§ 23-c. Mortgage modifications. 1. For the purposes of this section, the following terms shall have the meanings set forth below: (a) “Existing mortgage” shall mean any mortgage held by the municipality securing a loan made by such municipality in accordance with the provisions of this article, and any note or bond evidencing indebtedness thereon, […]
§ 24. Income debentures. 1. With the approval of the supervising agency or of the commissioner, as the case may be, the certificate of incorporation, or an amended certificate may authorize the issuance of income debentures bearing no greater interest than six per centum per annum except as otherwise provided in this article. After the […]
§ 25. Working capital. The supervising agency or the commissioner, as the case may be, may permit stock or income debentures to be issued for working capital to be used in connection with such project to an amount not exceeding three per centum of the estimated project cost or the actual project cost, whichever is […]
§ 26. Conditions and security for loans. 1. No loan shall be made by the state, the New York state housing finance agency, a municipality or the New York city housing development corporation unless the commissioner, with respect to a project aided by a state loan or New York state housing finance agency loan, or […]
§ 26-a. Findings for municipally-aided projects. No municipally-aided project aided solely by tax exemption shall be approved by the supervising agency unless the agency shall have made the findings set forth in subdivision one of section twenty-six.
§ 26-b. Special provisions with respect to state urban development corporation projects. 1. No loan shall be made by the state, the New York state housing finance agency, or the state urban development corporation for the acquisition, construction, reconstruction, rehabilitation or improvement of a state urban development corporation project, nor shall any such project be […]
§ 26-c. Special provisions with respect to Battery Park city projects. 1. No loan shall be made by the state or the New York state housing finance agency for the acquisition, construction, reconstruction, rehabilitation or improvement of a Battery Park city project, nor shall any such project be approved by the commissioner, unless the commissioner […]
§ 27. Limitations. No company shall: 1. Acquire any real property or interest therein unless it shall first have obtained from the commissioner or the supervising agency, as the case may be, a certificate that such acquisition is necessary or convenient for the public purpose defined in this article. 2. Pay interest upon its income […]
§ 28. Payments from earnings. 1. There shall be paid annually out of the earnings of the company, after providing for all taxes, assessments and expenses, a sum for interest on and amortization of the mortgage indebtedness of all mortgages of the company, depreciation charges and reserves if, when and to the extent deemed necessary […]
§ 29. Acquisition of property. (a) After a project, other than a state urban development corporation project, has been been approved by the commissioner or the supervising agency and the local legislative body, the commissioner or the supervising agency as the case may be, shall issue a certificate declaring that the acquisition of the property […]
§ 30. Transfer of real property. 1. Notwithstanding any requirement of law to the contrary, every executor, administrator, trustee, guardian or other person, holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting expressly forbids, the state, its subdivisions, municipalities, all other public bodies, all public officers, […]
§ 31. Rentals and selection of tenants. 1. (a) A company may, with the approval of the commissioner or the supervising agency, as the case may be, fix maximum rentals per room to be charged tenants of the dwellings, the average of the rentals for the dwellings in any project not to exceed the maximum […]
§ 31-a. Resale price of shares. Notwithstanding any other provision of this article and subject to any regulation not inconsistent with this section which may be promulgated by the commissioner or supervising agency: (a) The resale price of shares in a mutual company shall be fixed by the mutual company, subject to the approval of […]
§ 31-b. Assignment or pledge of tenant cooperator’s shares. Notwithstanding any other provision of law, a tenant cooperator’s shares in a mutual company may be assigned or pledged as collateral for the purpose of securing a loan for the purchase of such shares. The commissioner or supervising agency, as the case may be, shall promulgate […]
§ 31-c. Tenant-cooperators; application of shares. 1. No mutual company shall require a current tenant-cooperator to use cash, loan or mortgage to make an initial payment for shares that would entitle the tenant-cooperator to occupancy upon transfer to another dwelling unit within the mutual company’s facilities, but instead, subject to subdivision two of this section, […]
§ 32. Supervision and regulation. The commissioner or the supervising agency as the case may be, may: 1. Examine a company and keep informed as to its general condition, its capitalization and the manner in which its property is constructed, acquired, rehabilitated, leased, operated or managed, and to its compliance with all provisions of law […]
§ 32-a. Additional supervision and regulation. The commissioner or the supervising agency, as the case may be, shall: 1. Promulgate regulations providing for recognition of duly constituted tenants’ associations and cooperators’ advisory councils by the commissioner or supervising agency, as the case may be, and providing that a housing company shall meet on a regular […]
§ 32-b. Annual reports. The commissioner shall, on or before the first day of July in each year, submit a report to the legislature, the state comptroller, and the attorney general on the implementation of article two of this chapter by the commissioner and the supervising agency and the policy included therein. Such report shall […]
§ 33. Tax exemptions. 1. (a) Upon the consent of the local legislative body of any municipality in which a project is or is to be located, the real property in a project shall be exempt from local and municipal taxes, other than assessments for local improvements, to the extent of all or part of […]
§ 34. Foreclosure and judgments. 1. Any action or proceeding to foreclose a mortgage upon a company project, shall be in accordance with the applicable provisions of section ninety-four of this chapter. 2. In the event of an unsatisfied judgment against a company any action not pertaining to the collection of a mortgage indebtedness, shall […]
