reglab/statecodes huggingface dataset:
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 303 - Establishment of Corporation.

§  303.  Establishment  of  corporation.  There  is  hereby  created a
  corporation  which  shall  be  known   as   "The   Mortgage   Facilities
  Corporation."  The  principal  office of the corporation shall be in the
  borough of Manhattan in the county of New York. Within  ten  days  after
  such  office  is  established  and, within ten days after the removal of
  such office, the corporation shall notify the secretary of state of  the
  street  address  in  such borough where its principal office is located,
  and the secretary of state shall note such  address  upon  his  records.
  Except  as  otherwise provided in this article, the corporation shall be
  possessed of all the powers, privileges and immunities which now are  or
  hereafter  may  be  conferred  on corporations with capital stock by the
  stock corporation law and the general corporation law  or  the  business
  corporation  law  and  for  such  purposes  shall be deemed to have been
  organized under the provisions of said laws. Process in  any  action  or
  proceeding  against  the corporation may be served upon the secretary of
  state, as the agent of the corporation for such purposes.  Such  process
  shall be served in the manner prescribed in section three hundred six of
  the  business corporation law for service against a domestic business or
  transportation corporation, accompanied by the fee for such  service  as
  prescribed  therein  and the secretary of state shall forthwith send one
  of the copies served upon  him  to  the  corporation  at  its  principal
  office.  If  such  corporation fails to commence business by June first,
  nineteen hundred fifty-seven, its  existence  shall  terminate  and  the
  provisions  of this article shall become null and void. For the purposes
  of this section only the corporation shall be deemed to  have  commenced
  business  when  two and one-half per centum of the capital stock thereof
  shall have been paid into  the  treasury  and  ten  members  shall  have
  qualified  as hereinafter provided.  Once having commenced business, the
  duration of the corporation shall be perpetual.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 305 - Board of Directors.

§  305.  Board  of  directors.  1.  All  the  corporate powers of such
  corporation shall be exercised by a board  of  directors  consisting  of
  thirteen  persons,  all  of  whom  shall be of full age, citizens of the
  United States and at least seven of  whom  shall  be  residents  of  the
  state.
2.  At the first annual meeting of such corporation and at each annual
  meeting thereafter the members shall elect ten directors whose  term  of
  office shall be one year.
Each  of  the  members entitled to vote for directors pursuant to this
  subdivision two of section three hundred five of this article  shall  be
  entitled  to  one  vote  for each twenty-five thousand dollars, or major
  fraction thereof, it is subject to be called  upon  to  advance  to  the
  corporation pursuant to the provisions of section three hundred seven of
  this article.
3.  At  such  first and succeeding annual meetings the stockholders of
  such corporation shall elect three additional directors for terms of one
  year each.
4. If any director shall lose his citizenship, or shall cease to be  a
  resident  of  the  state,  thereby  creating  a vacancy, or if a vacancy
  occurs in the membership  of  the  board  of  directors  through  death,
  resignation  or  otherwise, the remaining directors shall elect a person
  to fill such vacancy for the unexpired term.
5. The board of directors shall elect one of its members  as  chairman
  of such board, shall adopt by-laws for such corporation, and may appoint
  such officers and employees as it deems advisable.
6.  In  addition to other matters, the by-laws of such corporation may
  contain specific standards and criteria by which  mortgage  applications
  will  be  judged and loans made in so far as such specific standards and
  criteria are not  inconsistent  with  any  of  the  provisions  of  this
  article.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 306 - Temporary Board of Directors.

§  306.  Temporary  board of directors. 1. The first annual meeting of
  such corporation shall be held at a time and place to be  fixed  by  the
  temporary  board  of  directors  which  shall  be  as soon as reasonably
  possible after a minimum of two and one-half per centum of  the  capital
  stock  of  such corporation shall have been paid into its treasury and a
  minimum of ten members of  such  corporation  shall  have  qualified  as
  hereinafter provided, and such meeting shall be called in such manner as
  may be provided by the temporary board of directors.
2. Notwithstanding the foregoing provisions of this section, until the
  first   annual   meeting  of  such  corporation  and  the  election  and
  qualifications of a board of directors as hereinabove provided, all  the
  corporate  powers  of such corporation shall be exercised by a temporary
  board of directors consisting of thirteen persons, all of whom shall  be
  of  full age, citizens of the United States and residents of this state,
  and who shall be designated by the governor. Such designation  shall  be
  in  writing,  signed by the officer making it, and transmitted by him to
  the secretary of state who shall make and record in his office a copy of
  such designation and deliver the original to the designee,  who,  if  he
  accepts  such  designation,  shall notify the secretary of state of such
  fact, in writing, and thereupon his designation shall  become  effective
  and  the  secretary of state shall record such acceptance in his office.
  If any vacancy occurs in  such  temporary  board  of  directors  through
  death,  resignation  or  otherwise, a person shall be designated to fill
  such vacancy by the governor.  Upon the election and qualification of  a
  board  of  directors  pursuant  to  section  three  hundred five of this
  article, the temporary board of directors shall be deemed dissolved.
3. As  soon  as  possible  after  the  designation  of  the  directors
  comprising the temporary board has become effective, the temporary board
  of  directors  shall meet, elect a chairman, cause stock certificates to
  be printed, appoint temporary officers and seek to enlist  the  support,
  membership and stock subscription of institutional lenders.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 308 - Capital and Shares.

§  308.  Capital  and  shares.  The  total  number of shares which the
  corporation may issue is forty thousand,  all  without  par  value.  The
  consideration for which such shares may be issued is one hundred dollars
  per  share  in  cash.  The  capital of the corporation shall be at least
  equal to the consideration received by the corporation from the issuance
  of its shares plus such amounts as, from time to time, by resolution  of
  the  board  of  directors  may  be transferred thereto. At least two and
  one-half per centum of the authorized shares shall be  issued  and  paid
  for  before the corporation shall be authorized to transact any business
  other than such as relates to its organization.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 310 - Restrictions.

§  310.  Restrictions.  Such  corporation shall not deposit any of its
  funds in any banking organization unless such banking  organization  has
  been  designated as a depository by a vote of the majority of all of the
  directors of such corporation, exclusive  of  any  director  who  is  an
  officer  or  director  of the depository so designated. Such corporation
  shall not make any loans other than those set  forth  in  section  three
  hundred  four  hereof,  and  in  no event shall the corporation make any
  loans, directly or indirectly, to any of its officers or to any firms in
  which any of its officers is an officer, director or  stockholder.  Such
  corporation shall not receive money on deposit except that money held in
  escrow  pursuant  to  the provisions of subdivision three (c) (vii) B of
  section three hundred four hereof, or otherwise, shall not be deemed  to
  be the receipt of money on deposit.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 311 - Examination.

§   311.  Examination.  At  least  once  in  each  calendar  year  the
  corporation  shall  be  examined  by  the  superintendent  of  financial
  services  for the purpose of determining the corporation's net worth and
  the soundness of its management and operating policies. The  corporation
  shall not, however, be deemed to be a banking or insurance organization.
  The  corporation  shall pay the cost of each such examination. Copies of
  each  examination  report,  including  the  findings,  conclusions   and
  recommendations of the examiners, shall be furnished to the corporation.
  The  corporation  shall  furnish  copies  of  each report, including the
  findings, conclusions and recommendations of the examiners, to  each  of
  the  holders  of  its capital stock and to its members. Such corporation
  shall  make  an  annual  report  of  its  condition  to  the   governor,
  legislature  and  superintendent  of  financial  services  on  or before
  January first of each year.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 312 - Unissued Securities and Reorganization.

§  312.  Unissued  securities  and  reorganization.  1. The holders of
  capital  stock  of  such  corporation  shall  not,  as  such,  have  any
  pre-emptive  or preferential right to purchase or subscribe for any part
  of the unissued or new issue  of  capital  stock  of  such  corporation,
  whether  now  or  hereafter  authorized  or  issued,  or  to purchase or
  subscribe for any bonds or other obligations, whether or not convertible
  into stock of such corporation, now or hereafter authorized or issued.
2. Whenever a compromise or arrangement or any plan of  reorganization
  of  such  corporation  is  proposed  between  such  corporation  and its
  creditors, members or stockholders, the supreme court, by virtue of  its
  general  equity powers, may on application of such corporation or of any
  creditor, member or stockholder thereof, or on the  application  of  any
  receiver or receivers appointed for such corporation, order a meeting of
  such  creditors,  members or stockholders, as the case may be, as may be
  affected  by  the  proposed  compromise  or  arrangement  or   plan   of
  reorganization,  which  shall be called in such manner as the said court
  directs. If, at such meeting, such compromise or arrangement or plan  of
  reorganization  is  agreed  to  by  or  on  behalf  of the creditors, if
  affected thereby, holding two-thirds in amount  of  the  claims  against
  such  corporation,  and by or on behalf of the stockholders, if affected
  thereby, holding the majority of capital stock, and by or on  behalf  of
  the  members,  if  affected thereby, holding two-thirds in amount of the
  outstanding  notes  or  other  interest-bearing  obligations   of   such
  corporation  as  provided  for  in  section  three hundred seven of this
  article, and if such agreement shall be further evidenced by the written
  acceptance of said creditors, stockholders and members,  duly  filed  in
  the said court, such compromise or arrangement or plan of reorganization
  shall,  if  approved by the said court as just and equitable, be binding
  on all creditors, stockholders or members, as the case may be,  who  are
  affected  thereby,  and also on such corporation. All persons who become
  creditors, stockholders or members of such corporation shall  be  deemed
  to  have  become  creditors,  stockholders  or  members  subject  in all
  respects to this section, and the same shall be absolutely binding  upon
  them.  For  the  purposes of this subdivision only, members shall not be
  deemed to be creditors  and  shall  act  under  this  subdivision  as  a
  separate class.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 313 - Participation.

§  313.  Participation.  Notwithstanding any rule at common law or any
  provision of any general or  special  law  or  any  provision  in  their
  respective charters, agreements of association, articles of organization
  or certificates of incorporation:
1.  All  banking  organizations,  insurance  and  surety companies are
  hereby authorized to become members of the  corporation  established  by
  this article and to make loans to such corporation as provided herein;
2.  A  banking  organization  which  does  not  become a member of the
  corporation established by this article shall not acquire any shares  of
  the capital stock of such corporation;
3.  Each  banking  organization,  insurance  and  surety company which
  becomes a member of the  corporation  established  by  this  article  is
  hereby  authorized  to  acquire, purchase, hold, sell, assign, transfer,
  mortgage, pledge, or otherwise dispose of any bonds, securities or other
  evidences of indebtedness issued by such corporation or  the  shares  of
  its  capital  stock, and while owners of said stock, to exercise all the
  rights, powers and privileges of ownership, including the right to  vote
  thereon,  all  without  the approval of any regulatory authority of this
  state; provided, however, that the amount of the capital stock  of  such
  corporation  which  may  be  acquired  by  any  member  pursuant  to the
  authority granted herein, shall not exceed ten per centum  of  the  loan
  limit  of  such member as defined by section three hundred seven of this
  article. The amount of capital  stock  of  such  corporation  which  any
  member is authorized to acquire pursuant to the authority granted herein
  shall  be  in  addition  to  the amount of capital stock in corporations
  which such member may otherwise be authorized to acquire.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 351 - Policy and Purposes of Article.

§  351. Policy and purposes of article. It is hereby declared that the
  provision of new and improved community senior  citizens  facilities  is
  necessary  to  care for the increasing number of persons who are in need
  of programs and services  for  the  aging.  Such  facilities  should  be
  located  close  to  the  people  they  serve  and  should supplement the
  programs and services provided for such persons by the  office  for  the
  aging pursuant to title one of article two of the elder law.
It  is  hereby further declared that non-profit corporations should be
  created  to  construct,  acquire,  reconstruct,  rehabilitate,  own  and
  operate  such  facilities and that provision should be made for mortgage
  loan participation by the New York state housing finance agency in order
  to ensure that the full resources of the private  enterprise  sector  of
  the economy may be made available for this purpose; that there is a need
  for  public  assistance  to  such  corporations  by  the granting of tax
  exemption; that it is the policy of the state to promote  the  provision
  of  senior citizens facilities by such non-profit corporations; and that
  such provision is a public use and purpose.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 353 - Companies; How Created.

§  353.  Companies; how created. Notwithstanding the provisions of any
  other  law  or  requirement  to  the  contrary,   companies   shall   be
  incorporated  and  organized  pursuant to the not-for-profit corporation
  law and this article.
In addition  to  those  matters  required  to  be  set  forth  in  the
  certificate  of incorporation by the not-for-profit corporation law, the
  certificate shall state:
1. That, among the purposes for which it is formed, the company is  to
  plan,  construct,  acquire,  alter,  reconstruct, rehabilitate, improve,
  own, maintain and operate one or more projects pursuant to this article.
2. The number of directors, which shall be not  less  than  three  nor
  more  than  fifteen.  Directors  shall  be elected by the members of the
  company.  One additional director may be designated by the commissioner.
  In the absence of fraud or bad  faith  the  director  appointed  by  the
  commissioner  shall  not be personally liable for the debts, obligations
  or liabilities of the company.
3.  That  the  real  property  of  the  company  shall  not  be  sold,
  transferred,   encumbered   or  assigned  except  as  permitted  by  the
  provisions of this article.
4. That the company has been organized exclusively to serve  a  public
  purpose  and  that it shall be and remain subject to the supervision and
  control of the department pursuant to the provisions of this article and
  all applicable laws and regulations.
5. That  all  income  and  earnings  of  the  company  shall  be  used
  exclusively for its corporate purposes.
6. That no part of the net income or net earnings of the company shall
  inure  to  the  benefit  or  profit  of  any private individual, firm or
  corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 354 - Consent of Commissioner.

§ 354. Consent of commissioner. Whenever any such certificate shall be
  presented  to the secretary of state, he shall not file such certificate
  unless there shall accompany the same a certificate of the  commissioner
  stating  that  he  consents to the filing of such certificate; nor shall
  any amendment to the certificate of incorporation be filed unles  it  is
  accompanied by a certificate of the commissioner consenting thereto.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 356 - Members; Officers and Directors.

§  356.  Members;  officers  and directors. No member or director of a
  company shall receive any salary or other compensation for  services  as
  such  member  or  director,  other  than  reimbursement  of  actual  and
  necessary expenses incurred in the performance of his duties. No member,
  officer, or employee of a company shall acquire any interest, direct  or
  indirect,  in  any property then or thereafter included or planned to be
  included in a project, nor retain any interest, direct  or  indirect  in
  any  property acquired subsequent to his appointment or employment which
  is later included or planned to be included in a project. If any member,
  officer or employee of any company owns or controls an interest,  direct
  or  indirect,  in any property included in a project, which was acquired
  prior to his appointment or employment, he shall disclose such  interest
  and  the  date of acquisition thereof in writing to the company and such
  disclosure shall be entered upon the minutes of the company.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 357 - Financing.

§  357.  Financing.  1.  Any  company  formed  under this article may,
  subject to the approval of the commissioner, borrow funds from  the  New
  York  state  housing  finance agency and secure the repayment thereof by
  bond or note and mortgage which shall contain such terms and  conditions
  as  may  be  deemed necessary or desirable by the New York state housing
  finance agency or required by any agreement between the New  York  state
  housing  finance  agency  and  the  holders  of its notes and bonds with
  respect to such companies, including the right to  assignment  of  rates
  and fees and entry into possession in case of default, but the operation
  of  such  project,  in  the  event  of  such  entry, shall be subject to
  regulations promulgated by the department.
2. The New York state housing finance agency may make  a  contract  to
  make  loans  to companies not to exceed the total project cost. Any such
  loan shall be secured by  a  first  mortgage  lien  upon  all  the  real
  property  and  improvements  of  which the project consists and upon all
  fixtures and articles of  personal  property  attached  to  or  used  in
  connection   with   the   construction,   acquisition,   reconstruction,
  rehabilitation, improvement or operation of the project.
3. Any inconsistent provision of law to the contrary  notwithstanding,
  mortgages of a company shall be exempt from the mortgage recording taxes
  imposed by article eleven of the tax law.
4.  The  provision  of  community  centers  for senior citizens and of
  programs and services for senior citizens is hereby  declared  to  be  a
  proper  public  and  municipal purpose for which the moneys of the state
  and of its political subdivisions and of all public corporations may  be
  raised  and  expended.  The state, and each political subdivision of the
  state,  and  each  public  corporation  of  the  state  or  a  political
  subdivision  thereof, and individuals, foundations and all other private
  organizations and corporations may make capital grants  to  any  company
  organized  pursuant  to  this  article  and  such company may accept and
  receive the same and apply the same  in  payment  or  reduction  of  the
  project cost.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 358 - Conditions and Security for Loans.

§ 358. Conditions and security for loans. No loan shall be made by the
New   York   state  housing  finance  agency  to  a  company  until  the
commissioner has approved the project and finds that:
(1) The company has complied  with  all  of  the  provisions  of  this
article and all applicable laws and regulations;
(2)  There is a need for a project of the type proposed in the area to
be served and that the services and facilities to  be  provided  by  the
project are consistent with such need;
(3)  The  plans  and specifications conform to the requirements of all
laws and regulations applicable thereto and assure adequate light,  air,
sanitation and fire protection and are satisfactory to him;
(4)  The  estimated revenue of the project will be sufficient to cover
all probable costs of operation and maintenance, of  fixed  charges  and
such  reserves  as  may be authorized by the commissioner or required by
the New York state housing finance agency;
(5) Provision has been made for  the  purpose  of  providing  for  the
payment  of  the  difference, if any, between the estimated project cost
and the mortgage loan; and in the event the  final  project  cost  shall
exceed  the  estimated  project  cost, the difference between such final
project cost and the mortgage loan;
(6) Provision has been made for the filing by  the  company  with  the
department  and  the  New  York  state  housing  finance  agency of such
financial statements including  an  annual  report  setting  forth  such
information as the commissioner may require; and
(7)  Provision  has  been made for the examination by the commissioner
and the New York state housing finance agency of the books  and  records
of the company.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 359 - Rates and Fees.

§  359.  Rates  and  fees.  A  company shall, with the approval of the
  commissioner, fix maximum rates and fees to be charged persons served by
  each project for the facilities and services provided by the company  to
  such persons, the average of such rates and fees for any one project not
  to  exceed  the  maximum  average  rates  and  fees  determined  by  the
  commissioner before any commitments are made  by  the  company  for  the
  construction, acquisition, reconstruction, rehabilitation or improvement
  of   the  project.  The  commissioner  upon  his  own  motion,  or  upon
  application by the company or lienholder may vary  the  amount  of  such
  rates and fees from time to time so as to secure together with all other
  income  of  the  company,  sufficient  income to meet, within reasonable
  limits, all necessary payments by the  said  company  of  all  expenses,
  including fixed charges, sinking funds and reserves.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 360 - Transfer of Real Property.

§  360.  Transfer of real property. Notwithstanding any requirement of
  law to the contrary or any provision of any general,  special  or  local
  law,  charter  or  ordinance,  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, and the state, its subdivisions, municipalities,  all
  other  public  bodies,  all  public  officers, persons, partnerships and
  corporations owning or holding any real property, may grant, sell, lease
  or otherwise transfer any such real property or interest  therein  to  a
  company  and  receive  and  hold  any  cash,  exchanged therefor by such
  company and may execute such instruments and do  such  acts  as  may  be
  deemed  necessary  or  desirable  by  them  or  it and by the company in
  connection with a project or projects and such sale, lease  or  transfer
  may  be  made without public auction or bidding; provided, however, that
  where  such  real  property  is  within  an  urban  renewal  area,   the
  disposition  thereof  shall  be  in  accordance  with  the provisions of
  paragraph (d) of subdivision two of section five hundred  seven  of  the
  general municipal law.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 361 - Supervision and Regulation.

§  361. Supervision and regulation. 1. The department may from time to
time make, alter,  amend  and  repeal  rules  and  regulations  for  the
supervision,  examination,  regulation  and  audit  of companies and for
carrying into effect the provisions and purposes of  this  article,  and
each  company  shall  submit  an  annual report of its operations to the
department and the New York  state  housing  finance  agency  which  may
examine and audit the books and records of the company at any time.
2.  The  department  shall  have power to act for and in behalf of the
agency in servicing the mortgage loans of the  agency,  and  to  perform
such functions and services in connection with the making, servicing and
collection of such loans as shall be requested by the agency.
3.  (a)  The  department may, with respect to any project of which the
New York state housing finance agency has acquired the fee or otherwise,
enter into an agreement with said agency subject to the approval of  the
director of the budget, for the department, as provided in paragraph (b)
hereof,  to  operate  the  said  project in a manner consistent with the
purposes of this article. In such event, the department shall  have  the
power  to  use  any available funds to pay all operating expenses and to
comply with all the terms and provisions of the mortgage, as though  the
mortgage  had  not been foreclosed, and to comply with the provisions of
this article.
(b) Subject to the provisions of the agreement with said  agency,  the
department  may  contract  with any person, firm or corporation which it
deems qualified to operate and manage such project and to  perform  such
duties and functions as it may deem necessary.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 362 - Voluntary Dissolution.

§  362. Voluntary dissolution. At any time after the expiration of ten
  years after the occupancy date, a company may be voluntarily  dissolved,
  with  the  consent  of  the  commissioner, upon repayment in full of all
  obligations under the mortgage and payment of  all  obligations  of  the
  company, as approved by the commissioner.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 363 - Foreclosures and Judgments.

§  363.  Foreclosures  and judgments. 1. In any foreclosure action the
  commissioner shall be made a party defendant. He shall  take  all  steps
  necessary  to  protect  the interests of the public therein and no costs
  shall be awarded against him or the department. Foreclosures  shall  not
  be  decreed  unless  the  court  to  which  application is made shall be
  satisfied that the interests of the  lienholder  or  holders  cannot  be
  adequately  assured  except  by  the  sale  of the property. In any such
  proceeding, the court shall be authorized to appoint the commissioner as
  receiver of the property, or to grant such other and further  relief  as
  may be reasonable and proper.
2.  Notwithstanding the foregoing provisions of this section, wherever
  it shall appear that the New York state  housing  finance  agency  shall
  have  made a mortgage loan which is a first lien upon any such property,
  such New York state housing finance agency shall have all  the  remedies
  available  to  a mortgagee under the laws of the state of New York, free
  from any  restrictions  contained  in  this  section,  except  that  the
  commissioner shall be made a party defendant and he shall take all steps
  necessary  to  protect the interests of the public and no costs shall be
  awarded against him or the department.
3. In the event of a judgment against a  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 company  except  upon  sixty
  days'  written notice to the commissioner and the New York state housing
  finance agency. Upon receipt of such notice  the  commissioner  and  the
  agency  shall  take  such steps as in their judgment may be necessary to
  protect the rights of all parties.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 364 - Fees and Charges.

§  364.  Fees  and charges. The department may by regulation establish
  and charge  to  any  company  such  fees  and  charges  for  inspection,
  regulation,  supervision  and audit as to the department may appear just
  and reasonable  in  order  to  recover  the  costs  of  performing  such
  functions.
2023 New York Laws › PVH - Private Housing Finance › Article 7-A - Community Senior Citizens Centers and Services Companies › 365 - Separability.

§  365.  Separability.  If  any clause, sentence, paragraph or part of
  this article shall be adjudged by any court of competent jurisdiction to
  be invalid, such judgment shall not affect,  impair  or  invalidate  the
  remainder thereof, but shall be confined in its operation to the clause,
  sentence,  paragraph,  section  or part thereof directly involved in the
  controversy in which such judgment shall have been rendered.
2023 New York Laws › PVH - Private Housing Finance › Article 8 - Loans to Owners of Existing Multiple Dwellings › 400 - Policy and Purposes of Article.

§  400.  Policy  and  purposes  of article. It is hereby declared that
  there exists in municipalities in  this  state  a  seriously  inadequate
  supply  of  safe  and  sanitary  dwelling accommodations for persons and
  families of low income; that such shortage constitutes an emergency  and
  a  grave  menace  to  the health, safety, morals, welfare and comfort of
  citizens of this state; that there exists in such municipalities a large
  number of multiple dwellings which are inadequate, unsafe or  insanitary
  by  reason  of  the absence of proper heating facilities or by reason of
  the necessity for elimination of conditions dangerous to human  life  or
  detrimental  to  health, including nuisances as defined in section three
  hundred nine of the multiple dwelling law, or for  other  rehabilitation
  or improvement and which can be made adequate, safe and sanitary, by the
  installation  of  proper  heating facilities or by other rehabilitation,
  preservation or improvement or by the elimination  of  such  conditions;
  that  such  installation,  rehabilitation,  preservation  or improvement
  cannot readily be provided by the ordinary unaided operation of  private
  enterprise  for  occupancy  by persons or families of low income without
  public aid in the form of low interest loans or grants to owners of such
  multiple dwellings for the purpose of such installation, rehabilitation,
  preservation or improvement; that the  installation  of  proper  heating
  facilities   in   such   multiple  dwellings  or  other  rehabilitation,
  preservation or improvement thereof for  occupancy  by  persons  of  low
  income  as  defined in this article is a public use and a public purpose
  for which public money may be loaned or granted;  that  such  conditions
  require  the  provisions  hereinafter  enacted; and the necessity in the
  public  interest  for  the  provisions  hereinafter  enacted  is  hereby
  declared as a matter of legislative determination.
2023 New York Laws › PVH - Private Housing Finance › Article 8 - Loans to Owners of Existing Multiple Dwellings › 403 - Occupancy.

§  403.  Occupancy.  1.  The  dwelling  units in any existing multiple
  dwelling aided by a loan pursuant to this  article  shall  be  available
  solely  for persons or families of low income during the period in which
  any part of such loan remains unpaid, any exemption and  abatement  from
  taxation  on  the property resulting from the installations, alterations
  or improvements made with such loan remains in effect or for a period of
  at least ten years from the occupancy date, whichever is the later.
2. Any person or  family  in  occupancy  whose  income  precludes  the
  inclusion  of  such  person  or family within the definition provided in
  paragraph a of subdivision three of section four  hundred  one  of  this
  article  may  be required to pay a rental surcharge in accordance with a
  schedule of surcharges to be promulgated by the agency.  In  determining
  imposition of any such surcharge, the agency shall consider factors such
  as  the  net  operating  income  and  debt service coverage ratio of the
  property aided by a loan pursuant to  this  article.  Rental  surcharges
  collected  pursuant  to  this  section shall be paid by the owner to the
  municipality which has granted such owner tax exemption or tax abatement
  pursuant to any law authorizing the granting of same,  as  reimbursement
  to  such municipality therefor. In the event that such tax exemption and
  tax abatement have not been granted, or in the event that a sum equal to
  the total amount of tax exemption and tax abatement granted to the owner
  has been paid to the municipality, the excess,  if  any,  of  surcharges
  shall be paid to the municipality in reduction of the loan.
2023 New York Laws › PVH - Private Housing Finance › Article 8 - Loans to Owners of Existing Multiple Dwellings › 404 - Conditions Precedent to Making Such Loans.

§  404.  Conditions  precedent  to  making such loans. 1. No such loan
shall be made by a municipality to an  owner  of  an  existing  multiple
dwelling  unless  the  owner of such multiple dwelling shall covenant in
writing that so long as any  part  of  such  loan  remains  unpaid,  any
exemption and abatement from taxation on the property resulting from the
installations,  alterations  or improvements made with such loan remains
in effect or for a period of at least ten years from the occupancy date,
whichever is the later:
(a) Each dwelling unit in such multiple dwelling  shall  be  available
solely for persons or families of low income;
(b)  Preference shall be given to persons who shall have lived in such
multiple dwelling at the time the contract for the loan was entered into
and were required to move because of such  installation,  rehabilitation
or improvement;
(c)  No  charge  or rental for housing accommodations in such multiple
dwelling shall be made or charged in excess of  the  rentals  prescribed
pursuant to this article;
(d)  The agency may order such repairs as will preserve the health and
safety of the occupants of such multiple dwelling;
(e) All persons operating or  managing  such  multiple  dwelling  will
comply with the provisions of this article and the rules and regulations
adopted  by  the agency pertaining to multiple dwellings aided hereunder
and will refrain from doing any acts in violation thereof;
(f) All  such  persons  will  permit  the  duly  authorized  officers,
employees,  agents  or  inspectors of the agency to enter in or upon and
inspect such multiple dwelling at all reasonable hours;
(g) The agency shall have full power to investigate into and order the
owner of said multiple dwelling to furnish such reports and  information
as  the  agency  may require concerning the planning and construction of
the installation, rehabilitation or improvement and the  management  and
operation  of  said  multiple  dwelling. The agency shall also have full
power to audit the books of such owner with respect to such matters;
(h) The foregoing covenants shall run with the land.
2. The local legislative body of the municipality or the agency  shall
have power to impose additional terms and conditions precedent to making
such loans.
2023 New York Laws › PVH - Private Housing Finance › Article 8 - Loans to Owners of Existing Multiple Dwellings › 407 - Participation by Certain Corporations and Individuals.

§  407.  Participation by certain corporations and individuals. 1. One
  or more banking  institutions,  foundations,  labor  unions,  employers'
  associations,  veterans'  organizations,  insurance companies, trustees,
  fiduciaries or any combination of the foregoing, shall have the power to
  participate and invest, singly or jointly, with a  municipality  or  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  and  in  accordance with the provisions of this
  article. As used in this section, the terms "trustees" and "fiduciaries"
  shall include any fiduciary or fiduciaries holding funds for investment.
2. Banking institutions and  insurance  companies  may  exercise  such
  power  on  such  conditions  as  may  be prescribed or authorized by the
  superintendent of financial services.
3. Where one or more banking institutions, foundations, labor  unions,
  employers'  associations,  veterans' organizations, insurance companies,
  trustees or fiduciaries participates and invests with a municipality  or
  the  New  York  city  housing  development  corporation  as  provided in
  subdivision one, the interest of each need not be equal as  to  priority
  of lien, interest rate, time or rate of amortization or otherwise.
4.   Where   a  municipality  joins  with  one  or  more  corporations
  organizations or individuals of the kind hereinabove mentioned in making
  a loan secured  by  a  single  participating  mortgage  or  by  separate
  mortgages,  the  municipality may make provision, either in the mortgage
  or mortgages or by separate  agreement,  for  the  performance  of  such
  services  as  are  generally  performed  by  a  banking  institution  or
  insurance company which itself owns and holds a mortgage or by a trustee
  under a trust mortgage. The  agency  is  hereby  authorized  to  act  as
  trustee or to consent to the appointment of a banking institution to act
  in such capacity.
2023 New York Laws › PVH - Private Housing Finance › Article 8 - Loans to Owners of Existing Multiple Dwellings › 408 - Minimization of Displacement.

* §  408.  Minimization of displacement. The agency shall use its best
  efforts to ensure that activities carried out pursuant to  this  article
  are  structured  so  as  to  minimize  the likelihood of any involuntary
  physical or economic displacement of  tenants  who  reside  in  multiple
  dwellings   which  are  the  subject  of  such  activities,  other  than
  temporarily,  as  a  direct  result  of  rehabilitation  work  which  is
  performed  in  such  multiple  dwelling in which case suitable temporary
  relocation arrangements shall be provided.
* NB Expires July 1, 2024
2023 New York Laws › PVH - Private Housing Finance › Article 8-A - Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions › 450 - Policy and Purposes of Article.

§  450.  Policy  and  purposes  of article. It is hereby declared that
  there exists in municipalities in  this  state  a  seriously  inadequate
  supply  of safe and sanitary dwelling accommodations; that such shortage
  constitutes an emergency and a  grave  menace  to  the  health,  safety,
  morals,  welfare  and  comfort  of citizens of this state; that existing
  conditions of deterioration of housing marked by noncompliance with  the
  multiple dwelling law or local housing codes threaten a further decrease
  in  such  supply;  that  rehabilitation  and improvement of dwellings to
  prolong the useful life of such dwellings may  be  necessary  to  arrest
  such   conditions   of  deterioration;  that  the  elimination  of  such
  conditions by rehabilitation or  other  improvement  cannot  readily  be
  provided by the ordinary unaided operation of private enterprise without
  public aid in the form of low interest loans or grants to owners of such
  multiple  dwellings;  that  such  rehabilitation or other improvement of
  such dwellings to bring them into conformance with the multiple dwelling
  law and local housing codes is a public use, a public purpose and a city
  purpose  for  which  public  money  may  be  loaned  or  granted  by   a
  municipality   and  for  which  indebtedness  may  be  contracted  by  a
  municipality; that such conditions require  the  provisions  hereinafter
  enacted,  and  the  necessity  in the public interest for the provisions
  hereinafter enacted is  hereby  declared  as  a  matter  of  legislative
  determination.
2023 New York Laws › PVH - Private Housing Finance › Article 8-A - Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions › 451 - Definitions.

§  451. Definitions. As used in this article the following terms shall
  mean:
1. "Existing multiple dwelling." Any dwelling classified as a multiple
  dwelling pursuant to the multiple dwelling law and in existence  on  the
  date  upon  which  an application for a loan pursuant to this article is
  received by the municipality. For purposes of this article  an  existing
  multiple  dwelling shall be deemed to include any garden-type maisonette
  dwelling project consisting of a series of dwelling units which together
  and in their aggregate were arranged or designed  to  provide  three  or
  more  apartments  and  are  provided  as  a  group collectively with all
  essential services such as, but not  limited  to,  water  supply,  house
  sewers and heat, and which are in existence and operated as a unit under
  single  ownership  on  the  date  upon  which  an application for a loan
  pursuant  to   this   article   is   received   by   the   municipality,
  notwithstanding  that certificates of occupancy were issued for portions
  thereof as private dwellings.
2. "Occupancy by persons of low income." Occupancy by "persons of  low
  income"  or  "families  of  low  income,"  as  such terms are defined in
  section two of this chapter.
3. "Owner." An individual, partnership, corporation or  other  entity,
  including   a  non-profit  company,  a  mutual  company,  or  a  housing
  development fund company, which holds record or beneficial title in  fee
  simple  to  the multiple dwelling and the real property upon which it is
  situate or the lessee thereof under a lease the unexpired term of  which
  shall  be  not  less  than  the  term  of the loan to be made under this
  article.
4. "Federal grant funds." Any grants received from the  United  States
  of   America   for   community   development   activities   or  for  the
  rehabilitation or conservation of multiple dwellings.
2023 New York Laws › PVH - Private Housing Finance › Article 8-A - Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions › 453 - Conditions Precedent to Making Such Loans.

§  453.  Conditions precedent to making such loans. No such loan shall
  be made by a municipality to an owner of an existing  multiple  dwelling
  unless  the  owner  of  such multiple dwelling shall covenant in writing
  that so long as any part of such loan  shall  remain  unpaid  or  for  a
  period  of  at  least  ten years from the date of the loan, whichever is
  later:
1. Each dwelling unit in such multiple  dwelling  shall  be  available
  solely for occupancy by persons of low income;
2.  No person who lives in such multiple dwelling at the time the loan
  is made shall be required to  move  because  of  the  rehabilitation  or
  improvement  financed thereby, except that a temporary relocation may be
  required in connection with such rehabilitation or improvement;
3. All persons operating  or  managing  such  multiple  dwelling  will
  permit  the duly authorized officers, employees, agents or inspectors of
  the municipality to enter in or upon and inspect such multiple  dwelling
  at all reasonable hours;
4.  The  municipality  by  such  duly  authorized  representatives  as
  aforesaid shall have full power to investigate into and order the  owner
  of  such multiple dwelling to furnish such reports and information as it
  may require concerning such rehabilitation or improvement and shall have
  full power to audit the  books  of  said  owner  with  respect  to  such
  matters; and
5.  The  owner  will  submit  to  the  supervising  agency  annually a
  statement of the income and expenses of such multiple dwelling, in  such
  form as shall be approved by such agency.
2023 New York Laws › PVH - Private Housing Finance › Article 8-A - Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions › 454 - Servicing of Municipal Loans by Banking Institutions.

§  454.  Servicing  of  municipal  loans  by banking institutions. The
  municipality is  authorized  to  make  provision,  either  in  the  loan
  agreement  or  by separate agreement, for the performance by one or more
  banking institutions of such services as are generally performed by  any
  such  bank  itself owning and holding such a loan and as may be approved
  by the superintendent of financial services, for which services  a  bank
  may  make  and  collect such service charges as the superintendent shall
  prescribe or approve.
2023 New York Laws › PVH - Private Housing Finance › Article 8-A - Small Loans to Owners of Multiple Dwellings to Remove Substandard or Insanitary Conditions › 455 - Rules and Regulations.

§  455.  Rules and regulations.  The supervising agency may promulgate
  supplementary rules and regulations to carry out the provisions of  this
  article, not inconsistent with the provisions of this article.