2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 3 - (40 - 62) NEW YORK STATE HOUSING FINANCE AGENCY
44 - Powers of the agency.

 
    §  44.  Powers  of  the  agency.  Except  as otherwise limited by this
  article, the agency shall have power:
    1. To sue and be sued;
    2. To have a seal and alter the same at pleasure;
    3. To make and execute contracts and all other  instruments  necessary
  or  convenient  for  the  exercise of its power and functions under this
  article;
    4. To make  and  alter  by-laws  for  its  organization  and  internal
  management  and,  subject to agreements with noteholders or bondholders,
  to make rules and regulations governing the  use  of  its  property  and
  facilities,  which  rules  and  regulations  shall  be  filed  with  the
  department of state in the manner provided by section one hundred two of
  the executive law;
    5. To acquire, hold and dispose of personal property for its corporate
  purposes;
    6. To appoint officers, agents and employees, prescribe  their  duties
  and  fix  their  compensation,  subject  to  the provisions of the civil
  service law and to the  rules  and  regulations  of  the  civil  service
  commission of this state;
    7.  To  borrow  money  and  issue  negotiable  notes,  bonds  or other
  obligations and to provide for the rights of the holders thereof;
    8. Subject to any  agreements  with  noteholders  or  bondholders,  to
  invest any funds held in reserve or sinking funds, including the insured
  mortgage  reserve  fund and any special revenue housing coverage reserve
  fund or any monies not required for immediate use  or  disbursement,  at
  the  discretion of the 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, or in any other
  obligations in which the  comptroller  of  the  state  of  New  York  is
  authorized  to  invest  pursuant  to  section  ninety-eight of the state
  finance law;
    9. Subject to the approval of the commissioner in the case of mortgage
  loans to other than hospital corporations which are  eligible  borrowers
  as defined in article twenty-eight-B of the public health law or nursing
  home  companies, non-profit corporations which are eligible borrowers as
  defined in title five-A of article six of the social  services  law,  or
  companies  incorporated  pursuant  to the not-for-profit corporation law
  and article seventy-five of the mental hygiene law, who shall be  guided
  by the provisions governing state loans contained in article two of this
  chapter, to make mortgage loans, to participate with the state in making
  mortgage  loans  and  to undertake commitments to make any such mortgage
  loans;
    9-a. Subject to the approval of the commissioner of social services of
  the state  of  New  York,  to  make  mortgage  loans  and  to  undertake
  commitments  to make mortgage loans to community senior citizens centers
  and services companies under and pursuant to  article  seven-A  of  this
  chapter.
    10.  Subject  to  the  approval  of  the  commissioner  of housing and
  community  renewal,  the  state  commissioner  of  health,   the   state
  commissioner  of  mental  hygiene  or  the  state commissioner of social
  services, as the case may be, to sell, at public or  private  sale,  any
  mortgage  or  other  obligation  securing  a  mortgage  loan made by the
  agency;
    * 10-a. To acquire and  to  contract  to  acquire,  by  assignment  or
  otherwise,  any  mortgage securing a loan and any note or bond made by a
  mutual housing company and to modify or satisfy such mortgage,  bond  or
  note  and  accept  or  make a new mortgage and other instruments for the
  purpose of refinancing the existing indebtedness of such company.

  * NB (Effective pending ruling by Internal Revenue Service)
    11.  (a)  In  connection  with  the  making or financing the making of
  mortgage loans and  commitments  therefor,  except  mortgage  loans  and
  commitments made with hospital corporations which are eligible borrowers
  as  defined  in article twenty-eight-B of the public health law, nursing
  home companies, non-profit corporations which are eligible borrowers  as
  defined  in  title  five-A of article six of the social services law, or
  companies incorporated pursuant to the  not-for-profit  corporation  law
  and  article seventy-five of the mental hygiene law, to make and collect
  such fees and charges, including but not limited to reimbursement of all
  costs  of  financing  by  the  agency,  service  charges  and  insurance
  premiums, as the agency shall determine to be reasonable and as shall be
  approved by the commissioner of housing;
    (b)  In  connection  with the making of mortgage loans and commitments
  therefor to  hospital  corporations  which  are  eligible  borrowers  as
  defined  in  article  twenty-eight-B of the public health law or nursing
  home companies, to make and collect from such corporations and companies
  such fees and charges, including but not limited to reimbursement of all
  costs  of  financing  by  the  agency,  service  charges  and  insurance
  premiums, as the agency shall determine to be reasonable;
    (c)  In  connection  with the making of mortgage loans and commitments
  therefor to non-profit corporations  which  are  eligible  borrowers  as
  defined  in  title  five-A of article six of the social services law, to
  make and collect from such corporations such fees and charges, including
  but not limited to reimbursement  of  all  costs  of  financing  by  the
  agency,  service  charges  and  insurance  premiums  as the agency shall
  determine to be reasonable.
    (d) In connection with the making of mortgage  loans  and  commitments
  therefor  to  companies  incorporated  pursuant  to  the  not-for-profit
  corporation law and article seventy-five of the mental hygiene  law,  to
  make  and  collect  from such companies such fees and charges, including
  but not limited to reimbursement  of  all  costs  of  financing  by  the
  agency,  service  charges  and  insurance  premiums, as the agency shall
  determine to be reasonable.
    11-a. In connection with the making of mortgage loans and  commitments
  therefor  to  companies  incorporated  pursuant  to  the  not-for-profit
  corporation law and article seven-A of this chapter, to make and collect
  from such companies such fees and charges, including but not limited  to
  reimbursement  of  all costs of financing by the agency, service charges
  and insurance premiums, as the agency shall determine to be reasonable.
    11-b. To make or finance the making of federally-aided mortgage  loans
  pursuant to section forty-four-c of this article and, in connection with
  such  mortgage  loans,  to  exercise  such  powers  and  undertake  such
  responsibilities as may be required by  any  law,  regulation  or  other
  requirement of the federal government.
    11-c.  Subject  to the provisions of any contract with noteholders and
  bondholders (a) to make and contract for the making  of  mortgage  loans
  for  the  construction  or  rehabilitation of projects which a municipal
  housing authority,  constituted,  created  or  established  pursuant  to
  article  thirteen of the public housing law, has agreed to purchase on a
  turnkey basis in accordance with a federally assisted  program  for  the
  production  of public housing as authorized by the United States housing
  act of nineteen hundred thirty-seven as amended to the date of enactment
  of this subdivision  of  this  section,  upon  the  completion  of  such
  construction  or  rehabilitation and (b) to make and to contract for the
  making of loans to, or to purchase loans from banking or  other  lending
  institutions   for   the  purpose  of  financing  such  construction  or
  rehabilitation.

    12. In connection with any property on which it has made or financed a
  mortgage loan, to foreclose on any such property or commence any  action
  to  protect or enforce any right conferred upon it by any law, mortgage,
  contract or other agreement, and to bid for and purchase  such  property
  at  any  foreclosure or at any other sale, or acquire or take possession
  of any such property;  and  in  such  event  the  agency  may  complete,
  administer,  pay  the  principal  of  and  interest  on  any obligations
  incurred in connection with such property,  dispose  of,  and  otherwise
  deal  with,  such  property,  in  such  manner  as  may  be necessary or
  desirable to protect the interests of the agency therein;
    13. To enter into agreements to pay annual sums in lieu  of  taxes  to
  any political subdivision of the state with respect to any real property
  owned  by the agency; provided, however, that the amount so paid for any
  year upon any such property shall not exceed the sum last paid as  taxes
  on such property prior to the time of its acquisition by the agency;
    14.  To  procure  insurance  against  any  loss in connection with its
  property and other  assets  (including  mortgages,  mortgage  loans  and
  federally  guaranteed securities secured by such mortgage loans) in such
  amounts, and from such insurers, as it deems desirable;
    15. (a) Subject to  the  approval  of  the  commissioner  and  to  the
  provisions  of any contract with noteholders or bondholders, except with
  any holders of hospital and nursing home project bonds or notes or youth
  facilities project bonds or notes, or community mental  health  services
  and  mental  retardation  services  project  bonds or notes, whenever it
  deems it necessary or desirable in the fulfillment of  the  purposes  of
  this  article,  to  consent to the modification, with respect to rate of
  interest, time of payment of any installment of principal  or  interest,
  security,  or  any  other term, of any mortgage, mortgage loan, mortgage
  loan commitment, contract or agreement of any kind to which  the  agency
  is  a  party,  except  such  mortgages,  mortgage  loans,  mortgage loan
  commitments, contracts or agreements as may have been entered into  with
  hospital corporations which are eligible borrowers as defined in article
  twenty-eight-B  of  the  public  health  law,  nursing home companies or
  non-profit corporations which are eligible borrowers as defined in title
  five-A  of  article  six  of  the  social  services  law  or   companies
  incorporated  pursuant to the not-for-profit corporation law and article
  seventy-five of the mental hygiene law;
    (b) Subject to the provisions of any contract with holders of hospital
  and nursing home project bonds or notes, whenever it deems it  necessary
  or  desirable  in  the  fulfillment  of the purposes of this article, to
  consent to the modification, with respect to rate of interest,  time  of
  payment  of  any  installment of principal or interest, security, or any
  other term of any mortgage, mortgage  loan,  mortgage  loan  commitment,
  contract  or  agreement  of  any  kind between the agency and a hospital
  corporation  which  is  an  eligible  borrower  as  defined  in  article
  twenty-eight-B of the public health law or a nursing home company;
    (c)  Subject  to  the provisions of any contract with holders of youth
  facilities project bonds or notes, whenever it  deems  it  necessary  or
  desirable in the fulfillment of the purposes of this article, to consent
  to  the  modification, with respect to rate of interest, time of payment
  of any installment of principal or interest, security, or any other term
  of any mortgage, mortgage loan, mortgage loan  commitment,  contract  or
  agreement  of  any  kind between the agency and a non-profit corporation
  which is an eligible borrower pursuant to title five-A of article six of
  the social services law.
    (d) Subject  to  the  provisions  of  any  contract  with  holders  of
  community mental health services and mental retardation services project
  bonds  or  notes,  whenever  it  deems  it necessary or desirable in the

  fulfillment  of  the  purposes  of  this  article,  to  consent  to  the
  modification,  with  respect to rate of interest, time of payment of any
  installment of principal or interest, security, or any other term of any
  mortgage, mortgage loan, mortgage loan commitment, contract or agreement
  of  any  kind  between the agency and a company incorporated pursuant to
  the not-for-profit corporation  law  and  article  seventy-five  of  the
  mental hygiene law.
    15-a.  Subject  to  the  provisions  of  any  contract with holders of
  community senior citizens services project bonds or notes,  whenever  it
  deems  it  necessary  or desirable in the fulfillment of the purposes of
  this article, to consent to the modification, with respect  to  rate  of
  interest,  time  of payment of any installment of principal or interest,
  security, or any other term of any  mortgage,  mortgage  loan,  mortgage
  loan  commitment,  contract  or agreement of any kind between the agency
  and a company incorporated pursuant to  the  not-for-profit  corporation
  law and article seven-A of this chapter.
    16.  To  accept  any  gifts or grants or loans of funds or property or
  financial or other aid in any form from the federal  government  or  any
  agency  or  instrumentality  thereof or from the state or from any other
  source and to comply, subject to the provisions of  this  article,  with
  the terms and conditions thereof;
    17.  To engage the services of private consultants on a contract basis
  for rendering professional and technical assistance and advice;
    18. Subject to  the  approval  of  the  commissioner  of  housing  and
  community  renewal,  to  make  equity  loans to mutual companies, mutual
  housing  companies,  mutual   redevelopment   companies,   and   housing
  development  fund companies which are corporations organized pursuant to
  the business corporation law and article  eleven  of  this  chapter,  in
  amounts  not  to exceed the aggregate face value of home owners purchase
  notes accepted by  such  mutual  companies,  mutual  housing  companies,
  mutual  redevelopment  companies, or housing development fund companies,
  as the case may be, as consideration for the issuance of shares pursuant
  to the provisions of section nineteen of article two  of  this  chapter,
  section  seventy-eight  of  article  four  of  this chapter, section one
  hundred eight of article five of this chapter, or  subdivision  four  of
  section five hundred seventy-three of article eleven of this chapter, as
  the  case  may be; such loans shall be repaid over or within such period
  and shall be secured in such manner as the agency shall require and  the
  commissioner shall approve.
    19.  Subject to the approval of the commissioner of health pursuant to
  the provisions of article twenty-eight-A of the public  health  law,  to
  make  mortgage  loans  to non-profit nursing home companies incorporated
  pursuant to the provisions  of  article  twenty-eight-A  of  the  public
  health  law  and the not-for-profit corporation law and to make mortgage
  loans to limited-profit nursing home companies incorporated pursuant  to
  the provisions of article twenty-eight-A of the public health law and to
  undertake commitments to make any such mortgage loans.
    20.  Subject  to  the  approval of the commissioner, to purchase or to
  contract to purchase from a mutual  company,  or  from  any  shareholder
  thereof,  as  the  case may be, the shares appertaining to the dwellings
  leased by it for the purposes set forth in section forty-four-a of  this
  article,  to  hold  such  shares  or to sell or to contract to sell such
  shares to the sublessees  of  the  agency  who  are  residents  in  such
  dwellings,  or to the designees of the mutual company. Such shares shall
  be purchased or sold by the agency for the par value thereof. The  terms
  under  which  such shares may be sold, or be contracted to be sold shall
  be subject to the approval of the  commissioner.  Shares  owned  by  the
  agency may not be voted.

    21.  Subject  to  the  approval of the commissioner of social services
  pursuant to the provisions of title five-A of article six of the  social
  services  law,  to  make mortgage loans to non-profit corporations which
  are eligible borrowers pursuant to the provisions of the aforesaid title
  five-A and to undertake commitments to make any such mortgage loans.
    21-a.  Subject  to the approval of the commissioner of social services
  of the state of New York pursuant to the provisions of  article  seven-A
  of  this  chapter,  to  make  mortgage  loans  to companies incorporated
  pursuant to the  provisions  of  such  article  and  the  not-for-profit
  corporation  law  and to undertake commitments to make any such mortgage
  loans.
    22. Subject to the approval of  the  commissioner  of  mental  hygiene
  pursuant to the provisions of article seventy-five of the mental hygiene
  law,  to make loans to companies incorporated pursuant to the provisions
  of article seventy-five of the mental hygiene law and the not-for-profit
  corporation law and to undertake commitments to make any  such  mortgage
  loans.  No such loan or commitment made on or after June first, nineteen
  hundred eighty-two, shall be made primarily for a purpose other than the
  refinancing of existing indebtedness pursuant  to  subdivision  four  of
  section 75.05 of the mental hygiene law.
    23.  Subject to the approval of the commissioner of health pursuant to
  the provisions of article twenty-eight-B of the public  health  law,  to
  make   mortgage  loans  to  hospital  corporations  which  are  eligible
  borrowers as defined in article twenty-eight-B of the public health  law
  and to undertake commitments to make any such mortgage loans.
    24.  To contract with the state of New York municipal bond bank agency
  to render such services as the agency may  deem  appropriate,  including
  but  not  limited  to  the  use  of the premises, personnel and personal
  property of the agency and to charge the reasonable  costs  thereof  and
  provide for the reimbursement to the agency for any expenses necessarily
  incurred  by  the agency in carrying out the terms of such contract. Any
  such contract shall be subject to the separate approval of the  director
  of the budget.
    25.  To  contract  with  the  New  York  state medical care facilities
  finance agency to market and service any New  York  state  medical  care
  facilities  finance  agency  bonds  and  New  York  state  medical  care
  facilities finance agency notes approved by the New York  state  medical
  care  facilities  finance  agency,  and to contract to render such other
  services as the New York state medical care  facilities  finance  agency
  may  request,  including  but  not  limited  to the use of the premises,
  personnel and personal property  of  the  agency,  and  to  provide  for
  reimbursement  to  the  agency  from  the  New  York  state medical care
  facilities finance agency for any expenses necessarily incurred  by  the
  agency in carrying out the terms of any such contract. Any such contract
  shall be subject to the separate approval of the director of the budget.
    26.  To  contract  with  the  New York state project finance agency to
  market and service any New York state project finance agency  bonds  and
  New  York  state  project  finance agency notes approved by the New York
  state project finance agency, and  to  contract  to  render  such  other
  services  as  the  New  York  state  project finance agency may request,
  including but not limited to the use  of  the  premises,  personnel  and
  personal property of the agency, and to provide for reimbursement to the
  agency  from  the New York state project finance agency for any expenses
  necessarily incurred by the agency in carrying out the terms of any such
  contract. Any such contract shall be subject to the separate approval of
  the director of the budget.
    27. To contract with the New York state urban development  corporation
  to  market  and service any New York state urban development corporation

  bonds and New York state urban development corporation notes approved by
  the New York state urban development  corporation  and  to  contract  to
  render  such  other  services  as  the  New York state urban development
  corporation  may  request,  including  but not limited to the use of the
  premises, personnel and personal property of the agency, and to  provide
  for   reimbursement  to  the  agency  from  the  New  York  state  urban
  development corporation for any expenses  necessarily  incurred  by  the
  agency in carrying out the terms of any such contract. Any such contract
  shall be subject to the separate approval of the director of the budget.
    28.  To  participate in federal programs for the insurance of mortgage
  loans including programs which require the  agency  to  share  any  loss
  arising  out  of  any  mortgage  loan insured by the federal government,
  provided that the agency's share of any such loss shall not exceed fifty
  percent thereof.
    28-a. To acquire and enter into commitments to acquire  any  federally
  guaranteed  security to finance the making of mortgage loans pursuant to
  section forty-four-c of this article and to pledge or otherwise use  any
  such federally guaranteed security in such manner as the agency deems in
  its  best  interest to secure or otherwise provide a source of repayment
  on bonds issued to finance the making of such mortgage loans.
    29. To do any and all things necessary or convenient to carry out  its
  purposes  and  exercise  the  powers expressly given and granted in this
  article.
    * 29-a. (1) Subject to the provisions of any contract with noteholders
  and bondholders (a) to make and contract for the making of loans for the
  acquisition, construction or rehabilitation of housing developments  for
  the  purpose of providing residential units for occupancy by persons and
  families for whom the ordinary operations of private  enterprise  cannot
  provide  an  adequate  supply  of  safe, sanitary and affordable housing
  accommodations or for residential units located in an area designated as
  blighted pursuant to article fifteen or sixteen of the general municipal
  law, and (b) to make and to contract for the making of loans  to  or  to
  purchase  loans  from  lending institutions for the purpose of financing
  loans for such acquisition, construction or rehabilitation. No loans may
  be financed pursuant to this subdivision unless the  agency  finds  that
  portions  of  the  housing developments are to be occupied by persons or
  families of low or moderate income. In determining whether the  portions
  of housing developments will be so occupied, the agency may consider and
  rely  upon  the  fact  that the housing developments will be occupied by
  persons and families in accordance with requirements for the interest on
  obligations issued to finance them to be exempt from  taxation  pursuant
  to  section  103(b)(3)  or  103(b)(4)(A) of the Internal Revenue Code of
  1954, as amended.
    (2) With regard to any loan made  pursuant  to  this  subdivision  and
  notwithstanding   the  provisions  of,  or  any  regulation  promulgated
  pursuant to, the emergency housing rent control law, the local emergency
  housing rent control act, or local law  enacted  pursuant  thereto,  the
  rent  stabilizaton  law of nineteen hundred sixty-nine, or the emergency
  tenant protection act of nineteen seventy-four, the owner of  a  housing
  development  otherwise subject to any such law or act, with the approval
  of the agency, may establish the initial rent  for  each  dwelling  unit
  within  the project. If the initial rents are to be established pursuant
  hereto, the agency shall notify occupants of the housing development, if
  any, of any such proposed rental establishment  and  offer  to  meet  at
  least once with the occupants prior to its approval.
    (3)  The  powers  granted by this subdivision may be exercised only if
  (a) obligations of the agency have been issued to fund the loan made  or
  purchased by the agency and such obligations have received an investment

  grade  rating  from  a  recognized  rating  agency; (b) the loan made or
  purchased by the agency is fully secured as to principal and interest by
  insurance or a commitment to insure issued by  the  state  of  New  York
  mortgage agency or by the general credit of a bank, national bank, trust
  company,  savings bank, savings and loan association, insurance company,
  governmental agency of the United States, or any combination thereof; or
  (c) obligations of the agency are purchased by a  bank,  national  bank,
  trust  company,  savings  bank,  savings and loan association, insurance
  company, governmental agency of the United States, or  any  wholly-owned
  subsidiary or combination thereof.
    * NB Repealed July 23, 2015
    29-b.  To  carry  out  its powers and responsibilities with respect to
  permanent housing projects for homeless  families  as  provided  for  in
  article three-A of this chapter.
    30. (1) Subject to the provisions of any contract with noteholders and
  bondholders  (a)  to  make  and contract for the making of loans for the
  acquisition, refinancing, construction or rehabilitation of housing  and
  non-profit  health  facilities  and  (b) to make and to contract for the
  making of loans to or to purchase loans from  lending  institutions  for
  the  purposes  of  financing loans for such acquisition, construction or
  rehabilitation.
    (2) The powers granted by this subdivision may be exercised  only  if:
  (a)  the  commissioner  of  health  has  approved  any health and health
  related facilities which are in addition to  the  residential  unit  and
  housing  portion  of  the  facility,  pursuant  to  section twenty-eight
  hundred two of the public health law in any case where the  facility  is
  subject  to  the provisions of such section or has approved the facility
  according to the guidelines prescribed  in  any  other  case;  (b)  with
  respect  to  any portion thereof owned by a for profit owner, the agency
  makes  the  finding  required  to  finance  housing  developments  under
  paragraph  one  of  subdivision  twenty-nine-a  of this section; (c) (i)
  obligations of the agency have been issued to  fund  the  loan  made  or
  purchased by the agency and such obligations have received an investment
  grade  rating  from a recognized rating agency, or (ii) the loan made or
  purchased by the agency is fully secured as to principal and interest by
  insurance or a commitment to insure issued by  the  state  of  New  York
  mortgage agency or by the general credit of a bank, national bank, trust
  company,  savings bank, savings and loan association, insurance company,
  the college construction loan insurance association,  the  student  loan
  marketing  association,  or  a governmental agency of the United States;
  and (d) approval from the applicable state agencies as to the  need  for
  the project has been obtained prior to joint financing.
    31.  To  and  shall  develop, promote and ensure that, where possible,
  minority groups which traditionally have been disadvantaged,  and  women
  are   afforded  equal  opportunity  for  contracts  in  connection  with
  development and construction contracts for developments, facilities  and
  projects  financed by the issuance of bonds, notes and other obligations
  of the agency.
    32. To transfer funds in an amount to be agreed upon, at  the  request
  of the director of the division of the budget, to the state treasury for
  deposit  to  the general fund as an expense of the agency. Such transfer
  shall be made in such amounts and at  such  times  as  specified  in  an
  agreement  or agreements executed between the agency and the director of
  the budget with copies to be provided to the chairman  of  the  assembly
  ways  and  means  committee  and  the  chairman  of  the  senate finance
  committee.