§ 70. General policy. It is hereby declared to be the policy of this article to encourage the investment of the savings of the people in low rent housing accommodations, to protect such investment against loss and to assure a fair return thereon. To this end, every responsible official of the state shall, wherever necessary, […]
§ 71. Definitions. The following terms, whenever used or referred to in this act, shall be construed as follows: 1. The term “housing company” means a limited-dividend housing corporation, a partnership (general or limited) or a trust organized pursuant to this article. 2. The term “project” means a specific work or improvement undertaken by a […]
§ 72. Housing companies; how created. 1. Three or more persons may become a housing company which is a corporation, for the purpose of carrying out a project or projects, on making, signing, acknowledging and filing a certificate which shall contain: (1) The name of the proposed housing company. (2) The purposes for which it […]
§ 73. Consent of commissioner to creation of housing companies. 1. If any certificate made pursuant to subdivision one of section seventy-two shall be presented to the secretary of state he shall not file said certificate unless there shall accompany the same a certificate of the commissioner that he consents to the filing of such […]
§ 74. Application of other laws. The provisions of the business corporation law as hereafter from time to time amended shall apply to housing companies which are corporations, and the provisions of all applicable law shall apply to housing companies which are partnerships or trusts, except where any such provisions are in conflict with this […]
§ 75. 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 housing companies heretofore or hereafter organized as corporations under this article.
§ 76. Limited return on capital and debentures. No shareholder, partner or beneficiary of a trust having an interest vested in possession in any housing company formed hereunder shall receive any distribution on capital in any one year in excess of six per centum per annum except that when in any preceding year distributions in […]
§ 77. Time of payment of subscription or capital contributions. 1. Subscriptions to the shares or income debentures of a housing company organized as a corporation shall be paid at such times and in such installments as the board of directors and the commissioner may require. If any default shall be made in the payment […]
§ 78. Consideration for capital and bonds. No housing company which is a corporation shall issue shares, nor shall a housing company which is a partnership credit sums to the partners on capital account, nor shall a housing company which is a trust subject amounts to the trust, and no housing company shall issue bonds […]
§ 79. Minimum amount of capital and debentures. The entire amount of capital, together with any income debentures of a housing company shall be equivalent to at least twenty per centum of the actual cost of the project or projects which it operates except that in the case of a housing company which receives a […]
§ 80. Income debentures. With the approval of the commissioner the certificate, or an amended certificate, may authorize the issuance of income debenture certificates bearing no greater interest than six per centum per annum. In the case of a housing company organized as a corporation the directors thereof may, with the consent of two-thirds of […]
§ 81. Mortgages and mortgage bonds. 1. (a) Any housing company formed under this article may, subject to the approval of the commissioner, borrow funds and secure the repayment thereof by bond or note and mortgage or by an issue of bonds under trust indenture. Each mortgage or issue of bonds by a housing company […]
§ 82. Limitations. No housing company shall: 1. Acquire any real property or interest therein unless it shall first have obtained approval of the project from the commissioner, and a certificate that such acquisition is necessary or convenient for the public purpose defined in this article, and unless any deed, lease or other instrument by […]
§ 82-a. Redevelopment loans. Notwithstanding any provision of section eighty-one or eighty-two of this article to the contrary, where a housing company undergoes a comprehensive redevelopment plan, the commissioner may approve a loan and encumbrance of such project in an amount in excess of actual cost of the project, provided that such amount represents cost […]
§ 83. Execution of housing company projects. No building or construction shall be undertaken by any housing company without the approval of the commissioner. Such approval shall be conditioned upon: 1. The submission of a plan in such form and with such assurances as the commissioner may prescribe, to raise at least twenty per centum […]
§ 84. Regulation of housing companies. The commissioner may: 1. Order such repairs as will preserve the health and safety of the occupants of such buildings and structures owned or operated by housing companies, and the maintenance thereof in proper condition and repair. 2. Order all housing companies to do such acts as may be […]
§ 84-a. Additional supervision and regulation of housing companies. The commissioner shall require that every company file with him, within six months of the effective date of regulations implementing this section and in such format as the commissioner shall prescribe an energy audit report which identifies potential energy-saving building improvements, including alterations, modifications and adjustments […]
§ 85. Control of rentals. 1. The commissioner shall fix the maximum rental per room to be charged the tenants of the dwellings furnished by a housing company, the average of such rentals for the dwellings in any project not to exceed the maximum average rental prescribed by law, except as provided in section eighty-seven. […]
§ 85-a. Selection of tenants and occupants. 1. The dwellings in a housing company project, other than a mutual project, shall be available (a) If such project was completed or acquired on or after July first, nineteen hundred fifty-five, for persons or families whose probable aggregate annual income at the time of admission does not […]
§ 85-b. 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: (a) The resale price of shares in a mutual company shall be fixed by the mutual company, subject to the approval of the commissioner, and […]
