10 – Short Title.

§ 10. Short title. This article shall be known and may be cited and referred to as the “limited-profit housing companies law.”

12 – Definitions.

§ 12. Definitions. As used in this article, the following terms shall mean and include: 1. “Areas.” A section of a municipality in which there is to be located a project approved by the municipality as provided in paragraph (a) of subdivision one and in subdivision five of section twenty-six of article two of this […]

13 – Limited-Profit Housing Companies; How Created.

§ 13. Limited-profit housing companies; how created. A company may be created by three or more persons, approved by the commissioner, by making, subscribing, acknowledging and filing with the secretary of state a certificate which shall be entitled and endorsed “Certificate of Incorporation of (name of company) pursuant to the Limited-Profit Housing Companies Law”; provided […]

13-A – The Applicability of Not-for-Profit Corporation Law.

§ 13-a. The applicability of not-for-profit corporation law. 1. The not-for-profit corporation law applies to every company heretofore or hereafter formed under this article and the not-for-profit corporation law, provided that: (a) If any provision of the not-for-profit corporation law conflicts with any provision of this article, the provision of this article shall prevail and […]

13-B – Verification of Papers Filed With Supervising Agency.

§ 13-b. Verification of papers filed with supervising agency. Any document required to be filed with the supervising agency regarding rental units, either state or municipal, shall be duly verified under oath of the corporation or individual filing the same. The commissioner or head of such supervising agency may restrict the required verification to such […]

13-C – Voting, Election and Referendum Procedures.

§ 13-c. Voting, election and referendum procedures. 1. Any shareholder vote involving the election of board members, by-law amendments, or on dissolution or reconstitution or conversion of a mutual housing company including any votes for a special assessment pursuant to subdivisions one, two or three of section thirty-five-a of this article shall be conducted using […]

14 – Consent of Commissioner to Incorporation.

§ 14. Consent of commissioner to incorporation. 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 that he consents to the filing of such certificate; nor shall any amendment to the certificate of incorporation be […]

15 – Participation by Certain Corporations and Individuals.

§ 15. Participation by certain corporations and individuals. 1. (a) One or more banking organizations, foundations, labor unions, employers’ associations, veterans’ organizations, colleges, universities, educational institutions, child care institutions, hospitals, medical research institutes, insurance companies, trustees, fiduciaries or any combination of the foregoing, shall have the power to organize a company pursuant to the provisions […]

16 – Limited-Profit Housing Companies; Partnership Relations.

§ 16. Limited-profit housing companies; partnership relations. Notwithstanding any provisions in this article to the contrary, but subject to such regulations as may be prescribed by the commissioner or the supervising agency, as the case may be: 1. (a) Any company may be a partner (general or limited) in a partnership (general or limited) formed […]

17 – Powers.

§ 17. Powers. 1. Subject to the limitations of this article, a company heretofore or hereafter organized under this chapter shall have the powers and be subject to the limitations contained in the business corporation law or the not-for-profit corporation law, as the case may be, and shall have the following additional specific powers: (a) […]

18 – Designation of and Service of Process on Secretary of State and Registered Agent.

§ 18. Designation of and service of process on secretary of state and registered agent. The provisions of sections three hundred four, three hundred five and three hundred six of the business corporation law shall apply to companies heretofore or hereafter organized pursuant to the provisions of this article.

19 – Consideration for Issuance of Stock, Bonds or Income Debentures.

§ 19. Consideration for issuance of stock, bonds or income debentures. No company shall issue stock, bonds, or income debentures except for money or property actually received for the use and lawful purposes of the company, provided, however, that a mutual company may issue stock for home owners purchase notes if the purchase transaction has […]

20 – Mortgages, Mortgage Bonds and Notes.

§ 20. Mortgages, mortgage bonds and notes. 1. Any company, subject to the approval of the commissioner or of the supervising agency, as the case may be, may borrow funds and secure the repayment thereof by bond or note and mortgage or by an issue of bonds under a trust indenture. 2. Each loan made […]

21 – Capital Structure.

§ 21. Capital structure. The capital structure of a company undertaking a project and the proportionate amount of the project cost to be represented by mortgages, bonds, notes, income debentures and shares shall be subject to the approval of the commissioner except as otherwise provided in section twenty-three with respect to a municipally-aided project. The […]

22 – State Loans.

§ 22. State loans. 1. The commissioner may enter into contracts for loans to a company. All such contracts shall be subject to approval by the state comptroller and by the attorney general as to form. 2. Loans by the state under such a contract shall be secured by a first mortgage lien, and no […]

22-A – Redevelopment Loans.

§ 22-a. Redevelopment loans. Notwithstanding any provision of this article to the contrary, where a state-aided project undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual project cost within the meaning of section twenty-one of this article, provided that such amount […]

22-B – Loans for State-Aided Limited-Profit Housing Companies.

§ 22-b. Loans for state-aided limited-profit housing companies. 1. Notwithstanding any provision of this article to the contrary, the commissioner may for a period of one year from the effective date of this act approve a loan and encumbrance in excess of the actual project cost of a state-aided project comprising more than five thousand […]

23 – Municipal Loans and Municipally Aided Projects.

§ 23. Municipal loans and municipally aided projects. 1. A municipality may make or contract to make loans to a company or to a public benefit corporation providing housing for staff members, employees or students of a college, university, hospital or child care institutions and their immediate families in an amount not to exceed, except […]

23-A – Mortgage Modifications, Evidence of Pre-Existing Indebtedness.

§ 23-a. Mortgage modifications, evidence of pre-existing indebtedness. 1. Notwithstanding the provision of any law, general or special, the supervising agency shall have the power to: (i) assign or pledge or contract to assign or pledge any mortgage securing a loan, including any loan to finance the construction of a project, and any note or […]

23-B – Participation in Loan or Investment.

§ 23-b. Participation in loan or investment. Notwithstanding any other provisions of this article or of any general, special or local law, where a municipality has made or contracted to make a mortgage loan to a company to finance a project: one or more banking organizations as defined in subdivision eleven of section two of […]