2012 New York Consolidated Laws
PVH - Private Housing Finance
Article 4 - (70 - 97) LIMITED DIVIDEND HOUSING COMPANIES
86 - Reduction of rentals in housing company projects.

 
    §  86.  Reduction  of  rentals in housing company projects.  If in any
  calendar or fiscal year the gross receipts of any housing company should
  exceed the payments or charges specified  in  section  eighty-five,  the
  sums necessary to pay distributions or interest accrued or unpaid on any
  shares,  income debentures or other capital, and the authorized transfer
  to surplus, the balance  shall,  unless  the  board  of  directors,  the
  partners  or  the trustees, as the case may be, with the approval of the
  commissioner shall deem such balance  too  small  for  the  purpose,  be
  applied  to  the  reduction  of  rentals,  for such year or years as the
  commissioner may specify, or to the further reduction  of  any  mortgage
  indebtedness, or both, as the commissioner may determine.