N.Y. Private Housing Finance Law § 574-a: Municipal housing development fund

§ 574-a. Municipal housing development fund. 1. A municipality may

create and establish a revolving fund to be known as the "municipal

housing development fund." Such a revolving fund shall be created and

established in the supervising agency.

2. There shall be paid into such municipal housing development fund

(a) any moneys appropriated and made available by the municipality for

the purposes of such fund, (b) notwithstanding the provisions of the

local finance law or any other provision of law, any moneys received in

repayment of advances made from such fund, and (c) any other moneys

which may be available for the purpose of such fund from any other

source or sources.

3. Any moneys held in such municipal housing development fund not

required for immediate disbursement may be invested, at the discretion

of the supervising agency, 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 municipal housing development

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

herein provided.