650 – Short Title.
§ 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.
§ 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 of families and persons of low income. The ordinary operations of private enterprise cannot provide an adequate supply of such accommodations at […]
652 – Definitions.
§ 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 created by section six hundred fifty-three of this article. 2. “State” shall mean the state of New York. 3. “City” shall mean the city of New York. […]
653 – New York City Housing Development Corporation.
§ 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 constitute a public benefit corporation. It shall consist of seven members as follows: the commissioner of the department of housing preservation and […]
654 – Powers of the Corporation.
§ 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 the same at pleasure; 3. To make and alter by-laws for its organization and internal management and, subject to agreements with noteholders or bondholders, […]
654-A – Subsidiaries; How Created.
§ 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 the corporation, it has become necessary to acquire a project in the case of sale under foreclosure or in lieu of foreclosure and it is […]
654-B – Housing Assistance Corporation.
§ 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 corporation may (a) receive monies from the corporation, the state, any public benefit corporation, the city, the federal government or any other source for the […]
654-C – Housing New York Corporation.
§ 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 New York program established pursuant to section four of the housing New York program act. (b) “City” shall mean the city of New York, […]
654-D – Residential Mortgage Insurance Corporation.
§ 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 meaning or intent: (a) “Cash equivalent”. A letter of credit, insurance policy, surety, guarantee, indemnity or other security arrangement. (b) “Financial institution”. (i) Any […]
655 – Notes and Bonds of the Corporation.
§ 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 from time to time its negotiable notes and bonds in conformity with applicable provisions of the uniform commercial code in such principal […]
655-A – Authorization of Contracts for Taxation by the United States of Interest on Obligations Guaranteed Thereby.
§ 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 States, acting through any department, officer, agency, or instrumentality thereof, (a) pursuant to […]
656 – Reserve Funds and Appropriations.
§ 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 fund (1) any moneys appropriated and made available by the state or city for the purpose of such fund, (2) any proceeds of sale […]
657 – Agreement With the State.
§ 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 limit or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the said holders thereof, or […]
658 – State and City Not Liable on Notes and Bonds.
§ 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 of New York, and neither the state nor the city shall be liable thereon, nor shall they be payable […]
659 – City’s Right to Require Redemption of Bonds.
§ 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, the city may, upon furnishing sufficient funds therefor, require the corporation to redeem, prior to maturity, as a whole, any issue […]
660 – Remedies of Noteholders and Bondholders.
§ 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 the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty […]
661 – Assistance to the Corporation.
§ 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 purposes and for the exercise of its powers, including, but not limited to, deposits to the reserve funds. This section shall not be construed […]
662 – Notes and Bonds as Legal Investments.
§ 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 municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks […]
663 – Exemption From Taxation.
§ 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 the corporation is in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort […]
664 – Employees of the Corporation.
§ 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 with the provisions of the civil service law and the rules of the city civil service commission and the compensation for such employees shall […]