NY Priv Hous Fin L § 45-B (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 45-B - Affordable Housing Corporation.

§ 45-b. Affordable housing corporation. 1. There is hereby established a   public   benefit   corporation  known  as  the  "affordable  housing corporation" as a subsidiary corporation of the agency.   2. The agency may transfer to such subsidiary  corporation  any  real, personal or mixed property in order to carry out the purposes of article nineteen of this chapter. Such subsidiary corporation shall have all the privileges, immunities, tax exemption and other exemptions of the agency to the extent the same are not inconsistent with this section.   3.  The membership of such subsidiary corporation shall consist of the members identified pursuant to subdivision one of section forty-three of this article, and the powers of such  subsidiary  corporation  shall  be vested  in and exercised by no less than six of its members thereof then in office. The subsidiary corporation may delegate to one or more of its members, or its officers, agents and employees, such powers  and  duties as it may deem proper.   3-a.  The  commissioner of housing and community renewal, the director of the budget and the commissioner of  taxation  and  finance  each  may appoint  a  person  from  their  respective  division  or  department to represent such member, respectively, at all meetings of the  corporation from  which  such  member  may  be  absent.  Any  such representative so designated shall have the power to attend and to vote at any meeting  of the   corporation  from  which  the  member  so  designating  him  as  a representative is absent with the same force and effect as if the member designating him were present and voting. Such designation  shall  be  by written notice filed with the chairman of the corporation by each of the said  members.  The  designation  of  such  persons shall continue until revoked at any time by written notice to the chairman by the  respective member  making the designation.  Such designation shall not be deemed to limit the power of the appointing member  to  attend  and  vote  at  any meeting of the corporation.   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 his duties,  by  reason  of  his  serving  as  a  member, director, or trustee of such subsidiary corporation.   5.  Notwithstanding  any  inconsistent  provisions  of  law,  general, special or local, no officer or employee of the state, or of  any  civil division  thereof, or any public benefit corporation, shall be deemed to have forfeited or shall forfeit his office or employment  by  reason  of his acceptance of membership on the corporation created by this section.   6. The fiscal year of such subsidiary corporation shall begin with the first  day  of  April  of  each  year  and  end  with the next following thirty-first day of March.   7. The 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 chapter;  (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 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; and  (h) Invest any funds of the corporation, or any other monies under its custody  and  control not required for immediate use or disbursement, at the discretion of the corporation, 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, or in any  other  obligations  in  which  the  comptroller  of  the  state  is authorized  to  invest  pursuant  to  section  ninety-eight of the state finance law.   8. The corporation may do any and all things necessary  or  convenient to  carry  out and exercise the powers given and granted by this section and article nineteen of this  chapter  including,  but  not  limited  to contracting  with  the  commissioner  of  the  division  of  housing and community renewal  to  administer  any  of  the  provisions  of  article nineteen of this chapter.   9.  The  agency  and  all  other  state officers, departments, boards, divisions,  commissions,   public   authorities   and   public   benefit corporations  may  render  such services to the corporation within their respective functions as may be requested by the corporation.   10. Notwithstanding the provisions of  article  one-A  of  the  public authorities  law,  contracts entered into by the corporation pursuant to article nineteen of this chapter shall not be subject to the  provisions of article one-A of the public authorities law.