2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 12 - (650 - 670) 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.