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This entry was published on 2021-12-31
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Limited-profit Housing Companies
Private Housing Finance (PVH) CHAPTER 44-B

Section 10. Short title.

11. Policy and purposes of article.

11-a. Additional policy and purposes of article.

12. Definitions.

13. Limited-profit housing companies; how created.

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; partnership relations.

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


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


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


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; application of shares.

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.