N.Y. Private Housing Finance Law Section 21
Capital structure


The capital structure of a company undertaking a project and the proportionate amount of the project cost to be represented by mortgages, bonds, notes, income debentures and shares shall be subject to the approval of the commissioner except as otherwise provided in section twenty-three with respect to a municipally-aided project. The shares and income debentures issued by a mutual company or urban rental company, other than a non-profit company incorporated pursuant to the provisions of the not-for-profit corporation law and this article for the purpose of providing housing for staff members, employees or students of a college, university, hospital or child care institution and their immediate families or for aged or handicapped persons of low income, and other than a municipally-aided non-profit company or a municipally-aided mutual company, and other than a low income non-profit housing company, shall not be less than the total of five per centum of the project cost. The shares, bonds or notes, income debentures and mortgages covering any project shall not exceed the actual project cost. The provisions of this section with respect to the proportionate amount of the project cost to be represented by mortgages, bonds, notes, income debentures and shares shall not be applicable to any housing company project, if funds made available by the federal government or any agency or instrumentality thereof are used in financing the project, in whole or in part, or if a mortgage or mortgage bonds issued with respect to such project are insured by the federal government or any agency or instrumentality thereof.

Source: Section 21 — Capital structure, https://www.­nysenate.­gov/legislation/laws/PVH/21 (updated Sep. 22, 2014; accessed Mar. 23, 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

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 21’s source at nysenate​.gov

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