§ 550. Application of article. This article shall apply only to federal, state or municipal projects purchased or leased from municipalities or housing authorities by housing companies. Except as otherwise expressly provided in this article, the terms and provisions of this chapter and other applicable laws shall apply to projects sold or leased to housing […]
§ 551. Definitions. As used in this article, the following terms shall mean and include: 1. “Cost of acquisition.” In the case of a project purchased from an authority or municipality, the cost of acquisition shall include the purchase price, costs incidental to the transfer of title, and the estimated cost, if any, of necessary […]
§ 552. Sale or lease of projects. 1. An authority or a municipality may grant, sell, lease or convey a project, or part thereof, either prior to, at the date of, or subsequent to the physical completion thereof, to a housing company, without public bidding, public sale or public offering, and a housing company may […]
§ 553. Conditions precedent to sale or lease. No such grant, sale, lease or conveyance under this article shall be made unless (1) the authority or municipality, after a public hearing on ten days published notice, and with the approval of the government providing the financial assistance, shall find that such transfer is in the […]
§ 554. Provisions of lease. 1. Every lease of a project or a part thereof to a housing company: (a) shall provide that all improvements shall be the property of the lessor; (b) may require that provision be made for the retirement and surrender of all outstanding shares and debentures upon the termination of the […]
§ 555. Financial structure. 1. (a) The entire amount to be paid in cash or property by the stockholders and income debenture holders of a housing company acquiring fee title to a project shall be equivalent to at least twenty per centum of the cost of acquisition of such project as certified by the commissioner […]
§ 556. Tax exemptions. Notwithstanding the provisions of section fifty-two, subdivisions three and four of the public housing law, or of sections thirty-three or ninety-three of this chapter, the real property in a project sold or leased as provided in this article, when the transfer thereunder becomes effective, shall be exempt from local and municipal […]
§ 557. Supervision of certain housing companies. The provisions of section thirteen of this chapter requiring the approval by the commissioner of housing of the persons incorporating a limited-profit housing company, and the provisions of section fourteen of this chapter requiring the consent of the commissioner of housing to the filing of a certificate of […]
§ 558. Subsidies. 1. The obligation of the state to pay periodic subsidies to an authority or municipality for a project which has been leased or sold to a housing company, and the obligation of a municipality to make subsidies in at least an equal amount, as required by section seventy-three of the public housing […]
§ 559. Savings clause. 1. The repeal of laws as specified in section five hundred sixty of this article, or amendment of any law as provided by this act, shall not affect or impair the validity of any action taken by any public official under the law in effect immediately prior to the time this […]
§ 560. Laws repealed. Subdivision four of section thirty-seven of the public housing law, as added by chapter nine hundred fifty-nine of the laws of nineteen hundred sixty, and section one hundred thirty-two of such law, as amended by chapter one hundred forty-eight of the laws of nineteen hundred forty, and section one hundred thirty-three […]
