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 Jul. 13, 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:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 29’s source at nysenate​.gov

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