New York Private Housing Finance Law Article 12 - NEW YORK CITY HOUSING DEVELOPMENT CORPORATION

• 650 - Short Title.
  This article shall be known and may be cited as the "New York city housing development corporation act."
• 651 - Statement of Legislative Findings and Purpose.
  1. There continues to exist in the city of New York a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach...
• 652 - Definitions.
  As used or referred to in this article, unless a different meaning clearly appears from the context: 1. "Corporation" shall mean the corporate governmental agency...
• 653 - New York City Housing Development Corporation.
  1. There is hereby created the "New York city housing development corporation". The corporation shall be a corporate governmental agency, perpetual in duration, and shall...
• 654 - Powers of the Corporation.
  Except as otherwise limited by this article, the corporation shall have power: 1. To sue and be sued; 2. To have a seal and alter...
• 654-a - Subsidiaries; How Created.
  1. The corporation by resolution may direct any of its members, officers or employees to organize a subsidiary corporation whenever, in the sole discretion of...
• 654-b - Housing Assistance Corporation.
  1. There is hereby established a public benefit corporation known as the "housing assistance corporation" as a subsidiary corporation of the corporation. 2. Such subsidiary...
• 654-c - Housing New York Corporation.
  1. Definitions. As used in this section, unless a different meaning clearly appears from the context: (a) "Housing New York program" shall mean the housing...
• 654-d - Residential Mortgage Insurance Corporation.
  1. Definitions. As used in this section, the following words and terms shall have the following meanings unless the context shall indicate another or different...
• 655 - Notes and Bonds of the Corporation.
  1. (a) Subject to the provisions of section six hundred fifty-six of this article, the corporation shall have power and is hereby authorized to issue...
• 655-a - Authorization of Contracts for Taxation by the United States of Interest on Obligations Guaranteed Thereby.
  The corporation is hereby authorized and empowered, from time to time and at any time to enter into a contract or contracts with the United...
• 656 - Reserve Funds and Appropriations.
  1. a. The corporation shall create and establish special funds (herein referred to as capital reserve funds) and shall pay into such a capital reserve...
• 657 - Agreement With the State.
  The state does hereby pledge to and agree with the holders of any notes or bonds issued under this article that the state will not...
• 658 - State and City Not Liable on Notes and Bonds.
  The notes, bonds or other obligations of the corporation shall not be a debt of either the state of New York or of the city...
• 659 - City's Right to Require Redemption of Bonds.
  Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds,...
• 660 - Remedies of Noteholders and Bondholders.
  1. In the event that the corporation shall default in the payment of principal of or interest on any issue of notes or bonds after...
• 661 - Assistance to the Corporation.
  The state or city may make grants of money or property to the corporation for the purpose of enabling it to carry out its corporate...
• 662 - Notes and Bonds As Legal Investments.
  The notes and bonds of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 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...
• 664 - Employees of the Corporation.
  1. Notwithstanding any inconsistent provisions of this act, the appointment and promotion of all employees of and for the corporation shall be made in accordance...
• 665 - Assistance by Department of Housing Preservation and Development.
  The commissioner of housing preservation and development and the department of housing preservation and development are hereby designated to act for and in behalf of...
• 666 - Moneys of the Corporation.
  1. All moneys of the corporation, except as otherwise authorized or provided in this article, shall be deposited as soon as practicable in a separate...
• 667 - Actions.
  1. Except in an action for wrongful death, in any case founded upon tort a notice of claim shall be required as a condition precedent...
• 668 - Annual Report.
  The corporation shall submit to the mayor, the comptroller and the director of management and budget within ninety days after the end of its fiscal...
• 669 - Article Not Affected If in Part Unconstitutional.
  If any section, subdivision, paragraph, sentence, clause or provision of this article shall be unconstitutional or ineffective, in whole or in part, to the extent...
• 670 - Inconsistent Provisions in Other Laws Superseded.
  Insofar as the provisions of this article are inconsistent with the provisions of any other law, general, special or local, the provisions of this article...

Last modified: February 3, 2019