N.Y. Private Housing Finance Law 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.
Terms Used In N.Y. Private Housing Finance Law 45-B
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
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 § 98 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 1-A of the public authorities law, contracts entered into by the corporation pursuant to Article 19-A of the public authorities law.