§ 45-B — Affordable housing corporation

New York § 45-B

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 3: New York State Housing Finance Agency

Text

§ 45-b. Affordable housing corporation. 1. There is hereby established\na public benefit corporation known as the "affordable housing\ncorporation" as a subsidiary corporation of the agency.\n 2. The agency may transfer to such subsidiary corporation any real,\npersonal or mixed property in order to carry out the purposes of article\nnineteen of this chapter. Such subsidiary corporation shall have all the\nprivileges, immunities, tax exemption and other exemptions of the agency\nto the extent the same are not inconsistent with this section.\n 3. The membership of such subsidiary corporation shall consist of the\nmembers identified pursuant to subdivision one of section forty-three of\nthis article, and the powers of such subsidiary corporation shall be\nvested in and exercised by no less than six of its members thereof then\nin office. The subsidiary corporation may delegate to one or more of its\nmembers, or its officers, agents and employees, such powers and duties\nas it may deem proper.\n 3-a. The commissioner of housing and community renewal, the director\nof the budget and the commissioner of taxation and finance each may\nappoint a person from their respective division or department to\nrepresent such member, respectively, at all meetings of the corporation\nfrom which such member may be absent. Any such representative so\ndesignated shall have the power to attend and to vote at any meeting of\nthe corporation from which the member so designating him as a\nrepresentative is absent with the same force and effect as if the member\ndesignating him were present and voting. Such designation shall be by\nwritten notice filed with the chairman of the corporation by each of the\nsaid members. The designation of such persons shall continue until\nrevoked at any time by written notice to the chairman by the respective\nmember making the designation. Such designation shall not be deemed to\nlimit the power of the appointing member to attend and vote at any\nmeeting of the corporation.\n 4. No officer or member of the corporation shall receive any\nadditional compensation, either direct or indirect, other than\nreimbursement for actual and necessary expenses incurred in the\nperformance of his duties, by reason of his serving as a member,\ndirector, or trustee of such subsidiary corporation.\n 5. Notwithstanding any inconsistent provisions of law, general,\nspecial or local, no officer or employee of the state, or of any civil\ndivision thereof, or any public benefit corporation, shall be deemed to\nhave forfeited or shall forfeit his office or employment by reason of\nhis acceptance of membership on the corporation created by this section.\n 6. The fiscal year of such subsidiary corporation shall begin with the\nfirst day of April of each year and end with the next following\nthirty-first day of March.\n 7. The corporation shall have the power to:\n (a) Sue and be sued;\n (b) Have a seal and alter the same at pleasure;\n (c) Make and alter by-laws for its organization and internal\nmanagement and make rules and regulations governing the use of its\nproperty and facilities;\n (d) Make and execute contracts and all other instruments necessary or\nconvenient for the exercise of its powers and functions under this\nchapter;\n (e) Acquire, hold and dispose of real or personal property for its\ncorporate purposes;\n (f) Engage the services of private consultants on a contract basis for\nrendering professional and technical assistance advice;\n (g) Procure insurance against any loss in connection with its\nactivities, properties and other assets, in such amount and from such\ninsurers as it deems desirable; and\n (h) Invest any funds of the corporation, or any other monies under its\ncustody and control not required for immediate use or disbursement, at\nthe discretion of the corporation, in obligations of the state or the\nUnited States government or obligations the principal and interest of\nwhich are guaranteed by the state or the United States government, or in\nany other obligations in which the comptroller of the state is\nauthorized to invest pursuant to section ninety-eight of the state\nfinance law.\n 8. The corporation may do any and all things necessary or convenient\nto carry out and exercise the powers given and granted by this section\nand article nineteen of this chapter including, but not limited to\ncontracting with the commissioner of the division of housing and\ncommunity renewal to administer any of the provisions of article\nnineteen of this chapter.\n 9. The agency and all other state officers, departments, boards,\ndivisions, commissions, public authorities and public benefit\ncorporations may render such services to the corporation within their\nrespective functions as may be requested by the corporation.\n 10. Notwithstanding the provisions of article one-A of the public\nauthorities law, contracts entered into by the corporation pursuant to\narticle nineteen of this chapter shall not be subject to the provisions\nof article one-A of the public authorities law.\n