NY Priv Hous Fin L § 654-B (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 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.