N.Y. Private Housing Finance Law § 210: Regulation of redevelopment corporations by supervising agency

§ 210. Regulation of redevelopment corporations by supervising agency.

A redevelopment corporation shall:

1. Furnish to the supervising agency from time to time, as required by

it, but with respect to regular reports not more often than once every

six months, such financial information, statements, audited reports or

other material as such supervising agency shall require, each of which

shall conform to such standards of accounting and financial procedure as

the supervising agency may by general regulation prescribe.

2. Establish and maintain such depreciation and other reserves,

surplus and other accounts as the supervising agency may reasonably

require, including a yearly reserve with respect to each parcel of real

property held by the redevelopment corporation against the increase in

local taxes after the expiration of the maximum exemption period, which

shall be equal to twenty per centum of the difference between the

maximum local tax on the real property of the redevelopment corporation

and the local tax which would have been payable except for the tax

exemption period provided for in section two hundred eleven of this

article.

Any provision of the general corporation law or the stock corporation

law to the contrary notwithstanding, one member of the board of

directors of a redevelopment corporation may be a designee of the

supervising agency, as long as any of the real property of the

redevelopment corporation is entitled to the tax exemption provided for

in section two hundred eleven of this article.