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New York state public-benefit corporations are commonly used by the state government to perform a specific purpose, such as investment in infrastructure or regulation of horse racing. These corporations are frequently referred to as authorities .
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
Search. Search. Appearance. Donate; ... Public benefit corporations in New York (state) (1 C, 50 P) ... American Phenix Corporation of New York;
32 New York. 33 North Carolina. 34 North Dakota. 35 Ohio. ... This is a list of companies in the United States by state where their ... UGI Corporation, holding ...
The New York State Urban Development Corporation (UDC) was created in 1968 by the New York State Urban Development Corporation Act. [1] [7] On August 31, 1987, the Omnibus Economic Development Act created the state Department of Economic Development (DED). [7]
A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to increase the supply of rental housing for low-income people by issuing bonds and providing low-interest mortgage loans to regulated housing companies.