Section 5 - Powers of the corporationExcept as otherwise limited by this act, the corporation shall have power:
(2) To have a seal and alter the same at pleasure;(3) To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this act;(4) To make and alter by-laws for its organization and internal management and, subject to agreements with noteholders or bondholders, to make rules and regulations with respect to its projects, operations, properties and facilities, which rules and regulations shall be filed with the department of state in the manner provided by section one hundred two of the executive law;(5) To acquire, hold and dispose of personal property for its corporate purposes;(6) To appoint officers, agents and employees, prescribe their duties and qualifications and fix their compensation;(7) To acquire or contract to acquire from any person, firm, corporation, municipality, federal or state agency, by grant, purchase, condemnation or otherwise, leaseholds, real, personal or mixed property or any interest therein; to own, hold, clear, improve and rehabilitate, and to sell, assign, exchange, transfer, convey, lease, mortgage, or otherwise dispose of or encumber the same;(8) To create subsidiaries, as provided in section twelve of this act.(9) To acquire, construct, reconstruct, rehabilitate, improve, alter or repair or provide for the construction, reconstruction, improvement, alteration or repair of any project.(10) To arrange or contract with a municipality for the planning, replanning, opening, grading or closing of streets, roads, roadways, alleys or other places, or for the furnishing of facilities or for the acquisition by a municipality of property or property rights or for the furnishing of property or services in connection with a project.(11) To sell, lease, assign, transfer, convey, exchange, mortgage, or otherwise dispose of or encumber any project, and in the case of the sale of any project, to accept a purchase money mortgage in connection therewith; and to lease, repurchase or otherwise acquire and hold any project which the corporation has theretofore sold, leased or otherwise conveyed, transferred or disposed of.(12) To grant options to purchase any project or to renew any leases entered into by it in connection with any of its projects, on such terms and conditions as it may deem advisable.(13) To prepare or cause to be prepared plans, specifications, designs and estimates of cost for the construction, reconstruction, rehabilitation, improvement, alteration or repair of any project, and from time to time to modify such plans, specifications, designs or estimates.(14) To manage any project, whether then owned or leased by the corporation, and to enter into agreements with the state or any municipality or any agency or instrumentality thereof, or with any person, firm, partnership or corporation, either public or private, for the purpose of causing any project to be managed.(15) To provide advisory, consultative, training and educational services, technical assistance and advice to any person, firm, partnership or corporation, either public or private, in order to carry out the purposes of this act.(16) To lend or donate monies, whether secured or unsecured, to any subsidiary corporation, and to purchase, sell or pledge the shares, bonds or other obligations or securities thereof, on such terms and conditions as the corporation may deem advisable.(17) To make mortgage loans, secured by a first mortgage lien, including temporary loans or advances, to any subsidiary corporation which is a housing company, and to undertake commitments therefor. Any such commitment, mortgage or bonds or notes secured thereby may contain such terms and conditions not inconsistent with the provisions of this act as the corporation may deem necessary or desirable to secure repayment of its loan, the interest, if any, thereon and other charges in connection therewith.(18) Subject to the provisions of any contract with noteholders or bondholders to consent to the modification, with respect to rate of interest, time of payments of any installment of principal or interest, security, or any other term, of any mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the corporation is a party.(19) In connection with any property on which it has made a mortgage loan, to foreclose on any such property or commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement, and to bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; and in such event the corporation may complete, administer, pay the principal of and interest on any obligations incurred in connection with such property, dispose of, and otherwise deal with such property, in such manner as may be necessary or desirable to protect the interests of the corporation therein.(20) To borrow money and to issue its negotiable bonds and notes and to provide for the rights of the holders thereof.(21) As security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, to mortgage and pledge any or all of its projects, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any thereof, and to assign or pledge the lease or leases on any portion or all of said projects and to assign or pledge the income received by virtue of said lease or leases.(22) To invest any funds of the corporation including funds held in reserve or sinking funds, or any monies (including proceeds from the sale of any bonds or notes of the corporation) not required for immediate use or disbursement, at the discretion of the corporation, in (a) obligations of the state or of the United States government, (b) obligations the principal and interest of which are guaranteed by the state or the United States government, (c) obligations of agencies and instrumentalities of the state or of the United States, or (d) certificates of deposit of banks or trust companies in this state, secured by obligations described in clauses (a), (b) or (c) of this subdivision.(23) To procure insurance against any loss in connection with its property and other assets and operations in such amounts and from such insurers as it deems desirable.(24) To engage the services of consultants on a contract basis for rendering professional and technical assistance and advice.(25) To contract for and to accept any gifts or grants or loans of funds or property or financial or other aid in any form from the federal government or any agency or instrumentality thereof, or from the state or any agency or instrumentality thereof, or from any other source and to comply, subject to the provisions of this act, with the terms and conditions thereof. (26)[Repealed Effective 7/1/2025]
To make loans, whether secured or unsecured, in connection with the corporation's participation in a project (as defined in this act), to any person or entity, whether public or private, and to issue commitments for such loans, provided that such loans and commitments are made or issued in compliance with guidelines established by the board of directors of the corporation; to provide for the repayment of such loans on terms and conditions that the directors of the corporation deem advisable and to receive and hold real property or personal property as security for the repayment of such loans.(27) To use a portion of appropriated funds generally designated as high risk targeted investment funds to establish a loan fund to be used to make loans to business enterprises located within empire zones designated pursuant to article eighteen-B of the general municipal law.(28) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this act.(29) Subject to any agreement with noteholders or bondholders, to enter into agreements to pay annual sums in lieu of taxes to any municipality or political subdivision of the state, in respect of any real property which is owned by the corporation or any subsidiary thereof and is located in such municipality or political subdivision.(30) To provide priority assistance to projects involving industry clusters. The term "industry cluster" shall mean a geographic concentration of competitive firms or establishments in the same industry that either have close buy-sell relationships with other industries in the region, use common technologies, or share a specialized labor pool that provides firms with a competitive advantage over the same industry in other places.N.Y. Urban Development Corporation Act Law § 5
Amended by New York Laws 2024, ch. 58,Sec. AA-1, eff. 4/20/2024.Amended by New York Laws 2023, ch. 58,Sec. GG-1, eff. 5/3/2023.Amended by New York Laws 2022, ch. 58,Sec. Y-1, eff. 4/9/2022, op. 7/1/2021.Amended by New York Laws 2021, ch. 58,Sec. J-1, eff. 7/1/2021.Amended by New York Laws 2020, ch. 58,Sec. FF-1, eff. 4/3/2020, op. 4/1/2020.Amended by New York Laws 2019, ch. 58,Sec. Y-1, eff. 4/12/2019.Amended by New York Laws 2018, ch. 58,Sec. P-1, eff. 4/12/2018.Amended by New York Laws 2017, ch. 58,Sec. N-1, eff. 4/1/2017.Amended by New York Laws 2016, ch. 58,Sec. G-1, eff. 4/12/2016.Amended by New York Laws 2015, ch. 58,Sec. N-1, eff. 4/13/2015.