N.Y. Private Housing Finance Law § 361: Supervision and regulation

§ 361. Supervision and regulation. 1. The department may from time to

time make, alter, amend and repeal rules and regulations for the

supervision, examination, regulation and audit of companies and for

carrying into effect the provisions and purposes of this article, and

each company shall submit an annual report of its operations to the

department and the New York state housing finance agency which may

examine and audit the books and records of the company at any time.

2. The department shall have power to act for and in behalf of the

agency in servicing the mortgage loans of the agency, and to perform

such functions and services in connection with the making, servicing and

collection of such loans as shall be requested by the agency.

3. (a) The department may, with respect to any project of which the

New York state housing finance agency has acquired the fee or otherwise,

enter into an agreement with said agency subject to the approval of the

director of the budget, for the department, as provided in paragraph (b)

hereof, to operate the said project in a manner consistent with the

purposes of this article. In such event, the department shall have the

power to use any available funds to pay all operating expenses and to

comply with all the terms and provisions of the mortgage, as though the

mortgage had not been foreclosed, and to comply with the provisions of

this article.

(b) Subject to the provisions of the agreement with said agency, the

department may contract with any person, firm or corporation which it

deems qualified to operate and manage such project and to perform such

duties and functions as it may deem necessary.