N.Y. Private Housing Finance Law § 663: Exemption from taxation

§ 663. Exemption from taxation. 1. The property of the corporation and

its income and operations shall be exempt from taxation.

2. It is hereby determined that the creation of the corporation is in

all respects for the benefit of the people of the state and for the

improvement of their health, safety, welfare, comfort and security, and

that said purposes are public purposes and that the corporation will be

performing an essential governmental function in the exercise of the

powers conferred upon it by this article. The state covenants with the

purchasers and all subsequent holders and transferees of notes and bonds

issued by the corporation, in consideration of the acceptance of and

payment for the notes and bonds, that the notes and bonds of the

corporation issued pursuant to this article and the income therefrom and

all its fees, charges, gifts, grants, revenues, receipts, and other

moneys received or to be received, pledged to pay or secure the payment

of such notes or bonds shall at all times be free from taxation, except

for estate and gift taxes and taxes on transfers. The corporation is

authorized to include this covenant of the state in any agreement with

the holders of such notes or bonds.