NY Priv Hous Fin L § 87 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 87 - Increase of Rentals in Housing Company Projects.

§  87.  Increase  of rentals in housing company projects.  Whenever it shall appear that the interests  of  lienholders,  creditors,  debenture holders,  shareholders,  partners  or  beneficiaries cannot otherwise be safeguarded, the  commissioner  shall,  notwithstanding  the  limitation prescribed  in  this  article upon maximum average rental, have power by his order made upon written application of a housing  company  or  of  a lienholder,  a  creditor,  or of holders of ten per centum of the income debentures of the housing company, or, in the case of a housing  company which is a corporation, the holders of ten per centum of the shares, or, in  the  case  of a housing company which is a partnership, the partners having an interest in capital equal to ten per centum  thereof,  or,  in the case of a housing company which is a trust, the beneficiaries having a  beneficial  interest  in  capital equal to ten per centum thereof, to authorize such housing company to increase rentals  beyond  the  maximum provided in this article as follows:  (a)  If  the  application  is  made  before occupancy of the dwellings embraced in the project and it is  shown  to  the  satisfaction  of  the commissioner  that  owing  to  causes  beyond the control of the housing company or contingencies which in the opinion of the commissioner  could not   reasonably   have   been  anticipated,  the  maximum  rentals  are insufficient to meet the payments authorized in section  eighty-five  in which  event  the  commissioner may authorize an increase in the minimum amount necessary to enable such housing company to make such payments.  (b) If the application is made after occupancy the order shall be made only after a public hearing. Said hearing shall be  held  upon  no  less than  twenty  days'  written notice to the tenants and such notice shall have annexed thereto a copy of the application for increase in  rentals. No  such  order  or  authorization  shall  be  made  or given unless the commissioner shall find that because of changes in  economic  conditions in  their  application  to the project with respect to which request for increased rentals shall have been made or because of special assessments or causes or contingencies beyond the control of  the  housing  company, affecting such project, the maximum rentals fixed as herein provided are insufficient  to  meet the payments authorized in section eighty-five of this  article  and  unless  the  commissioner  shall  find   that   such insufficiency  cannot be corrected by reasonable economies in management and operation of said project. The commissioner shall not authorize  any increase  in rentals in excess of the minimum amount necessary to enable the said housing company to make the said payments authorized in section eighty-five. Any order by the commissioner shall be final and conclusive upon all questions within his jurisdiction, with respect to the  project affected  thereby,  unless  reversed  or modified on appeal therefrom as hereinafter provided. Within thirty days after notice of the  filing  of the  order of the commissioner has been sent to the said housing company and served upon the said tenants affected thereby in such manner as  the commissioner  shall  prescribe,  an appeal may be taken to the appellate division of the supreme court in the department  in  which  the  project affected by the order is located, from such order of the commissioner by any  party  in  interest.  If  notice  of such appeal is served upon the commissioner, he shall, within thirty days thereafter,  serve  upon  the parties  in  interest a statement of his conclusions of fact and rulings of law in such case. The commissioner may also in his discretion certify to such appellate  division  of  the  supreme  court  questions  of  law involved  in his order. Such appeal and the questions so certified shall be heard in a summary manner and shall have precedence  over  all  other civil  cases  in such court. The commissioner shall be deemed a party to every such appeal.    An appeal may also be taken by the commissioner or  by  any  party  in interest  to  the court of appeals in the same manner and subject to the same limitations as is now provided in civil actions. It  shall  not  be necessary  to  file  exceptions to the rulings of the commissioner.  The commissioner  shall not be required to file a bond upon an appeal by him to the court of appeals. Upon final determination of such an appeal, the commissioner shall enter an order in accordance therewith.