New York § 554 - 554Provisions of lease
Full text of New York New York Consolidated Laws § 554 — 554Provisions of lease, with citation guidance and answers to common questions.
§ 554. 554Provisions of lease
§ 554. Provisions of lease. 1. Every lease of a project or a part thereof to a housing company: (a) shall provide that all improvements shall be the property of the lessor; (b) may require that provision be made for the retirement and surrender of all outstanding shares and debentures upon the termination of the lease; (c) may reserve such easements or other rights in connection with the property as may be deemed necessary or desirable for the future planning and development of the municipality and the extension of public facilities therein; (d) shall contain a provision authorizing the lessor to designate a director of the housing company; and (e) may contain such other provisions as are not inconsistent with the provisions of this chapter. 2. Such lease shall not impose upon the lessor any liability or obligations in connection with or arising out of the financing, construction, reconstruction, alteration, management or operation of a project, but such lease shall contain such provisions as may be necessary to protect the interests of the authority or municipality.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 554
What does New York Consolidated Laws § 554 cover?
Section 554 ("554Provisions of lease") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 554?
A common citation format is "New York Consolidated Laws § 554" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 554 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.