N.Y. Private Housing Finance Law § 574: Establishment of fund

§ 574. Establishment of fund. 1. There is hereby created and

established in the division of housing and community renewal a revolving

fund to be known as the "housing development fund."

2. There shall be paid into such housing development fund (a) any

moneys appropriated and made available by the state for the purposes of

such fund, (b) notwithstanding the provisions of the state finance law

or any other provision of law, any moneys which the division of housing

and community renewal shall receive in repayment of advances made from

such fund, and (c) any other moneys which may be made available to the

division of housing and community renewal for the purpose of such fund

from any other source or sources.

2-a. All moneys paid into the fund from repayments of loans authorized

by section five hundred seventy-six-d of this article shall continue to

be made available for the purpose of providing loans pursuant to such

section.

3. Any moneys held in such housing development fund not required for

immediate disbursement may be invested, at the discretion of the

commissioner, 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. Any income or

interest earned by, or increment to, such housing development fund shall

be added to the moneys held in such fund for the purposes herein

provided.