§ 1 Definitions
§ 2 Declaration of public necessity; acquisition and regulation of private property
§ 3 Establishment of corporations to carry out projects; number of projects for each corporation; co-operative corporations
§ 4 Rules and regulations of housing boards; standards for project plans; variations
§ 5 Application for approval of project; contents
§ 6 Project approval; procedure
§ 6A Contracts; contents; filing; inspection; approval; collection of amounts payable
§ 6B Notice of hearing
§ 6C Appeals; procedure
§ 7 Borrowing money to finance project; capital stock subscriptions and sale; stocks, bonds or other securities of corporation as legal investments
§ 7A Purchase or lease of real estate by urban redevelopment corporation from housing authority; approval
§ 8 Inspection of buildings; proceedings upon violation of rules and regulations with respect to construction and financing; injunction
§ 9 Limitation in repayment of investment in stock; limitations of dividends
§ 10 Exemption from taxation and assessments; valuation; appeals; annual payment; additional tax and project approval procedure
§ 11 Acquisition and sale of land or interests in land; approval
§ 12 Receipt of loans and grants from the federal government and other sources; borrowing money; issuance of notes and indebtedness
§ 13 Application to change type and character of buildings on project; approval
§ 14 Contracts with cities or towns relative to public and private ways, sidewalks, parks and other public improvements; contracts for sale, lease or exchange of real estate
§ 15 Application of receipts in excess of authorized expenditures
§ 16 Rights, privileges, obligations and duties of corporation after period of organization
§ 16A Successor in interest to corporation; options; filing of certificate
§ 18 Authority of insurance companies to undertake projects; exceptions
§ 18A Authority of savings banks and co-operative banks to undertake projects; limitations; loans; association of banks
§ 18B Authority of corporation to take over existing project; application; changes in project; certificate of board
§ 18C Authority of persons to undertake or acquire and carry on urban redevelopment projects
§ 18D Condominium projects; regulations
§ 19 Partial invalidity

Terms Used In Massachusetts General Laws > Chapter 121A - Urban Redevelopment Corporations

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Other entity: includes a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.