2015 New York Laws
BNK - Banking
Article 1 - (Banking) SHORT TITLE; DEFINITIONS; MISCELLANEOUS PROVISIONS.
6 - Investment in obligations of housing corporations indirectly guaranteed pursuant to the "Servicemen's Readjustment Act of 1944".

 6.  Investment  in  obligations  of  housing corporations indirectly
  guaranteed pursuant to the  "Servicemen's  Readjustment  Act  of  1944".
  Subject  to  such  regulations and restrictions as the superintendent of
  financial services finds to be necessary and  proper,  any  bank,  trust
  company  or  savings  bank  may invest in obligations of any corporation
  organized under any law of this state  for  the  purpose  of  acquiring,
  constructing,  owning,  maintaining,  operating,  selling or conveying a
  housing  project  or  projects  (not  including  hotels  but   including
  accommodations  for  retail  stores,  shops, offices and other community
  services reasonably incident  to  such  projects)  located  within  this
  state,  which  obligations  are  (a) secured by a first mortgage lien on
  such project, or such part thereof, as was or is to  be  constructed  or
  acquired  out of the proceeds of such obligations, either directly or by
  issue under  an  indenture  of  mortgage  from  such  corporation  to  a
  corporate  trustee  having  its  principal office in this state, and (b)
  guaranteed  indirectly  through  the  pledge  as  security  therefor  of
  obligations  directly guaranteed under title three of an act of congress
  entitled the "Servicemen's Readjustment Act of 1944",  in  an  aggregate
  amount  equal  to  at least thirty per centum of the principal amount of
  all sums advanced to such  corporation  under  the  loan  instrument  or
  indenture during the period of construction and, upon completion, to the
  extent  of  at  least  forty  per centum of the principal amount of such
  obligations.