N.Y. ACA Law § 21.13

§ 21.13. Special provisions relating to the financing and development\nof combined-use facilities or public television facilities. 1.\nNotwithstanding any of the powers granted to the trust by this article\nor by article twenty of this title, the trust shall neither convey nor\ncause to be conveyed any real property that is part of a combined-use\nfacility unless the instrument of such conveyance, or an agreement\nrelating thereto, contains a provision that no person other than the\ntrust or a participating cultural institution may acquire, directly or\nindirectly, an interest in the institutional portion of a combined-use\nfacility developed or designed to be developed for use or occupancy by\nsuch institution, at any time prior to the date on which all bonds and\nnotes of the trust issued to finance construction of such portion have\nbeen fully paid, which interest would entitle such person to a deduction\nfor depreciation with respect to such interest under the provisions of\nthe United States internal revenue code of 1986, as amended, or any\nsuccessor federal tax or revenue act, if the development of any part of\nsuch portion has been financed in whole or in part by bonds or notes\nissued by the trust.\n 2. No individual who serves on the board of trustees, or equivalent\nbody, of a participating cultural institution shall be a developer of,\nor share in any profits arising from the development of, the\nnon-institutional portion of a combined-use facility developed or\ndesigned to be developed for use or occupancy by such institution;\nprovided that: (a) a person in which such individual has a financial\ninterest not exceeding five per centum of the equity of such person may\nbe a developer of, and may share in any profits arising from the\ndevelopment of, such non-institutional portion, if such individual\nrefrains from voting at any meeting of the board of trustees, or\nequivalent body, of such institution on any matter relating to the\napproval by the trust of such person as a developer of such portion and\nthe terms and conditions of any agreement relating thereto; (b) a person\nin which such individual has a financial interest may make a loan to the\ntrust, to a developer or to any other person in the ordinary course of\nbusiness in connection with such development; and (c) any such\nindividual may purchase or rent an apartment, or any interest therein,\nin such portion, for fair market value.\n 3. No trustee of the trust and no person in which such trustee has a\nfinancial interest shall be a developer of the non-institutional portion\nof any combined-use facility.\n