New York Private Housing Finance Law Article 6 - URBAN REDEVELOPMENT CORPORATIONS

• 200 - Short Title.
  This article shall be known and may be cited and referred to as the "Urban Redevelopment Corporations Law."
• 201 - Legislative Finding, Policy of State, and Purpose of Article.
  It is hereby declared that in the cities of the state substandard and insanitary areas exist which have resulted from inadequate planning, excessive land coverage,...
• 202 - Definitions.
  The following terms, whenever used or referred to in this article, shall, unless a different intent clearly appears from the context, be construed as follows:...
• 203 - Development Plans and Approval Thereof.
  1. A development plan shall contain such information as the planning commission and the supervising agency shall, by rule or regulation require, including: (a) A...
• 204 - Appointment of Supervising Agency.
  The local legislative body of a city is hereby authorized by general ordinance or local law to appoint, establish or designate the chief financial officer...
• 205 - Redevelopment Corporations.
  1. Three or more persons may become a redevelopment corporation on making, subscribing, acknowledging and filing in the department of state a certificate pursuant to...
• 206 - Limitations of Redevelopment Corporations.
  No redevelopment corporation shall: 1. Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the certificates of approval required by...
• 207 - Application of Other Corporation Laws to Redevelopment Corporations.
  The provisions of the business corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment corporations heretofore...
• 208 - Consideration for Issuance of Stock, Bonds or Income Debentures.
  No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the...
• 209 - Determination of Development Cost.
  1. Upon the completion of a development a redevelopment corporation shall, or upon the completion of a principal part of a development a redevelopment corporation...
• 210 - Regulation of Redevelopment Corporations by Supervising Agency.
  A redevelopment corporation shall: 1. Furnish to the supervising agency from time to time, as required by it, but with respect to regular reports not...
• 211 - Exemption From Increase in Local Taxation.
  1. A local legislative body is hereby authorized, by adopting or enacting an ordinance or local law, to exempt all or part of the real...
• 212 - Limited Return on Income Debentures and Stock.
  1. No redevelopment corporation shall pay any interest on its income debentures or dividends on its stock during any dividend year, unless there shall exist...
• 213 - Enforcement Proceedings Against Redevelopment Corporations.
  Whenever a redevelopment corporation shall not have obtained the certificates of approval of its development plan required by section two hundred three of this article...
• 214 - Transfer of Real Property to Redevelopment Corporation.
  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...
• 215 - Methods of Acquisition of Real Property.
  1. A redevelopment corporation may: (a) Whether before or after the certificates of approval of its development plan required by section two hundred three of...
• 216 - Proceedings to Acquire.
  1. When it is desired that any real property in a development area be acquired by condemnation, there shall be presented to the supervising agency...
• 217 - Temporary Use or Occupation of Real Property Taken by Acquisition.
  When title to real property has vested in a redevelopment corporation or city by gift, grant, devise, purchase or in acquisition proceedings or otherwise, the...
• 218 - Mortgages.
  1. Any redevelopment corporation may borrow funds and secure the repayment thereof by mortgage. Every such mortgage shall contain reasonable amortization provisions and shall be...
• 219 - Sale or Lease of Real Property by a City to a Redevelopment Corporation.
  1. The local legislative body, or if there is a board of estimate in the city, then the board of estimate, may by resolution determine...
• 220 - Provisions of Lease.
  If real property of a city be leased to a redevelopment corporation: 1. The lease may provide that all improvements shall be the property of...
• 221 - Construction.
  This article shall be construed liberally to effectuate the purposes hereof, and the enumeration of specific powers in this article shall not operate to restrict...

Last modified: February 3, 2019