N.Y. Private Housing Finance Law 206 – Limitations of redevelopment corporations
§ 206. Limitations of redevelopment corporations. No redevelopment corporation shall:
Terms Used In N.Y. Private Housing Finance Law 206
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the certificates of approval required by section two hundred three of this article have been issued;
2. Change, alter, amend, add to or depart from the development plan until the planning commission or the supervising agency, as the case may be, has issued a certificate of approval of that portion of such change, alteration, amendment, addition or departure relevant to the determination required to be made by it as set forth in section two hundred three of this article;
3. After a development has been commenced, sell, transfer or assign any real property in the development area without first obtaining the consent of the supervising agency;
4. Undertake more than one development;
5. Pay interest on its income debentures, if any, except out of net earnings which would have been applicable to the payment of dividends on its capital stock if there were no such income debentures;
6. Pay as compensation for services to, or enter into contracts for the payment of compensation for services to, its officers or employees in an amount greater than the limit thereon contained in the development plan, or in default thereof, then in an amount greater than the reasonable value of the services performed or to be performed by such officers or employees;
7. Lease an entire building or improvement in the development area to any person or corporation without obtaining the approval of the supervising agency, which may be withheld only if the lease is being made for the purpose of evading the provisions of this article;
8. Mortgage any of its real property without obtaining the approval of the supervising agency;
9. Make any guarantee without obtaining the approval of the supervising agency;
10. Dissolve without obtaining the approval of the supervising agency, which may be given upon such conditions as the supervising agency may deem necessary or appropriate to the protection of the interest of the city in the proceeds of the sale of the real property acquired by condemnation as provided in subdivision two of section two hundred five of this article, such approval to be endorsed on the certificate of dissolution and such certificate not to be filed in the department of state in the absence of such endorsement;
11. Reorganize without obtaining the approval of the supervising agency.