N.Y. Private Housing Finance Law 1106-J – Liability on obligations
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§ 1106-j. Liability on obligations. 1. Except for obligations which the corporation assumes by contract for the construction, rehabilitation and development period of any project, neither the corporation, the New York state housing finance agency nor the state shall have any responsibility or liability as to construction, rehabilation, operation, maintenance, repair or use of projects unless otherwise specifically provided by law.
Terms Used In N.Y. Private Housing Finance Law 1106-J
- Contract: A legal written agreement that becomes binding when signed.
- 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.
2. Any contract entered into pursuant to this section between the corporation and an eligible applicant, or eligible owner of a project shall cite and set forth subdivision one of this section.