(Download) "Matter City New York" by Court of Appeals of New York # Book PDF Kindle ePub Free
eBook details
- Title: Matter City New York
- Author : Court of Appeals of New York
- Release Date : January 02, 1969
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 51 KB
Description
[25 N.Y.2d 146 Page 147] As a means of fostering low-cost housing in the State's urban centers, the Legislature in 1961 enacted the Limited-Profit
Housing Companies Law (Private Housing Finance Law, art. 2), also known as the Mitchell-Lama Law. This statute provides for
the formation of private limited-profit housing companies which may borrow, on mortgages from the State or municipality, up
to 95% of the development costs of a housing project for a term of up to 50 years (id., § 23, subd. 1) at an interest rate
approximating that paid by the State on its own obligations. The municipality may aid the project through assembling the
land by condemnation (id., § 29) and by granting up to 50% real estate tax exemptions for as many as 30 years (id., § 33,
subd. 1). The investor's return is limited and the government supervises construction, management and other costs. Upon repayment
of the mortgage and tax concessions, the project may revert to private hands.