N.Y. Private Housing Finance Law Section 11
Policy and purposes of article

It is hereby declared that there exists in municipalities in this state a seriously inadequate supply of safe and sanitary dwelling or non-housekeeping accommodations for families and persons of low income, including accommodations for handicapped persons of low income and aged care accommodations for aged persons of low income; that such conditions are due, in large measure, to over-crowding and concentration of the population, improper planning, excessive land coverage, lack of proper light, air and space, improper sanitary facilities and inadequate protection from fire hazards; that such conditions constitute an emergency and a grave menace to the health, safety, morals, welfare and comfort of citizens of this state, necessitating speedy relief which cannot readily be provided by the ordinary unaided operation of private enterprise and require that provision be made by which private free enterprise may be encouraged to invest in companies regulated by law as to rents, profits, dividends and disposition of their property or franchises and engaged in providing such housing facilities and other facilities incidental or appurtenant thereto for families or persons of low income; that it is necessary that provision be made for participation by the state, its municipalities and the New York state housing finance agency in the financing of such housing, for the acquisition by such companies of real property required for such purposes and for public assistance to such companies by the granting of tax exemptions; that the cooperation of the state, its subdivisions and the New York state housing finance agency is necessary to accomplish such purposes; that the provision of such adequate, safe and sanitary housing accommodations by such companies jointly or severally are public uses and purposes for which public money may be loaned and private property may be acquired by and for such companies and tax exemptions granted; that such conditions require the creation of the companies hereinafter prescribed for the purpose of attaining the ends herein recited; and the necessity in the public interest for the provisions hereinafter enacted is hereby declared as a matter of legislative determination.

Source: Section 11 — Policy and purposes of article, https://www.­nysenate.­gov/legislation/laws/PVH/11 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

10
Short title 11
Policy and purposes of article 11‑A
Additional policy and purposes of article 12
Definitions 13
Limited-profit housing companies 13‑A
The applicability of not-for-profit corporation law 13‑B
Verification of papers filed with supervising agency 13‑C
Voting, election and referendum procedures 14
Consent of commissioner to incorporation 15
Participation by certain corporations and individuals 16
Limited-profit housing companies 17
Powers 18
Designation of and service of process on secretary of state and registered agent 19
Consideration for issuance of stock, bonds or income debentures 20
Mortgages, mortgage bonds and notes 21
Capital structure 22
State loans 22‑A
Redevelopment loans 22‑B
Loans for state-aided limited-profit housing companies 23
Municipal loans and municipally aided projects 23‑A
Mortgage modifications, evidence of pre-existing indebtedness 23‑B
Participation in loan or investment 23‑C
Mortgage modifications 24
Income debentures 25
Working capital 26
Conditions and security for loans 26‑A
Findings for municipally-aided projects 26‑B
Special provisions with respect to state urban development corporation projects 26‑C
Special provisions with respect to Battery Park city projects 27
Limitations 28
Payments from earnings 29
Acquisition of property 30
Transfer of real property 31
Rentals and selection of tenants 31‑A
Resale price of shares 31‑B
Assignment or pledge of tenant cooperator’s shares 31‑C
Tenant-cooperators 32
Supervision and regulation 32‑A
Additional supervision and regulation 32‑B
Annual reports 33
Tax exemptions 34
Foreclosure and judgments 35
Voluntary dissolution 35‑A
Requirements regarding dissolution 36
Sale of project prior to termination of tax exemption 36‑A
Additional powers of municipalities 37
Separability clause
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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 11’s source at nysenate​.gov

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