New York Private Housing Finance Law Article 5 - REDEVELOPMENT COMPANIES
- 100 - Short Title.
This article shall be known and may be cited and referred to as the "Redevelopment Companies Law."
- 101 - Policy of State and Purpose of Act.
It is hereby declared that in certain areas of municipalities located within this state there exist substandard conditions and insanitary housing conditions owing to obsolescence,...
- 102 - Definitions.
As used in this article, the following terms shall mean and include: 1. "Project." A specific work or improvement to effectuate all or any part...
- 103 - Redevelopment Companies; How Created.
1. A redevelopment company may be created as a corporation by three or more persons signing, acknowledging and filing a certificate which shall contain: (1)...
- 104 - Consent of Supervising Agency to Creation of Redevelopment Companies.
A certificate or a copy of a certificate made pursuant to section one hundred three of this article shall be presented for filing to the...
- 105 - Application of Other Corporation Laws.
The provisions of the business corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment companies which...
- 105-a - Application of Other Laws.
The provisions of the limited liability company law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment companies...
- 106 - Powers of Redevelopment Companies.
Each redevelopment company shall have and may exercise such of the powers conferred by law as shall be necessary in conducting the business of a...
- 107 - Limited Return on Investment.
Subject to the provisions of section one hundred twenty-three of this article, there shall be paid annually out of the earnings of the redevelopment company,...
- 108 - Consideration for Capital and Bonds.
No redevelopment company which is a corporation shall issue shares, nor shall a redevelopment company which is a partnership credit sums to the partners on...
- 109 - Minimum Amount of Capital and Debentures.
Except as provided in this section the capital of a redevelopment company together with any income debentures shall in no event be less than the...
- 110 - Income Debentures.
With the approval of the supervising agency, the certificate creating a redevelopment company, or an amended certificate, may authorize the issuance of income debenture certificates...
- 111 - Mortgages and Mortgage Bonds.
Any redevelopment company, subject to the approval of the supervising agency, may borrow funds and secure the repayment thereof by bond and mortgage or by...
- 111-a - Participation by Certain Corporations and Individuals.
Any bank, savings bank, savings institution, savings and loan association, trust company, insurance company or association, or fiduciary authorized to invest in mortgages and mortgage...
- 111-b - Mortgage Modification Provisions for Redevelopment Companies in Cities With a Population of One Million or More.
1. For purposes of this section, "restrictive agreement" shall mean a binding and irrevocable agreement between the redevelopment company and the supervising agency providing that...
- 112 - Limitations.
In addition to limitations prescribed by this article a redevelopment company shall not have power to: 1. Acquire any real property or interest therein for...
- 112-a - Redevelopment Loans.
Notwithstanding any provision of section one hundred eleven or one hundred twelve of this article to the contrary, where a redevelopment company undergoes a comprehensive...
- 113 - Use of Projects.
The project or projects of any redevelopment company shall be designed and used primarily for housing purposes, but portions of the project may be planned...
- 114 - Procedure for Submission and Approval of Plan or Project.
Every plan or plan of a project proposed by a redevelopment company shall contain a general description of the area to be redeveloped and a...
- 115 - Limitation on Changes.
It shall be unlawful during the period of tax exemption, granted pursuant to section one hundred twenty-five of this article, for any redevelopment company or...
- 116 - Transfer of Real Property to Redevelopment Company.
Notwithstanding any requirement of law to the contrary or the absence of direct provision therefor in the instrument under which a fiduciary is acting, every...
- 117 - Rules and Regulations.
The planning commission and the supervising agency, respectively, shall have power to make rules and regulations to carry out their powers and duties pursuant to...
- 118 - Fees.
The supervising agency, the local legislative body and the planning commission, if any, may each adopt a reasonable schedule of fees to be paid by...
- 119 - Acquisition.
A municipality may take property by acquisition pursuant to the provisions of the eminent domain procedure law for a redevelopment company, provided the contract or...
- 120 - Regulation of Redevelopment Companies.
The supervising agency shall: Examine each redevelopment company and keep informed as to its general condition, its capitalization and the manner in which its property...
- 120-a - State Supervision and Regulation.
A municipality with a population of less than one million may, by action of its local legislative body concurred in by the commissioner, provide for...
- 121 - Sinking Fund.
Unless other provision be made therefor in the contract with the municipality, the supervising agency, if it shall deem it feasible at any time, subject...
- 122 - Transfer of Title or Foreclosure of Project.
1. Until the termination of the tax exemption, whether by expiration or by any other cause, a redevelopment company, heretofore or hereafter organized, shall not...
- 123 - Dissolution.
1. After termination of any tax exemption granted pursuant to section one hundred twenty-five of this article, whether by expiration or by any other cause,...
- 124 - Participation by Certain Corporations.
One or more insurance companies shall have the power to organize, or cause to be organized, a redevelopment company formed pursuant to the provisions of...
- 125 - Tax Exemptions.
1. (a) The local legislative body of any municipality in which a project of such company is or is to be located may by contract...
- 126 - Reduced Rentals 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...
- 127 - Acquisition by Mutual Redevelopment Companies.
Anything in this article to the contrary notwithstanding: (a) With the approval of the supervising agency, any person owning a project may convey such project...
- 128 - 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 supervising agency:...
Last modified: February 3, 2019