reglab/statecodes huggingface dataset:
2023 New York Laws › PVH - Private Housing Finance › Article 11 - Housing Development Fund Companies › 577-B - Payment of Arrears for Certain Taxes.

§  577-b.  Payment  of arrears for certain taxes. 1. The term eligible
property as used in this section shall mean a multiple dwelling  located
in  a  city  with  a  population  of  one million or more and owned by a
company established pursuant to this article which:
(a) is controlled  by  and  provides  housing  accommodations  to  its
resident  shareholders  or  members  or agrees, on terms approved by the
supervising agency, to offer to the residents of the  multiple  dwelling
the opportunity to acquire ownership and control of the company; and
(b) on January first, two thousand two, had outstanding municipal real
estate taxes relating to any period prior to January first, two thousand
one.
2.  (a)  The supervising agency may offer to each company that owns an
eligible property an opportunity to enter into  a  regulatory  agreement
pursuant  to  which  the  obligation to pay arrears of real estate taxes
attributable to such property, including interest and penalties if  any,
shall be dealt with as provided in such agreement.
(b) The regulatory agreement shall include the following provisions:
(1) a term of thirty years;
(2)  that  the  suspension  of  the  obligation  to  pay arrears shall
continue provided that the  company  complies  with  the  terms  of  the
regulatory agreement;
(3)  that all suspended arrears including interest and penalties shall
be forgiven provided that  the  company  complies  with  the  regulatory
agreement for an initial period of ten years;
(4)  that portions of the suspended arrears may be forgiven during the
initial ten year period  pursuant  to  a  schedule  established  in  the
regulatory agreement;
(5) that any suspended obligations which have not been forgiven may be
reinstated if the company fails to comply with the regulatory agreement;
(6) that all new municipal charges must be paid in a timely fashion;
(7)  that the supervising agency shall be authorized to assume control
of the company if the company fails to comply with the agreement;
(8) that the company must comply with customary  financial  and  other
reporting requirements; and
(9) that the company shall be required to increase maintenance charges
or  impose  assessments  to  insure that the company can provide for its
obligations.
(c) The regulatory agreement shall also include terms to  address  the
following  matters  as  well  as  any  other issues that the supervising
agency deems appropriate:
(1) establishment of a structured reserve fund;
(2) restrictions to insure  sales  and  rentals  only  to  low  income
individuals and families;
(3)  establishment  of a transfer fee payable to the company's reserve
fund upon the sale of any units;
(4) restrictions on subletting;
(5) primary residence requirements; and
(6) certification of annual elections.
(d) The regulatory agreement may contain such alterations to the terms
of the original disposition as the supervisory agency deems necessary.
2023 New York Laws › PVH - Private Housing Finance › Article 11 - Housing Development Fund Companies › 578 - Advisory and Educational Services.

§  578.  Advisory  and  educational services. The commissioner and the
  supervising agency are each hereby  authorized  to  provide  to  housing
  development  fund  companies  such  advisory, consultative, training and
  educational services as will assist them to become eligible borrowers in
  accordance with the  provisions  of  this  article.  Such  advisory  and
  educational  services  may  include  but  are not necessarily limited to
  technical and professional  planning  assistance,  the  preparation  and
  promulgation  of  organizational,  planning and development outlines and
  guides, consultation services, training courses, seminars and  lectures,
  the  preparation  and  dissemination  of  newsletters  and other printed
  materials, and the services of field representatives.  The  commissioner
  and the supervising agency are each also authorized to provide advisory,
  consultative,  technical,  training  and educational services to housing
  development fund companies in the management of  such  projects  and  to
  residents thereof, including but not limited to home management and such
  other  training  and  advisory  services  as  may  be  necessary for the
  efficient and harmonious management of the project.
2023 New York Laws › PVH - Private Housing Finance › Article 11 - Housing Development Fund Companies › 580 - Examination by Comptroller.

§  580. Examination by comptroller. 1. The comptroller, or his legally
  authorized representative, is hereby authorized and empowered from  time
  to  time  to  examine the books and accounts of the division relating to
  the housing development fund, and from time to time, not less than  once
  every  five  years,  to  examine  the books and accounts of each housing
  development fund company which received or is to receive aid  from  such
  fund  pursuant  to  this article, including its receipts, disbursements,
  contracts, leases, loans, and any other moneys relating to its financial
  operation, and from time to time, to examine the books and  accounts  of
  any  local loan administrator which has received advances from such fund
  pursuant to this article, but only insofar as those books  and  accounts
  relate to such advances and to the local loan administrator's compliance
  with  the  master  servicing  agreement entered into pursuant to section
  five hundred seventy-six-d of this article.
2. The comptroller of a municipality or, in the case of a municipality
  having no comptroller, the chief fiscal officer of such municipality, is
  hereby authorized and empowered from time to time to examine  the  books
  and accounts relating to the municipal housing development fund, and the
  supervising agency is hereby authorized and empowered from time to time,
  not  less  than once every five years, to examine the books and accounts
  of each housing development fund company which received or is to receive
  aid from such fund, including its  receipts,  disbursements,  contracts,
  leases, loans, and any other moneys relating to its financial operation.
2023 New York Laws › PVH - Private Housing Finance › Article 11 - Housing Development Fund Companies › 581 - Inconsistent Provisions in Other Laws Superseded.

§  581.  Inconsistent  provisions in other laws superseded. Insofar as
  the provisions of this article are inconsistent with the  provisions  of
  any other law, general, special or local, the provisions of this article
  shall be controlling.
2023 New York Laws › PVH - Private Housing Finance › Article 11 - Housing Development Fund Companies › 582 - Separability Clause.

§  582.  Separability  clause.  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.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 600 - Construction.

§  600.  Construction.  This  chapter  shall be construed liberally to
  effectuate the purposes hereof, and the enumeration of  specific  powers
  in this chapter shall not operate to restrict the meaning of any general
  grant  of  power  contained  in  this chapter or to exclude other powers
  comprehended in such general grant.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 601 - Separability Clause.

§  601.  Separability  clause.  If  any  clause,  sentence, paragraph,
  section or part of this chapter  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.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 603 - Pending Actions or Proceedings.

§  603.  Pending  actions  or  proceedings.  This  chapter or anything
  therein contained shall not affect or abate  any  actions,  proceedings,
  civil  or  criminal,  pending  at  the time when this chapter shall take
  effect, brought by, for or against the  state,  the  state  division  of
  housing,  any municipality, limited-profit housing company, the New York
  state housing  finance  agency,  limited-dividend  housing  corporation,
  redevelopment  company,  urban  redevelopment  corporation  or  mortgage
  facilities corporation, under or in pursuance of the provisions  of  the
  laws  repealed  by this chapter; but all such actions or proceedings may
  be continued, prosecuted, conducted and completed as if such  laws  were
  not repealed but continued to be fully effective.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 605 - Laws Repealed.

§  605.  Laws  repealed. Of the laws enumerated in the schedule hereto
  annexed, that portion specified in the last column is  hereby  repealed,
  except as provided in sections ninety-six and six hundred four.
SCHEDULE OF LAWS REPEALED
 
  Public Housing      Article 1        Subdivision 14-a of section 3
  Law                 Article 7        Sections 129, 130, 131, 134, 135
Article 9        All
 
  Laws of             Chapter          Section
1941             892               All
1942             845               All
1943             234               All
1946             673               All
1947             840               All
1951             190               All
1955             407               All except section 2
1956             564               All
1956             832               All
1956             877               All
1957             218               All
1957             334               All
1957             608               All
1957             750               All
1957             971               All
1957             973               Sections 1, 2, 3 and 4
1958             364               All
1958             505               Sections 1 and 2
1958             656               All
1958             904               All
1958             957               Section 1
1959             486               All
1959             675               Sections 1, 2, 3 and 4
1959             727               All
1960             116               Sections 1 and 2
1960             359               Sections 4, 5 and 6
1960             669               All
1960             670               Sections 1, 2 and 3
1960             671               All except section 3
1960             694               All
1960             892               Section 3
1960             959               Section 2
1960             990               All
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 611 - Rent Stabilization and Regulatory Agreements.

§    611.   Rent   stabilization   and   regulatory   agreements.   1.
  Notwithstanding any other provision of law, including the provisions of,
  or  any  regulation  promulgated  pursuant  to,  the  emergency   tenant
  protection act of nineteen seventy-four or the rent stabilization law of
  nineteen hundred sixty-nine, the state division of housing and community
  renewal, when supervising housing accommodations under provisions of law
  other  than the emergency tenant protection act of nineteen seventy-four
  or the rent stabilization law of nineteen hundred  sixty-nine,  the  New
  York  city  department  of housing preservation and development, the New
  York state urban development corporation, the  New  York  state  housing
  finance  agency, the New York state housing trust fund, and the New York
  city housing development corporation, or such other state  or  municipal
  agency,   political   subdivision,   public   benefit   corporation,  or
  instrumentality as the state division of housing and  community  renewal
  shall  identify, may, by agreement with an owner of a multiple dwelling,
  subject any housing accommodation  in  such  multiple  dwelling  to  the
  emergency  tenant  protection  act  of nineteen seventy-four or the rent
  stabilization law of nineteen hundred sixty-nine, or both, if applicable
  to the municipality. The requirements of such agreement shall supplement
  any requirements imposed on such housing accommodation pursuant  to  any
  other provisions of law.
2.  Any  agreement  between  a  state  or  municipal agency, political
  subdivision, public benefit corporation, or instrumentality described in
  subdivision one of this section and an owner of a multiple dwelling that
  contains provisions that are consistent with  subdivision  one  of  this
  section  and  that is in effect as of the effective date of this section
  is and will remain valid and enforceable.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 612 - Compliance Monitoring.

§  612.  Compliance  monitoring.  1.  Any  supervising  agency and any
  corporate  governmental  agency  that  constitutes  a   public   benefit
  corporation  created  pursuant  to this chapter shall have the power to:
  (a) subpoena, require the attendance of and examine and  take  testimony
  under oath of such persons as it deems necessary to monitor, and enforce
  compliance with, a note, mortgage, other financing agreement, regulatory
  agreement,  deed,  land  disposition  agreement, or restrictive covenant
  with or approved by such agency  or  corporation  and  entered  into  in
  connection  with  an  action taken pursuant to this chapter, the general
  municipal law, the real property tax law, or the New  York  city  zoning
  resolution;  and  (b)  subpoena  and  require  the  production of books,
  accounts,  papers,  documents  and  other  evidence  related   to   such
  monitoring and enforcement.
2. Any person who has been issued a subpoena, or any other requirement
  to  testify or produce books and records, pursuant to subdivision one of
  this section, shall be required to comply with such  subpoena  or  other
  requirement  within  a  reasonable  period  of  time  established by the
  supervising agency  or  public  benefit  corporation  that  issued  such
  subpoena. Each day in which a person fails to comply with such subpoena,
  or  with  any  other  such  requirement  to testify or produce books and
  records, shall constitute a separate  violation  of  this  section.  The
  civil penalty for each such violation shall be not more than two hundred
  fifty  dollars, provided that such penalty shall not apply to any period
  during which such subpoena or other requirement to  testify  or  produce
  books  and  records  is  the  subject  of  a pending judicial proceeding
  commenced prior to the expiration of the period of time  established  by
  such  supervising  agency  or  public benefit corporation for compliance
  with such subpoena or other requirement to testify or produce books  and
  records.
3.  Any  such  supervising  agency  or  public benefit corporation may
  promulgate rules and regulations to carry out  the  provisions  of  this
  section.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 613 - Charges.

§  613.  Charges.  A municipality, or a supervising agency thereunder,
  may require the payment of charges by  an  owner  in  consideration  for
  financing,  regulation,  supervision  and audit of loans and grants made
  pursuant to the provisions of this chapter. Such charges shall  be  paid
  into the treasury of the municipality requiring the charges and shall be
  paid and deposited in the general fund of any such municipality.
2023 New York Laws › PVH - Private Housing Finance › Article 13 - Miscellaneous › 614 - Servicing Loans.

§  614.  Servicing  loans.  An agency may make provision in a note and
  loan agreement or by separate agreement for the performance of  loan  or
  grant  servicing  functions,  including,  but  not limited to, functions
  related to lending  or  providing  a  grant  for  construction,  as  may
  generally  be  performed by an institutional lender. Such agency may act
  in such capacity or appoint or consent to the appointment of a financial
  institution or other qualified entity, as determined by such agency,  to
  act  in  such  capacity  on behalf of such agency. Such agency may pay a
  reasonable and customary fee to  such  financial  institution  or  other
  qualified  entity appointed by such agency, or to whose appointment such
  agency provided consent, for the  performance  of  such  loan  or  grant
  servicing functions.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 651 - Statement of Legislative Findings and Purpose.

§  651.  Statement  of  legislative  findings  and  purpose.  1. There
  continues to exist in the city of New York a seriously inadequate supply
  of safe and sanitary dwelling accommodations within the financial  reach
  of  families  and  persons  of  low  income.  The ordinary operations of
  private  enterprise  cannot  provide  an   adequate   supply   of   such
  accommodations  at  rentals  and  carrying  charges  which  families and
  persons of low income can afford. In order to encourage  the  investment
  of  private  capital and provide such dwelling accommodations, provision
  should be made for mortgage loans  at  low  interest  rates  to  housing
  companies  which,  subject to regulation as to rents, profits, dividends
  and  disposition   of   their   property,   supply   multiple   dwelling
  accommodations,  and other facilities incidental or appurtenant thereto,
  to such families and persons. For that purpose there should be created a
  corporate governmental agency, to be known as the "New York city housing
  development corporation," which, through  the  issuance  of  its  bonds,
  notes  or other obligations to the private investing public, may attract
  a broad base of investment by the greatest number of the general  public
  and  obtain  the  funds  necessary to make or finance the making of such
  mortgage loans.
2. There also exists in the  city  of  New  York  a  large  number  of
  multiple  dwellings which are inadequate, unsafe or insanitary and which
  can be made adequate, safe  and  sanitary  by  rehabilitation  or  other
  improvement.  Such  rehabilitation  or  improvement  cannot  readily  be
  provided by the ordinary operations of private enterprise without public
  aid in the form of low interest loans to the  owners  of  such  multiple
  dwellings.  In  order  to encourage the investment of private capital in
  such  rehabilitation  and  improvement,  the  agency  should   also   be
  empowered, through the issuance of its bonds, notes or other obligations
  to  the  private investing public, to obtain the funds necessary to make
  or finance the making of such low interest loans.
The necessity in the public interest for  the  provisions  hereinafter
  enacted is hereby declared as a matter of legislative determination.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 654-A - Subsidiaries; How Created.

§  654-a.  Subsidiaries; how created. 1. The corporation by resolution
  may direct any of its members,  officers  or  employees  to  organize  a
  subsidiary   corporation   whenever,  in  the  sole  discretion  of  the
  corporation, it has become necessary to acquire a project in the case of
  sale under foreclosure or in lieu of foreclosure and it is beneficial to
  effectuate the purpose of this chapter for the subsidiary to hold  title
  to the project.
2.  Each  such  subsidiary  corporation  shall  be wholly owned by the
  corporation and shall be organized pursuant to the business  corporation
  law, the not-for-profit corporation law or article two or article eleven
  of this chapter.
3.  The  corporation  may  transfer  to any subsidiary corporation any
  money, real or personal or mixed  property  or  may  convey  to  it  any
  project  in  order  to carry out the purposes of this article. Each such
  subsidiary corporation shall have all the  privileges,  immunities,  tax
  exemptions  and  other  exemptions  of the corporation to the extent the
  same are not inconsistent with the statute or statutes pursuant to which
  such subsidiary was incorporated. Except as may be inconsistent with the
  provisions of this article, such subsidiary, if  organized  pursuant  to
  article two or article eleven of this chapter, shall have all the rights
  and powers granted to housing companies by this chapter and by any other
  statute pursuant to which such subsidiary corporation was organized.
4.  No  member  or  officer  of  the  corporation  shall  receive  any
  additional  compensation,  either  direct  or   indirect,   other   than
  reimbursement   for  actual  and  necessary  expenses  incurred  in  the
  performance of such person's duties, by reason of such person's  serving
  as a member, director, trustee or officer of any subsidiary corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 655-A - Authorization of Contracts for Taxation by the United States of Interest on Obligations Guaranteed Thereby.

§  655-a. Authorization of contracts for taxation by the United States
  of interest on obligations guaranteed thereby. The corporation is hereby
  authorized and empowered, from time to time and at  any  time  to  enter
  into  a contract or contracts with the United States, acting through any
  department, officer, agency, or instrumentality thereof, (a) pursuant to
  which the United States (i),  unconditionally  guarantees  the  payment,
  when  due,  of  the  interest on, and the principal of, bonds, notes, or
  other obligations issued or to be issued by the corporation or (ii) pays
  a portion of the  interest  payable  on  such  bonds,  notes,  or  other
  obligations  issued  or  to  be  issued  by  the  corporation and (b) in
  consideration of which the corporation covenants and consents  that  the
  interest  on such bonds, notes, or other obligations shall be includible
  under the internal revenue code of nineteen hundred  fifty-four  or  any
  subsequent  corresponding  internal  revenue law of the United States in
  the gross income of the holder or holders of such bonds, notes, or other
  obligations to the same extent and in the same manner that the  interest
  on  bills,  bonds,  notes  or  other obligations of the United States is
  includible in the gross income of the holder or  holders  thereof  under
  said  internal  revenue code or any such subsequent law. The corporation
  is hereby futher authorized and empowered  to  include  in  such  bonds,
  notes,  or  other  obligations  and  any  documents related thereto such
  reference to, or summary of, the  contract  or  contracts  as  shall  be
  satisfactory  to such department, officer, agency, or instrumentality of
  the United States. The powers herein conferred shall be in  addition  to
  the  powers  conferred  by  any  other  law and such powers shall not be
  subject to the limitations or restrictions of any other law, but nothing
  contained herein or in any such contract or contracts shall be construed
  to covenant or consent, or to authorize any covenant or consent, to  the
  application  of  any other provision of any other law, federal or state,
  to the corporation or to such bonds, notes, or other obligations, or  to
  the  elimination  or  modification  in  any  way  of any other exemption
  (including without limitation exemption from taxation under section  six
  hundred sixty-three of this article), privilege, or immunity thereof.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 657 - Agreement With the State.

§  657.  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
  corporation to fulfill the terms of any agreements made  with  the  said
  holders  thereof,  or  in any way impair the rights and remedies of such
  holders until such notes and 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  corporation  is
  authorized to include this pledge and agreement  of  the  state  in  any
  agreement with the holders of such notes or bonds.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 658 - State and City Not Liable on Notes and Bonds.

§  658. State and city not liable on notes and bonds. The notes, bonds
  or other obligations of the corporation shall not be a  debt  of  either
  the  state of New York or of the city of New York, and neither the state
  nor the city shall be liable thereon, nor shall they be payable  out  of
  any  funds other than those of the corporation; and such notes and bonds
  shall contain on the face thereof a statement to such effect.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 659 - City's Right to Require Redemption of Bonds.

§  659.  City'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 city
  may, upon furnishing sufficient funds therefor, require the  corporation
  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 published and circulating in the city of New York
  at least twice, the first publication to be at least thirty days  before
  the date of redemption.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 660 - Remedies of Noteholders and Bondholders.

§  660.  Remedies of noteholders and bondholders. 1. In the event that
the corporation shall default in the payment of principal of or interest
on any issue of notes or bonds after the same shall become due,  whether
at maturity or upon call for redemption, and such default shall continue
for  a period of thirty days, or in the event that the corporation shall
fail or refuse to comply with the provisions of this article,  or  shall
default  in any agreement made with the holders of any issue of notes or
bonds, the holders of twenty-five  per  centum  in  aggregate  principal
amount  of  the  notes  or  bonds  of  such  issue  then outstanding, by
instrument or instruments filed in the office of the clerk of the county
of New York and proved or acknowledged in the same manner as a  deed  to
be  recorded,  may  appoint  a  trustee to represent the holders of such
notes or bonds for the purposes herein provided.
2. Such trustee may, and  upon  written  request  of  the  holders  of
twenty-five  per  centum in principal amount of such notes or bonds then
outstanding shall, in such trustee's own name:
(a) by suit,  action  or  proceeding  in  accordance  with  the  civil
practice  law  and  rules,  enforce  all  rights  of  the noteholders or
bondholders, including the right to require the corporation to carry out
any agreement with such holders and to perform  its  duties  under  this
article;
(b) bring suit upon such notes or bonds;
(c)  by  action  or  suit, require the corporation to account as if it
were the trustee of an express trust for the holders of  such  notes  or
bonds;
(d) by action or suit, enjoin any acts or things which may be unlawful
or in violation of the rights of the holders of such notes or bonds;
(e)  declare  all  such  notes  or  bonds  due and payable, and if all
defaults shall be made good, then, with the consent of  the  holders  of
twenty-five  per  centum  of the principal amount of such notes or bonds
then outstanding, annul such declaration and its consequences.
3. The supreme court shall have jurisdiction of any  suit,  action  or
proceeding  by the trustee on behalf of such noteholders or bondholders.
The venue of any such suit, action or proceeding shall be  laid  in  the
county of New York.
4.  Before  declaring the principal of notes or bonds due and payable,
the trustee shall first give thirty  days'  notice  in  writing  to  the
corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 661 - Assistance to the Corporation.

§  661.  Assistance  to  the  corporation.  The state or city may make
  grants of money or property  to  the  corporation  for  the  purpose  of
  enabling  it to carry out its corporate purposes and for the exercise of
  its powers, including, but not  limited  to,  deposits  to  the  reserve
  funds.  This section shall not be construed to limit any other power the
  state or city may have to make such grants to the corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 662 - Notes and Bonds as Legal Investments.

§  662.  Notes  and bonds as legal investments. The notes and bonds of
  the corporation are hereby made securities in which all public  officers
  and   bodies   of  this  state  and  all  municipalities  and  municipal
  subdivisions, all insurance companies and associations and other persons
  carrying on an insurance business, all banks, bankers, trust  companies,
  savings  banks  and  savings  associations,  including  savings and loan
  associations, building and loan associations, investment  companies  and
  other  persons  carrying  on  a  banking  business,  all administrators,
  guardians, executors, trustees and  other  fiduciaries,  and  all  other
  persons  whatsoever who are now or may hereafter be authorized to invest
  in bonds or in other obligations of the state, may properly and  legally
  invest  funds, including capital, in their control or belonging to them.
  The notes and bonds  are  also  hereby  made  securities  which  may  be
  deposited  with and may be received by all public officers and bodies of
  the state and all municipalities and public corporations for any purpose
  for which the deposit of bonds or other obligations of the state is  now
  or may hereafter be authorized.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 663 - Exemption From Taxation.

§ 663. Exemption from taxation. 1. The property of the corporation and
  its income and operations shall be exempt from taxation.
2.  It is hereby determined that the creation of the corporation is in
  all respects for the benefit of the people of  the  state  and  for  the
  improvement  of their health, safety, welfare, comfort and security, and
  that said purposes are public purposes and that the corporation will  be
  performing  an  essential  governmental  function in the exercise of the
  powers conferred upon it by this article. The state covenants  with  the
  purchasers and all subsequent holders and transferees of notes and bonds
  issued  by  the  corporation,  in consideration of the acceptance of and
  payment for the notes and  bonds,  that  the  notes  and  bonds  of  the
  corporation issued pursuant to this article and the income therefrom and
  all  its  fees,  charges,  gifts,  grants, revenues, receipts, and other
  moneys received or to be received, pledged to pay or secure the  payment
  of  such notes or bonds shall at all times be free from taxation, except
  for estate and gift taxes and taxes on  transfers.  The  corporation  is
  authorized  to  include this covenant of the state in any agreement with
  the holders of such notes or bonds.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 665 - Assistance by Department of Housing Preservation and Development.

§   665.   Assistance   by  department  of  housing  preservation  and
  development. The commissioner of housing  preservation  and  development
  and  the  department  of housing preservation and development are hereby
  designated to act for and in behalf  of  the  corporation  in  servicing
  mortgage  loans of the corporation, and shall perform such functions and
  services in connection with the making, servicing and collection of such
  loans as shall be requested by the corporation.  The  corporation  shall
  pay  to  the department of housing preservation and development from any
  moneys of the corporation available for such purposes  such  amounts  as
  are  necessary  to  reimburse the department of housing preservation and
  development for the reasonable cost of the  services  performed  by  the
  commissioner   of  housing  preservation  and  development  and  by  the
  department of housing preservation  and  development  pursuant  to  this
  section.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 666 - Moneys of the Corporation.

§  666.  Moneys  of the corporation. 1. All moneys of the corporation,
  except as otherwise authorized or provided in  this  article,  shall  be
  deposited  as  soon  as practicable in a separate account or accounts in
  banks or trust companies organized  under  the  laws  of  the  state  or
  national  banking  association doing business in the city. The moneys in
  such accounts shall be paid out on checks  signed  by  such  officer  or
  employee  of  the  corporation  as  the corporation shall authorize. All
  deposits of such moneys  shall,  if  required  by  the  corporation,  be
  secured  by  obligations  of the United States or of the state or of the
  city 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 corporation  shall
  have  power to contract with the holders of any of its notes or bonds as
  to the custody, collection, securing,  investment  and  payment  of  any
  moneys  of  the corporation and of any moneys held in trust or otherwise
  for the payment of notes or bonds,  and  to  carry  out  such  contract.
  Moneys  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 moneys  may  be
  secured  in  the same manner as moneys of the corporation, and all banks
  and trust companies are  authorized  to  give  such  security  for  such
  deposits.
2.  Subject  to  the  provisions  of any contract with noteholders and
  bondholders and the approval of the comptroller, the  corporation  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 corporation 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  corporation,  in
  lieu  of  such  an examination, an external examination of its books and
  accounts made at the request of the corporation.
4. The corporation shall submit  to  the  mayor  and  the  comptroller
  within  thirty  days of the receipt thereof by the corporation a copy of
  the report of every external examination of the books  and  accounts  of
  the  corporation  other  than copies of the reports of such examinations
  made by the comptroller.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 667 - Actions.

§ 667. Actions. 1. Except in an action for wrongful death, in any case
  founded  upon  tort  a  notice of claim shall be required as a condition
  precedent to the commencement of an action or special proceeding against
  the corporation, any of its subsidiary  corporations,  or  any  officer,
  appointee  or employee thereof, and the provisions of section fifty-e of
  the general municipal law shall govern the giving  of  such  notice.  An
  action  for  wrongful  death  shall  be commenced in accordance with the
  notice of claim and  time  limitation  provisions  of  title  eleven  of
  article nine of the public authorities law. Any other action against the
  corporation,  any  of its subsidiary corporations, or any other officer,
  appointee or employee thereof  for  damages  for  injuries  to  real  or
  personal  property,  or  for  the  destruction  thereof, or for personal
  injuries, alleged to have been sustained, shall not  be  commenced  more
  than  one  year and ninety days after the cause of action therefor shall
  have accrued.
2. Except as may otherwise be expressly provided by  the  corporation,
  the  corporation  shall  not  be  liable  for  any  debts,  liabilities,
  obligations, agreements, contracts or covenants of any of its subsidiary
  corporations. No action or special proceeding of any kind may be brought
  against the corporation by any person having claims against or contracts
  with any of  its  subsidiary  corporations  (including  any  predecessor
  corporation  of  any  of its subsidiary corporations) if the corporation
  was not a party to the matter giving rise to such claims or contracts.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 668 - Annual Report.

§  668.  Annual report. The corporation shall submit to the mayor, the
  comptroller and the director of management and budget within ninety days
  after the end of its fiscal year, a complete and detailed report setting
  forth: (1) its operations and  accomplishments;  (2)  its  receipts  and
  expenditures  during  such fiscal year in accordance with the categories
  or classifications established by the corporation for its operating  and
  capital  outlay purposes, including a listing of all private consultants
  engaged by the corporation on a contract basis and a  statement  of  the
  total  amount  paid  to each such private consultant; (3) its assets and
  liabilities at the end of its fiscal year, including a schedule  of  its
  mortgage  loans  and  commitments  and the status of reserve, special or
  other funds; and (4) a schedule of its notes and  bonds  outstanding  at
  the  end  of  its  fiscal year, together with a statement of the amounts
  redeemed and incurred during such fiscal year.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 669 - Article Not Affected if in Part Unconstitutional.

§  669.  Article  not  affected  if  in  part unconstitutional. If any
  section, subdivision, paragraph, sentence, clause or provision  of  this
  article  shall  be unconstitutional or ineffective, in whole or in part,
  to the extent that it is not unconstitutional or ineffective it shall be
  valid and  effective  and  no  other  section,  subdivision,  paragraph,
  sentence, clause or provision shall on account thereof be deemed invalid
  or ineffective.
2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 670 - Inconsistent Provisions in Other Laws Superseded.

§  670.  Inconsistent provisions in other laws superseded.  Insofar as
  the provisions of this article are inconsistent with the  provisions  of
  any other law, general, special or local, the provisions of this article
  shall be controlling.
2023 New York Laws › PVH - Private Housing Finance › Article 15 - Participation Loans to Owners of Multiple Dwellings by Private Investors and Municipalities Utilizing Federal Grant Funds › 800 - Policy and Purposes of Article.

§ 800. Policy and purposes of article. It is hereby declared and found
  that  there  exists  in  municipalities  in  this  state substandard and
  insanitary areas and neighborhoods characterized by undermaintained  and
  deteriorating  housing accommodations and under-utilized non-residential
  buildings and under-utilized vacant land. It is further found that there
  exists in such municipalities a  diminishing  and  seriously  inadequate
  supply  of  safe  and sanitary dwelling accommodations, particularly for
  persons of low income; that the loss of housing accommodations is caused
  by  the  inability  of  the  ordinary  unaided  operations  of   private
  enterprise  to make loans for rehabilitation or construction purposes or
  for conversion  which  accelerates  the  process  of  deterioration  and
  abandonment,  turning  active  and  viable  neighborhoods into slums and
  blighted areas; and  that  the  prevention  of  deterioration  and  loss
  through   abandonment  can  only  be  achieved  by  the  elimination  of
  conditions which are unsafe or detrimental to health, the replacement of
  antiquated  heating,  plumbing,  and  electrical  systems   and,   where
  necessary, the overall rehabilitation of certain housing accommodations,
  the  construction  of  new housing accommodations on vacant land and the
  conversion of under-utilized  non-residential  property  to  residential
  use,  and  that  the  unavailability  of  funds  for  the  conversion of
  under-utilized property to residential use,  for  the  preservation  and
  rehabilitation of housing accommodations and for the construction of new
  housing  accommodations  on  vacant  land  constitutes  a  threat to the
  health, safety and well-being of the persons who occupy them and  denies
  to  others  the  possibility  of  living  in  safe  and sanitary housing
  accommodations.
In order to  promote  the  preservation  and  rehabilitation  of  such
  housing  accommodations,  the  creation of new housing accommodations by
  the conversion of under-utilized non-residential property into  multiple
  dwellings  and  the construction of new housing accommodations on vacant
  land in such areas and to encourage the investment of private capital in
  such areas, provision should be  made  for  a  municipality  to  attract
  private  investment  for  such  purposes  by  utilizing funds, which are
  available from the federal government through specific or  discretionary
  grants,  or  are  available  from  other  financing  sources,  for joint
  participation loans with private investors, or loans or  grants  by  the
  municipality,  to  effect  the  required construction, rehabilitation or
  conversion.
The necessity in the public interest for  the  provisions  hereinafter
  enacted is hereby declared as a matter of legislative determination.
2023 New York Laws › PVH - Private Housing Finance › Article 15 - Participation Loans to Owners of Multiple Dwellings by Private Investors and Municipalities Utilizing Federal Grant Funds › 801-A - Application to Certain Garden-Type Maisonette Dwelling Projects.

§  801-a.  Application  to  certain  garden-type  maisonette  dwelling
  projects. For purposes of this article  an  existing  multiple  dwelling
  shall  be  deemed to include any garden-type maisonette dwelling project
  consisting of a series of dwelling units which  together  and  in  their
  aggregate  were arranged or designed to provide three or more apartments
  and are provided as a group collectively  with  all  essential  services
  such  as,  but  not limited to, water supply, house sewers and heat, and
  which are in existence and operated as a unit under single ownership  on
  the  date  upon which an application for a loan pursuant to this article
  is received by the municipality, notwithstanding  that  certificates  of
  occupancy were issued for portions thereof as private dwellings.
2023 New York Laws › PVH - Private Housing Finance › Article 15 - Participation Loans to Owners of Multiple Dwellings by Private Investors and Municipalities Utilizing Federal Grant Funds › 803 - Conditions Precedent to Making Such Loans.

§ 803. Conditions precedent to making such loans. A municipality shall
  not  participate  in  a  loan pursuant to this article unless the agency
  finds  that  the  area  in  which  the   existing   multiple   dwelling,
  non-residential  property  or  vacant  land  is  situated is a blighted,
  deteriorated or deteriorating area, or has a blighting influence on  the
  surrounding  area, or is in danger of becoming a slum or a blighted area
  because of the existence of substandard,  insanitary,  deteriorating  or
  deteriorated  conditions,  an  aged  housing  stock,  or  under-utilized
  non-residential property, or other factors indicating  an  inability  of
  the  private  sector unaided to cause such rehabilitation, conversion or
  construction to be made and unless the agency has notified occupants  of
  the  existing  multiple  dwelling of the contemplated rehabilitation and
  has advised them of the expected rental increase to result therefrom and
  a representative of the agency has met or has offered to meet  at  least
  once with the occupants.
2023 New York Laws › PVH - Private Housing Finance › Article 15 - Participation Loans to Owners of Multiple Dwellings by Private Investors and Municipalities Utilizing Federal Grant Funds › 804 - Rentals.

§  804.  Rentals. Notwithstanding the provisions of, or any regulation
  promulgated pursuant to, the emergency housing  rent  control  law,  the
  local  emergency  housing rent control act or local law enacted pursuant
  thereto, upon completion of the rehabilitation of an  existing  multiple
  dwelling,  the construction of a new multiple dwelling or the conversion
  of  non-residential  property  into  a  multiple  dwelling  aided  by  a
  participation  loan  made  pursuant  to  this  article, the agency shall
  establish  the  initial  rent  for  each  dwelling   unit   within   the
  rehabilitated,  newly  constructed or converted multiple dwelling. Where
  the  city  of  New  York  or  the  New  York  city  housing  development
  corporation  has  participated  or  invested  in a loan pursuant to this
  article, all dwelling units within the multiple dwelling  subsequent  to
  the establishment of initial rents by the agency shall be subject to the
  rent stabilization law of nineteen hundred sixty-nine provided, that the
  occupant  in possession of a dwelling unit when the multiple dwelling is
  made  subject  to  the  rent  stabilization  law  of  nineteen   hundred
  sixty-nine  shall  be  offered  a  two  year  lease  notwithstanding any
  contrary provisions of, or regulations adopted  pursuant  to,  the  rent
  stabilization  law  of  nineteen hundred sixty-nine at such initial rent
  set for such dwelling unit by the agency.