxation and finance as agent of the agency, who shall   not commingle such monies with any other monies. Such  monies  shall  be   deposited  in  a  separate  bank account or accounts. The monies in such   accounts shall be paid out on  checks  signed  by  the  commissioner  of   taxation  and finance on requisition of the chairman of the agency or of   such other officer or employee or officers or employees  as  the  agency   shall  authorize  to  make such requisition. All deposits of such monies   shall, if required by the commissioner of taxation and  finance  or  the   agency,  be  secured by obligations of the United States or of the state   of a market value equal at all times to the amount of  the  deposit  and   all  banks  and trust companies are authorized to give such security for   such deposits.Notwithstanding the provisions of this section, the agency shall  have   power,  subject  to  the  approval  of  the commissioner of taxation and   finance, to contract with the holders of any of its notes or  bonds,  as   to  the  custody,  collection,  securing, investment, and payment of any   monies of the agency, of any monies held in trust or otherwise  for  the   payment  of  notes or bonds, and to carry out such contract. Monies held   in trust or otherwise for the payment of notes or bonds or in any way to   secure notes or bonds and deposits of such monies may be secured in  the   same  manner  as monies of the agency, and all banks and trust companies   are authorized to give such security for such deposits.2. Subject to agreements with  noteholders  and  bondholders  and  the   approval  of  the  comptroller,  the  agency shall prescribe a system of   accounts.3. The comptroller,  or  his  legally  authorized  representative,  is   hereby  authorized  and empowered from time to time to examine the books   and accounts  of  the  agency  including  its  receipts,  disbursements,   contracts,  reserve  funds,  sinking  funds,  investments, and any other   matters relating to its financial standing. Such an examination shall be   conducted by the comptroller at least once  in  every  five  years;  the   comptroller  is  authorized, however, to accept from the agency, in lieu   of such an  examination,  an  external  examination  of  its  books  and   accounts made at the request of the agency.4.  The  agency  shall  submit to the governor, chairman of the senate   finance committee, chairman of the assembly ways and means committee and   the comptroller, within thirty  days  of  the  receipt  thereof  by  the   agency,  a copy of the report of every external examination of the books   and accounts of the agency other than copies  of  the  reports  of  such   examinations made by the comptroller.
NY Priv Hous Fin L § 51-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 51-A - Federal Rental Assistance Program Administrative Fees.

§  51-a.  Federal  rental  assistance program administrative fees. All administrative fee monies  received  by  the  agency  from  the  federal government pursuant to section eight of the United States housing act of 1937,  as  amended  by the Housing and Community Development Act of 1974 and subsequent amendments, shall be allocated according to the following schedule:   1.  ninety  percent  of  such  fees  shall   be   allocated   to   the not-for-profit  corporations  or  local  government  agencies  providing services under such section eight;   2. ten percent of such fees shall be retained by the state and  unless otherwise  allocated pursuant to an agreement between the agency and the division of housing and community renewal:  (a) ninety-five percent of such  amount  shall  be  allocated  to  the division of housing and community renewal; and  (b) five percent shall be retained by the agency.