reglab/statecodes huggingface dataset:
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 77 - Time of Payment of Subscription or Capital Contributions.

§  77.  Time  of payment of subscription or capital contributions.  1.
  Subscriptions to the shares or income debentures of  a  housing  company
  organized  as  a  corporation  shall  be  paid at such times and in such
  installments as the board of directors and the commissioner may require.
  If any default shall be made in the payment of  any  installment  as  so
  required,  the  board  of  directors  may  enforce  said subscription by
  appropriate action and upon their failure so to do said subscription may
  be enforced by the commissioner. At the option of the board of directors
  with the consent of the commissioner, the board of  directors  may  upon
  such  default  declare  the shares or income debentures and all previous
  payments thereon forfeited, after the expiration of twenty days from the
  service on the defaulting shareholder personally, or by mail directed to
  him at his address as shown on the books of the housing  company,  of  a
  written notice requiring him to make payment within twenty days from the
  service  of the notice at a place specified therein and stating that, in
  case of failure to do so,  his  shares  or  income  debentures  and  all
  previous  payments  thereon  will  be  forfeited.  Such shares or income
  debentures if forfeited may be reissued or reoffered  for  subscription.
  If  a  receiver  of  the  housing company has been appointed, all unpaid
  subscriptions shall be paid at such times and in  such  installments  as
  such receiver or the court may direct.
2.   Capital  contributions  to  a  housing  company  organized  as  a
  partnership (general or limited) or a trust shall be paid at such  times
  and  in  such  installments  as  shall  be  provided  by the partnership
  agreement or  trust  agreement.  Such  partnership  agreement  or  trust
  agreement  shall  contain  provisions  for  enforcement of the terms and
  conditions thereof by the partners or trustees, or upon their failure to
  do so, by the commissioner, if any payment  so  required  shall  not  be
  made.  If  a  receiver  of  the  housing company has been appointed, all
  unpaid capital contributions shall be paid at such  times  and  in  such
  installments as such receiver or the court may direct.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 104 - Consent of Supervising Agency to Creation of Redevelopment Companies.

§  104.    Consent  of supervising agency to creation of redevelopment
  companies.  A certificate or a copy of a certificate  made  pursuant  to
  section  one hundred three of this article shall be presented for filing
  to the secretary of state in  the  case  of  a  corporation  or  limited
  liability  company  and  to  the  supervising  agency  in  the case of a
  partnership or trust.  No certificate or any amendment thereto shall  be
  filed without the prior written consent of the supervising agency.  Such
  consent  of  the  supervising agency shall not be given in the case of a
  partnership (general or limited), a limited liability company or a trust
  unless there has been filed with the supervising  agency  a  partnership
  agreement,  operating agreement  or trust agreement, as the case may be,
  the terms and conditions of which shall be subject to  the  approval  of
  the supervising agency.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 105 - Application of Other Corporation Laws.

§  105.  Application  of other corporation laws. The provisions of the
  business corporation law as presently in effect and  as  hereafter  from
  time  to  time amended, shall apply to redevelopment companies which are
  corporations, 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 with regard to a redevelopment company which  is  a
  corporation, 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 shareholders 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  shareholders
  holding shares of an additional class of shares entitled to vote on such
  action,  or  with  respect  to  the  proceedings  provided  for  in such
  certificate.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 105-A - Application of Other Laws.

§  105-a.  Application  of  other  laws. The provisions of the limited
  liability company law as presently in effect and as hereafter from  time
  to  time  amended,  shall  apply  to  redevelopment  companies which are
  limited  liability  companies,  except  where  such  provisions  are  in
  conflict with the provisions of this article.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 107 - Limited Return on Investment.

§  107.  Limited  return  on  investment. Subject to the provisions of
  section one hundred twenty-three of this article, there  shall  be  paid
  annually  out  of  the  earnings  of  the  redevelopment  company, after
  providing for all expenses, taxes and assessments, a sum for interest on
  and amortization of any mortgage indebtedness and  depreciation  charges
  if,  when  and to the extent deemed necessary by the supervising agency,
  plus a distribution of six per centum on the capital  and  interest  not
  exceeding  six  per centum on outstanding income debentures; except that
  in  the  case  of  redevelopment  companies  formed   prior   to   April
  twenty-ninth  nineteen  hundred  sixty, and subject to the provisions of
  section one hundred twenty-three of this article, there  shall  be  paid
  annually  out  of  the  earnings  of  the  redevelopment  company, after
  providing for all expenses, taxes and assessments  a  sum  for  interest
  amortization, depreciation and distributions, equal to but not exceeding
  six  per centum of the total actual final cost of the project as defined
  by subdivision two of section one hundred twelve of  this  article;  the
  obligation  in  respect  of  such  payments shall be cumulative, and any
  deficiency in interest, amortization, depreciation and distributions  in
  any  year  shall  be  paid  either  from  any  cash surplus derived from
  earnings remaining in the  treasury  of  the  redevelopment  company  in
  excess of the amount necessary to provide such cumulative annual sums or
  from  the  first  available  earnings  in subsequent years; and any cash
  surplus  derived  from  earnings  remaining  in  the  treasury  of   the
  redevelopment  company in excess of the amount necessary to provide such
  cumulative annual sums shall, upon the dissolution of, or in the case of
  a redevelopment company which is a trust the termination of the company,
  be paid into the general fund of the municipality  except  as  otherwise
  contemplated  by subdivision five of section one hundred twenty-three of
  this article.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 108 - Consideration for Capital and Bonds.

§  108.  Consideration for capital and bonds. No redevelopment company
  which is a corporation shall issue shares,  nor  shall  a  redevelopment
  company  which  is  a partnership credit sums to the partners on capital
  account, nor shall a redevelopment company which is a limited  liability
  company  credit  sums  to  the  members  on capital account, nor shall a
  redevelopment company which is a trust subject amounts to the trust, and
  no  redevelopment  company  shall  issue  bonds  or   income   debenture
  certificates  except for money or property actually received for the use
  and lawful purposes of the  redevelopment  company,  provided,  however,
  that  a  mutual  redevelopment  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
  redevelopment  company  toward  the  issuance  of  such  shares.     The
  consideration  for  all  capital, bonds or income debenture certificates
  based upon property received shall equal a  valuation  approved  by  the
  supervising  agency  and  such  a  valuation  shall be used in computing
  actual or estimated cost.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 109 - Minimum Amount of Capital and Debentures.

§ 109. Minimum amount of capital and debentures. Except as provided in
  this  section  the  capital of a redevelopment company together with any
  income debentures shall in no event be less than the total  of  ten  per
  centum of the actual cost of any project or projects undertaken pursuant
  to  this  article.  The  supervising  agency  may  permit  capital to be
  increased or income debenture certificates  to  be  issued  for  working
  capital  to  be  used  in  connection with such project to an amount not
  exceeding three per centum of the estimated cost, or three per centum of
  the total actual final cost, if that should exceed the estimated cost of
  a project.
The provisions  of  this  section  shall  not  be  applicable  to  any
  redevelopment  company 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.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 110 - Income Debentures.

§ 110. Income debentures. With the approval of the supervising agency,
  the   certificate  creating  a  redevelopment  company,  or  an  amended
  certificate, may authorize the issuance of income debenture certificates
  bearing no greater interest than six per centum per annum.  Such  income
  debenture  certificates  and  any instrument under which they are issued
  may contain such other provisions, including provision for  amortization
  by  serial  maturities,  through  the  operation  of  a  sinking fund or
  otherwise, as may be approved by the supervising agency.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 111-A - Participation by Certain Corporations and Individuals.

§  111-a.  Participation by certain corporations and individuals.  Any
  bank, savings bank, savings institution, savings and  loan  association,
  trust company, insurance company or association, or fiduciary authorized
  to invest in mortgages and mortgage bonds of a redevelopment company, or
  any  combination  of  the foregoing, shall have power to participate and
  invest, singly or jointly, with the New York  city  housing  development
  corporation  in  a bond or note and single participating mortgage, or in
  separate bonds or notes and mortgages pursuant to this article.  In  the
  event  of  such  participation,  the  interest  of each shall have equal
  priority as to lien in proportion to the amount of loan so secured,  but
  need  not  be equal as to interest rate, time or rate of amortization or
  otherwise.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 111-B - Mortgage Modification Provisions for Redevelopment Companies in Cities With a Population of One Million or More.

§  111-b. Mortgage modification provisions for redevelopment companies
  in cities with a population of one million or more. 1. For  purposes  of
  this   section,   "restrictive  agreement"  shall  mean  a  binding  and
  irrevocable  agreement  between  the  redevelopment  company   and   the
  supervising  agency providing that such redevelopment company for a term
  of five years from the date of such agreement (i) shall not  voluntarily
  dissolve or reconstitute pursuant to section one hundred twenty-three of
  this article, (ii) shall exercise any and all available options to renew
  any  housing  assistance  payments contract pursuant to section eight of
  the United States Housing  Act  of  nineteen  hundred  thirty-seven,  as
  amended,  and  any successor rent subsidy program, (iii) shall not cause
  such a contract  to  be  terminated  by  reason  of  such  redevelopment
  company's  noncompliance  with  any of the terms thereof, and (iv) shall
  not voluntarily cause or permit such a contract to  expire,  to  not  be
  extended, to not be renewed, or to be terminated.
2. Notwithstanding the provisions of this article or the provisions of
  any  law, general or special, in cities with a population of one million
  or more, a redevelopment company with a federally-aided mortgage  formed
  pursuant  to  this  article  may  borrow  funds and secure the repayment
  thereof by note and  mortgage  or  any  other  manner  approved  by  the
  supervising  agency,  provided,  however,  that (a) such approval by the
  supervising agency shall be conditioned upon  a  restrictive  agreement,
  and  (b)  such  redevelopment company may not increase the rents paid by
  the tenants to pay for any such increase in  indebtedness  that  is  not
  attributable to project cost.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 112 - Limitations.

§  112.  Limitations.  In  addition  to limitations prescribed by this
  article a redevelopment company shall not have power to:
1. Acquire any real property or interest  therein  for  a  project  or
  projects  unless  the  supervising agency and the local legislative body
  determine as provided in this article that such acquisition is necessary
  or convenient for the public purpose defined in this article, and unless
  any deed, lease or other instrument  by  which  such  real  property  or
  interest therein is acquired contains a statement that the conveyance is
  to  a  redevelopment  company  organized pursuant to article five of the
  private housing finance law.
2. Create its capital, or issue its debentures and and bonds  covering
  any  project undertaken by it in an amount greater in the aggregate than
  the total actual final cost of such project. The  actual  cost  of  such
  project   shall   include   the  cost  of  the  lands  and  improvements
  constituting the project  and  charges  for  financing  and  supervision
  approved  by  the  supervising agency, condemnation charges and interest
  and other carrying charges during  the  period  of  acquisition  and  of
  construction.  The  total  actual  final  cost  shall be deemed to be an
  amount equal to such actual cost plus an allowance for working  capital.
  Such  allowance  for working capital shall not exceed an amount equal to
  three per centum of the estimated cost or of the total actual final cost
  of the project if that shall be greater than the estimated cost.
3. Enter into contracts for the payment of  salaries  to  officers  or
  employees,  or  for  the  construction  or  for  the substantial repair,
  improvement or operation of projects except subject to the  approval  of
  the supervising agency.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 112-A - Redevelopment Loans.

§ 112-a. Redevelopment loans. Notwithstanding any provision of section
  one  hundred  eleven  or  one  hundred  twelve  of  this  article to the
  contrary,  where  a  redevelopment  company  undergoes  a  comprehensive
  redevelopment  plan,  the  supervising  agency  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  redevelopment 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.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 113 - Use of Projects.

§  113.  Use of projects. The project or projects of any redevelopment
  company shall be designed and used primarily for housing  purposes,  but
  portions   of  the  project  may  be  planned  and  used  for  business,
  commercial, cultural or recreational  purposes  appurtenant  thereto  as
  approved in the project.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 115 - Limitation on Changes.

§  115.  Limitation on changes. It shall be unlawful during the period
  of tax exemption, granted pursuant to section one hundred twenty-five of
  this article, for any redevelopment company or any successor in interest
  to its title to a project or any part thereof to change  or  modify  any
  feature  of  a  project for which approval of the planning commission is
  required by this article,  without  the  approval  of  such  commission,
  except by a three-quarters vote of the local legislative body.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 116 - Transfer of Real Property to Redevelopment Company.

§   116.   Transfer   of   real  property  to  redevelopment  company.
  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, municipalities, all  other  public  bodies,
  all  public  officers,  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, owning  or
  holding  any  real  property  within  an area, may grant, sell, lease or
  otherwise transfer any such real property to a redevelopment company and
  receive and hold any cash, stock, income debentures,  bonds,  mortgages,
  or  other  securities  or  obligations,  secured or unsecured, exchanged
  therefor by such redevelopment company and may execute such  instruments
  and  do  such acts as may be deemed necessary or desirable by them or it
  and by the  redevelopment  company  in  connection  with  a  project  or
  projects.  An  insurance  company which has undertaken a project through
  direct ownership and/or lease may  transfer  to  the  project  any  real
  property  which  it  owns or holds within an area and the actual cost of
  such property to the insurance company shall be included  in  the  total
  actual final cost of such project.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 117 - Rules and Regulations.

§  117.  Rules  and  regulations.  The  planning  commission  and  the
  supervising agency, respectively, shall have power  to  make  rules  and
  regulations  to  carry  out  their  powers  and  duties pursuant to this
  article and to effectuate the purposes thereof.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 118 - Fees.

§  118.  Fees.  The supervising agency, the local legislative body and
  the planning commission, if any, may each adopt a reasonable schedule of
  fees to be paid by redevelopment companies upon  the  filing  with  said
  supervising  agency,  local legislative body or planning commission of a
  plan, plans for a project or  projects,  amendments  thereto  and  other
  instruments  in  connection  therewith and redevelopment companies shall
  pay reasonable fees to the said supervising agency as said agency  shall
  prescribe for processing a redevelopment plan and for the supervision of
  construction  and  for  the audit, regulation and general supervision of
  the management of the company, which  fees  shall  be  set  aside  in  a
  separate  account  and  shall  be  used  to  pay  for  the  expenses  of
  administering and carrying  out  the  provisions  of  the  redevelopment
  companies law.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 120-A - State Supervision and Regulation.

§  120-a.  State  supervision  and  regulation.  A municipality with a
  population of less  than  one  million  may,  by  action  of  its  local
  legislative  body  concurred  in  by  the  commissioner, provide for the
  supervision and regulation of a project and  the  redevelopment  company
  carrying out such project by the commissioner in lieu of the supervising
  agency.  With  respect to any such project and company, the commissioner
  shall have, from and after the effective date of such action, all of the
  powers and duties of a supervising agency pursuant to this article.  The
  company shall pay  to  the  commissioner  fees,  as  prescribed  by  the
  commissioner,   to   cover  the  expenses  of  examination,  audit,  and
  supervision of the company and the project.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 121 - Sinking Fund.

§  121.  Sinking  fund. Unless other provision be made therefor in the
  contract with the municipality, the supervising agency, if it shall deem
  it feasible at any time, subject to the limitation contained in  section
  one  hundred  seven of this article, may require a redevelopment company
  to provide out  of  earnings,  after  provision  for  distributions  and
  interest,  a  sinking  fund in an amount to be fixed by such supervising
  agency for the gradual retirement of the capital  and  income  debenture
  certificates  of  such company. Such sinking fund may be used either for
  the purchase or retirement, from time to  time,  of  capital  or  income
  debenture certificates at a price approved by the supervising agency not
  exceeding  par  value  thereof  with accrued and unpaid distributions or
  interest, or if it be not practicable to purchase or retire such capital
  or such income debenture certificates at a price so approved, the moneys
  in such sinking fund may be added to the surplus of  such  company.  Any
  capital  evidenced  by shares or income debenture certificates purchased
  or retired out of such sinking fund shall be cancelled and shall not  be
  reissued.