N.Y. Private Housing Finance Law § 654-b: Housing assistance corporation

§ 654-b. Housing assistance corporation. 1. There is hereby

established a public benefit corporation known as the "housing

assistance corporation" as a subsidiary corporation of the corporation.

2. Such subsidiary corporation may (a) receive monies from the

corporation, the state, any public benefit corporation, the city, the

federal government or any other source for the purpose of assisting

rental developments to maintain rentals affordable to low and moderate

income persons for whom the ordinary operation of private enterprise

cannot supply safe, sanitary and affordable housing accommodations, (b)

transfer, lend, pledge or assign monies (i) to any rental development in

order to assist such development in maintaining rents affordable to such

low and moderate income tenants or (ii) in order to assist the

corporation in financing such developments, and (c) enter into such

agreements with the owners of such developments as it may deem

appropriate to further the objectives of this article. Such subsidiary

corporation shall have all the privileges, immunities, tax exemptions

and other exemptions of the corporation to the extent the same are not

inconsistent with this article.

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

commissioner of the department of housing preservation and development,

who shall serve as chairperson, and two public members appointed by and

who serve at the pleasure of the mayor. The powers of the subsidiary

corporation shall be vested in and exercised by no less than two of the

members thereto then in office. The subsidiary corporation may delegate

to one or more of its members, or its officers, agents and employees,

such duties and powers as it may deem proper.

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 such person's duties, by reason of such person's serving

as a member or officer of such subsidiary corporation.

5. The corporation may transfer to such subsidiary corporation any

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

this section.

6. The subsidiary 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

section;

(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 and 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;

(h) appoint officers, agents and employees, prescribe their duties and

qualifications and fix their compensation subject to the provisions of

the civil service law and the rules of the civil service commission of

the city;

(i) invest any funds, or other monies under its custody and control in

the same manner as the corporation; and

(j) to do any and all things necessary or convenient to carry out its

purposes and exercise the powers expressly given and granted in this

section.

7. The subsidiary corporation and its corporate existence shall

continue until terminated by law. Upon termination of the existence of

the subsidiary corporation all of its rights and properties shall pass

to and be vested in the city. No such termination shall take effect as

long as obligations of the subsidiary corporation remain outstanding.

8. The city and the corporation shall have the power to transfer to

such subsidiary corporation agents, employees and facilities of the city

or corporation to enable it to fulfill the purposes of this section.