N.Y. Private Housing Finance Law 558 – Subsidies
§ 558. Subsidies. 1. The obligation of the state to pay periodic subsidies to an authority or municipality for a project which has been leased or sold to a housing company, and the obligation of a municipality to make subsidies in at least an equal amount, as required by § 73 of the public housing law, shall cease as of the last day of the fiscal year next after the effective date of the grant, sale, lease or conveyance.
Terms Used In N.Y. Private Housing Finance Law 558
- 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.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. In the event that an authority or municipality which has granted, sold, leased or conveyed a project to a housing company, for any reason or in any way resumes possession of such project, the obligations of the state and municipality to pay subsidies, as provided by the terms of § 73 of the public housing law, shall be deemed restored as of the first day of the fiscal year next prior to the date of such resumption of possession of such project.