Private Housing Finance Law
Source version current through Sep 15, 2021
Later State Register activity may affect this section.
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(a)The basic reference governing the general administration of housing companies is the Private Housing Finance Law, effective March 1, 1962. Prior to that date, the provisions of the law concerning housing companies were contained in articles IX and XII of the Public Housing Law.
(b)Housing companies organized pursuant to article II of the Private Housing Finance Law (formerly Public Housing Law, article XII) are defined as limited-profit housing companies.
(c)Housing companies organized pursuant to article IV of the Private Housing Finance Law (formerly Public Housing Law, article IX) are defined as limited-dividend housing companies.
(d)Projects under both programs may be available for occupancy on either a rental or a cooperative basis.
(e)Officers of the corporation, members of the board of directors, counsel and all other responsible employees should be familiar with:
(1)particular law or laws under which the company was organized; and
(2)the provisions of the certificate of incorporation.
(f)Although all sections of the Private Housing Finance Law are important, the following are of special significance:
| Item | Limited dividend | Limited profit |
|---|---|---|
| General policy | § 70 | § 11 |
| Powers and limitations | § 82 | § 27 |
| Regulation of housing company | § 84 | § 32 |
| Rentals and selection of tenants | § 85 | § 31 |