N.Y. Private Housing Finance Law Section 1011
Merged company savings fund

The division shall create a fund to hold and shall transfer all funds determined to be merged corporation savings pursuant to paragraph (d) of subdivision five of § 1004 (Payments pursuant to contracts)section one thousand four of this article into such fund. The division shall use such funds, as available, for entering into new contracts, pursuant to § 1003 (Contracts with not-for-profit corporations for housing preservation and community renewal activities)section one thousand three of this article, with not-for-profit corporations located in areas of the state that are currently unserved by a not-for-profit corporation that is maintaining a contract pursuant to § 1003 (Contracts with not-for-profit corporations for housing preservation and community renewal activities)section one thousand three of this article.

Source: Section 1011 — Merged company savings fund, https://www.­nysenate.­gov/legislation/laws/PVH/1011 (updated Sep. 22, 2014; accessed Jan. 18, 2025).

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Accessed:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 1011’s source at nysenate​.gov

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