2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 11 - (570 - 582) HOUSING DEVELOPMENT FUND COMPANIES
574-A - Municipal housing development fund.

 
    §  574-a.  Municipal  housing  development fund. 1. A municipality may
  create and establish a revolving fund to  be  known  as  the  "municipal
  housing  development  fund."  Such a revolving fund shall be created and
  established in the supervising agency.
    2. There shall be paid into such municipal  housing  development  fund
  (a)  any  moneys appropriated and made available by the municipality for
  the purposes of such fund, (b) notwithstanding  the  provisions  of  the
  local  finance law or any other provision of law, any moneys received in
  repayment of advances made from such fund,  and  (c)  any  other  moneys
  which  may  be  available  for  the  purpose of such fund from any other
  source or sources.
    3. Any moneys held in such  municipal  housing  development  fund  not
  required  for  immediate disbursement may be invested, at the discretion
  of the supervising agency, 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. Any income or
  interest earned by, or increment to, such municipal housing  development
  fund  shall  be  added  to the moneys held in such fund for the purposes
  herein provided.