§ 86 — Reduction of rentals in housing company projects

New York § 86

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 4: Limited Dividend Housing Companies

Text

§ 86. Reduction of rentals in housing company projects. If in any\ncalendar or fiscal year the gross receipts of any housing company should\nexceed the payments or charges specified in section eighty-five, the\nsums necessary to pay distributions or interest accrued or unpaid on any\nshares, income debentures or other capital, and the authorized transfer\nto surplus, the balance shall, unless the board of directors, the\npartners or the trustees, as the case may be, with the approval of the\ncommissioner shall deem such balance too small for the purpose, be\napplied to the reduction of rentals, for such year or years as the\ncommissioner may specify, or to the further reduction of any mortgage\nindebtedness, or both, as the commissioner may determine.\n