reglab/statecodes huggingface dataset:
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 122 - Transfer of Title or Foreclosure of Project.

§  122.  Transfer  of  title  or  foreclosure of project. 1. Until the
  termination of the tax exemption, whether by expiration or by any  other
  cause, a redevelopment company, heretofore or hereafter organized, shall
  not have power to sell the real property constituting the project or any
  portion or portions thereof without the consent of the local legislative
  body.
2.  If an action be brought to foreclose a mortgage or tax lien upon a
  redevelopment project, heretofore or hereafter  authorized  pursuant  to
  this  article,  and  the real property constituting the project shall be
  acquired at the foreclosure sale or from the mortgagee  or  lienor  that
  had  acquired  the  property of such sale, or by a conveyance in lieu of
  such sale,  by  a  redevelopment  company  organized  pursuant  to  this
  article,  or by the federal government or an instrumentality thereof, or
  by a corporation which is, or by agreement has  become  subject  to  the
  supervision  of the superintendent of financial services, such successor
  in interest shall acquire such project subject to all provisions of  the
  contract  regulating  such  project  and shall be entitled to all of the
  benefits contained in such contract. In  all  other  cases  of  sale  at
  foreclosure  or  forced sale, the real property constituting the project
  or  any  portion  or  portions  thereof  shall  be  sold  free  of   all
  restrictions,  except  such  covenants  running  with the land as may be
  contained in the contract regulating the project, or  in  the  deed,  if
  any,  given  by  the municipality to the redevelopment company affecting
  all or any portion of the  real  property  upon  which  the  project  is
  situated,  and  the  tax  exemption, if any, theretofore granted to such
  project pursuant to such contract shall immediately terminate.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 126 - Reduced Rentals for the Elderly.

§  126.  Reduced  rentals  for  the  elderly.  (a)  For the purpose of
enabling lower income elderly persons to continue in  occupancy  without
paying  rentals  in  excess  of  a  fair proportion of their income, any
municipality having a population of less than one million is  authorized
to  make  and  to  contract to make periodic payments to a redevelopment
company in an amount not exceeding the difference between  the  rent  or
carrying charges for the dwellings occupied by such lower income persons
and  one-third of their net probable aggregate annual income, where such
rent or carrying charges exceed such one-third of income; provided  that
the  aggregate amount of periodic payments to be made in accordance with
contracts entered into  by  the  municipality  during  any  fiscal  year
thereof   pursuant   to   this  section,  subdivision  nine  of  section
thirty-one, subdivision seven of section eighty-five-a, and section five
hundred seventy-seven-a of this chapter shall not exceed  the  aggregate
amount  of  all  real  property taxes paid or payable during such fiscal
year by all companies organized pursuant to this  article,  article  II,
article  IV,  and article XI of this chapter and the aggregate estimated
receipts  of  all  such  companies  in  such  fiscal  year  from  rental
surcharges collected or to be collected pursuant to this chapter.
(b)  Such  payments  shall be made only where the contract between the
municipality and the company pursuant to section  one  hundred  fourteen
imposes  income  limitations on admission and on continued occupancy and
requires the payment of surcharges to the  municipality  by  over-income
occupants.
(c)  Such payments shall be made only on account of a person or family
in occupancy where the head of the household is sixty-two years  of  age
or  older  and  is  not a recipient of public assistance pursuant to the
social services law, and where the net probable aggregate annual  income
of  the  person or family in occupancy does not exceed six thousand five
hundred dollars a year.
Notwithstanding the provisions of subdivision twenty-nine  of  section
two of this chapter, net probable aggregate annual income shall mean the
annual  income  of  family  members from all sources after deductions of
federal, state and city income taxes; provided that any municipality may
provide that increases in benefits under the social security  act  which
take  effect after such person or family has assumed occupancy shall not
be taken into account.
(d) A company having a contract with the municipality pursuant to this
subdivision may not collect from persons or  families  in  occupancy  on
whose  account  such  payments  are  made  any  rentals in excess of the
amounts specified in such contract.
2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 127 - Acquisition by Mutual Redevelopment Companies.

§ 127. Acquisition by mutual redevelopment companies. Anything in this
article to the contrary notwithstanding:
(a)  With  the approval of the supervising agency, any person owning a
project may convey such project to a mutual redevelopment company and  a
mutual  redevelopment  company  may  be organized to acquire an existing
project prior to expiration of an initial tax exemption granted pursuant
to section one hundred twenty-five,  and  may  own,  maintain,  operate,
sell,  and convey such project pursuant to this article. In part payment
of the purchase price therefor, such company may execute and  deliver  a
bond  and  mortgage  or  an  issue of bonds under a trust indenture, the
aggregate principal amount of which does not exceed ninety per centum of
such purchase price, and which shall be secured by a first mortgage upon
all the real property of which such project  consists.  Such  bonds  are
hereby  declared  securities  in which all public officers and bodies of
the state and of its municipal subdivisions, all insurance companies and
associations, all savings  banks  and  savings  institutions,  including
savings  and  loan  associations,  executors, administrators, guardians,
trustees, and all other  fiduciaries  in  the  state  may  properly  and
legally invest the funds within their control. The total capital created
and  bonds  or  debentures  issued  by such mutual redevelopment company
shall not exceed the total cost of the purchase of the  project  and  an
allowance  for  working  capital  not  greater  in amount than three per
centum of such cost.
(b) With the consent of the local legislative body,  any  initial  tax
exemption  granted  pursuant  to  section one hundred twenty-five, shall
continue after conveyance of a project to a mutual redevelopment company
for the period of years originally provided for in the contract, or  for
the  unexpired  portion  thereof  if  such  period shall have commenced,
subject to prior termination pursuant to section one hundred twenty-four
or section one hundred twenty-five, and this article shall  continue  to
be  applicable to such project as though such project had been initially
undertaken by such mutual redevelopment company; provided, however, that
nothing herein shall require the resubmission of the plan of the project
and the contract relating thereto for approval pursuant to  section  one
hundred  fourteen.  The  contract  may,  with  the approval of the local
legislative body and of the holder of the mortgage on  the  project,  be
modified in a manner consistent with this section.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 204 - Appointment of Supervising Agency.

§  204.  Appointment of supervising agency. The local legislative body
  of a city is hereby authorized by general  ordinance  or  local  law  to
  appoint,  establish or designate the chief financial officer of the city
  or some other official or bureau, commission or agency as the person  or
  body  to exercise the powers and perform the duties held by or incumbent
  upon a supervising agency pursuant to this article, except that if there
  is a board of estimate in the city no such appointment, establishment or
  designation shall be made and the board of estimate shall exercise  such
  powers  and  perform  such duties or may delegate one or more of them to
  the chief financial officer of the  city  or  to  some  other  official,
  bureau, commission or agency.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 206 - Limitations of Redevelopment Corporations.

§  206.  Limitations  of  redevelopment corporations. No redevelopment
  corporation shall:
1. Undertake any clearance, reconstruction, improvement, alteration or
  construction in connection with any development until  the  certificates
  of  approval  required by section two hundred three of this article have
  been issued;
2. Change, alter, amend, add to or depart from  the  development  plan
  until the planning commission or the supervising agency, as the case may
  be, has issued a certificate of approval of that portion of such change,
  alteration,   amendment,   addition   or   departure   relevant  to  the
  determination required to be made by it as  set  forth  in  section  two
  hundred three of this article;
3.  After  a  development has been commenced, sell, transfer or assign
  any real property in the development area without  first  obtaining  the
  consent of the supervising agency;
4. Undertake more than one development;
5.  Pay  interest  on its income debentures, if any, except out of net
  earnings which would have been applicable to the payment of dividends on
  its capital stock if there were no such income debentures;
6. Pay as compensation for services to, or enter  into  contracts  for
  the  payment  of compensation for services to, its officers or employees
  in an amount greater than the limit thereon contained in the development
  plan, or in  default  thereof,  then  in  an  amount  greater  than  the
  reasonable  value  of  the services performed or to be performed by such
  officers or employees;
7. Lease an entire building or improvement in the development area  to
  any  person  or  corporation  without  obtaining  the  approval  of  the
  supervising agency, which may be withheld only if  the  lease  is  being
  made for the purpose of evading the provisions of this article;
8. Mortgage any of its real property without obtaining the approval of
  the supervising agency;
9.   Make   any  guarantee  without  obtaining  the  approval  of  the
  supervising agency;
10. Dissolve without obtaining the approval of the supervising agency,
  which may be given upon such conditions as the  supervising  agency  may
  deem  necessary  or appropriate to the protection of the interest of the
  city in the proceeds of the  sale  of  the  real  property  acquired  by
  condemnation  as provided in subdivision two of section two hundred five
  of this article, such approval to be  endorsed  on  the  certificate  of
  dissolution  and  such  certificate not to be filed in the department of
  state in the absence of such endorsement;
11. Reorganize without  obtaining  the  approval  of  the  supervising
  agency.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 207 - Application of Other Corporation Laws to Redevelopment Corporations.

§   207.  Application  of  other  corporation  laws  to  redevelopment
  corporations.  The  provisions  of  the  business  corporation  law   as
  presently  in  effect  and as hereafter from time to time amended, shall
  apply to redevelopment  corporations  heretofore  or  hereafter,  except
  where  such  provisions  are  in  conflict  with  the provisions of this
  article. In the event that any action with respect to which the  holders
  of  income  debentures  shall  have  the right to vote is proposed to be
  taken, then notice of any meeting at which such action is proposed to be
  taken shall be given to such holders in the same manner and to the  same
  extent as if they were stockholders entitled to notice of and to vote at
  such  meeting,  and  any  certificate  filed  pursuant  to  law  in  the
  department of state with respect to any such action, whether taken  with
  or  without  meeting, and any affidavit required by law to be annexed to
  such certificate, shall contain the same statements or recitals and such
  certificate shall be subscribed and  acknowledged,  and  such  affidavit
  shall  be  made, in the same manner as if such holders were stockholders
  holding shares of an additional class of stock entitled to vote on  such
  action,  or  with  respect  to  the  proceedings  provided  for  in such
  certificate.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 208 - Consideration for Issuance of Stock, Bonds or Income Debentures.

§   208.   Consideration  for  issuance  of  stock,  bonds  or  income
  debentures. No redevelopment corporation shall  issue  stock,  bonds  or
  income  debentures,  except  for money or property actually received for
  the use and lawful purposes of  the  corporation  or  services  actually
  performed for the corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 209 - Determination of Development Cost.

§  209. Determination of development cost. 1. Upon the completion of a
  development a redevelopment corporation shall, or upon the completion of
  a principal part of a development a redevelopment corporation may,  file
  with the supervising agency an audited statement of the development cost
  thereof.  Within  a  reasonable time after the filing of such statement,
  the supervising agency shall determine the development  cost  applicable
  to  the  development  or  such  portion  thereof  and shall issue to the
  redevelopment corporation a certificate stating the amount thereof as so
  determined.
2. A redevelopment corporation may, at  any  time,  whether  prior  or
  subsequent  to  the undertaking of any contract or expense, apply to the
  supervising agency for a ruling as to whether  any  particular  item  of
  cost therein may be included in development cost when finally determined
  by  the  supervising  agency,  and  the  amount thereof. The supervising
  agency shall, within a reasonable time after such application, render  a
  ruling thereon, and in the event that it shall be ruled that any item of
  cost  may  be  included  in  development  cost, the amount thereof as so
  determined shall  be  so  included  in  development  cost  when  finally
  determined.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 210 - Regulation of Redevelopment Corporations by Supervising Agency.

§ 210. Regulation of redevelopment corporations by supervising agency.
  A redevelopment corporation shall:
1. Furnish to the supervising agency from time to time, as required by
  it,  but  with respect to regular reports not more often than once every
  six months, such financial information, statements, audited  reports  or
  other  material  as such supervising agency shall require, each of which
  shall conform to such standards of accounting and financial procedure as
  the supervising agency may by general regulation prescribe.
2. Establish  and  maintain  such  depreciation  and  other  reserves,
  surplus  and  other  accounts  as  the supervising agency may reasonably
  require, including a yearly reserve with respect to each parcel of  real
  property  held  by the redevelopment corporation against the increase in
  local taxes after the expiration of the maximum exemption period,  which
  shall  be  equal  to  twenty  per  centum  of the difference between the
  maximum local tax on the real property of the redevelopment  corporation
  and  the  local  tax  which  would  have been payable except for the tax
  exemption period provided for in section  two  hundred  eleven  of  this
  article.
Any  provision of the general corporation law or the stock corporation
  law to  the  contrary  notwithstanding,  one  member  of  the  board  of
  directors  of  a  redevelopment  corporation  may  be  a designee of the
  supervising agency,  as  long  as  any  of  the  real  property  of  the
  redevelopment  corporation is entitled to the tax exemption provided for
  in section two hundred eleven of this article.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 211 - Exemption From Increase in Local Taxation.

§  211.  Exemption  from  increase  in  local  taxation.  1.  A  local
  legislative body is  hereby  authorized,  by  adopting  or  enacting  an
  ordinance  or local law, to exempt all or part of the real property held
  by redevelopment corporations during a maximum exemption  period,  which
  shall  not  exceed  ten years, which represents an increase in any local
  tax over the maximum local tax. After the adoption or enactment of  such
  an  ordinance  or  local  law, every parcel of real property held by any
  redevelopment corporation in the city shall be exempt during the maximum
  exemption period, from that portion of each and every local tax  to  the
  extent  that  such exemption has been granted by such ordinance or local
  law. If, during the last year of  the  maximum  exemption  period,  such
  exemption  is  in  existence  on  the day such local tax, or installment
  thereof, becomes a lien on such parcel of real property, such  exemption
  shall  extend  for the full tax year for such local tax and shall not be
  apportioned because of the expiration of the  maximum  exemption  period
  during such tax year.
2.  For  the purpose of fixing the date of commencement of the maximum
  exemption  period  for  a  group  of  parcels  of  real  property  in  a
  development  area, a city is hereby authorized, with the approval of its
  local legislative body, except that if there is a board of  estimate  in
  the  city,  then with the approval of the board of estimate, to contract
  with a redevelopment corporation to place in  one  or  more  groups  the
  various  parcels  of  real property therein. Such a contract may provide
  that all of the parcels in each group may be deemed to have had a common
  stated date of acquisition by the redevelopment corporation,  regardless
  of the actual date of acquisition of each parcel contained therein. Such
  agreed  date  of  acquisition  shall  thereupon  serve  as  a  basis for
  computing the maximum exemption period for each parcel of real  property
  in  the  group.  Such agreed date of acquisition shall not be later than
  the date of the actual acquisition  of  one  or  more  parcels  of  real
  property in the group. After the making of any such contract, all of the
  parcels  of  real  property in any such group shall be treated as a unit
  for the purposes of the assessment and collection of each local tax, and
  the maximum exemption period so computed shall be binding  with  respect
  to each local tax.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 213 - Enforcement Proceedings Against Redevelopment Corporations.

§  213.  Enforcement  proceedings  against redevelopment corporations.
  Whenever  a  redevelopment  corporation  shall  not  have  obtained  the
  certificates of approval of its development plan required by section two
  hundred  three  of  this  article  within twelve months of the date upon
  which  it  became  a  redevelopment  corporation,  or  shall  not   have
  substantially  complied with its development plan within the time limits
  for the completion of each stage thereof as therein  stated,  reasonable
  delays  caused  by unforeseen difficulties excepted, or shall do, permit
  to be done or fail or omit to do anything contrary to or required of it,
  as the case may be, by this article, or shall be about so to do,  permit
  to  be  done  or fail or omit to have done, as the case may be, then any
  such fact may be certified by the planning commission or the supervising
  agency, whichever shall have supervision thereof,  to  the  chief  legal
  officer  of  the  city,  who  may thereupon commence a proceeding in the
  supreme court of the state of New York in its name for  the  purpose  of
  having  such  action, failure or omission, or threatened action, failure
  or omission, established by order of the court for the purpose stated in
  subdivision two of section two hundred five of this article, or stopped,
  prevented or otherwise rectified by order, injunction or otherwise. Such
  proceeding shall be  commenced  by  a  petition  to  the  supreme  court
  alleging the violation complained of and praying for appropriate relief.
  It  shall  thereupon  be  the duty of the court to specify the time, not
  exceeding twenty days after service of a copy of  the  petition,  within
  which  the  redevelopment  corporation  complained  of  must  answer the
  petition. The court shall, immediately after a default in  answering  or
  after   answer,  as  the  case  may  be,  inquire  into  the  facts  and
  circumstances in such manner as the court shall direct without other  or
  formal  proceedings,  and without respect to any technical requirements.
  Such other persons or  corporations  as  it  shall  seem  to  the  court
  necessary  or  proper  to  join as parties in order to make its order or
  judgment effective may be joined as parties. The final judgment or order
  in any such action or proceeding shall dismiss the action or  proceeding
  or  establish  the  failure complained of or direct that an order, or an
  injunction, or both, issue, or grant such other relief as the court  may
  deem appropriate.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 214 - Transfer of Real Property to Redevelopment Corporation.

§  214.  Transfer  of  real  property  to  redevelopment  corporation.
  Notwithstanding any requirement of law to the contrary or the absence of
  direct provision therefor in the instrument under which a  fiduciary  is
  acting,  every  executor,  administrator,  trustee,  guardian  or  other
  person, holding trust funds or acting in a  fiduciary  capacity,  unless
  the  instrument  under which such fiduciary is acting expressly forbids,
  the state, its subdivisions, cities, all other public bodies, all public
  officers, corporations organized under or subject to the  provisions  of
  the banking law (including savings banks, savings and loan associations,
  trust  companies, private bankers and private banking corporations), the
  superintendent of  financial  services  as  conservator,  liquidator  or
  rehabilitator  of  any such person, partnership or corporation, persons,
  partnerships  and  corporations  organized  under  or  subject  to   the
  provisions  of  the  insurance  law,  the  superintendent  of  financial
  services as conservator, liquidator or rehabilitator of any such person,
  partnership or corporation, any of which owns or holds any real property
  within a development area, may grant, sell, lease or otherwise  transfer
  any  such  real property to a redevelopment corporation, and receive and
  hold any cash, stocks, income debentures, mortgages, or other securities
  or  obligations,  secured  or  unsecured,  exchanged  therefor  by  such
  redevelopment  corporation, and may execute such instruments and do such
  acts as may be deemed necessary or desirable by them or it  and  by  the
  redevelopment  corporation  in  connection  with the development and the
  development plan.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 215 - Methods of Acquisition of Real Property.

§  215.  Methods  of  acquisition of real property. 1. A redevelopment
corporation may:
(a) Whether before or  after  the  certificates  of  approval  of  its
development  plan  required by section two hundred three of this article
have been issued, acquire real property or secure  options  in  its  own
name  or  in  the  name  of  nominees to acquire real property, by gift,
grant, lease, purchase or otherwise, or awards in condemnation  made  or
to be made therefor;
(b)  After  a  certificate of approval of condemnation with respect to
the real property in question has been issued pursuant  to  section  two
hundred  sixteen of this article, acquire all or any portion of the real
property included in such certificate of approval  of  condemnation  not
already  under contracts of sale or option to it, by condemnation in the
manner provided by the condemnation law, with such departures  therefrom
as are provided in this article.
2.  A city may, upon request by a redevelopment corporation, and after
a certificate of approval of  condemnation  with  respect  to  the  real
property  in  question  has  been issued pursuant to section two hundred
sixteen of this article, acquire, or obligate  itself  to  acquire,  for
such  redevelopment  corporation  any  real  property  included  in such
certificate  of  approval  of  condemnation,  by  gift,  grant,   lease,
purchase, condemnation, or otherwise, according to the provisions of any
appropriate  general, special or local law applicable to the acquisition
of real property by the city. Real property acquired by  a  city  for  a
redevelopment  corporation  shall  be  conveyed  by  such  city  to  the
redevelopment corporation upon payment to the city of all sums  expended
or  required  to be expended by the city in the acquisition of such real
property.
3. The provisions of this article with respect to the condemnation  of
real  property  by or for a redevelopment corporation or by a city for a
redevelopment corporation shall prevail over the provisions of any other
general, special or local law.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 217 - Temporary Use or Occupation of Real Property Taken by Acquisition.

§  217.  Temporary  use  or  occupation  of  real  property  taken  by
  acquisition. When title to real property has vested in  a  redevelopment
  corporation  or  city by gift, grant, devise, purchase or in acquisition
  proceedings or otherwise, the redevelopment corporation or city, as  the
  case may be, may in accordance with the provisions of the eminent domain
  procedure  law  agree  with the previous owners of such property, or any
  tenants continuing to occupy or use it, or any  other  persons  who  may
  occupy  or  use or seek to occupy or use such property, that such former
  owner, tenant or other persons may occupy or use such property upon  the
  payment  of a fixed sum of money for a definite term or upon the payment
  periodically of an agreed sum of money.
In  the  event  that  a  city  has  acquired  real  property   for   a
  redevelopment  corporation, the city shall, in transferring title to the
  redevelopment corporation, deduct from the consideration or other moneys
  which the redevelopment corporation has become obligated to pay  to  the
  city  for  such  purpose, and credit the redevelopment corporation with,
  the amounts received by the city as payment for temporary occupation and
  use of the real property by a former owner, tenant, or other person,  as
  in  this  section  two  hundred  seventeen  provided,  less the cost and
  expense incurred by the city for the maintenance and operation  of  such
  real property.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 218 - Mortgages.

§  218.  Mortgages.  1. Any redevelopment corporation may borrow funds
  and secure the repayment thereof by mortgage. Every such mortgage  shall
  contain  reasonable  amortization provisions and shall be a lien upon no
  other real property except that forming the whole or a part of a  single
  development area.
2.  Certificates,  bonds  and notes, or part interests therein, or any
  part  of  an  issue  thereof,  which  are  issued  by  a   redevelopment
  corporation  and secured by a first mortgage on the real property of the
  redevelopment corporation, or any part thereof, shall be  securities  in
  which all the following persons, partnerships or corporations and public
  bodies  or  public  officers  may  legally invest the funds within their
  control, provided that the principal amount thereof shall not exceed the
  limits, if any, imposed by law  for  such  investments  by  the  person,
  partnership, corporation, public body or public officer making the same:
  every executor, administrator, trustee, guardian, committee, conservator
  or  other  person  or  corporation  holding  trust  funds or acting in a
  fiduciary capacity; the  state,  its  subdivisions,  cities,  all  other
  public   bodies,   all   public   officers;  persons,  partnerships  and
  corporations organized under or subject to the provisions of the banking
  law (including savings  banks,  savings  and  loan  associations,  trust
  companies, bankers and private banking corporations); the superintendent
  of financial services as conservator, liquidator or rehabilitator of any
  such  person,  partnership  or  corporation;  persons,  partnerships  or
  corporations organized  under  or  subject  to  the  provisions  of  the
  insurance   law;   and  the  superintendent  of  financial  services  as
  conservator, liquidator or rehabilitator of any such person, partnership
  or corporation.
3. Any mortgage on the real property in a  development  area,  or  any
  part thereof, may create a first lien, or a second or other junior lien,
  upon such real property.
4.  The  limits as to principal amount secured by mortgage referred to
  in paragraph two of this section two hundred eighteen shall not apply to
  certificates, bonds and notes, or part interests therein, or any part of
  an issue thereof, which are secured by first mortgage on  real  property
  in  a  development  area, or any part thereof, which the federal housing
  administrator has insured or has made a commitment to insure  under  the
  national  housing act. Any such person, partnership, corporation, public
  body or public officer may receive and hold any debentures, certificates
  or  other  instruments  issued  or  delivered  by  the  federal  housing
  administrator,  pursuant to the national housing act, in compliance with
  the contract of  insurance  of  a  mortgage  on  real  property  in  the
  development area, or any part thereof.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 219 - Sale or Lease of Real Property by a City to a Redevelopment Corporation.

§  219.  Sale  or  lease of real property by a city to a redevelopment
  corporation. 1. The local legislative body, or if there is  a  board  of
  estimate  in  the  city,  then  the board of estimate, may by resolution
  determine that real property, title  to  which  is  held  by  the  city,
  specified  and  described in such resolution, is not required for use by
  the city and may authorize the city to sell or lease such real  property
  to a redevelopment corporation; provided, however, that the title of the
  city to such real property be not declared inalienable by charter of the
  city, or other similar law or instrument.
2. Notwithstanding the provisions of any general, special or local law
  or  ordinance,  such sale or lease may be made without appraisal, public
  notice or public bidding for such price or rental and  upon  such  terms
  (and, in case of a lease, for such term not exceeding fifty years with a
  right to one renewal term of thirty years) as may be agreed upon between
  the city and the redevelopment corporation.
3.  Before  any  sale or lease to a redevelopment corporation shall be
  authorized, a public hearing shall be  held  by  the  local  legislative
  body,  or  by the board of estimate, as the case may be, to consider the
  proposed sale or lease.
4. Notice of such hearing shall be published at least ten days  before
  the  date  set for the hearing in such publication and in such manner as
  may be designated by  the  local  legislative  body,  or  the  board  of
  estimate, as the case may be.
5.  The  deed  or lease of such real property shall be executed in the
  same manner as a deed or lease by the city of other real property  owned
  by  it  and  may contain appropriate conditions and provisions to enable
  the city to reenter the real property in the event of a violation by the
  redevelopment corporation of any  of  the  provisions  of  this  article
  relating  to  such  redevelopment  corporation  or  of the conditions or
  provisions of such deed or lease.
6. A redevelopment corporation purchasing  or  leasing  real  property
  from  a  city  shall  not, without the written approval of the city, use
  such real property  for  any  purpose  except  in  connection  with  its
  development.  The  deed shall contain a condition that the redevelopment
  corporation will devote the real property granted only for the  purposes
  of  its  development  subject  to  the restrictions of this article, for
  breach of which the city shall have the right to reenter  and  repossess
  itself of the real property.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 220 - Provisions of Lease.

§  220. Provisions of lease. If real property of a city be leased to a
  redevelopment corporation:
1. The lease may provide that all improvements shall be  the  property
  of the lessor;
2.  The lessor may grant to the redevelopment corporation the right to
  mortgage the fee of such property  and  thus  enable  the  redevelopment
  corporation to give as security for its notes or bonds a first lien upon
  the land and improvements;
3.  The  execution  of  a  lease  shall not impose upon the lessor any
  liability or obligation  in  connection  with  or  arising  out  of  the
  financing,  construction,  management  or  operation  of  a  development
  involving the land so leased. The lessor shall not,  by  executing  such
  lease,  incur  any  obligation  or liability with respect to such leased
  premises other than may devolve upon the lessor with respect to premises
  not owned by it. The  lessor,  by  consenting  to  the  execution  by  a
  redevelopment  corporation of a mortgage upon the leased land, shall not
  thereby assume, and such consent shall not be construed as imposing upon
  the lessor, any liability upon the note or bond secured by the mortgage;
4. The lease may reserve such easements or other rights in  connection
  with  the  real property as may be deemed necessary or desirable for the
  future planning and development of the city and the extension of  public
  facilities  therein (including the construction of subways and conduits,
  the widening and change of grade of streets); and it  may  contain  such
  other   provisions  for  the  protection  of  the  parties  as  are  not
  inconsistent with the provisions of this article.
2023 New York Laws › PVH - Private Housing Finance › Article 6 - Urban Redevelopment Corporations › 221 - Construction.

§  221.  Construction.  This  article  shall be construed liberally to
  effectuate the purposes hereof, and the enumeration of  specific  powers
  in this article shall not operate to restrict the meaning of any general
  grant  of  power  contained  in  this article or to exclude other powers
  comprehended in such general grant.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 251 - Policy and Purposes of Article.

§  251.  Policy and purposes of article. It is the policy of the state
  to promote the  reconstruction  and  redevelopment  of  municipal  urban
  renewal  areas  in  a  manner  that  will  serve the civic, cultural and
  recreational needs of the community as a whole.  There is need for local
  non-profit corporations to construct, with mortgage  loan  participation
  by  the  New  York state housing finance agency and in furtherance of an
  urban renewal plan, civic,  cultural  and  recreational  structures  and
  facilities and other capital development projects invested with a public
  interest,  for the accomplishment of the purposes of article eighteen of
  the constitution and articles  fifteen  and  fifteen-A  of  the  general
  municipal law.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 252 - Definitions.

§  252.  Definitions.  As  used  in  this  article, unless a different
  meaning clearly appears from the context: 1. "Agency", "area" and "plan"
  shall  mean  agency,  urban  renewal  area  and  urban   renewal   plan,
  respectively,  as  defined  in  article fifteen of the general municipal
  law.
2. "Municipality" shall mean the city, town  or  village  in  which  a
  community  development  corporation  conducts or proposes to conduct its
  activities.
3. "Project" shall  mean  a  non-profit  capital  development  project
  invested  with  a  public  interest,  including facilities incidental or
  appurtenant thereto and all lands, buildings and improvements  acquired,
  owned,  constructed, maintained or operated pursuant to this article, or
  any combination thereof. It shall include but not be  limited  to  civic
  auditoriums, libraries, museums and recreational centers.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 253 - Incorporation and Organization.

§   253.   Incorporation   and   organization.  Community  development
  corporations shall be incorporated and organized in the manner  provided
  in  the  not-for-profit corporation law for not-for-profit corporations,
  except that the certificate of incorporation shall be  approved  by  the
  commissioner instead of such approval or approvals as may be required by
  the  not-for-profit  corporation  law.    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  the  real  property  of  the  corporation shall not be sold,
  transferred,  encumbered  or  assigned  except  as  permitted   by   the
  provisions of this article.
2.  That  the  corporation  has  been organized exclusively to serve a
  civic, cultural or recreational purpose, or any combination thereof, and
  that it shall be and remain subject to the supervision  and  control  of
  the commissioner.
3.  That  all  income  and  earnings  of the corporation shall be used
  exclusively for its corporate purposes.
4. That no part of the net income or net earnings of  the  corporation
  shall  inure to the benefit or profit of any private individual, firm or
  corporation.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 255 - Members, Officers and Directors.

§  255. Members, officers and directors. 1. No member or director of a
  community development corporation shall  receive  any  salary  or  other
  compensation  for  services,  other  than  reimbursement  of  actual and
  necessary expenses incurred in the performance of his duties. No member,
  officer or employee of a community development corporation 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  to  his  knowledge
  planned  to be included in a project. If any member, officer or employee
  of any community development corporation 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 community
  development  corporation  and  such disclosure shall be entered upon the
  minutes of the community development corporation.
2. The provisions of the not-for-profit corporation law  shall  govern
  membership  in  community  development  corporations,  qualification  of
  voters, meetings and notices thereof,  and  selection  of  officers  and
  directors.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 256 - Mortgage Loans.

§  256.  Mortgage loans. The New York state housing finance agency may
  enter into contracts for loans to community development corporations for
  one or more projects.  No loan shall be made in an amount  greater  than
  ninety-five  per  centum of the project cost, plus working capital in an
  amount not to exceed two per centum of the project cost. Any  such  loan
  shall  be secured by a first mortgage lien upon all of the real property
  of which the project consists and upon  all  fixtures  and  articles  of
  personal  property attached to or used in conjunction with the operation
  of such project. The agency may make temporary loans or  advances  to  a
  community  development  corporation  in anticipation of such loan and no
  such temporary loan or advance shall be deemed  to  constitute  part  of
  such loan unless such temporary loan or advance has been made out of the
  proceeds  of  definitive  bonds  sold  by  the  agency  pursuant  to the
  provisions of section forty-six of this chapter.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 257 - Conditions and Security for Loans.

§  257. Conditions and security for loans. 1. No loan shall be made to
a community  development  corporation  for  a  project  unless  (a)  the
planning  commission,  if  any,  of  the  municipality  has approved the
project; (b) the local legislative body of  the  municipality,  after  a
public  hearing,  has approved the project and has enacted or will enact
regulations  or  appropriate  restrictions  adequately  protecting   the
project  against  future  uses  likely to depreciate unduly the value of
such project and has, by resolution, found that the project will aid  in
the  replanning,  reconstruction  or  redevelopment  of an urban renewal
area, as defined in article fifteen of the  general  municipal  law,  or
will  provide  facilities  incidental or appurtenant to an urban renewal
project, as defined in article fifteen of the general municipal law, and
(c) the commissioner has found that:
(i) the estimated revenues  of  the  project  or  the  monies  of  the
corporation  will be sufficient to cover all probable costs of operation
and  maintenance,  all  fixed  charges  and   operating   reserves   and
depreciation reserves if any;
(ii)  the  plans and specifications conform to the requirements of all
laws applicable thereto and  assure  light,  air,  sanitation  and  fire
protection;
(iii)  the  project  is  in  conformity with an approved urban renewal
plan, as defined in article fifteen of the general municipal law.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 258 - Transfer of Real Property.

§  258.  Transfer of real property. 1. 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
  community development corporation and receive and hold any cash,  bonds,
  notes,   mortgages  or  other  securities  or  obligations,  secured  or
  unsecured, exchanged therefor by such corporation and may  execute  such
  instruments  and do such acts as may be deemed necessary or desirable by
  them or it and by the  corporation  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  a  municipal 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.
2. The municipality may take property by condemnation for a  community
  development  corporation  pursuant  to the provisions of article nine of
  this chapter and transfer the same to such corporation  as  provided  in
  subdivision one of this section.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 259 - Supervision and Regulation.

§  259.  Supervision and regulation. The commissioner may from time to
  time make, amend and repeal rules and regulations for  the  supervision,
  examination,  regulation and audit of community development corporations
  and for carrying  into  effect  the  provisions  and  purposes  of  this
  article.
2023 New York Laws › PVH - Private Housing Finance › Article 6-A - Community Development Corporations › 261 - Separability.

§  261.  Separability.  If any clause, sentence, paragraph, section or
  part of this article  shall  be  adjudged  by  any  court  of  competent
  jurisdiction  to  be  invalid, such judgment shall not affect, impair or
  invalidate the remainder thereof, but shall be confined in its operation
  to the clause, sentence, paragraph, section  or  part  thereof  directly
  involved  in  the  controversy  in  which  such judgment shall have been
  rendered.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 301 - Policy of State and Purpose of Article.

§  301.  Policy of state and purpose of article. It is recognized that
  there exist in New York state certain neighborhoods, which,  because  of
  heavy  in-migrations  and  other  factors,  have  been  characterized by
  over-crowding  of  population,   extensive   absentee   ownership,   and
  concentrated occupancy particularly by racial minorities. Because of the
  special  appraisal  and  servicing  problems  peculiar to such areas the
  supply of available mortgage money in these areas is insufficient. It is
  the declared policy of the state that a medium be established, owned and
  financed entirely through private enterprise institutions, through which
  the mortgage money necessary  to  re-establish  these  neighborhoods  as
  sound  communities  would  be  made  available  on a sound profit-making
  basis.
2023 New York Laws › PVH - Private Housing Finance › Article 7 - Mortgage Facilities Corporation › 302 - Definitions.

§  302.  Definitions.  1. The term "housing accommodation," as used in
  this article, shall mean any building or  structure  which  is  used  or
  occupied,  or  is  intended to be used or occupied, wholly or partly, as
  the home or residence of one or more human beings.
2. The term "improved real property," as used in this  article,  shall
  include real property upon which a housing accommodation is to be built,
  in  whole  or  in  part,  out  of  the  proceeds of the loan, which when
  completed will constitute a permanent improvement.
3. The terms "encumbered" and "unencumbered," as used in this article,
  shall have the same meaning as in paragraph six  of  subsection  (a)  of
  section one thousand four hundred four of the insurance law.