2021 New York Laws
PVH - Private Housing Finance
Article 3 - New York State Housing Finance Agency
45-B - Affordable Housing Corporation.

§ 45-b. Affordable housing corporation. 1. There is hereby established
a   public   benefit   corporation  known  as  the  "affordable  housing
corporation" as a subsidiary corporation of the agency.
  2. The agency may transfer to such subsidiary  corporation  any  real,
personal or mixed property in order to carry out the purposes of article
nineteen of this chapter. Such subsidiary corporation shall have all the
privileges, immunities, tax exemption and other exemptions of the agency
to the extent the same are not inconsistent with this section.
  3.  The membership of such subsidiary corporation shall consist of the
members identified pursuant to subdivision one of section forty-three of
this article, and the powers of such  subsidiary  corporation  shall  be
vested  in and exercised by no less than six of its members thereof then
in office. The subsidiary corporation may delegate to one or more of its
members, or its officers, agents and employees, such powers  and  duties
as it may deem proper.
  3-a.  The  commissioner of housing and community renewal, the director
of the budget and the commissioner of  taxation  and  finance  each  may
appoint  a  person  from  their  respective  division  or  department to
represent such member, respectively, at all meetings of the  corporation
from  which  such  member  may  be  absent.  Any  such representative so
designated shall have the power to attend and to vote at any meeting  of
the   corporation  from  which  the  member  so  designating  him  as  a
representative is absent with the same force and effect as if the member
designating him were present and voting. Such designation  shall  be  by
written notice filed with the chairman of the corporation by each of the
said  members.  The  designation  of  such  persons shall continue until
revoked at any time by written notice to the chairman by the  respective
member  making the designation.  Such designation shall not be deemed to
limit the power of the appointing member  to  attend  and  vote  at  any
meeting of the corporation.
  4.  No  officer  or  member  of  the  corporation  shall  receive  any
additional  compensation,  either  direct  or   indirect,   other   than
reimbursement   for  actual  and  necessary  expenses  incurred  in  the
performance of his duties,  by  reason  of  his  serving  as  a  member,
director, or trustee of such subsidiary corporation.
  5.  Notwithstanding  any  inconsistent  provisions  of  law,  general,
special or local, no officer or employee of the state, or of  any  civil
division  thereof, or any public benefit corporation, shall be deemed to
have forfeited or shall forfeit his office or employment  by  reason  of
his acceptance of membership on the corporation created by this section.
  6. The fiscal year of such subsidiary corporation shall begin with the
first  day  of  April  of  each  year  and  end  with the next following
thirty-first day of March.
  7. The corporation shall have the power to:
  (a) Sue and be sued;
  (b) Have a seal and alter the same at pleasure;
  (c)  Make  and  alter  by-laws  for  its  organization  and   internal
management  and  make  rules  and  regulations  governing the use of its
property and facilities;
  (d) Make and execute contracts and all other instruments necessary  or
convenient  for  the  exercise  of  its  powers and functions under this
chapter;
  (e) Acquire, hold and dispose of real or  personal  property  for  its
corporate purposes;
  (f) Engage the services of private consultants on a contract basis for
rendering professional and technical assistance advice;
  (g)  Procure  insurance  against  any  loss  in  connection  with  its
activities, properties and other assets, in such amount  and  from  such
insurers as it deems desirable; and
  (h) Invest any funds of the corporation, or any other monies under its
custody  and  control not required for immediate use or disbursement, at
the discretion of the corporation, 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  is
authorized  to  invest  pursuant  to  section  ninety-eight of the state
finance law.
  8. The corporation may do any and all things necessary  or  convenient
to  carry  out and exercise the powers given and granted by this section
and article nineteen of this  chapter  including,  but  not  limited  to
contracting  with  the  commissioner  of  the  division  of  housing and
community renewal  to  administer  any  of  the  provisions  of  article
nineteen of this chapter.
  9.  The  agency  and  all  other  state officers, departments, boards,
divisions,  commissions,   public   authorities   and   public   benefit
corporations  may  render  such services to the corporation within their
respective functions as may be requested by the corporation.
  10. Notwithstanding the provisions of  article  one-A  of  the  public
authorities  law,  contracts entered into by the corporation pursuant to
article nineteen of this chapter shall not be subject to the  provisions
of article one-A of the public authorities law.