N.Y. Private Housing Finance Law § 253

§ 253. Incorporation and organization. Community development\ncorporations shall be incorporated and organized in the manner provided\nin the not-for-profit corporation law for not-for-profit corporations,\nexcept that the certificate of incorporation shall be approved by the\ncommissioner instead of such approval or approvals as may be required by\nthe not-for-profit corporation law. In addition to those matters\nrequired to be set forth in the certificate of incorporation by the\nnot-for-profit corporation law, the certificate shall state:\n 1. That the real property of the corporation shall not be sold,\ntransferred, encumbered or assigned except as permitted by the\nprovisions of this article.\n 2. That the corporation has been organized exclusively to serve a\ncivic, cultural or recreational purpose, or any combination thereof, and\nthat it shall be and remain subject to the supervision and control of\nthe commissioner.\n 3. That all income and earnings of the corporation shall be used\nexclusively for its corporate purposes.\n 4. That no part of the net income or net earnings of the corporation\nshall inure to the benefit or profit of any private individual, firm or\ncorporation.\n