NY Priv Hous Fin L § 83 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 83 - Execution of Housing Company Projects.

§   83.   Execution  of  housing  company  projects.  No  building  or   construction shall be undertaken by  any  housing  company  without  the   approval of the commissioner. Such approval shall be conditioned upon:1.  The  submission of a plan in such form and with such assurances as   the commissioner may prescribe, to raise at least twenty per  centum  of   the  actual cost of the lands and improvements through investment in the   capital of such  housing  company  together  with  the  sale  of  income   debentures, where provided for by such plan; and to raise the balance by   mortgage  bonds  which  shall not exceed eighty per centum of the actual   cost of the said project. The  plan  may  provide  for  the  raising  of   working  capital  in an amount to be approved by the commissioner not to   exceed three per centum of the actual cost  through  investment  in  the   capital  and  sale of income debentures of the housing company. Wherever   reference is made in this article to cost of projects, or  of  buildings   and  improvements  in  projects,  such  cost  shall  include charges for   financing and supervision approved  by  the  commissioner,  including  a   reasonable  proportion  to be fixed by the commissioner, of the expenses   of the commissioner, applicable to the examination  and  supervision  of   the  project,  and  carrying charges during construction required in the   project, including interest on  borrowed,  and  where  approved  by  the   commissioner, on invested capital. Notwithstanding the provisions of any   other  general, special or local laws, all moneys payable by the project   to reimburse  the  commissioner  for  his  expenses  applicable  to  the   examination and supervision of the project during construction as herein   provided shall be paid to the executive department.2. The acceptance of a designee of the commissioner as a member of the   board  of  directors  of said housing company. In the case of all mutual   companies an additional director shall be designated by the commissioner   at the creation of the company and shall serve from  the  time  of  such   designation  at least until a board of directors has been elected by the   tenants entitled to occupancy in the project by reason of  ownership  of   shares  in  such  company.  Such directors appointed by the commissioner   need not be stockholders or  meet  other  qualifications  which  may  be   prescribed  by  the  certificate of incorporation or the by-laws. In the   absence of fraud or bad faith the director appointed by the commissioner   shall not be personally liable for the debts, obligations or liabilities   of the corporation.3. The approval by the commissioner of the plans,  specifications  and   estimated  costs  of  the  proposed housing facilities in respect to the   conformity thereof to reasonable standards of health, sanitation, safety   and provision for light and air.4. When required by the commissioner, and except  in  the  case  of  a   housing  company  which  is  a  subsidiary  of  the New York state urban   development corporation, created by the New York state urban development   corporation act, the designation by the  commissioner  with  respect  to   each  project  approved  by  him  of a trustee, which shall be a banking   corporation authorized to perform  trust  functions,  and  such  trustee   shall  receive moneys received by the housing company as its capital, or   as proceeds of its mortgage bonds, notes or income debentures  and  make   payment  therefrom  for  the  acquisition  of  land, the construction of   improvements and other items entering into cost of land and improvements   upon presentation of draft, check or order signed by a proper officer or   designee  of  the  housing  company  and  countersigned  by   the   said   commissioner  or  a person designated by him for said purpose. Any funds   remaining in the custody of said trustee after  the  completion  of  the   said  project and payment or arrangement in a manner satisfactory to the   commissioner for payment in full therefor shall be paid to  the  housing   company. 5. No such project shall be approved in contravention of any planning,   zoning,   sanitary   and   building  laws,  ordinances  and  regulations   applicable to the municipality in which the project is situated.6. Notwithstanding the provisions of subdivision five hereof, no state   urban  development  corporation  project  shall  be  approved  unless it   complies  with  the  requirements  of  local  laws,  ordinances,  codes,   charters  or regulations applicable to the construction, reconstruction,   rehabilitation, alteration or improvement of such project, except  where   the  state  urban development corporation, in its discretion, finds such   compliance not feasible or practicable, in which event no  such  project   shall  be approved unless it complies with the requirements of the state   building construction  code,  formulated  by  the  state  building  code   council pursuant to article eighteen of the executive law, applicable to   such   construction,   reconstruction,   rehabilitation,  alteration  or   improvement. No county, city, town or village shall have power to modify   or change the drawings, plans or specifications  for  the  construction,   reconstruction,  rehabilitation,  or  improvement of any such project or   the construction, plumbing, heating, lighting or other mechanical branch   of work necessary to complete the work in question, nor to require  that   any  person, firm or corporation employed on any such work shall perform   any such work in any other or different manner  than  that  provided  by   such plans and specifications, nor to require that any such person, firm   or  corporation  obtain  any  other  or  additional authority, approval,   permit or certificate, from such county, city,  town  or  village  as  a   condition  of  doing  such  work,  nor  shall  any condition whatever be   imposed by any such county, city, town or village  in  relation  to  the   work  being  done, and the doing of any such work by any person, firm or   corporation in accordance  with  the  terms  of  such  drawings,  plans,   specifications  or  contracts  shall  not  subject  said person, firm or   corporation to any liability or penalty, civil or criminal,  other  than   as  may  be  stated  in  such  contracts  or  incidental  to  the proper   enforcement thereof; nor shall any county, city, town  or  village  have   power  to  require  that  any  subsidiary  of  the  New York state urban   development  corporation,  or  any  lessee  therefrom  or  successor  in   interest  thereto,  obtain  any other or additional authority, approval,   permit, certificate or certificate of occupancy from such county,  city,   town  or village as a condition of owning, using, maintaining, operating   or  occupying  any   project   acquired,   constructed,   reconstructed,   rehabilitated  or  improved by any such subsidiary of the New York state   urban development corporation.