§ 112 — Limitations

New York § 112

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 5: Redevelopment Companies

Text

§ 112. Limitations. In addition to limitations prescribed by this\narticle a redevelopment company shall not have power to:\n 1. Acquire any real property or interest therein for a project or\nprojects unless the supervising agency and the local legislative body\ndetermine as provided in this article that such acquisition is necessary\nor convenient for the public purpose defined in this article, and unless\nany deed, lease or other instrument by which such real property or\ninterest therein is acquired contains a statement that the conveyance is\nto a redevelopment company organized pursuant to article five of the\nprivate housing finance law.\n 2. Create its capital, or issue its debentures and and bonds covering\nany project undertaken by it in an amount greater in the aggregate than\nthe total actual final cost of such project. The actual cost of such\nproject shall include the cost of the lands and improvements\nconstituting the project and charges for financing and supervision\napproved by the supervising agency, condemnation charges and interest\nand other carrying charges during the period of acquisition and of\nconstruction. The total actual final cost shall be deemed to be an\namount equal to such actual cost plus an allowance for working capital.\nSuch allowance for working capital shall not exceed an amount equal to\nthree per centum of the estimated cost or of the total actual final cost\nof the project if that shall be greater than the estimated cost.\n 3. Enter into contracts for the payment of salaries to officers or\nemployees, or for the construction or for the substantial repair,\nimprovement or operation of projects except subject to the approval of\nthe supervising agency.\n