2006 New York Code - Tax Exemption.

 
    §  2046-n. Tax exemption. 1. It is hereby determined that the creation
  of the agency and the carrying out of its corporate purposes is  in  all
  respects  for the benefit of the people of the town and the state and is
  a public purpose, and the agency  shall  be  regarded  as  performing  a
  governmental function in the exercise of the powers conferred upon it by
  this  title  and  shall not be required to pay taxes or assessments upon
  any of the real property or improvements thereon acquired by it or under
  its jurisdiction or control or supervision or upon its activities or any
  filing, recording or transfer fees or taxes in relation  to  instruments
  filed, recorded or transferred by it or on its behalf.
    2.  The  bonds  and notes issued pursuant to this title, together with
  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 bonds or notes, shall at all  times
  be  free  from  taxation,  except for estate and gift taxes and taxes on
  transfers.