N.Y. Private Housing Finance Law § 45-b: Affordable housing corporation

§ 45-b. Affordable housing corporation. 1. There is hereby established

a public benefit corporation known as the "affordable housing

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

nineteen 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 commissioner of housing and community renewal, the director

of the budget and the commissioner of taxation and finance each may

appoint a person from their respective division or department to

represent such member, respectively, at all meetings of the corporation

from which such member 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 member so designating him as a

representative is absent with the same force and effect as if the member

designating him were present and voting. Such designation shall be by

written notice filed with the chairman of the corporation by each of the

said members. The designation of such persons shall continue until

revoked at any time by written notice to the chairman by the respective

member making the designation. Such designation shall not be deemed to

limit the power of the appointing member 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 may do any and all things necessary or convenient

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

and article nineteen 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 article

nineteen of this chapter.

9. The agency 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.

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

authorities law, contracts entered into by the corporation pursuant to

article nineteen of this chapter shall not be subject to the provisions

of article one-A of the public authorities law.