570 – Short Title.

§ 570. Short title. This article shall be known and may be cited and referred to as the “housing development fund companies law”.

571 – Statement of Legislative Findings and Purposes.

§ 571. Statement of legislative findings and purposes. The legislature hereby finds and declares that there continues to exist in the state a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of families and persons of low income. This condition is contrary to the public interest and threatens the health, […]

572 – Definitions.

§ 572. Definitions. As used in this article, the following terms shall mean and include: 1. “Commissioner.” The commissioner of housing and community renewal of the state of New York. 2. “Comptroller.” The comptroller of the state of New York in the context of the housing development fund established by section five hundred seventy-four of […]

573 – Incorporation and Organization of Non-Profit Housing Corporations.

§ 573. Incorporation and organization of non-profit housing corporations. 1. A housing development fund company shall be incorporated pursuant to the provisions of this article and the provisions of either (a) the business corporations law, (b) the not-for-profit corporation law, or (c) the not-for-profit corporation law and article two of this chapter. 2. The term […]

574 – Establishment of Fund.

§ 574. Establishment of fund. 1. There is hereby created and established in the division of housing and community renewal a revolving fund to be known as the “housing development fund.” 2. There shall be paid into such housing development fund (a) any moneys appropriated and made available by the state for the purposes of […]

574-A – Municipal Housing Development Fund.

§ 574-a. Municipal housing development fund. 1. A municipality may create and establish a revolving fund to be known as the “municipal housing development fund.” Such a revolving fund shall be created and established in the supervising agency. 2. There shall be paid into such municipal housing development fund (a) any moneys appropriated and made […]

575 – Advances; Conditions; Repayment.

§ 575. Advances; conditions; repayment. 1. The commissioner of housing and community renewal is hereby authorized to use the moneys held in the housing development fund to make non-interest bearing advances to housing development fund companies, and housing corporations in accordance with the provisions of this article. Such moneys shall be paid out of such […]

576 – Regulatory Agreements.

§ 576. Regulatory agreements. 1. Every housing development fund company as a condition precedent to receiving an advance pursuant to this article, shall enter into an agreement with the commissioner or with the supervising agency, as the case may be, to be regulated as follows: a. Maximum rentals shall be fixed by the commissioner or […]

576-A – Acquisition and Disposition of Real Property by Municipality.

§ 576-a. Acquisition and disposition of real property by municipality. 1. Real property may be acquired by a municipality for a housing development fund company by gift, grant, devise, purchase, condemnation pursuant to the provisions of article nine of this chapter, or otherwise. 2. Notwithstanding any other provision of general, special or local law, charter […]

576-B – Special Provisions With Respect to State Urban Development Corporation Projects.

§ 576-b. Special provisions with respect to state urban development corporation projects. Any state urban development corporation project shall comply with the requirements of local laws, ordinances, codes, charters or regulations applicable to the construction, reconstruction, rehabilitation, alteration or improvement of such project, except where the state urban development corporation, in its discretion, finds such […]

576-C – Loans to Housing Development Companies by a Municipality.

* § 576-c. Loans to housing development companies by a municipality. 1. In addition to the powers granted to municipalities pursuant to this article, a municipality, acting by its supervising agency, may make loans for the purposes of acquisition, rehabilitation or construction of dwelling accommodations to a non-profit housing development fund company, a wholly-owned subsidiary […]

576-D – Master Servicing Agreement.

§ 576-d. Master servicing agreement. 1. The commissioner is hereby authorized to use the monies held in the housing development fund to make advances to a local loan administrator that has entered into a written master servicing agreement prescribed by the commissioner pursuant to subdivision two of this section. 2. The commissioner, in consultation with […]

576-E – Municipal Housing Assistance Fund.

§ 576-e. Municipal housing assistance fund. 1. A municipality may create and establish a fund to be known as the “municipal housing assistance fund”. Such a fund shall be created and established in the supervising agency. 2. There may be paid into such municipal housing assistance fund (a) any moneys appropriated and made available by […]

577 – Tax Exemptions.

§ 577. Tax exemptions. 1. (a) The local legislative body of any municipality in which a project of a housing development fund company is or is to be located may exempt the real property in such project from local and municipal taxes including school taxes, other than assessments for local improvements, to the extent of […]

577-A – Adjusting Fair Rental Equalization for the Elderly.

§ 577-a. Adjusting fair rental equalization 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 […]

577-B – Payment of Arrears for Certain Taxes.

§ 577-b. Payment of arrears for certain taxes. 1. The term eligible property as used in this section shall mean a multiple dwelling located in a city with a population of one million or more and owned by a company established pursuant to this article which: (a) is controlled by and provides housing accommodations to […]

578 – Advisory and Educational Services.

§ 578. Advisory and educational services. The commissioner and the supervising agency are each hereby authorized to provide to housing development fund companies such advisory, consultative, training and educational services as will assist them to become eligible borrowers in accordance with the provisions of this article. Such advisory and educational services may include but are […]

579 – Rules and Regulations.

§ 579. Rules and regulations. The commissioner and the supervising agency shall each have power to make rules and regulations to carry out their respective powers and duties pursuant to this article and to effectuate the purposes thereof.

580 – Examination by Comptroller.

§ 580. Examination by comptroller. 1. The comptroller, or his legally authorized representative, is hereby authorized and empowered from time to time to examine the books and accounts of the division relating to the housing development fund, and from time to time, not less than once every five years, to examine the books and accounts […]

581 – Inconsistent Provisions in Other Laws Superseded.

§ 581. Inconsistent provisions in other laws superseded. Insofar as the provisions of this article are inconsistent with the provisions of any other law, general, special or local, the provisions of this article shall be controlling.