N.Y. UDA Law § 5 — New York Code / Act UDA / Section 5
Powers of the corporation
Status: in_force

§ 5. Powers of the corporation. Except as otherwise limited by this\nact, the corporation shall have power:\n  (1) To sue and be sued;\n  (2) To have a seal and alter the same at pleasure;\n  (3) To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\nact;\n  (4) To make and alter by-laws for its organization and internal\nmanagement and, subject to agreements with noteholders or bondholders,\nto make rules and regulations with respect to its projects, operations,\nproperties and facilities, which rules and regulations shall be filed\nwith the department of state in the manner provided by section one\nhundred two of the executive law;\n  (5) To acquire, hold and dispose of personal property for its\ncorporate purposes;\n  (6) To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n  (7) To acquire or contract to acquire from any person, firm,\ncorporation, municipality, federal or state agency, by grant, purchase,\ncondemnation or otherwise, leaseholds, real, personal or mixed property\nor any interest therein; to own, hold, clear, improve and rehabilitate,\nand to sell, assign, exchange, transfer, convey, lease, mortgage, or\notherwise dispose of or encumber the same;\n  (8) To create subsidiaries, as provided in section twelve of this act.\n  (9) To acquire, construct, reconstruct, rehabilitate, improve, alter\nor repair or provide for the construction, reconstruction, improvement,\nalteration or repair of any project.\n  (10) To arrange or contract with a municipality for the planning,\nreplanning, opening, grading or closing of streets, roads, roadways,\nalleys or other places, or for the furnishing of facilities or for the\nacquisition by a municipality of property or property rights or for the\nfurnishing of property or services in connection with a project.\n  (11) To sell, lease, assign, transfer, convey, exchange, mortgage, or\notherwise dispose of or encumber any project, and in the case of the\nsale of any project, to accept a purchase money mortgage in connection\ntherewith; and to lease, repurchase or otherwise acquire and hold any\nproject which the corporation has theretofore sold, leased or otherwise\nconveyed, transferred or disposed of.\n  (12) To grant options to purchase any project or to renew any leases\nentered into by it in connection with any of its projects, on such terms\nand conditions as it may deem advisable.\n  (13) To prepare or cause to be prepared plans, specifications, designs\nand estimates of cost for the construction, reconstruction,\nrehabilitation, improvement, alteration or repair of any project, and\nfrom time to time to modify such plans, specifications, designs or\nestimates.\n  (14) To manage any project, whether then owned or leased by the\ncorporation, and to enter into agreements with the state or any\nmunicipality or any agency or instrumentality thereof, or with any\nperson, firm, partnership or corporation, either public or private, for\nthe purpose of causing any project to be managed.\n  (15) To provide advisory, consultative, training and educational\nservices, technical assistance and advice to any person, firm,\npartnership or corporation, either public or private, in order to carry\nout the purposes of this act.\n  (16) To lend or donate monies, whether secured or unsecured, to any\nsubsidiary corporation, and to purchase, sell or pledge the shares,\nbonds or other obligations or securities thereof, on such terms and\nconditions as the corporation may deem advisable.\n  (17) To make mortgage loans, secured by a first mortgage lien,\nincluding temporary loans or advances, to any subsidiary corporation\nwhich is a housing company, and to undertake commitments therefor. Any\nsuch commitment, mortgage or bonds or notes secured thereby may contain\nsuch terms and conditions not inconsistent with the provisions of this\nact as the corporation may deem necessary or desirable to secure\nrepayment of its loan, the interest, if any, thereon and other charges\nin connection therewith.\n  (18) Subject to the provisions of any contract with noteholders or\nbondholders to consent to the modification, with respect to rate of\ninterest, time of payments of any installment of principal or interest,\nsecurity, or any other term, of any mortgage, mortgage loan, mortgage\nloan commitment, contract or agreement of any kind to which the\ncorporation is a party.\n  (19) In connection with any property on which it has made a mortgage\nloan, to foreclose on any such property or commence any action to\nprotect or enforce any right conferred upon it by any law, mortgage,\ncontract or other agreement, and to bid for and purchase such property\nat any foreclosure or at any other sale, or acquire or take possession\nof any such property; and in such event the corporation may complete,\nadminister, pay the principal of and interest on any obligations\nincurred in connection with such property, dispose of, and otherwise\ndeal with such property, in such manner as may be necessary or desirable\nto protect the interests of the corporation therein.\n  (20) To borrow money and to issue its negotiable bonds and notes and\nto provide for the rights of the holders thereof.\n  (21) As security for the payment of the principal of and interest on\nany bonds so issued and any agreements made in connection therewith, to\nmortgage and pledge any or all of its projects, whether then owned or\nthereafter acquired, and to pledge the revenues and receipts therefrom\nor from any thereof, and to assign or pledge the lease or leases on any\nportion or all of said projects and to assign or pledge the income\nreceived by virtue of said lease or leases.\n  (22) To invest any funds of the corporation including funds held in\nreserve or sinking funds, or any monies (including proceeds from the\nsale of any bonds or notes of the corporation) not required for\nimmediate use or disbursement, at the discretion of the corporation, in\n(a) obligations of the state or of the United States government, (b)\nobligations the principal and interest of which are guaranteed by the\nstate or the United States government, (c) obligations of agencies and\ninstrumentalities of the state or of the United States, or (d)\ncertificates of deposit of banks or trust companies in this state,\nsecured by obligations described in clauses (a), (b) or (c) of this\nsubdivision.\n  (23) To procure insurance against any loss in connection with its\nproperty and other assets and operations in such amounts and from such\ninsurers as it deems desirable.\n  (24) To engage the services of consultants on a contract basis for\nrendering professional and technical assistance and advice.\n  (25) To contract for and to accept any gifts or grants or loans of\nfunds or property or financial or other aid in any form from the federal\ngovernment or any agency or instrumentality thereof, or from the state\nor any agency or instrumentality thereof, or from any other source and\nto comply, subject to the provisions of this act, with the terms and\nconditions thereof.\n  * (26) To make loans, whether secured or unsecured, in connection with\nthe corporation's participation in a project (as defined in this act),\nto any person or entity, whether public or private, and to issue\ncommitments for such loans, provided that such loans and commitments are\nmade or issued in compliance with guidelines established by the board of\ndirectors of the corporation; to provide for the repayment of such loans\non terms and conditions that the directors of the corporation deem\nadvisable and to receive and hold real property or personal property as\nsecurity for the repayment of such loans.\n  * NB Repealed July 1, 2027\n  (27) To use a portion of appropriated funds generally designated as\nhigh risk targeted investment funds to establish a loan fund to be used\nto make loans to business enterprises located within empire zones\ndesignated pursuant to article eighteen-B of the general municipal law.\n  (28) To do any and all things necessary or convenient to carry out its\npurposes and exercise the powers given and granted in this act.\n  (29) Subject to any agreement with noteholders or bondholders, to\nenter into agreements to pay annual sums in lieu of taxes to any\nmunicipality or political subdivision of the state, in respect of any\nreal property which is owned by the corporation or any subsidiary\nthereof and is located in such municipality or political subdivision.\n  (30) To provide priority assistance to projects involving industry\nclusters. The term "industry cluster" shall mean a geographic\nconcentration of competitive firms or establishments in the same\nindustry that either have close buy-sell relationships with other\nindustries in the region, use common technologies, or share a\nspecialized labor pool that provides firms with a competitive advantage\nover the same industry in other places.\n