Road to profit illustration Financing Property of Not-For-Profit and Religious Corporations
The world of nonprofits represents a wide range of causes and there are different requirements that must be satisfied in connection with such real estate transactions, depending on an organization's purpose and the specifics of the deal. In their Real Estate Financing column, the Jeff Steiner, Scott Weinberg and Tim Swearingen discuss the requirements.
July 16, 2024 at 10:00 AM
6 minute read
Many not-for-profit and religious organizations in New York own real estate, and as owner, seek to enter into a wide range of transactions in connection with such property, including mortgage financings. The world of nonprofits represents a wide range of causes and there are different requirements that must be satisfied in connection with such real estate transactions, depending on an organization's purpose and the specifics of the deal. Those requirements are set forth in the New York Not-for-Profit Corporations Law ("N-PCL"), which was substantially overhauled (and in many ways, simplified) by the Nonprofit Revitalization Act of 2013 and its amendments.
Jeffrey Steiner, with McDermott Will & Emery. Not-for-profit organizations are those formed for purposes that do not include pecuniary profit or financial gain, and can be formed as either charitable or non-charitable organizations.
Scott A. Weinberg, partner at McDermott Will & Emery. This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
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