§ 654-B — Housing assistance corporation

§ 654-b. Housing assistance corporation. 1. There is hereby\nestablished a public benefit corporation known as the "housing\nassistance corporation" as a subsidiary corporation of the corporation.\n 2. Such subsidiary corporation may (a) receive monies from the\ncorporation, the state, any public benefit corporation, the city, the\nfederal government or any other source for the purpose of assisting\nrental developments to maintain rentals affordable to low and moderate\nincome persons for whom the ordinary operation of private enterprise\ncannot supply safe, sanitary and affordable housing accommodations, (b)\ntransfer, lend, pledge or assign monies (i) to any rental development in\norder to assist such development in maintaining rents affordable to such\nlow and moderate income tenants or (ii) in order to assist the\ncorporation in financing such developments, and (c) enter into such\nagreements with the owners of such developments as it may deem\nappropriate to further the objectives of this article. Such subsidiary\ncorporation shall have all the privileges, immunities, tax exemptions\nand other exemptions of the corporation to the extent the same are not\ninconsistent with this article.\n 3. The membership of such subsidiary corporation shall consist of the\ncommissioner of the department of housing preservation and development,\nwho shall serve as chairperson, and two public members appointed by and\nwho serve at the pleasure of the mayor. The powers of the subsidiary\ncorporation shall be vested in and exercised by no less than two of the\nmembers thereto then in office. The subsidiary corporation may delegate\nto one or more of its members, or its officers, agents and employees,\nsuch duties and powers as it may deem proper.\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 such person's duties, by reason of such person's serving\nas a member or officer of such subsidiary corporation.\n 5. The corporation may transfer to such subsidiary corporation any\nreal, personal or mixed property in order to carry out the purposes of\nthis section.\n 6. The subsidiary 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\nsection;\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 and 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;\n (h) appoint officers, agents and employees, prescribe their duties and\nqualifications and fix their compensation subject to the provisions of\nthe civil service law and the rules of the civil service commission of\nthe city;\n (i) invest any funds, or other monies under its custody and control in\nthe same manner as the corporation; and\n (j) to do any and all things necessary or convenient to carry out its\npurposes and exercise the powers expressly given and granted in this\nsection.\n 7. The subsidiary corporation and its corporate existence shall\ncontinue until terminated by law. Upon termination of the existence of\nthe subsidiary corporation all of its rights and properties shall pass\nto and be vested in the city. No such termination shall take effect as\nlong as obligations of the subsidiary corporation remain outstanding.\n 8. The city and the corporation shall have the power to transfer to\nsuch subsidiary corporation agents, employees and facilities of the city\nor corporation to enable it to fulfill the purposes of this section.\n