reglab/statecodes huggingface dataset:
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 49 - State's Right to Require Redemption of Bonds.

§  49.  State'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 state
  may, upon furnishing sufficient funds therefor, require  the  agency  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  publishing  and  circulating respectively in the
  cities of Albany and New York at least twice, the first  publication  to
  be at least thirty days before the date of redemption. The provisions of
  this  section  relating  to  the  state's right to require redemption of
  bonds, shall not apply to state-supported debt, as  defined  in  section
  sixty-seven-a  of  the  state  finance  law,  issued by the agency. Such
  agency bonds shall remain subject to redemption pursuant to any contract
  with the holders of such bonds.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 51 - Monies of the Agency.

§  51.  Monies  of  the agency. 1. All monies of the agency, except as
  otherwise authorized or provided in this article, shall be paid  to  the
  commissioner  of  taxation and finance as agent of the agency, who shall
  not commingle such monies with any other monies. Such  monies  shall  be
  deposited  in  a  separate  bank account or accounts. The monies in such
  accounts shall be paid out on  checks  signed  by  the  commissioner  of
  taxation  and finance on requisition of the chairman of the agency or of
  such other officer or employee or officers or employees  as  the  agency
  shall  authorize  to  make such requisition. All deposits of such monies
  shall, if required by the commissioner of taxation and  finance  or  the
  agency,  be  secured by obligations of the United States or of the state
  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 agency shall  have
  power,  subject  to  the  approval  of  the commissioner of taxation and
  finance, to contract with the holders of any of its notes or  bonds,  as
  to  the  custody,  collection,  securing, investment, and payment of any
  monies of the agency, of any monies held in trust or otherwise  for  the
  payment  of  notes or bonds, and to carry out such contract. Monies 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 monies may be secured in  the
  same  manner  as monies of the agency, and all banks and trust companies
  are authorized to give such security for such deposits.
2. Subject to agreements with  noteholders  and  bondholders  and  the
  approval  of  the  comptroller,  the  agency 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  agency  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 agency, in lieu
  of such an  examination,  an  external  examination  of  its  books  and
  accounts made at the request of the agency.
4.  The  agency  shall  submit to the governor, chairman of the senate
  finance committee, chairman of the assembly ways and means committee and
  the comptroller, within thirty  days  of  the  receipt  thereof  by  the
  agency,  a copy of the report of every external examination of the books
  and accounts of the agency other than copies  of  the  reports  of  such
  examinations made by the comptroller.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 51-A - Federal Rental Assistance Program Administrative Fees.

§  51-a.  Federal  rental  assistance program administrative fees. All
administrative fee monies  received  by  the  agency  from  the  federal
government pursuant to section eight of the United States housing act of
1937,  as  amended  by the Housing and Community Development Act of 1974
and subsequent amendments, shall be allocated according to the following
schedule:
1.  ninety  percent  of  such  fees  shall   be   allocated   to   the
not-for-profit  corporations  or  local  government  agencies  providing
services under such section eight;
2. ten percent of such fees shall be retained by the state and  unless
otherwise  allocated pursuant to an agreement between the agency and the
division of housing and community renewal:
(a) ninety-five percent of such  amount  shall  be  allocated  to  the
division of housing and community renewal; and
(b) five percent shall be retained by the agency.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 52 - Notes and Bonds as Legal Investment.

§  52. Notes and bonds as legal investment. The notes and bonds of the
  agency 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  other  obligations  of  the  state,  may properly and legally invest
  funds, including capital, in their control or belonging to them.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 54 - Exemption From Taxation of Notes and Bonds.

§  54.  Exemption  from  taxation  of  notes  and  bonds. It is hereby
  determined that the creation of the agency 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 agency 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  agency,  in
  consideration  of the acceptance of and payment for the notes and bonds,
  that the notes and bonds of the agency, issued pursuant to this  article
  and  the  income  therefrom  and  all  its fees, charges, gifts, grants,
  revenues, receipts, and other monies 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.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 56 - Reports.

* §  56.  Reports.  1.  The  agency  shall submit to the governor, the
  chairman of the senate finance committee, the chairman of  the  assembly
  ways and means committee, the comptroller and the director of the 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 agency for its
  operating and capital  outlay  purposes,  including  a  listing  of  all
  private  consultants  engaged  by  the  agency 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 bonds and
  notes outstanding at the  end  of  its  fiscal  year,  together  with  a
  statement of the amounts redeemed and incurred during such fiscal year.
2.  The agency shall provide the commissioner of housing and community
  renewal, on  a  timely  basis,  with  the  data  and  other  information
  necessary  to compile the report or reports required pursuant to section
  twenty of the public housing law.
* NB Effective until July 23, 2025
* § 56. Annual report. The agency shall submit to  the  governor,  the
  chairman  of  the senate finance committee, the chairman of the assembly
  ways and means committee, the comptroller and the director of the 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 agency for its
  operating  and  capital  outlay  purposes,  including  a  listing of all
  private consultants engaged by the agency 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  bonds  and
  notes  outstanding  at  the  end  of  its  fiscal  year, together with a
  statement of the amounts redeemed and incurred during such fiscal year.
* NB Effective July 23, 2025
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 56-A - Indemnification of Members, Officers and Employees.

§  56-a. Indemnification of members, officers and employees. The state
  shall save harmless and indemnify the respective members,  officers  and
  employees  of  the  agency  and  its subsidiary corporations pursuant to
  section seventeen of the public officers law against any claim,  demand,
  suit or judgment arising by reason of any act or omission to act by such
  member, officer or employee occurring in the discharge of his duties and
  within  the  scope  of  his  service  on  behalf  of  the  agency or its
  subsidiary corporations. In the event of  any  claim,  demand,  suit  or
  judgment  based  on allegations that financial loss was sustained by any
  person in connection with the acquisition,  disposition  or  holding  of
  notes,  bonds  or  other obligations of the agency, a member, officer or
  employee  of  the  agency  shall  be  saved  harmless  and   indemnified
  notwithstanding  any  limitations  contained  in such section seventeen,
  unless such individual is found by a final judicial determination not to
  have acted, in good faith, for a purpose which he reasonably believed to
  be in the best interests of the agency or not  to  have  had  reasonable
  cause  to  believe that his conduct was lawful. All of the provisions of
  section seventeen of the public officers law which are not  inconsistent
  with  this section shall apply to the members, officers and employees of
  the agency or its  subsidiary  corporations,  including  the  provisions
  relating  to  the  defense by the attorney general or private counsel of
  any civil action and the payment of legal costs incurred  in  connection
  with  the defense of any such action. Any member, officer or employee of
  the agency or its subsidiary corporations seeking to be  saved  harmless
  or indemnified or to claim any other benefits available pursuant to this
  section  or  section  seventeen  of the public officers law shall comply
  with the procedural requirements of such section seventeen. As  used  in
  this  section the terms "member", "officer" and "employee" shall include
  a former member, officer or employee, his estate or judicially appointed
  personal representative.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 57 - Insured Mortgage Reserve Fund.

§  57.  Insured  mortgage reserve fund. 1. The agency shall create and
  establish a special fund, to be known as the  insured  mortgage  reserve
  fund,  and  shall  pay  into  such fund all monies appropriated and made
  available by the state for the purposes  of  such  fund  and  any  other
  monies  from  any other source or sources available therefor. The monies
  held in such fund shall be used (1) to  meet  the  agency's  obligations
  under  an  agreement with the federal government pursuant to subdivision
  twenty-eight of section forty-four of this  article,  (2)  to  meet  the
  agency's  obligations  to  pay  the  principal  of and interest on notes
  issued for the purpose of making a mortgage  loan  to  a  company  which
  mortgage  loan  or  a  subsequent mortgage loan to such company has been
  insured by the federal government, only however to the extent  that  all
  other  revenues  of  the  agency,  including  the  proceeds of any sale,
  assignment or other disposition  of  a  mortgage  loan  insured  by  the
  federal  government,  available  for such purposes are not sufficient to
  meet such obligations of the agency, (3) to establish escrow accounts as
  may be required by  the  federal  government  as  a  condition  for  the
  issuance of mortgage insurance, (4) to pay for installation of such life
  safety  devices  as  may  be  required  by  the federal government which
  devices are in addition to and not in substitution for  any  requirement
  heretofore  imposed on the company, and (5) to pay closing costs arising
  out of the company's  obtaining  mortgage  insurance  from  the  federal
  government.  Any  income  or  interest  earned  by,  or increment to the
  insured mortgage reserve  fund  may  be  used  for  authorized  purposes
  including,  but  not limited to, the addition of such income or interest
  earned, or increment to the monies held in such fund  for  the  purposes
  herein provided, the repayment of appropriation expenditures made to the
  credit  of  such  fund, or to secure the payment of the principal of and
  interest on notes or revenue housing bonds.  Any portion of  the  monies
  held  in  such  fund  shall,  if  the federal government so requires, be
  segregated from any other portion thereof and applied solely to meet the
  agency's obligations under any agreement made  pursuant  to  subdivision
  twenty-eight   of  section  forty-four,  provided  that  the  amount  so
  segregated shall not  exceed  the  maximum  obligation  under  any  such
  contract or contracts.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 58 - Special Revenue Housing Coverage Reserve Funds.

§  58.  Special revenue housing coverage reserve funds. The agency may
  create and establish one or more special funds to be  known  as  special
  revenue  housing  coverage  reserve  funds and may pay into such reserve
  funds any monies appropriated and made available by the  state  for  the
  purpose  of  such funds and any other monies which may be made available
  to the agency for the purposes of such funds from any  other  source  or
  sources.  The  monies  held  in  or credited to any such fund, except as
  hereinafter provided, shall be  used  solely  for  the  payment  of  the
  principal  of  or  interest  on  the revenue housing bonds of the agency
  secured by such fund as the same shall become due, whether  at  maturity
  or  upon  call  for  redemption,  and  for the payment of any redemption
  premium required to be paid  when  such  bonds  are  redeemed  prior  to
  maturity.  Any  income  or  interest earned by, or increment to any such
  special revenue housing coverage reserve fund may be used for authorized
  purposes including, but not limited to, the addition of such  income  or
  interest  earned,  or  increment to the monies held in such fund for the
  purposes herein provided, or the repayment of appropriation expenditures
  made to the credit of such fund.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59 - Bond Reserve Insurance Fund.

§  59.  Bond  reserve  insurance  fund.  The  agency  shall create and
  establish a special fund, to be known as the bond reserve insurance fund
  and shall pay into such fund all monies appropriated and made  available
  by  the  state  for the purposes of such fund and any other monies which
  may be made available to the agency for the purposes of such  fund  from
  any  other  source  or  sources.    All  monies held in the bond reserve
  insurance fund shall  be  used  by  the  agency  to  meet  the  agency's
  obligation  to  repay  principal  and interest on its outstanding bonds,
  solely to the extent all other revenues of the agency available for such
  purposes are not sufficient to meet such obligations of the agency.  Any
  income or interest earned by, or increment to the bond reserve insurance
  fund may be used for authorized purposes including, but not limited  to,
  the  addition  of  such  income  or interest earned, or increment to the
  monies held in such fund  for  the  purposes  herein  provided,  or  the
  repayment of appropriation expenditures made to the credit of such fund.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-A - Housing Trust Fund Account.

§ 59-a. Housing trust fund account. The housing trust fund corporation
  created  by  section  forty-five-a  of  this  chapter  shall  create and
  establish a special account to  be  known  as  the  housing  trust  fund
  account  and  shall  pay  into such account any moneys which may be made
  available to such corporation for the purposes of such account from  any
  source  including  but  not  limited  to moneys appropriated by and made
  available pursuant to appropriation by  the  state  and  any  income  or
  interest  earned  by, or increment to, the account due to the investment
  thereof or loans made pursuant to article eighteen of this chapter.  The
  moneys held in or credited to the housing trust fund account established
  under  this section shall be expended solely to carry out the provisions
  of article eighteen of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-B - Affordable Housing Development Account.

§ 59-b. Affordable housing development account. The affordable housing
  corporation created by section forty-five-b of this chapter shall create
  and  establish  a  special account to be known as the affordable housing
  development account and shall pay into such account any moneys which may
  be made available to such corporation for the purposes of  such  account
  from  any source including but not limited to moneys appropriated by and
  made available pursuant to appropriation by the state and any income  or
  interest  earned  by, or increment to, the account due to the investment
  thereof or loans made pursuant to article nineteen of this chapter.  The
  moneys held in or credited to the affordable housing development account
  established under this section shall be expended solely to carry out the
  provisions of article nineteen of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-D - Turnkey/enhanced Housing Account.

§  59-d.  Turnkey/enhanced  housing  account.  The  housing trust fund
  corporation created by section forty-five-a of this article shall create
  and establish a special account to be  known  as  the  "turnkey/enhanced
  housing account" and shall pay into such account any moneys which may be
  made available to such corporation for the purposes of such account from
  any  source including but not limited to moneys appropriated by and made
  available pursuant to appropriation by  the  state  and  any  income  or
  interest  earned  by, or increment to, the account due to the investment
  thereof or loans made from the account pursuant to article eighteen-A of
  this chapter. The moneys held in or  credited  to  the  turnkey/enhanced
  housing  account established under this section shall be expended solely
  to carry out the provisions of  and  to  pay  expenses  associated  with
  article eighteen-A of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-E - Infrastructure Development Fund.

§  59-e.  Infrastructure development fund. The agency shall create and
  establish a special fund to be known as the "infrastructure  development
  fund"  and  shall  pay  into  such  fund  any  moneys  which may be made
  available to the corporation for the purposes  of  such  fund  from  any
  source,  including  but  not  limited to moneys appropriated by and made
  available pursuant to appropriation by  the  state  and  any  income  or
  interest  earned  by,  or  increment  to, the fund due to the investment
  thereof. The moneys held in or credited to the fund  shall  be  expended
  solely  to  carry  out  the provisions of and to pay expenses associated
  with article twenty-one of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-G - Permanent Housing for Homeless Families Fund.

§ 59-g. Permanent housing for homeless families fund. The agency shall
  create  and  establish  a  special  fund  to  be known as the "permanent
  housing for homeless families fund" and shall pay  into  such  fund  any
  moneys  which  may  be  made available to the agency for the purposes of
  such  fund  from  any  source,  including  but  not  limited  to  moneys
  appropriated  by  and  made  available  pursuant to appropriation by the
  state and moneys made available by  cities  with  a  population  of  one
  million  or  more and any income or interest earned by, or increment to,
  the fund due to the investment thereof. The moneys held in  or  credited
  to  the fund shall be expended solely to carry out the provisions of and
  to pay expenses associated with article three-A of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-H - Manufactured Home Cooperative Fund.

§  59-h.  Manufactured home cooperative fund.  The agency shall create
  and establish a special fund  to  be  known  as  the  manufactured  home
  cooperative  fund  and  shall pay into such fund any moneys which may be
  made available to such agency for the purposes of  such  fund  from  any
  source  including  but  not  limited  to moneys appropriated by and made
  available pursuant  to  appropriation  by  the  state,  civil  penalties
  imposed pursuant to subdivision v of section two hundred thirty-three of
  the  real  property  law  and  any income or loan repayments or interest
  earned by, or increment to, the fund due to the  investment  thereof  or
  loans  made  pursuant to article twenty of this chapter. The moneys held
  in or credited to the manufactured  home  cooperative  fund  established
  under  this section shall be expended solely to carry out the provisions
  of article twenty of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 59-I - Homeless Housing and Assistance Account.

§  59-i. Homeless housing and assistance account. The homeless housing
  and assistance corporation  created  by  section  forty-five-c  of  this
  chapter  shall create and establish a special account to be known as the
  homeless housing and assistance account and shall pay into such  account
  any  moneys  which  may  be  made  available to such corporation for the
  purposes of such account from any source including but  not  limited  to
  moneys  appropriated  by and made available pursuant to appropriation by
  the state and any income or interest earned by,  or  increment  to,  the
  account due to the investment thereof. The moneys held in or credited to
  the  homeless  housing  and  assistance  account  established under this
  section shall be expended solely to carry out the  provisions  of  title
  one of article two-A of the social services law.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 61 - Inconsistent Provisions in Other Laws Superseded.

§ 61. 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 3 - New York State Housing Finance Agency › 61-A - Actions.

§  61-a.  Actions. 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  agency,  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. No
  such action shall be commenced more than one year and ninety days  after
  the  cause of action therefor shall have accrued. 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.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 62 - Article Not Affected if in Part Unconstitutional.

§  62.  Article  not  affected  if  in  part  unconstitutional. If any
  section, subdivision, paragraph, sentence, clause or provision  of  this
  article shall be unconstitutional or be 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 3-A - Permanent Housing for Homeless Families › 63 - Legislative Findings and Declaration.

§  63.  Legislative  findings  and declaration. The legislature hereby
  finds and declares that many homeless families live in  overcrowded  and
  often  dilapidated  welfare  hotels  in  cities with a population of one
  million or more; that welfare hotel placements  are  expensive  and  yet
  offer only minimal shelter services; and that while the state and cities
  with  a  population of one million or more must continue to develop cost
  effective alternatives to welfare hotels, ultimately  permanent  housing
  is  the  only  real  answer to the homeless problem. It is further found
  that absent development of more permanent housing, lengths  of  stay  in
  temporary  shelters will continue to increase forcing an even more rapid
  escalation in the welfare hotel population and the concomitant growth in
  total state emergency shelter spending.
The legislature further finds that the New York  state  infrastructure
  trust  fund  provides a unique opportunity to increase permanent housing
  for homeless families. The legislature therefore finds  that  the  state
  should  dedicate  New York state infrastructure trust fund moneys to the
  creation of permanent housing for families in cities with  a  population
  of one million or more who are homeless or at risk of being homeless and
  primarily  for families referred from hotels, motels or tier II shelters
  for families; that such state funds shall be matched by an equal  amount
  of  city  funding  and  that  the  city  of  New York in the most recent
  homeless families plan submitted to the council of the city of New  York
  by   the   human   resources  administration  has  proposed  to  provide
  eighty-five million dollars for such  funding;  that  permanent  housing
  projects  shall  be  constructed  or rehabilitated and sites selected in
  accordance with a homeless families plan.
The legislature further finds that the key elements of  such  projects
  shall  be:  identification by the city of proposed project sites; review
  by an advisory board of the sites proposed  by  the  city  in  order  to
  identify  those  buildings  and  properties  that  can  be expeditiously
  developed and produce the maximum number of units at the lowest cost per
  unit; approval of recommended  sites  by  the  city;  administration  of
  construction  or rehabilitation activities by the New York state housing
  finance agency; and selection of a developer or  developers  to  design,
  construct  or  rehabilitate  permanent  housing  projects  for  homeless
  families.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 64 - Definitions.

§  64.  Definitions. The following terms, whenever used or referred to
  in this article, unless the context indicates otherwise, shall have  the
  following meanings:
1. "Agency" shall mean the New York state housing finance agency.
2. "City" shall mean cities with a population of one million or more.
3. "Eligible homeless families" shall mean in cities with a population
  of  one  million  or  more  families  who  are  homeless  or who live in
  temporary or transitional housing and are unable to secure permanent and
  stable housing without special  assistance,  or  families  who  live  in
  permanent  housing who are in danger of becoming homeless, or such other
  categories of families at risk of being homeless as  determined  by  the
  commissioner of social services or a social services district.
4.  "Permanent  housing  for  homeless  families  site review advisory
  board" or "board" shall mean the board referred to in section sixty-five
  of this article.
5. "Permanent housing project  for  homeless  families"  or  "project"
  shall  mean  a  specific work or improvement, including lands, buildings
  and improvements acquired, owned, constructed, renovated, rehabilitated,
  managed or operated pursuant to this article,  and  such  incidental  or
  appurtenant facilities as may be approved by the agency.
6.  "Eligible  project  costs" shall mean the reasonable and necessary
  cost  of  any  and  all  undertakings  for  planning,  financing,   land
  acquisition,  demolition,  construction,  rehabilitation,  equipment and
  site development, and such other expenses incurred in  relation  to  the
  project  with  respect  to  units  to  be  occupied by eligible homeless
  families as the agency may deem appropriate to effectuate  the  purposes
  of this article.
7. "State" shall mean the state of New York.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 65 - Permanent Housing for Homeless Families Site Review Advisory Board.

§  65.  Permanent  housing  for homeless families site review advisory
  board. 1. There is hereby created the  permanent  housing  for  homeless
  families site review advisory board. The board will consist of the state
  commissioner of housing and community renewal, the state commissioner of
  social   services,   the  commissioner  of  the  department  of  housing
  preservation and development of the city, the commissioner/administrator
  of  the  human  resources  administration   of   the   city,   and   two
  representatives  of  organizations  involved  in  providing housing. The
  governor of the state and the mayor of the city shall each  appoint  one
  of  the aforementioned representatives to the board. Any action taken by
  the members shall require the affirmative vote  of  a  majority  of  the
  members.  Any  member  who is not appointed by the governor or mayor may
  select a designee from their respective departments  or  divisions.  Any
  such designees shall have the power to attend and to vote at any meeting
  of  the  board  from  which the member is absent with the same force and
  effect as if the member were present and voting. Such designation  shall
  be  by  written  notice  filed  with  the board. The designation of such
  person shall continue until revoked at any time by written notice to the
  board. Notwithstanding any  inconsistent  provisions  of  law,  general,
  special  or  local, no officer or employee of the state, or of any civil
  division thereof, or any public benefit corporation, shall be deemed  to
  have  forfeited  or  shall  forfeit  his  or her office or employment by
  reason of acceptance of membership on the board created by this section.
2. In carrying out its duties under this article the board may request
  the assistance of appropriate city and state  agencies,  public  benefit
  corporations  and  public  authorities.  The  aforesaid agencies, public
  benefit corporations and public authorities are  authorized  to  provide
  such  assistance  within  their  respective  functions  as the board may
  require.
3. Notwithstanding any other provision of  law,  the  board  shall  be
  authorized  to  let contracts in such manner as it deems appropriate and
  to  execute  all   instruments   as   necessary   to   carry   out   its
  responsibilities.  The board may contract with the agency to provide for
  the reasonable and necessary expenses of the board.
4. Moneys in the permanent housing for homeless families fund may  not
  be used to pay for any administrative or other expenses of the agency or
  board, provided however, that moneys in such fund may be used to pay for
  eligible project costs.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 65-B - Funds for Permanent Housing Projects for Homeless Families.

§  65-b.  Funds  for permanent housing projects for homeless families.
  The agency is authorized to receive and administer funds provided by the
  state and a city, as  well  as  grants-in-aid  and  gifts  of  real  and
  personal  property,  including  money, from any source whatsoever, to be
  used to develop permanent housing accommodations for  eligible  homeless
  families.  In  carrying out its duties under this article the agency may
  require the assistance of appropriate  city  and  state  departments  or
  agencies,  public  benefit  corporations  and  public  authorities.  The
  aforesaid departments, agencies, public benefit corporations and  public
  authorities  are  authorized  to  provide  such  assistance within their
  respective functions as the agency may require.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 65-D - Selection of Developers.

§  65-d.  Selection  of developers. Following receipt by the agency of
  proposals in response to such request, the  agency  shall  evaluate  the
  proposals in consultation with appropriate city departments and agencies
  and  recommend  to the mayor of the city for his approval developers who
  are suitable and qualified to develop, design, construct or rehabilitate
  one or more permanent housing projects for eligible  homeless  families.
  The  agency is authorized to contract with any developer who is approved
  by the mayor for the development, design, construction or rehabilitation
  of such projects.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 66 - Authorized Courses of Action.

§  66. Authorized courses of action. For each project, the agency will
  review and approve or disapprove a final project description  containing
  the  information  specified in section sixty-five-a of this article. The
  final project description shall include  the  identity  of  the  project
  owner.    After  consultation  with  the city and review of responses to
  requests for proposals and within the limit of funds  available  in  the
  permanent  housing  for  homeless  families fund, the agency shall award
  such contracts as it deems appropriate to developers in order to provide
  one or  more  projects  for  which  it  has  approved  a  final  project
  description.  In  proceeding with a project, the agency is authorized to
  take such  courses  of  action,  including,  but  not  limited  to,  the
  following,  as  may  be  necessary  or  useful in enabling the agency to
  accomplish its purposes:
1. The developer may hold title to  the  project  during  development,
  construction and rehabilitation;
2.  In  order  to facilitate project development, the agency may enter
  into a license agreement with the holder of the title to the project;
3. Upon completion of construction or rehabilitation of the project by
  a developer who has taken title to the project, title shall be  conveyed
  in  accordance  with  the approved final project description, or, in the
  absence of a not-for-profit  corporation  or  housing  development  fund
  company  designated  by  the city to receive title to the project, title
  shall be conveyed to the city.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 67 - Liability on Obligations.

§  67.  Liability  on obligations. 1. Except for obligations which the
  agency assumes by contract  for  the  construction,  rehabilitation  and
  development  period  of  any  project,  neither the agency nor the state
  shall have any responsibility  or  liability  as  to  the  construction,
  rehabilitation, operation, maintenance, repair or use of projects unless
  otherwise specifically provided by statute.
2.  Any  contract  entered  into  pursuant to this article between the
  agency and the developer or owner of a project shall cite and set  forth
  subdivision one of this section.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 68 - State/city Allocations of Permanent Housing Projects for Homeless Families.

§  68.  State/city  allocations  of  permanent  housing  projects  for
  homeless families. 1. No contract shall be entered into by the agency or
  its  designee  in  connection  with  the  administration  of   projects,
  including  the payment of project costs, unless the agency is assured to
  its satisfaction that the  city  has  provided  or  will  provide  fifty
  percent  of  such  costs to the agency or its designee.  Moneys received
  from sources other than the city or  the  state  may,  at  the  agency's
  discretion,   be   expended   without   regard   to   such   limitation.
  Notwithstanding any other provision of law, payments, grants  and  loans
  may be deposited by the agency directly with a lending institution at or
  before  the time of initial loan closing pursuant to an escrow agreement
  satisfactory to the agency.
2. Moneys expended by the agency for  the  purposes  of  this  article
  shall   not   substitute   for   locally  funded  operating  or  capital
  expenditures which the city would  have  allocated  through  its  normal
  budgetary  process  to  programs  that  provide  permanent  housing  for
  homeless families in the absence of the funds provided for this program.
  All such moneys shall be used to increase locally  funded  operating  or
  capital  expenditures  for  permanent housing for homeless families to a
  level which is greater than the level which would have existed  if  such
  moneys  had not been provided by the state.  Nothing in this subdivision
  shall require the city to allocate funds for housing programs if in  the
  city's judgment such allocation would require an increase in taxation or
  a reduction in other city services.
2023 New York Laws › PVH - Private Housing Finance › Article 3-A - Permanent Housing for Homeless Families › 69 - Compliance; General and Administrative Provisions.

§  69. Compliance; general and administrative provisions. 1. The owner
  of each project shall be responsible for assuring  compliance  with  the
  terms  and  conditions  of  the  approved  project  description and this
  article. Any project owned by a not-for-profit corporation or a  housing
  development  fund  company shall be subject to such terms and conditions
  for a period of thirty-five years  or  such  longer  period  as  may  be
  provided  in  the  project  description.  No  project may be transferred
  except in accordance with  the  project  description,  and  the  project
  description may not be changed without the approval of the agency.
2.   The   agency  shall  issue  and  promulgate  guidelines  for  the
  administration of this article. The guidelines shall include  provisions
  concerning   approval   of  project  descriptions,  the  eligibility  of
  developers for contracts under this article; funding  criteria  and  the
  funding determination process; supervision and evaluation of contracting
  developers;   reporting,   budgeting  and  record-keeping  requirements;
  provisions for modification and termination of contracts  and  recapture
  of  funds; and such other matters not inconsistent with the purposes and
  provisions of this  article  as  the  agency  shall  deem  necessary  or
  appropriate.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 70 - General Policy.

§  70.  General policy. It is hereby declared to be the policy of this
  article to encourage the investment of the savings of the people in  low
  rent housing accommodations, to protect such investment against loss and
  to assure a fair return thereon. To this end, every responsible official
  of the state shall, wherever necessary, take all reasonable steps to the
  end  that  the  security and safety of the mortgages referred to in this
  article shall be safeguarded and to maintain public  confidence  in  the
  stock and obligations of housing companies created under this article.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 71 - Definitions.

§  71.  Definitions. The following terms, whenever used or referred to
  in this act, shall be construed as follows:
1.  The  term  "housing  company"  means  a  limited-dividend  housing
  corporation,  a  partnership  (general  or limited) or a trust organized
  pursuant to this article.
2. The term "project" means a specific work or improvement  undertaken
  by   a  housing  company,  which  shall  include  lands,  buildings  and
  improvements acquired or constructed to provide dwelling  accommodations
  within  the  rental  limitations  prescribed  by  this article, and such
  stores, offices, social, recreational,  communal  or  other  non-housing
  facilities  as  may  be  deemed  by the commissioner to be incidental or
  appurtenant to a project.
3. The term "mutual" when applied to a housing company  shall  mean  a
  housing  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 housing company by reason of ownership of shares in such
  housing company.
4.  The  term  "local  and  municipal  taxes"  means taxes levied by a
  county, city, village, town, school and special district but  shall  not
  include assessments for local improvements.
5.  The  term  "state  urban  development corporation project" means a
  project of a limited-dividend housing company which is a  subsidiary  of
  the   New   York  state  urban  development  corporation,  as  the  term
  "subsidiary"  is  defined  in  the  New  York  state  urban  development
  corporation act.
6. The term "capital" means, in the case of a corporation, its capital
  shares  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; and in the  case
  of  a trust, the aggregate value of the money or property subject to the
  trust.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 73 - Consent of Commissioner to Creation of Housing Companies.

§ 73. Consent of commissioner to creation of housing companies.  1. If
  any  certificate made pursuant to subdivision one of section seventy-two
  shall be presented to the secretary of state  he  shall  not  file  said
  certificate  unless  there shall accompany the same a certificate of the
  commissioner that he consents to the filing of such certificate. In  the
  case  of  a  housing  company  which  is  a  partnership  or  trust, the
  certificate shall be filed with the commissioner.
2. The commissioner shall not accept for filing  a  certificate  of  a
  housing  company  which is a partnership (general or limited) or a trust
  unless there has first been filed with him a  partnership  agreement  or
  trust  agreement  as  the case may be, the terms and conditions of which
  shall be subject to his approval.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 74 - Application of Other Laws.

§  74.  Application  of  other  laws.  The  provisions of the business
  corporation law as hereafter from time to time amended  shall  apply  to
  housing  companies  which  are  corporations,  and the provisions of all
  applicable law shall apply to housing companies which  are  partnerships
  or  trusts,  except  where any such provisions are in conflict with this
  article.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 75 - Designation of and Service of Process on Secretary of State and Registered Agent.

§  75. Designation of and service of process on secretary of state and
  registered agent. The provisions of sections three hundred  four,  three
  hundred five and three hundred six of the business corporation law shall
  apply   to  housing  companies  heretofore  or  hereafter  organized  as
  corporations under this article.
2023 New York Laws › PVH - Private Housing Finance › Article 4 - Limited Dividend Housing Companies › 76 - Limited Return on Capital and Debentures.

§  76.  Limited  return  on  capital  and  debentures. No shareholder,
  partner  or  beneficiary  of  a  trust  having  an  interest  vested  in
  possession  in  any  housing  company formed hereunder shall receive any
  distribution on capital in any one year in excess of six per centum  per
  annum except that when in any preceding year distributions in the amount
  prescribed  in  the  certificate  shall  not  have been paid on the said
  capital, the shareholders, partners or beneficiaries, as  the  case  may
  be,  may  be  paid  such  deficiency without interest out of any surplus
  earned in  any  succeeding  years.  This  provision  shall  likewise  be
  applicable  to income debenture certificates and interest thereon at the
  rate specified in such certificates shall be cumulative.