reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 654-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 654-A - Subsidiaries; How Created.

§  654-a.  Subsidiaries; how created. 1. The corporation by resolution   may direct any of its members,  officers  or  employees  to  organize  a   subsidiary   corporation   whenever,  in  the  sole  discretion  of  the   corporation, it has become necessary to acquire a project in the case of   sale under foreclosure or in lieu of foreclosure and it is beneficial to   effectuate the purpose of this chapter for the subsidiary to hold  title   to the project.2.  Each  such  subsidiary  corporation  shall  be wholly owned by the   corporation and shall be organized pursuant to the business  corporation   law, the not-for-profit corporation law or article two or article eleven   of this chapter.3.  The  corporation  may  transfer  to any subsidiary corporation any   money, real or personal or mixed  property  or  may  convey  to  it  any   project  in  order  to carry out the purposes of this article. Each 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 the statute or statutes pursuant to which   such subsidiary was incorporated. Except as may be inconsistent with the   provisions of this article, such subsidiary, if  organized  pursuant  to   article two or article eleven of this chapter, shall have all the rights   and powers granted to housing companies by this chapter and by any other   statute pursuant to which such subsidiary corporation was organized.4.  No  member  or  officer  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, director, trustee or officer of any subsidiary corporation.
NY Priv Hous Fin L § 655-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 655-A - Authorization of Contracts for Taxation by the United States of Interest on Obligations Guaranteed Thereby.

§  655-a. Authorization of contracts for taxation by the United States   of interest on obligations guaranteed thereby. The corporation is hereby   authorized and empowered, from time to time and at  any  time  to  enter   into  a contract or contracts with the United States, acting through any   department, officer, agency, or instrumentality thereof, (a) pursuant to   which the United States (i),  unconditionally  guarantees  the  payment,   when  due,  of  the  interest on, and the principal of, bonds, notes, or   other obligations issued or to be issued by the corporation or (ii) pays   a portion of the  interest  payable  on  such  bonds,  notes,  or  other   obligations  issued  or  to  be  issued  by  the  corporation and (b) in   consideration of which the corporation covenants and consents  that  the   interest  on such bonds, notes, or other obligations shall be includible   under the internal revenue code of nineteen hundred  fifty-four  or  any   subsequent  corresponding  internal  revenue law of the United States in   the gross income of the holder or holders of such bonds, notes, or other   obligations to the same extent and in the same manner that the  interest   on  bills,  bonds,  notes  or  other obligations of the United States is   includible in the gross income of the holder or  holders  thereof  under   said  internal  revenue code or any such subsequent law. The corporation   is hereby futher authorized and empowered  to  include  in  such  bonds,   notes,  or  other  obligations  and  any  documents related thereto such   reference to, or summary of, the  contract  or  contracts  as  shall  be   satisfactory  to such department, officer, agency, or instrumentality of   the United States. The powers herein conferred shall be in  addition  to   the  powers  conferred  by  any  other  law and such powers shall not be   subject to the limitations or restrictions of any other law, but nothing   contained herein or in any such contract or contracts shall be construed   to covenant or consent, or to authorize any covenant or consent, to  the   application  of  any other provision of any other law, federal or state,   to the corporation or to such bonds, notes, or other obligations, or  to   the  elimination  or  modification  in  any  way  of any other exemption   (including without limitation exemption from taxation under section  six   hundred sixty-three of this article), privilege, or immunity thereof.
NY Priv Hous Fin L § 657 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 657 - Agreement With the State.

§  657.  Agreement with the state. The state does hereby pledge to and   agree with the holders of any notes or bonds issued under  this  article   that  the  state will not limit or alter the rights hereby vested in the   corporation to fulfill the terms of any agreements made  with  the  said   holders  thereof,  or  in any way impair the rights and remedies of such   holders until such notes and bonds, together with the interest  thereon,   with  interest on any unpaid installments of interest, and all costs and   expenses in connection with any action or proceeding by or on behalf  of   such   holders,  are  fully  met  and  discharged.  The  corporation  is   authorized to include this pledge and agreement  of  the  state  in  any   agreement with the holders of such notes or bonds.
NY Priv Hous Fin L § 658 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 658 - State and City Not Liable on Notes and Bonds.

§  658. State and city not liable on notes and bonds. The notes, bonds   or other obligations of the corporation shall not be a  debt  of  either   the  state of New York or of the city of New York, and neither the state   nor the city shall be liable thereon, nor shall they be payable  out  of   any  funds other than those of the corporation; and such notes and bonds   shall contain on the face thereof a statement to such effect.
NY Priv Hous Fin L § 659 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 659 - City's Right to Require Redemption of Bonds.

§  659.  City's right to require redemption of bonds.  Notwithstanding   and in addition to any provisions for the redemption of bonds which  may   be  contained  in  any  contract with the holders of the bonds, the city   may, upon furnishing sufficient funds therefor, require the  corporation   to  redeem,  prior  to  maturity,  as a whole, any issue of bonds on any   interest payment date not less than twenty years after the date  of  the   bonds  of  such issue at one hundred five per centum of their face value   and accrued interest or  at  such  lower  redemption  price  as  may  be   provided  in  the  bonds in case of the redemption thereof as a whole on   the redemption date. Notice of such redemption shall be published in  at   least  two  newspapers published and circulating in the city of New York   at least twice, the first publication to be at least thirty days  before   the date of redemption.
NY Priv Hous Fin L § 660 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 660 - Remedies of Noteholders and Bondholders.

§  660.  Remedies of noteholders and bondholders. 1. In the event that the corporation shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due,  whether at maturity or upon call for redemption, and such default shall continue for  a period of thirty days, or in the event that the corporation shall fail or refuse to comply with the provisions of this article,  or  shall default  in any agreement made with the holders of any issue of notes or bonds, the holders of twenty-five  per  centum  in  aggregate  principal amount  of  the  notes  or  bonds  of  such  issue  then outstanding, by instrument or instruments filed in the office of the clerk of the county of New York and proved or acknowledged in the same manner as a  deed  to be  recorded,  may  appoint  a  trustee to represent the holders of such notes or bonds for the purposes herein provided.   2. Such trustee may, and  upon  written  request  of  the  holders  of twenty-five  per  centum in principal amount of such notes or bonds then outstanding shall, in such trustee's own name:  (a) by suit,  action  or  proceeding  in  accordance  with  the  civil practice  law  and  rules,  enforce  all  rights  of  the noteholders or bondholders, including the right to require the corporation to carry out any agreement with such holders and to perform  its  duties  under  this article;  (b) bring suit upon such notes or bonds;  (c)  by  action  or  suit, require the corporation to account as if it were the trustee of an express trust for the holders of  such  notes  or bonds;  (d) by action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds;  (e)  declare  all  such  notes  or  bonds  due and payable, and if all defaults shall be made good, then, with the consent of  the  holders  of twenty-five  per  centum  of the principal amount of such notes or bonds then outstanding, annul such declaration and its consequences.   3. The supreme court shall have jurisdiction of any  suit,  action  or proceeding  by the trustee on behalf of such noteholders or bondholders. The venue of any such suit, action or proceeding shall be  laid  in  the county of New York.   4.  Before  declaring the principal of notes or bonds due and payable, the trustee shall first give thirty  days'  notice  in  writing  to  the corporation.
NY Priv Hous Fin L § 661 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 661 - Assistance to the Corporation.

§  661.  Assistance  to  the  corporation.  The state or city may make   grants of money or property  to  the  corporation  for  the  purpose  of   enabling  it to carry out its corporate purposes and for the exercise of   its powers, including, but not  limited  to,  deposits  to  the  reserve   funds.  This section shall not be construed to limit any other power the   state or city may have to make such grants to the corporation.
NY Priv Hous Fin L § 662 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 662 - Notes and Bonds as Legal Investments.

§  662.  Notes  and bonds as legal investments. The notes and bonds of   the corporation are hereby made securities in which all public  officers   and   bodies   of  this  state  and  all  municipalities  and  municipal   subdivisions, all insurance companies and associations and other persons   carrying on an insurance business, all banks, bankers, trust  companies,   savings  banks  and  savings  associations,  including  savings and loan   associations, building and loan associations, investment  companies  and   other  persons  carrying  on  a  banking  business,  all administrators,   guardians, executors, trustees and  other  fiduciaries,  and  all  other   persons  whatsoever who are now or may hereafter be authorized to invest   in bonds or in other obligations of the state, may properly and  legally   invest  funds, including capital, in their control or belonging to them.   The notes and bonds  are  also  hereby  made  securities  which  may  be   deposited  with and may be received by all public officers and bodies of   the state and all municipalities and public corporations for any purpose   for which the deposit of bonds or other obligations of the state is  now   or may hereafter be authorized.
NY Priv Hous Fin L § 663 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 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.
NY Priv Hous Fin L § 665 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 665 - Assistance by Department of Housing Preservation and Development.

§   665.   Assistance   by  department  of  housing  preservation  and   development. The commissioner of housing  preservation  and  development   and  the  department  of housing preservation and development are hereby   designated to act for and in behalf  of  the  corporation  in  servicing   mortgage  loans of the corporation, and shall perform such functions and   services in connection with the making, servicing and collection of such   loans as shall be requested by the corporation.  The  corporation  shall   pay  to  the department of housing preservation and development from any   moneys of the corporation available for such purposes  such  amounts  as   are  necessary  to  reimburse the department of housing preservation and   development for the reasonable cost of the  services  performed  by  the   commissioner   of  housing  preservation  and  development  and  by  the   department of housing preservation  and  development  pursuant  to  this   section.
NY Priv Hous Fin L § 666 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 666 - Moneys of the Corporation.

§  666.  Moneys  of the corporation. 1. All moneys of the corporation,   except as otherwise authorized or provided in  this  article,  shall  be   deposited  as  soon  as practicable in a separate account or accounts in   banks or trust companies organized  under  the  laws  of  the  state  or   national  banking  association doing business in the city. The moneys in   such accounts shall be paid out on checks  signed  by  such  officer  or   employee  of  the  corporation  as  the corporation shall authorize. All   deposits of such moneys  shall,  if  required  by  the  corporation,  be   secured  by  obligations  of the United States or of the state or of the   city of a market value equal at all times to the amount of  the  deposit   and  all  banks and trust companies are authorized to give such security   for such deposits.Notwithstanding the provisions of this section, the corporation  shall   have  power to contract with the holders of any of its notes or bonds as   to the custody, collection, securing,  investment  and  payment  of  any   moneys  of  the corporation and of any moneys held in trust or otherwise   for the payment of notes or bonds,  and  to  carry  out  such  contract.   Moneys  held  in trust or otherwise for the payment of notes or bonds or   in any way to secure notes or bonds and deposits of such moneys  may  be   secured  in  the same manner as moneys of the corporation, and all banks   and trust companies are  authorized  to  give  such  security  for  such   deposits.2.  Subject  to  the  provisions  of any contract with noteholders and   bondholders and the approval of the comptroller, the  corporation  shall   prescribe a system of accounts.3.  The  comptroller,  or  his  legally  authorized representative, is   hereby authorized and empowered from time to time to examine  the  books   and  accounts  of the corporation including its receipts, disbursements,   contracts, reserve funds, sinking  funds,  investments,  and  any  other   matters relating to its financial standing. Such an examination shall be   conducted  by  the  comptroller  at  least once in every five years; the   comptroller is authorized, however, to accept from the  corporation,  in   lieu  of  such  an examination, an external examination of its books and   accounts made at the request of the corporation.4. The corporation shall submit  to  the  mayor  and  the  comptroller   within  thirty  days of the receipt thereof by the corporation a copy of   the report of every external examination of the books  and  accounts  of   the  corporation  other  than copies of the reports of such examinations   made by the comptroller.
NY Priv Hous Fin L § 667 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 667 - Actions.

§ 667. Actions. 1. Except in an action for wrongful death, in any case   founded  upon  tort  a  notice of claim shall be required as a condition   precedent to the commencement of an action or special proceeding against   the corporation, any of its subsidiary  corporations,  or  any  officer,   appointee  or employee thereof, and the provisions of section fifty-e of   the general municipal law shall govern the giving  of  such  notice.  An   action  for  wrongful  death  shall  be commenced in accordance with the   notice of claim and  time  limitation  provisions  of  title  eleven  of   article nine of the public authorities law. Any other action against the   corporation,  any  of its subsidiary corporations, or any other officer,   appointee or employee thereof  for  damages  for  injuries  to  real  or   personal  property,  or  for  the  destruction  thereof, or for personal   injuries, alleged to have been sustained, shall not  be  commenced  more   than  one  year and ninety days after the cause of action therefor shall   have accrued.2. Except as may otherwise be expressly provided by  the  corporation,   the  corporation  shall  not  be  liable  for  any  debts,  liabilities,   obligations, agreements, contracts or covenants of any of its subsidiary   corporations. No action or special proceeding of any kind may be brought   against the corporation by any person having claims against or contracts   with any of  its  subsidiary  corporations  (including  any  predecessor   corporation  of  any  of its subsidiary corporations) if the corporation   was not a party to the matter giving rise to such claims or contracts.
NY Priv Hous Fin L § 668 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 668 - Annual Report.

§  668.  Annual report. The corporation shall submit to the mayor, the   comptroller and the director of management and budget within ninety days   after the end of its fiscal year, a complete and detailed report setting   forth: (1) its operations and  accomplishments;  (2)  its  receipts  and   expenditures  during  such fiscal year in accordance with the categories   or classifications established by the corporation for its operating  and   capital  outlay purposes, including a listing of all private consultants   engaged by the corporation on a contract basis and a  statement  of  the   total  amount  paid  to each such private consultant; (3) its assets and   liabilities at the end of its fiscal year, including a schedule  of  its   mortgage  loans  and  commitments  and the status of reserve, special or   other funds; and (4) a schedule of its notes and  bonds  outstanding  at   the  end  of  its  fiscal year, together with a statement of the amounts   redeemed and incurred during such fiscal year.
NY Priv Hous Fin L § 669 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 669 - Article Not Affected if in Part Unconstitutional.

§  669.  Article  not  affected  if  in  part unconstitutional. If any   section, subdivision, paragraph, sentence, clause or provision  of  this   article  shall  be unconstitutional or ineffective, in whole or in part,   to the extent that it is not unconstitutional or ineffective it shall be   valid and  effective  and  no  other  section,  subdivision,  paragraph,   sentence, clause or provision shall on account thereof be deemed invalid   or ineffective.
NY Priv Hous Fin L § 670 (2021)
2021 New York Laws PVH - Private Housing Finance Article 12 - New York City Housing Development Corporation 670 - Inconsistent Provisions in Other Laws Superseded.

§  670.  Inconsistent provisions in other laws superseded.  Insofar as   the provisions of this article are inconsistent with the  provisions  of   any other law, general, special or local, the provisions of this article   shall be controlling.