§ 15. Participation by certain corporations and individuals. 1. (a)\nOne or more banking organizations, foundations, labor unions, employers'\nassociations, veterans' organizations, colleges, universities,\neducational institutions, child care institutions, hospitals, medical\nresearch institutes, insurance companies, trustees, fiduciaries or any\ncombination of the foregoing, shall have the power to organize a company\npursuant to the provisions of this article, and to purchase for cash or\nto receive and hold in exchange for property, and to own the bonds of a\ncompany and to invest, singly or jointly, or with the state or a\nmunicipality or the New York state housing finance agency or the New\nYork city housing development corporation in a bond or note and single\nparticipating mortgage, or in separate bonds or notes and mortgages, in\nan amount not greater than ninety-five per centum of the total project\ncost in the case of a mutual company, urban rental company or a\nnon-profit company incorporated pursuant to the provisions of the\nnot-for-profit corporation law and this article for the purpose of\nproviding housing for staff members, employees or students of a college,\nuniversity, child care institution, or hospital and their immediate\nfamilies and in the case of a non-profit company incorporated pursuant\nto the not-for-profit corporation law and this article for the purpose\nof providing housing for aged persons of low income or in the case of a\nlow income non-profit housing company such investment shall not be\ngreater than the total project cost. Where one or more banking\norganizations, foundations, labor unions, employers' associations,\nveterans' organizations, colleges, universities, educational\ninstitutions, child care institutions, hospitals, medical research\ninstitutes, insurance companies, trustees, fiduciaries, or the state or\na municipality or the New York state housing finance agency or the New\nYork city housing development corporation, shall participate in a loan\nto a company secured by a single participating mortgage or by separate\nmortgages, the interest of each shall have equal priority as to lien in\nproportion to the amount of loan so secured, but need not be equal as to\ninterest rate, time or rate of amortization or otherwise. Banking\norganizations, foundations, labor unions, employers' associations,\nveterans' organizations, colleges, universities, educational\ninstitutions, child care institutions, hospitals, medical research\ninstitutes, insurance companies, trustees, fiduciaries or groups\nthereof, may exercise any such power on such conditions, however, as to\nbanking organizations and as to insurance companies only to the extent\nand upon such conditions as may be authorized by the state\nsuperintendent of financial services. As used in this subdivision, the\nterms "trustees" and "fiduciaries" shall include any fiduciary or\nfiduciaries holding funds for investment, and the term "banking\norganizations" shall have the same meaning as in subdivision eleven of\nsection two of the banking law.\n (b) Notwithstanding the provisions of paragraph (a) of this\nsubdivision or of any general, special or local law, for the purpose of\ncompleting the financing of project cost, in the event that a\nmunicipality has made or contracted to make a loan to a company or to a\npublic benefit corporation to provide moneys to finance the project cost\nof a project (1) the construction of which commenced prior to December\nfirst, nineteen hundred seventy-five, (2) for which a temporary or\npermanent certificate of occupancy was not issued prior to January\nfirst, nineteen hundred seventy-three, and (3) which is assisted by a\ncontract with the secretary of housing and urban development of the\nUnited States pursuant to section two hundred thirty-six of the national\nhousing act, as amended, covering all dwelling units therein, one or\nmore banking organizations as defined in paragraph (a) of this\nsubd
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