N.Y. Private Housing Finance Law § 86: Reduction of rentals in housing company projects

§ 86. Reduction of rentals in housing company projects. If in any

calendar or fiscal year the gross receipts of any housing company should

exceed the payments or charges specified in section eighty-five, the

sums necessary to pay distributions or interest accrued or unpaid on any

shares, income debentures or other capital, and the authorized transfer

to surplus, the balance shall, unless the board of directors, the

partners or the trustees, as the case may be, with the approval of the

commissioner shall deem such balance too small for the purpose, be

applied to the reduction of rentals, for such year or years as the

commissioner may specify, or to the further reduction of any mortgage

indebtedness, or both, as the commissioner may determine.