US Laws, Codes, Statutes & Cases

 
    §  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.