§ 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.

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2. The agency may transfer to such subsidiary corporation any real, personal or mixed property in order to carry out the purposes of article eighteen 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 chairman of the agency may appoint an officer or employee of the agency to represent him at all meetings of the corporation from which he 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 chairman of the agency is absent with the same force and effect as if the chairman of the agency were present and voting. Such designation shall be by written notice filed with the chairperson of the corporation. The designation of such person shall continue until revoked at any time by written notice to such chairperson. Such designation shall not be deemed to limit the power of the chairman of the agency 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 will encourage the creation of local housing partnerships; such partnerships may include but not be limited to members of the business community, the financial community, housing developers, builders, not-for-profit organizations and community leaders who are committed to the development of low income housing within such community.

9. The corporation will facilitate the coordination of local housing partnerships and existing state, federal and local programs which promote the development of low income housing.

10. The corporation is a public housing agency as defined in the United States housing act of 1937, as amended, and may receive and administer funds including but not limited to subsidies, loans and fees made available through federal programs under such act.

(a) The corporation shall be the sole entity with authority in the state to undertake any statewide or regional multi-state contract for performance based annual contributions contract administration issued under authority granted in 42 U.S.C. § 1437f or any replacement program or contract, whether called an annual contributions contract or other name, that requires substantially the same administration or support services offered nationally, regionally or statewide. The corporation may in its discretion subcontract such activities as it may require. The division of housing and community renewal shall be the entity responsible for such statewide or regional multi-state contract administration with all powers and responsibilities which would otherwise be available to the corporation in the event the corporation is unable or unwilling to act as such entity.

(b) The powers vested in the corporation and the division of housing and community renewal pursuant to paragraph (a) of this subdivision are coincident to the powers of any municipal or other local public housing agency or public housing authority operating within the state on the effective date of this paragraph. The authority of the corporation and the division of housing and community renewal to operate on a statewide basis shall not limit the authority of such municipal public housing agency or local public housing authority to operate, service, administer or enter into any project based section 8 contract or contracts where the project is located within a political subdivision of the state in which such public housing agency or public housing authority was operating on such effective date.

11. 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 eighteen 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 the special needs housing act of 1988 and articles eighteen and eighteen-A of this chapter.

12. The division of housing and community renewal 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.

13. Notwithstanding the provisions of Article 1-A of the public authorities law, contracts entered into by the corporation pursuant to articles eighteen and eighteen-A of this chapter shall not be subject to the provisions of Article 1-A of the public authorities law.