N.Y. Private Housing Finance Law Section 29
Acquisition of property

(a)

After a project, other than a state urban development corporation project, has been been approved by the commissioner or the supervising agency and the local legislative body, the commissioner or the supervising agency as the case may be, shall issue a certificate declaring that the acquisition of the property is necessary for the public purpose defined in this article and the company may acquire the property needed for the project or the municipality may, with respect to a municipally-aided project or a project aided either by a state loan or a loan from the New York state housing finance agency, take property by condemnation for the company, pursuant to the provisions of article 9 (Acquisition of Property)article nine of this chapter.

(b)

after a state urban development corporation project has been approved by the commissioner, the commissioner shall authorize the company undertaking the project to acquire the property needed for such project.

(c)

Notwithstanding the provisions of subdivision (a) of this section, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, the approval of the project and the certificate declaring that the acquisition of the property is necessary for the public purposes defined in this article shall be issued by Battery Park city authority.

Source: Section 29 — Acquisition of property, https://www.­nysenate.­gov/legislation/laws/PVH/29 (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

§ 29’s source at nysenate​.gov

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