New York Private Housing Finance Law Article 6-A - COMMUNITY DEVELOPMENT CORPORATIONS

• 250 - Short Title.
  This article shall be known and may be cited as the "Community Development Corporations Act".
• 251 - Policy and Purposes of Article.
  It is the policy of the state to promote the reconstruction and redevelopment of municipal urban renewal areas in a manner that will serve the...
• 252 - Definitions.
  As used in this article, unless a different meaning clearly appears from the context: 1. "Agency", "area" and "plan" shall mean agency, urban renewal area...
• 253 - Incorporation and Organization.
  Community development corporations shall be incorporated and organized in the manner provided in the not-for-profit corporation law for not-for-profit corporations, except that the certificate of...
• 254 - Powers and Limitations.
  1. Except as is inconsistent with the provisions of this article, a community development corporation shall have, in carrying out the purposes of this article,...
• 255 - Members, Officers and Directors.
  1. No member or director of a community development corporation shall receive any salary or other compensation for services, other than reimbursement of actual and...
• 256 - Mortgage Loans.
  The New York state housing finance agency may enter into contracts for loans to community development corporations for one or more projects. No loan shall...
• 257 - Conditions and Security for Loans.
  1. No loan shall be made to a community development corporation for a project unless (a) the planning commission, if any, of the municipality has...
• 258 - Transfer of Real Property.
  1. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator,...
• 259 - Supervision and Regulation.
  The commissioner may from time to time make, amend and repeal rules and regulations for the supervision, examination, regulation and audit of community development corporations...
• 260 - Tax Exemption.
  The property of a community development corporation and its income and operations shall be exempt from taxation.
• 261 - Separability.
  If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment...

Last modified: February 3, 2019