reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 126 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 126 - Reduced Rentals for the Elderly.

§  126.  Reduced  rentals  for  the  elderly.  (a)  For the purpose of enabling lower income elderly persons to continue in  occupancy  without paying  rentals  in  excess  of  a  fair proportion of their income, any municipality having a population of less than one million is  authorized to  make  and  to  contract to make periodic payments to a redevelopment company in an amount not exceeding the difference between  the  rent  or carrying charges for the dwellings occupied by such lower income persons and  one-third of their net probable aggregate annual income, where such rent or carrying charges exceed such one-third of income; provided  that the  aggregate amount of periodic payments to be made in accordance with contracts entered into  by  the  municipality  during  any  fiscal  year thereof   pursuant   to   this  section,  subdivision  nine  of  section thirty-one, subdivision seven of section eighty-five-a, and section five hundred seventy-seven-a of this chapter shall not exceed  the  aggregate amount  of  all  real  property taxes paid or payable during such fiscal year by all companies organized pursuant to this  article,  article  II, article  IV,  and article XI of this chapter and the aggregate estimated receipts  of  all  such  companies  in  such  fiscal  year  from  rental surcharges collected or to be collected pursuant to this chapter.  (b)  Such  payments  shall be made only where the contract between the municipality and the company pursuant to section  one  hundred  fourteen imposes  income  limitations on admission and on continued occupancy and requires the payment of surcharges to the  municipality  by  over-income occupants.  (c)  Such payments shall be made only on account of a person or family in occupancy where the head of the household is sixty-two years  of  age or  older  and  is  not a recipient of public assistance pursuant to the social services law, and where the net probable aggregate annual  income of  the  person or family in occupancy does not exceed six thousand five hundred dollars a year.   Notwithstanding the provisions of subdivision twenty-nine  of  section two of this chapter, net probable aggregate annual income shall mean the annual  income  of  family  members from all sources after deductions of federal, state and city income taxes; provided that any municipality may provide that increases in benefits under the social security  act  which take  effect after such person or family has assumed occupancy shall not be taken into account.  (d) A company having a contract with the municipality pursuant to this subdivision may not collect from persons or  families  in  occupancy  on whose  account  such  payments  are  made  any  rentals in excess of the amounts specified in such contract.
NY Priv Hous Fin L § 127 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 127 - Acquisition by Mutual Redevelopment Companies.

§ 127. Acquisition by mutual redevelopment companies. Anything in this article to the contrary notwithstanding:  (a)  With  the approval of the supervising agency, any person owning a project may convey such project to a mutual redevelopment company and  a mutual  redevelopment  company  may  be organized to acquire an existing project prior to expiration of an initial tax exemption granted pursuant to section one hundred twenty-five,  and  may  own,  maintain,  operate, sell,  and convey such project pursuant to this article. In part payment of the purchase price therefor, such company may execute and  deliver  a bond  and  mortgage  or  an  issue of bonds under a trust indenture, the aggregate principal amount of which does not exceed ninety per centum of such purchase price, and which shall be secured by a first mortgage upon all the real property of which such project  consists.  Such  bonds  are hereby  declared  securities  in which all public officers and bodies of the state and of its municipal subdivisions, all insurance companies and associations, all savings  banks  and  savings  institutions,  including savings  and  loan  associations,  executors, administrators, guardians, trustees, and all other  fiduciaries  in  the  state  may  properly  and legally invest the funds within their control. The total capital created and  bonds  or  debentures  issued  by such mutual redevelopment company shall not exceed the total cost of the purchase of the  project  and  an allowance  for  working  capital  not  greater  in amount than three per centum of such cost.  (b) With the consent of the local legislative body,  any  initial  tax exemption  granted  pursuant  to  section one hundred twenty-five, shall continue after conveyance of a project to a mutual redevelopment company for the period of years originally provided for in the contract, or  for the  unexpired  portion  thereof  if  such  period shall have commenced, subject to prior termination pursuant to section one hundred twenty-four or section one hundred twenty-five, and this article shall  continue  to be  applicable to such project as though such project had been initially undertaken by such mutual redevelopment company; provided, however, that nothing herein shall require the resubmission of the plan of the project and the contract relating thereto for approval pursuant to  section  one hundred  fourteen.  The  contract  may,  with  the approval of the local legislative body and of the holder of the mortgage on  the  project,  be modified in a manner consistent with this section.
NY Priv Hous Fin L § 200 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 200 - Short Title.

§  200.  Short title. This article shall be known and may be cited and   referred to as the "Urban Redevelopment Corporations Law."
NY Priv Hous Fin L § 204 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 204 - Appointment of Supervising Agency.

§  204.  Appointment of supervising agency. The local legislative body   of a city is hereby authorized by general  ordinance  or  local  law  to   appoint,  establish or designate the chief financial officer of the city   or some other official or bureau, commission or agency as the person  or   body  to exercise the powers and perform the duties held by or incumbent   upon a supervising agency pursuant to this article, except that if there   is a board of estimate in the city no such appointment, establishment or   designation shall be made and the board of estimate shall exercise  such   powers  and  perform  such duties or may delegate one or more of them to   the chief financial officer of the  city  or  to  some  other  official,   bureau, commission or agency.
NY Priv Hous Fin L § 206 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 206 - Limitations of Redevelopment Corporations.

§  206.  Limitations  of  redevelopment corporations. No redevelopment   corporation shall:1. Undertake any clearance, reconstruction, improvement, alteration or   construction in connection with any development until  the  certificates   of  approval  required by section two hundred three of this article have   been issued;2. Change, alter, amend, add to or depart from  the  development  plan   until the planning commission or the supervising agency, as the case may   be, has issued a certificate of approval of that portion of such change,   alteration,   amendment,   addition   or   departure   relevant  to  the   determination required to be made by it as  set  forth  in  section  two   hundred three of this article;3.  After  a  development has been commenced, sell, transfer or assign   any real property in the development area without  first  obtaining  the   consent of the supervising agency;4. Undertake more than one development;5.  Pay  interest  on its income debentures, if any, except out of net   earnings which would have been applicable to the payment of dividends on   its capital stock if there were no such income debentures;6. Pay as compensation for services to, or enter  into  contracts  for   the  payment  of compensation for services to, its officers or employees   in an amount greater than the limit thereon contained in the development   plan, or in  default  thereof,  then  in  an  amount  greater  than  the   reasonable  value  of  the services performed or to be performed by such   officers or employees;7. Lease an entire building or improvement in the development area  to   any  person  or  corporation  without  obtaining  the  approval  of  the   supervising agency, which may be withheld only if  the  lease  is  being   made for the purpose of evading the provisions of this article;8. Mortgage any of its real property without obtaining the approval of   the supervising agency;9.   Make   any  guarantee  without  obtaining  the  approval  of  the   supervising agency;10. Dissolve without obtaining the approval of the supervising agency,   which may be given upon such conditions as the  supervising  agency  may   deem  necessary  or appropriate to the protection of the interest of the   city in the proceeds of the  sale  of  the  real  property  acquired  by   condemnation  as provided in subdivision two of section two hundred five   of this article, such approval to be  endorsed  on  the  certificate  of   dissolution  and  such  certificate not to be filed in the department of   state in the absence of such endorsement;11. Reorganize without  obtaining  the  approval  of  the  supervising   agency.
NY Priv Hous Fin L § 207 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 207 - Application of Other Corporation Laws to Redevelopment Corporations.

§   207.  Application  of  other  corporation  laws  to  redevelopment   corporations.  The  provisions  of  the  business  corporation  law   as   presently  in  effect  and as hereafter from time to time amended, shall   apply to redevelopment  corporations  heretofore  or  hereafter,  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, 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 stockholders 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 stockholders   holding shares of an additional class of stock entitled to vote on  such   action,  or  with  respect  to  the  proceedings  provided  for  in such   certificate.
NY Priv Hous Fin L § 208 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 208 - Consideration for Issuance of Stock, Bonds or Income Debentures.

§   208.   Consideration  for  issuance  of  stock,  bonds  or  income   debentures. No redevelopment corporation shall  issue  stock,  bonds  or   income  debentures,  except  for money or property actually received for   the use and lawful purposes of  the  corporation  or  services  actually   performed for the corporation.
NY Priv Hous Fin L § 209 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 209 - Determination of Development Cost.

§  209. Determination of development cost. 1. Upon the completion of a   development a redevelopment corporation shall, or upon the completion of   a principal part of a development a redevelopment corporation may,  file   with the supervising agency an audited statement of the development cost   thereof.  Within  a  reasonable time after the filing of such statement,   the supervising agency shall determine the development  cost  applicable   to  the  development  or  such  portion  thereof  and shall issue to the   redevelopment corporation a certificate stating the amount thereof as so   determined.2. A redevelopment corporation may, at  any  time,  whether  prior  or   subsequent  to  the undertaking of any contract or expense, apply to the   supervising agency for a ruling as to whether  any  particular  item  of   cost therein may be included in development cost when finally determined   by  the  supervising  agency,  and  the  amount thereof. The supervising   agency shall, within a reasonable time after such application, render  a   ruling thereon, and in the event that it shall be ruled that any item of   cost  may  be  included  in  development  cost, the amount thereof as so   determined shall  be  so  included  in  development  cost  when  finally   determined.
NY Priv Hous Fin L § 210 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 210 - Regulation of Redevelopment Corporations by Supervising Agency.

§ 210. Regulation of redevelopment corporations by supervising agency.   A redevelopment corporation shall:1. Furnish to the supervising agency from time to time, as required by   it,  but  with respect to regular reports not more often than once every   six months, such financial information, statements, audited  reports  or   other  material  as such supervising agency shall require, each of which   shall conform to such standards of accounting and financial procedure as   the supervising agency may by general regulation prescribe.2. Establish  and  maintain  such  depreciation  and  other  reserves,   surplus  and  other  accounts  as  the supervising agency may reasonably   require, including a yearly reserve with respect to each parcel of  real   property  held  by the redevelopment corporation against the increase in   local taxes after the expiration of the maximum exemption period,  which   shall  be  equal  to  twenty  per  centum  of the difference between the   maximum local tax on the real property of the redevelopment  corporation   and  the  local  tax  which  would  have been payable except for the tax   exemption period provided for in section  two  hundred  eleven  of  this   article.Any  provision of the general corporation law or the stock corporation   law to  the  contrary  notwithstanding,  one  member  of  the  board  of   directors  of  a  redevelopment  corporation  may  be  a designee of the   supervising agency,  as  long  as  any  of  the  real  property  of  the   redevelopment  corporation is entitled to the tax exemption provided for   in section two hundred eleven of this article.
NY Priv Hous Fin L § 211 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 211 - Exemption From Increase in Local Taxation.

§  211.  Exemption  from  increase  in  local  taxation.  1.  A  local   legislative body is  hereby  authorized,  by  adopting  or  enacting  an   ordinance  or local law, to exempt all or part of the real property held   by redevelopment corporations during a maximum exemption  period,  which   shall  not  exceed  ten years, which represents an increase in any local   tax over the maximum local tax. After the adoption or enactment of  such   an  ordinance  or  local  law, every parcel of real property held by any   redevelopment corporation in the city shall be exempt during the maximum   exemption period, from that portion of each and every local tax  to  the   extent  that  such exemption has been granted by such ordinance or local   law. If, during the last year of  the  maximum  exemption  period,  such   exemption  is  in  existence  on  the day such local tax, or installment   thereof, becomes a lien on such parcel of real property, such  exemption   shall  extend  for the full tax year for such local tax and shall not be   apportioned because of the expiration of the  maximum  exemption  period   during such tax year.2.  For  the purpose of fixing the date of commencement of the maximum   exemption  period  for  a  group  of  parcels  of  real  property  in  a   development  area, a city is hereby authorized, with the approval of its   local legislative body, except that if there is a board of  estimate  in   the  city,  then with the approval of the board of estimate, to contract   with a redevelopment corporation to place in  one  or  more  groups  the   various  parcels  of  real property therein. Such a contract may provide   that all of the parcels in each group may be deemed to have had a common   stated date of acquisition by the redevelopment corporation,  regardless   of the actual date of acquisition of each parcel contained therein. Such   agreed  date  of  acquisition  shall  thereupon  serve  as  a  basis for   computing the maximum exemption period for each parcel of real  property   in  the  group.  Such agreed date of acquisition shall not be later than   the date of the actual acquisition  of  one  or  more  parcels  of  real   property in the group. After the making of any such contract, all of the   parcels  of  real  property in any such group shall be treated as a unit   for the purposes of the assessment and collection of each local tax, and   the maximum exemption period so computed shall be binding  with  respect   to each local tax.
NY Priv Hous Fin L § 213 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 213 - Enforcement Proceedings Against Redevelopment Corporations.

§  213.  Enforcement  proceedings  against redevelopment corporations.   Whenever  a  redevelopment  corporation  shall  not  have  obtained  the   certificates of approval of its development plan required by section two   hundred  three  of  this  article  within twelve months of the date upon   which  it  became  a  redevelopment  corporation,  or  shall  not   have   substantially  complied with its development plan within the time limits   for the completion of each stage thereof as therein  stated,  reasonable   delays  caused  by unforeseen difficulties excepted, or shall do, permit   to be done or fail or omit to do anything contrary to or required of it,   as the case may be, by this article, or shall be about so to do,  permit   to  be  done  or fail or omit to have done, as the case may be, then any   such fact may be certified by the planning commission or the supervising   agency, whichever shall have supervision thereof,  to  the  chief  legal   officer  of  the  city,  who  may thereupon commence a proceeding in the   supreme court of the state of New York in its name for  the  purpose  of   having  such  action, failure or omission, or threatened action, failure   or omission, established by order of the court for the purpose stated in   subdivision two of section two hundred five of this article, or stopped,   prevented or otherwise rectified by order, injunction or otherwise. Such   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  redevelopment  corporation  complained  of  must  answer the   petition. The court shall, immediately after a default in  answering  or   after   answer,  as  the  case  may  be,  inquire  into  the  facts  and   circumstances in such manner as the court shall direct without other  or   formal  proceedings,  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 or order   in any such action or proceeding shall dismiss the action or  proceeding   or  establish  the  failure complained of or direct that an order, or an   injunction, or both, issue, or grant such other relief as the court  may   deem appropriate.
NY Priv Hous Fin L § 214 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 214 - Transfer of Real Property to Redevelopment Corporation.

§  214.  Transfer  of  real  property  to  redevelopment  corporation.   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, cities, all other public bodies, all public   officers, corporations organized under or subject to the  provisions  of   the banking law (including savings banks, savings and loan associations,   trust  companies, private bankers and private banking corporations), the   superintendent of  financial  services  as  conservator,  liquidator  or   rehabilitator  of  any such person, partnership or corporation, 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, any of which owns or holds any real property   within a development area, may grant, sell, lease or otherwise  transfer   any  such  real property to a redevelopment corporation, and receive and   hold any cash, stocks, income debentures, mortgages, or other securities   or  obligations,  secured  or  unsecured,  exchanged  therefor  by  such   redevelopment  corporation, and may execute such instruments and do such   acts as may be deemed necessary or desirable by them or it  and  by  the   redevelopment  corporation  in  connection  with the development and the   development plan.