N.Y. Private Housing Finance Law § 45-a: Housing trust fund corporation

§ 45-a. Housing trust fund corporation. 1. There is hereby established

a public benefit corporation known as the "housing trust fund

corporation" as a subsidiary corporation of the agency.

2. The agency may transfer to such subsidiary corporation any real,

personal or mixed property in order to carry out the purposes of article

eighteen of this chapter. Such subsidiary corporation shall have all the

privileges, immunities, tax exemption and other exemptions of the agency

to the extent the same are not inconsistent with this section.

3. The membership of such subsidiary corporation shall consist of the

members identified pursuant to subdivision one of section forty-three of

this article, and the powers of such subsidiary corporation shall be

vested in and exercised by no less than six of its members thereof then

in office. The subsidiary corporation may delegate to one or more of its

members, or its officers, agents and employees, such powers and duties

as it may deem proper.

3-a. The chairman of the agency may appoint an officer or employee of

the agency to represent him at all meetings of the corporation from

which he may be absent. Any such representative so designated shall have

the power to attend and to vote at any meeting of the corporation from

which the chairman of the agency is absent with the same force and

effect as if the chairman of the agency were present and voting. Such

designation shall be by written notice filed with the chairperson of the

corporation. The designation of such person shall continue until revoked

at any time by written notice to such chairperson. Such designation

shall not be deemed to limit the power of the chairman of the agency to

attend and vote at any meeting of the corporation.

4. No officer or member of the corporation shall receive any

additional compensation, either direct or indirect, other than

reimbursement for actual and necessary expenses incurred in the

performance of his duties, by reason of his serving as a member,

director, or trustee of such subsidiary corporation.

5. Notwithstanding any inconsistent provisions of law, general,

special or local, no officer or employee of the state, or of any civil

division thereof, or any public benefit corporation, shall be deemed to

have forfeited or shall forfeit his office or employment by reason of

his acceptance of membership on the corporation created by this section.

6. The fiscal year of such subsidiary corporation shall begin with the

first day of April of each year and end with the next following

thirty-first day of March.

7. The corporation shall have the power to:

(a) Sue and be sued;

(b) Have a seal and alter the same at pleasure;

(c) Make and alter by-laws for its organization and internal

management and make rules and regulations governing the use of its

property and facilities;

(d) Make and execute contracts and all other instruments necessary or

convenient for the exercise of its powers and functions under this

chapter;

(e) Acquire, hold and dispose of real or personal property for its

corporate purposes;

(f) Engage the services of private consultants on a contract basis for

rendering professional and technical assistance advice;

(g) Procure insurance against any loss in connection with its

activities, properties and other assets, in such amount and from such

insurers as it deems desirable; and

(h) Invest any funds of the corporation, or any other monies under its

custody and control not required for immediate use or disbursement, at

the discretion of the corporation, in obligations of the state or the

United States government or obligations the principal and interest of

which are guaranteed by the state or the United States government, or in

any other obligations in which the comptroller of the state is

authorized to invest pursuant to section ninety-eight of the state

finance law.

8. The corporation will encourage the creation of local housing

partnerships; such partnerships may include but not be limited to

members of the business community, the financial community, housing

developers, builders, not-for-profit organizations and community leaders

who are committed to the development of low income housing within such

community.

9. The corporation will facilitate the coordination of local housing

partnerships and existing state, federal and local programs which

promote the development of low income housing.

10. The corporation is a public housing agency as defined in the

United States housing act of 1937, as amended, and may receive and

administer funds including but not limited to subsidies, loans and fees

made available through federal programs under such act.

(a) The corporation shall be the sole entity with authority in the

state to undertake any statewide or regional multi-state contract for

performance based annual contributions contract administration issued

under authority granted in 42 U.S.C. section 1437f or any replacement

program or contract, whether called an annual contributions contract or

other name, that requires substantially the same administration or

support services offered nationally, regionally or statewide. The

corporation may in its discretion subcontract such activities as it may

require. The division of housing and community renewal shall be the

entity responsible for such statewide or regional multi-state contract

administration with all powers and responsibilities which would

otherwise be available to the corporation in the event the corporation

is unable or unwilling to act as such entity.

(b) The powers vested in the corporation and the division of housing

and community renewal pursuant to paragraph (a) of this subdivision are

coincident to the powers of any municipal or other local public housing

agency or public housing authority operating within the state on the

effective date of this paragraph. The authority of the corporation and

the division of housing and community renewal to operate on a statewide

basis shall not limit the authority of such municipal public housing

agency or local public housing authority to operate, service, administer

or enter into any project based section 8 contract or contracts where

the project is located within a political subdivision of the state in

which such public housing agency or public housing authority was

operating on such effective date.

11. The corporation may do any and all things necessary or convenient

to carry out and exercise the powers given and granted by this section

and article eighteen of this chapter including, but not limited to

contracting with the commissioner of the division of housing and

community renewal to administer any of the provisions of the special

needs housing act of 1988 and articles eighteen and eighteen-A of this

chapter.

12. The division of housing and community renewal and all other state

officers, departments, boards, divisions, commissions, public

authorities and public benefit corporations may render such services to

the corporation within their respective functions as may be requested by

the corporation.

13. Notwithstanding the provisions of article one-A of the public

authorities law, contracts entered into by the corporation pursuant to

articles eighteen and eighteen-A of this chapter shall not be subject to

the provisions of article one-A of the public authorities law.