New York Private Housing Finance Law Article 4 - LIMITED DIVIDEND HOUSING COMPANIES

• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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)...
• 86 - Reduction of Rentals in Housing Company Projects.
  If in any calendar or fiscal year the gross receipts of any housing company should exceed the payments or charges specified in section eighty-five, the...
• 87 - Increase of Rentals in Housing Company Projects.
  Whenever it shall appear that the interests of lienholders, creditors, debenture holders, shareholders, partners or beneficiaries cannot otherwise be safeguarded, the commissioner shall, notwithstanding the...
• 88 - Surplus.
  The amount of net earnings transferable to surplus in any year after making or providing for the payments specified in items (a), (b) and (c)...
• 89 - Consolidated Projects; Operation of More Than One Project.
  The commissioner may permit the consolidation of two or more approved projects or the extension or amendment of any approved project or the consolidation of...
• 90 - Purchase by Housing Companies.
  Before any housing company shall purchase the property of any other housing company, it shall file an application with the commissioner in the manner hereinbefore...
• 91 - Proceedings Against Housing Companies.
  1. Whenever the commissioner shall be of the opinion that a housing company is failing or omitting, or is about to fail or omit to...
• 92 - Reorganization.
  1. Reorganization of housing companies shall be subject to the supervision and control of the commissioner and no such reorganization shall be had without the...
• 93 - Tax Exemptions.
  1. Any housing company shall be exempt from the payment of any and all franchise, organization, income, mortgage recording and other taxes to the state...
• 94 - Foreclosure.
  1. In any foreclosure action the commissioner, and the municipality if it has made a loan to the housing company, in addition to other necessary...
• 95 - Judgments Against Housing Companies Not Relating to Mortgage Indebtedness.
  In the event of a judgment against a housing company in any action not pertaining to the collection of a mortgage indebtedness, there shall be...
• 96 - Voluntary Dissolution.
  1. Notwithstanding any provisions in this article to the contrary, a housing company organized pursuant to this article after April first, nineteen hundred sixty-two, may...
• 97 - Corporations in Existence Prior to Enactment of Article.
  Nothing in this article contained shall be deemed to require the reincorporation of any public limited dividend housing company or any private limited dividend housing...

Last modified: February 3, 2019