New York Private Housing Finance Law
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 incorporation shall be approved by the commissioner instead of such approval or approvals as may be required by the not-for-profit corporation law. In addition to those matters required to be set forth in the certificate of incorporation by the not-for-profit corporation law, the certificate shall state:
1. That the real property of the corporation shall not be sold, transferred, encumbered or assigned except as permitted by the provisions of this article.
2. That the corporation has been organized exclusively to serve a civic, cultural or recreational purpose, or any combination thereof, and that it shall be and remain subject to the supervision and control of the commissioner.
3. That all income and earnings of the corporation shall be used exclusively for its corporate purposes.
4. That no part of the net income or net earnings of the corporation shall inure to the benefit or profit of any private individual, firm or corporation.