New York § 558 Subsidies

New York Statutes

§ 558 — Subsidies

New York § 558

Law PVHPrivate Housing Finance

Art. 10Sale or Lease of Projects

This text of New York § 558 (Subsidies) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Private Housing Finance § 558 (2026).

Text

§ 558. Subsidies.

1.The obligation of the state to pay periodic\nsubsidies to an authority or municipality for a project which has been\nleased or sold to a housing company, and the obligation of a\nmunicipality to make subsidies in at least an equal amount, as required\nby section seventy-three of the public housing law, shall cease as of\nthe last day of the fiscal year next after the effective date of the\ngrant, sale, lease or conveyance.\n 2. In the event that an authority or municipality which has granted,\nsold, leased or conveyed a project to a housing company, for any reason\nor in any way resumes possession of such project, the obligations of the\nstate and municipality to pay subsidies, as provided by the terms of\nsection seventy-three of the public housing law, shall be de

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§ 558. Subsidies. 1. The obligation of the state to pay periodic\nsubsidies to an authority or municipality for a project which has been\nleased or sold to a housing company, and the obligation of a\nmunicipality to make subsidies in at least an equal amount, as required\nby section seventy-three of the public housing law, shall cease as of\nthe last day of the fiscal year next after the effective date of the\ngrant, sale, lease or conveyance.\n 2. In the event that an authority or municipality which has granted,\nsold, leased or conveyed a project to a housing company, for any reason\nor in any way resumes possession of such project, the obligations of the\nstate and municipality to pay subsidies, as provided by the terms of\nsection seventy-three of the public housing law, shall be deemed\nrestored as of the first day of the fiscal year next prior to the date\nof such resumption of possession of such project.\n