reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 78 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 78 - Consideration for Capital and Bonds.

§ 78. Consideration for capital and bonds. No housing company which is   a corporation shall issue shares, nor shall a housing company which is a   partnership  credit sums to the partners on capital account, nor shall a   housing company which is a trust subject amounts to the  trust,  and  no   housing company shall issue bonds or income debentures, except for money   or  property  actually  received  for the use and lawful purposes of the   housing company, provided, however, that a mutual  housing  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  housing  company toward the issuance of such   shares. The consideration for all capital, bonds  or  income  debentures   based  upon  property  received  shall equal a valuation approved by the   commissioner and such valuation shall be used  in  computing  actual  or   estimated cost.In no event shall the capital of, and income debentures issued by, the   housing  company  be  less  than  the  total of twenty per centum of the   actual cost, as defined in this article,  of  any  project  or  projects   undertaken pursuant to this article.The  commissioner  may  permit  capital  to  be  increased,  or income   debentures to be issued, to an amount not exceeding three per centum  of   the  estimated  total  cost,  or three per centum of the actual cost, if   actual cost should exceed estimated  cost,  of  a  project  for  working   capital to be used in connection with such project.
NY Priv Hous Fin L § 79 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 79 - Minimum Amount of Capital and Debentures.

§  79.  Minimum amount of capital and debentures. The entire amount of   capital, together with any income debentures of a housing company  shall   be  equivalent  to  at least twenty per centum of the actual cost of the   project or projects which it operates except  that  in  the  case  of  a   housing  company  which  receives  a  loan from the New York state urban   development corporation, created by the New York state urban development   corporation act, such amount shall be equivalent to at  least  five  per   centum  of such actual cost. The provisions of this section shall not be   applicable to any housing company if such company shall receive  a  loan   from  a  municipality  pursuant  to  section  ninety-three of the public   housing law, or 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 § 80 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 80 - Income Debentures.

§  80.  Income  debentures.  With the approval of the commissioner the   certificate, or an amended certificate, may authorize  the  issuance  of   income  debenture  certificates bearing no greater interest than six per   centum per annum. In the case  of  a  housing  company  organized  as  a   corporation the directors thereof may, with the consent of two-thirds of   the holders of the preferred shares issued and outstanding, offer to the   shareholders  of  the housing company, the privilege of exchanging their   shares in such quantities and at such times as may be  approved  by  the   commissioner  for  such income debenture certificates. In no event shall   the amount of shares of the housing company be less than ten per  centum   of the total of shares and income debentures.
NY Priv Hous Fin L § 82-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 82-A - Redevelopment Loans.

§  82-a. Redevelopment loans. Notwithstanding any provision of section   eighty-one or eighty-two of  this  article  to  the  contrary,  where  a   housing  company  undergoes  a  comprehensive  redevelopment  plan,  the   commissioner 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  housing  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 § 84-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 84-A - Additional Supervision and Regulation of Housing Companies.

§  84-a.  Additional  supervision and regulation of housing companies.   The commissioner shall require that every company file with him,  within   six  months  of  the  effective  date  of  regulations implementing this   section and in such format as the commissioner shall prescribe an energy   audit  report  which   identifies   potential   energy-saving   building   improvements,  including  alterations,  modifications and adjustments to   the building  structure,  heating,  cooling,  lighting  and  ventilation   systems;  their  relative  costs; potential energy and cost savings; and   simple payback periods, which for the purpose of this section shall mean   that  period  of  time  within  which  the  estimated   cost   of   such   improvements,  exclusive of the cost of capital, would be recovered from   the savings generated by reduced energy consumption resulting  from  the   improvements.  The  energy audit shall be conducted by a public utility,   an engineer or architect licensed by the state, or the managing agent or   other representative of the company. A copy of the energy audit  report,   required  herein,  shall  be  given  to  any  duly  constituted tenant's   association or  cooperator's  advisory  council  and  a  copy  shall  be   available  for  inspection  and  copying  by  any  individual tenant who   requests it. The commissioner shall  also  require  that  every  company   certify  by  March  thirty-first,  nineteen hundred eighty-four that all   compatible conservation measures identified in the energy  audit  report   which  have  simple  payback  period  of  one  year  or  less  have been   implemented; provided, however, if the  commissioner  determines  within   sixty days of the date the energy audit report is filed that one or more   of  such identified conservation measures cannot be implemented by March   thirty-first, nineteen hundred eighty-four,  given  the  projected  rent   revenues  and  any  other  monies  available to the company from reserve   funds, loans or grants from the state or federal government or any other   source, the  implementation  of  such  conservation  measures  shall  be   provided for according to a schedule prescribed by the commissioner.
NY Priv Hous Fin L § 86 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 86 - Reduction of Rentals in Housing Company Projects.

§  86.  Reduction  of  rentals in housing company projects.  If in any   calendar or fiscal year the gross receipts of any housing company should   exceed the payments or charges specified  in  section  eighty-five,  the   sums necessary to pay distributions or interest accrued or unpaid on any   shares,  income debentures or other capital, and the authorized transfer   to surplus, the balance  shall,  unless  the  board  of  directors,  the   partners  or  the trustees, as the case may be, with the approval of the   commissioner shall deem such balance  too  small  for  the  purpose,  be   applied  to  the  reduction  of  rentals,  for such year or years as the   commissioner may specify, or to the further reduction  of  any  mortgage   indebtedness, or both, as the commissioner may determine.
NY Priv Hous Fin L § 88 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 88 - Surplus.

§  88. Surplus.  The amount of net earnings transferable to surplus in   any year after making or providing for the payments specified  in  items   (a),  (b)  and  (c)  of  subdivision  one of section eighty-five of this   article shall be subject to the approval of the commissioner. The amount   of such surplus shall not exceed twelve per centum  of  the  outstanding   capital and income debentures of the housing company, but the surplus so   limited  shall  not  be  deemed to include any increase in assets due to   reduction  of  mortgage  or  amortization  or   similar   payments.   On   dissolution  of  any  housing  company,  organized as a corporation, the   shareholders shall in no event receive more than the par value of  their   shares  plus accumulated, accrued or unpaid dividends at the rate of six   per centum per annum; on dissolution of a housing company organized as a   partnership, the partners shall in no event receive more than the  value   of   their   paid   in  capital  plus  accumulated,  accrued  or  unpaid   distributions on capital at the rate of six per  centum  per  annum;  on   termination of a housing company organized as a trust, the beneficiaries   shall  in  no event receive more than the value of the money or property   subject to the trust plus accumulated, accrued or  unpaid  distributions   on  capital  at  the rate of six per centum per annum; on dissolution of   any housing company income debenture holders shall in no  event  receive   more   than  the  face  value  of  income  debentures  outstanding  plus   accumulated, accrued and unpaid interest at the rate of six  per  centum   per  annum. Any remaining surplus shall be paid into the general fund of   the state of New York, if the buildings  and  the  improvements  of  the   project  have  not  received exemption from taxation by the municipality   pursuant to subdivision three or four of section ninety-three and if the   company has not received a loan from the municipality, but if  such  tax   exemption or loan has been received, any remaining surplus shall be paid   into the general fund of the municipality.
NY Priv Hous Fin L § 89 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 89 - Consolidated Projects; Operation of More Than One Project.

§  89. Consolidated projects; operation of more than one project.  The   commissioner may permit  the  consolidation  of  two  or  more  approved   projects  or  the  extension or amendment of any approved project or the   consolidation of any approved project with a proposed project. In any of   these events, the consolidated project shall be treated as  an  original   project  and  an  application  shall  be  submitted as in the case of an   original project and rents and costs  may  be  averaged  throughout  the   consolidated  or  extended project. The commissioner may likewise permit   any housing company to organize and operate more than one project or  to   take  over  any  project  heretofore approved by the commissioner and to   operate it independently of other projects of the housing company.   The   commissioner  may  in  his  discretion  decline  to permit more than one   project to be operated by the same housing company.
NY Priv Hous Fin L § 90 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 90 - Purchase by Housing Companies.

§ 90. Purchase by housing companies.  Before any housing company shall   purchase  the  property  of  any other housing company, it shall file an   application with the commissioner in the manner hereinbefore provided as   for a new project and shall obtain the consent of  the  commissioner  to   the purchase and agree to be bound by the provisions of this article and   the  commissioner  shall  not give his consent unless it is shown to the   satisfaction of the commissioner that the project is  one  that  can  be   successfully operated according to the provisions of this article.
NY Priv Hous Fin L § 91 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 91 - Proceedings Against Housing Companies.

§  91.  Proceedings  against  housing  companies.    1.  Whenever  the   commissioner shall be of the opinion that a housing company  is  failing   or  omitting,  or is about to fail or omit to do anything required of it   by law or by order of the commissioner or is doing or  is  about  to  do   anything,  or  permitting anything, or is about to permit anything to be   done, contrary to and in violation  of  law  or  of  any  order  of  the   commissioner,  or which is improvident or prejudicial to the interest of   the public, the lienholders, the shareholders,  partners,  beneficiaries   or  the tenants, the commissioner shall commence an action or proceeding   in the supreme court of the state  of  New  York  in  the  name  of  the   commissioner,  in  accordance  with the provisions of the civil practice   law and rules for the purpose of having such  violations  or  threatened   violations  stopped and prevented, and in such action or proceeding, the   court may appoint a temporary or permanent receiver or both. Such action   or proceeding shall be commenced by a petition  to  the  supreme  court,   alleging the violation complained of and praying for appropriate relief.   It  shall  thereupon  be  the duty of the court to specify the time, not   exceeding twenty days after service of a copy of  the  petition,  within   which  the  housing  company  complained of must answer the petition. In   case of default in answer or after answer the  court  shall  immediately   inquire  into  the  facts  and circumstances in such manner as the court   shall direct without other or formal pleadings, and without  respect  to   any  technical  requirements.  Such  other persons or corporations as it   shall seem to the court necessary or proper to join as parties in  order   to  make  its order or judgment effective, may be joined as parties. The   final judgment in any such action or proceeding shall either dismiss the   action or proceeding or direct that an order or an injunction, or  both,   issue, or provide for the appointment of a receiver as prayed for in the   petition, or grant such other relief as the court may deem appropriate.2.  In  the  event  that a municipality shall make a loan to a housing   company, the municipality, as well as the commissioner, shall  have  the   powers enumerated in subdivision one of this section.
NY Priv Hous Fin L § 92 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 92 - Reorganization.

§ 92. Reorganization.  1. Reorganization of housing companies shall be   subject  to  the supervision and control of the commissioner and no such   reorganization  shall  be  had  without   the   authorization   of   the   commissioner.2.  Upon all such reorganizations the capital structure of the housing   company shall  be  subject  to  the  approval  of  the  commissioner  in   accordance with the provisions of section seventy-eight of this article.
NY Priv Hous Fin L § 95 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 95 - Judgments Against Housing Companies Not Relating to Mortgage Indebtedness.

§  95.  Judgments  against  housing companies not relating to mortgage   indebtedness.  In the event of a judgment against a housing  company  in   any  action not pertaining to the collection of a mortgage indebtedness,   there shall be no sale of any of  the  real  property  of  such  housing   company  except upon sixty days' written notice to the commissioner and,   if the municipality has made a loan  to  the  housing  company,  to  the   municipality  in  which  the  project  is  located. Upon receipt of such   notice the commissioner and the municipality shall take such steps as in   its judgment may be necessary to protect the rights of all parties.
NY Priv Hous Fin L § 96 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 96 - Voluntary Dissolution.

§  96.  Voluntary  dissolution.   1. Notwithstanding any provisions in   this article to the contrary, a housing company  organized  pursuant  to   this   article  after  April  first,  nineteen  hundred  sixty-two,  may   voluntarily be dissolved, or in the case of a housing company which is a   trust, be terminated, without the consent of the commissioner, not  less   than  twenty  years after the occupancy date upon the payment in full of   the remaining balance of principal and interest due and unpaid upon  the   mortgage   or  mortgages  and  of  any  and  all  expenses  incurred  in   effectuating such voluntary dissolution or termination.2. Upon such dissolution or termination, title to the project  may  be   conveyed  in  fee  to  the  owner  or  owners  of  its capital or to any   corporation, partnership or trust designated  by  it  or  them  for  the   purpose,  or  the  company  may be reconstituted pursuant to appropriate   laws relating to the formation and conduct of corporations, partnerships   or trusts, provided, however, that prior  to  any  such  dissolution  or   termination  and  conveyance  or reconstitution payment shall be made of   all current operating expenses,  taxes,  indebtedness  and  all  accrued   interest  thereon  and  the  par  value  of  the shares or amount of the   capital of such company and accrued distributions  in  respect  thereof.   If  after  making  such  payments and after conveyance of the project, a   surplus remains in the treasury of the  housing  company,  such  surplus   shall,   upon   dissolution   or   termination  be  distributed  to  the   shareholders, partners or beneficiaries, as their interests may  appear.   After   such   dissolution   or  termination  and  conveyance,  or  such   reconstitution, the provisions of  this  article  shall  become  and  be   inapplicable  to  any  such project and its owner or owners, and any tax   exemption granted with respect  to  such  project  pursuant  to  section   ninety-three hereof shall cease and terminate.
NY Priv Hous Fin L § 97 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 97 - Corporations in Existence Prior to Enactment of Article.

§  97.  Corporations  in  existence  prior  to  enactment  of article.   Nothing in this  article  contained  shall  be  deemed  to  require  the   reincorporation  of  any  public limited dividend housing company or any   private limited dividend housing company heretofore organized under  the   provisions of chapter eight hundred twenty-three of the laws of nineteen   hundred  twenty-six,  entitled  "state housing law," as amended prior to   the enactment of this article,  nor  to  alter  or  affect  any  rights,   privileges, powers, benefits, or immunities granted to such corporations   by  the  provisions  of any law, general, special or local. Such housing   companies  shall  exist,  continue  to  function  and  they  and   their   stockholders,  debenture holders, tenants, mortgagees, creditors and all   other persons having an  interest  therein  shall  possess  the  powers,   rights  and  privileges,  be  subject  to  the  duties, restrictions and   liabilities, of this article, provided that the legality, terms, rights,   duties, limitations, privileges and immunities with  respect  to  rents,   dividend  returns, mortgage interest, state and local tax exemptions and   investments in  such  companies  heretofore  made  and  of  transactions   heretofore had by such companies shall not be affected by the provisions   of  this  article,  but  the  same  shall continue to be governed by the   provisions of chapter eight hundred twenty-three of the laws of nineteen   hundred twenty-six and amendatory acts thereto, and for  such  purposes,   such  chapter  and  amendatory acts thereto shall continue to be in full   force and effect.
NY Priv Hous Fin L § 100 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 100 - Short Title.

§  100.  Short title. This article shall be known and may be cited and   referred to as the "Redevelopment Companies Law."
NY Priv Hous Fin L § 102 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 102 - Definitions.

§ 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 by a redevelopment   company  or  an  insurance  company  providing  dwelling  accommodations   pursuant  to  this  article  and  such business, commercial, cultural or   recreational facilities appurtenant thereto as may be approved  pursuant   to section one hundred fourteen of this article.2.  "Supervising  agency." The municipal comptroller in a municipality   having a comptroller; in a municipality having no comptroller the  chief   financial  officer  of such municipality; except that in the city of New   York it shall be the department of housing preservation and development.   However, as to any insurance company providing  dwelling  accommodations   pursuant  to  this  article, or if any of the stock and income debenture   certificates having voting power of a redevelopment company are  or  are   to  be  issued  to  one or more insurance companies, the term shall mean   only the superintendent of financial services.3. "Local and municipal  taxes."  Taxes  levied  by  a  county,  city,   village,  town,  school  and  special  district  but  shall  not include   assessments for local improvements.3-a. "Redevelopment company." A corporation, partnership  (general  or   limited),  limited  liability  companies or trust created as provided in   section one hundred three of this article.4. "Capital." In the case of a corporation, the capital shares of that   corporation for the time being issued and outstanding; in the case of  a   partnership,  the  aggregate value of the money and property contributed   by the partners for the purpose of  carrying  on  the  business  of  the   partnership,  so  far  as  such  is  credited to the partners on capital   account; in the case of a limited liability company, the aggregate value   of the money and property contributed by the members for the purpose  of   carrying on the business of the company; and in the case of a trust, the   aggregate value of the money or property subject to the trust.5.  "Federally-aided mortgage." A mortgage loan made or insured by the   federal government  or  any  agency  or  instrumentality  thereof  or  a   mortgage  loan  entered  into  in  conjunction with a housing assistance   payments contract in connection with  new  construction  or  substantial   rehabilitation  or  moderate rehabilitation pursuant to section eight of   the United States housing act of 1937, as amended.6. The term "mutual" when applied to  a  redevelopment  company  shall   mean a redevelopment company which is a corporation operated exclusively   for the benefit of the persons or families who are entitled to occupancy   in  a  project  of  such redevelopment company by reason of ownership of   shares in such redevelopment company.