N.Y. Private Housing Finance Law Section 26-C
Special provisions with respect to Battery Park city projects

1.

No loan shall be made by the state or the New York state housing finance agency for the acquisition, construction, reconstruction, rehabilitation or improvement of a Battery Park city project, nor shall any such project be approved by the commissioner, unless the commissioner finds that:

(a)

the estimated revenues of the project will be sufficient to cover all probable costs of all operations and maintenance, of fixed charges and operating reserves and depreciation reserves, if any;

(b)

the plans and specifications of the project assure adequate light, air, sanitation and fire protection;

(c)

the project is in conformity with a plan or undertaking for providing low rent housing facilities for persons of low income.

2.

Notwithstanding any other provisions of this article, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, all approvals, findings and consents which are required to be given or made by the commissioner pursuant to this article shall be given or made instead by Battery Park city authority, and the authority shall exercise, with respect to such project and with respect to the company carrying out such project, all of the powers and duties exercised by the commissioner pursuant to this article with respect to projects financed by the New York state housing finance agency.

Source: Section 26-C — Special provisions with respect to Battery Park city projects, https://www.­nysenate.­gov/legislation/laws/PVH/26-C (updated Sep. 22, 2014; accessed Oct. 26, 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:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 26-C’s source at nysenate​.gov

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