New York Private Housing Finance Law Article 3 - NEW YORK STATE HOUSING FINANCE AGENCY

• 40 - Short Title.
  This article may be cited as the "New York state housing finance agency act."
• 41 - Statement of Legislative Findings and Purposes.
  1. There continues to exist in the state a seriously inadequate supply of safe and sanitary dwelling accommodations, non-housekeeping accommodations, aged care accommodations or accommodations...
• 42 - Definitions.
  As used or referred to in this article, unless a different meaning clearly appears from the context: 1. "Agency" shall mean the corporate governmental agency...
• 43 - New York State Housing Finance Agency.
  1. There is hereby created the "New York state housing finance agency". The agency shall be a corporate governmental agency constituting a public benefit corporation....
• 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...
• 44-a - Low Rent Dwelling Accommodations.
  1. Subject to the approval of the commissioner and to the provisions of any contract with noteholders and bondholders, the agency shall have the power...
• 44-b - Mortgage Modifications, Evidence of Pre-Existing Indebtedness.
  1. Notwithstanding the provision of any law, general or special, the agency shall have the power to: (i) consent to and contract for the modification...
• 44-c - Federally-Aided Mortgage Loans.
  1. In addition to the powers of the agency to make mortgage loans to companies organized pursuant to article two of this chapter and notwithstanding...
• 45 - Transfer of Officers and Employees.
  Officers and employees of state departments and agencies may be transferred to the agency and officers and employees of the agency may be transferred to...
• 45-a - Housing Trust Fund Corporation.
  1. There is hereby established a public benefit corporation known as the "housing trust fund corporation" as a subsidiary corporation of the agency. 2. The...
• 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...
• 45-c - Homeless Housing and Assistance Corporation.
  1. There is hereby established a public benefit corporation known as the "homeless housing and assistance corporation" as a subsidiary corporation of the agency. 2....
• 46 - Notes and Bonds of the Agency.
  1. (a) Subject to the provisions of section forty-seven of this article, the agency shall have power and is hereby authorized from time to time...
• 47 - Reserve Funds and Appropriations.
  1. (a) The agency shall create and establish a special fund (herein referred to as capital reserve fund), and shall pay into such capital reserve...
• 47-a - State University Construction Bonds and Notes.
  1. Definitions. For the purposes of section forty-seven and of this section: a. "State university facility" shall mean a classroom, lecture hall, library, laboratory or...
• 47-b - Mental Hygiene Improvement Bonds and Notes.
  1. Definitions. For the purposes of section forty-seven and of this section: a. "Community mental health and retardation facility" shall mean a building, a unit...
• 47-c - Special Provisions Related to Certain Bonds and Notes.
  Notwithstanding any other provision of law, general or special: 1. Any public corporation or officer responsible for the acquisition of real property or the planning,...
• 47-d - Health Facilities Bonds and Notes.
  1. Definitions. For the purposes of section forty-seven and this section: a. "Municipality" means a county, city or town constituting a social services district as...
• 47-e - Housing Program Bonds and Notes.
  1. Definitions. For the purposes of this section and paragraph (c) of subdivision one of section forty-seven of this chapter: (a) "Housing program" shall mean...
• 48 - 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...
• 49 - State'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,...
• 50 - Remedies of Noteholders and Bondholders.
  1. In the event that the agency shall default in the payment of principal of or interest on any issue of notes or bonds after...
• 51 - Monies of the Agency.
  1. All monies of the agency, except as otherwise authorized or provided in this article, shall be paid to the commissioner of taxation and finance...
• 51-a - Federal Rental Assistance Program Administrative Fees.
  All administrative fee monies received by the agency from the federal government pursuant to section eight of the United States housing act of 1937, as...
• 52 - Notes and Bonds As Legal Investment.
  The notes and bonds of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 53 - Exemption From Taxation of Property and Income.
  The property of the agency and its income and operations shall be exempt from taxation.
• 54 - Exemption From Taxation of Notes and Bonds.
  It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state and for...
• 55 - Assistance by State Officers, Departments, Boards and Commissions.
  1. The department of audit and control, department of law, commissioner of housing and division of housing, and all other state officers, departments, boards, divisions...
• 56 - Reports.
  * 1. The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee,...
• 56-a - Indemnification of Members, Officers and Employees.
  The state shall save harmless and indemnify the respective members, officers and employees of the agency and its subsidiary corporations pursuant to section seventeen of...
• 57 - Insured Mortgage Reserve Fund.
  1. The agency shall create and establish a special fund, to be known as the insured mortgage reserve fund, and shall pay into such fund...
• 58 - Special Revenue Housing Coverage Reserve Funds.
  The agency may create and establish one or more special funds to be known as special revenue housing coverage reserve funds and may pay into...
• 59 - Bond Reserve Insurance Fund.
  The agency shall create and establish a special fund, to be known as the bond reserve insurance fund and shall pay into such fund all...
• 59-a - Housing Trust Fund Account.
  The housing trust fund corporation created by section forty-five-a of this chapter shall create and establish a special account to be known as the housing...
• 59-b - Affordable Housing Development Account.
  The affordable housing corporation created by section forty-five-b of this chapter shall create and establish a special account to be known as the affordable housing...
• 59-c - Insured Housing Initiatives Fund.
  1. The agency shall create and establish a special fund to be known as the insured housing initiatives fund and shall pay into such fund...
• 59-d - Turnkey/enhanced Housing Account.
  The housing trust fund corporation created by section forty-five-a of this article shall create and establish a special account to be known as the "turnkey/enhanced...
• 59-e - Infrastructure Development Fund.
  The agency shall create and establish a special fund to be known as the "infrastructure development fund" and shall pay into such fund any moneys...
• 59-g - Permanent Housing for Homeless Families Fund.
  The agency shall create and establish a special fund to be known as the "permanent housing for homeless families fund" and shall pay into such...
• 59-h - Manufactured Home Cooperative Fund.
  The agency shall create and establish a special fund to be known as the manufactured home cooperative fund and shall pay into such fund any...
• 59-i - Homeless Housing and Assistance Account.
  The homeless housing and assistance corporation created by section forty-five-c of this chapter shall create and establish a special account to be known as the...
• 60 - Housing Project Repair Fund.
  1. As used in this section, (a) the term "current economic rent" shall mean the rent or carrying charges determined by the commissioner to be...
• 61 - 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...
• 61-a - Actions.
  Except in an action for wrongful death, in any case founded upon tort a notice of claim shall be required as a condition precedent to...
• 62 - Article Not Affected If in Part Unconstitutional.
  If any section, subdivision, paragraph, sentence, clause or provision of this article shall be unconstitutional or be ineffective in whole or in part, to the...

Last modified: February 3, 2019