There is a newer version of the New York Consolidated Laws
2006 New York Code - New York City Housing Development Corporation Capital Reserve Fund.
§ 5-107 New York city housing development corporation capital reserve fund. So long as any notes or bonds of the New York city housing development corporation issued pursuant to article twelve of the private housing finance law shall be outstanding and unpaid, amounts needed for the purpose of restoring the capital reserve fund to the maximum capital reserve fund requirement pursuant to such article are hereby authorized to be paid to the corporation for deposit therein from the sources specified in paragraph e of subdivision one of section six hundred fifty-six of such law; provided, however, that no such amounts are authorized to be paid in notes or bonds of the corporation issued for the purpose of making loans pursuant to article eight of the private housing finance law. However, such payments may be made, notwithstanding the issuance of notes and bonds of the corporation for the purpose of making loans pursuant to article eight of the private housing finance law provided that: (1) the corporation shall have delivered to the council a report describing the site selection criteria, standards for development plans, management program and other safeguards it will impose in making loans pursuant to article eight of the private housing finance law, which said report shall in any event be delivered to the council no later than August eight, nineteen hundred seventy-two; (2) the aggregate amount of loans to be made by the corporation pursuant to article eight of the private housing finance law for any fiscal year of the city shall be set forth in a statement which shall accompany the proposed executive capital budget (but not be considered a part thereof), as submitted to the board of estimate and council pursuant to section two hundred nineteen of the charter, and such aggregate amounts shall be adopted, and may thereafter be amended, in accordance with the procedures set forth in chapter nine of the charter for the adoption and amendment of the capital budget; and (3) the chairperson of the corporation shall certify with respect to each mortgage loan issued pursuant to article eight of the private housing finance law that the estimated revenues from the mortgage property, including subsidies, after rehabilitation will be sufficient in amount to secure repayment of the loan and interest thereon and to pay all of the necessary expenses of the mortgagor relating to such property.
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