§ 1974. Powers of the authority. The authority shall have power:

1. To sue and be sued;

2. To have a seal and alter the same at pleasure;

3. To acquire, lease, hold, mortgage and dispose of real property and
personal property or any interest therein for its corporate purposes;

4. To acquire, construct, improve, enlarge, operate and maintain a
project within the project area as defined herein and all other
structures, appurtenances and facilities necessary or convenient in
connection therewith, provided, however, that all contracts for
construction let by the authority shall be let in conformity with the
provisions of section one hundred thirty-five of the state finance law,
except that contracts for construction let by subsidiaries of the
authority shall be governed instead by the applicable provisions of the
private housing finance law;

5. To appoint officers, agents and employees, prescribe their
qualifications and duties and fix their compensation;

6. To make by-laws for the management and regulation of its affairs,
and, subject to agreements with bondholders, for the regulation of the
projects;

7. With the consent of the city to use agents, employees and
facilities of the city, paying to the city its agreed proportion of the
compensation or cost;

8. To make contracts and to execute all necessary or convenient
instruments, including leases and subleases, evidences of indebtedness,
negotiable or non-negotiable;

9. To engage the services of consultants on a contract basis for
rendering professional and technical assistance and advice;

10. To accept grants, loans or contributions from the United States,
or the state or the city, or any agency or instrumentality of any of
them, or from any other source and to expend the proceeds for any
corporate purpose;

11. To fix, establish and collect rates, rentals, fees and other
charges for the use of the project, subject to and in accordance with
such agreements with bondholders and noteholders as may be made as
hereinafter provided;

12. To create subsidiaries pursuant to section nineteen hundred
seventy-four-a of this title;

13. To lend or donate monies, whether secured or unsecured, to any
subsidiary, and to purchase, sell or pledge the shares, bonds or other
obligations or securities thereof, on such terms and conditions as the
authority may deem advisable;

14. To make loans secured by a first mortgage, and to make temporary
loans or advances, to any housing company organized to provide housing
within the Battery Park city project area pursuant to and subject to the
provisions of article two, article four or article eleven of the private
housing finance law, including any subsidiary of the authority, and to
undertake commitments therefor. Any such commitments or loans may
contain such terms and conditions not inconsistent with the provisions
of this title as the authority may deem necessary or desirable to secure
repayment of its loan, the interest, if any, thereon and other charges
in connection therewith;

15. Subject to the provisions of any contract with noteholders or
bondholders, to sell, at public or private sale, any mortgage or other
security for a mortgage loan made by the authority;

16. In connection with the making of mortgage loans and commitments
therefor, to make, fix or establish and collect such fees and charges,
including but not limited to reimbursement of all costs of financing by
the authority, service charges and insurance premiums, as the authority
shall determine to be reasonable subject to the provisions of any
contract with noteholders or bondholders;

17. To procure or agree to the procurement of insurance or guarantees
from the federal government of the payment of any bonds or notes,
mortgages or any other evidences of indebtedness issued by the authority
or its subsidiaries, including the power to pay premiums on any such
insurance;

18. Subject to the provisions of any contract with noteholders or
bondholders, to consent to the modification, with respect to rate of
interest, time of payment of any installment of principal or interest,
security or any other term, of any mortgage, mortgage loan, mortgage
loan commitment, contract or agreement of any kind to which the
authority is a party;

19. In connection with any property on which the authority has made a
mortgage loan, to foreclose on any such property or commence any action
to protect or enforce any right conferred upon the authority by any law,
mortgage, contract or other agreement, and to bid for and purchase such
property at any foreclosure or at any other sale, or acquire or take
possession of any such property; and in such event the authority may
complete, administer, pay the principal of and interest on any
obligations incurred in connection with such property, and dispose of,
and otherwise deal with, such property, in such manner as may be
necessary or desirable to protect the interests of the authority
therein;

20. To manage any project, whether or not then owned or leased by the
authority, and to enter into agreements with the state or any
municipality or any agency or instrumentality thereof, or with any
person, firm, partnership or corporation, either public or private, for
the purpose of causing any project to be managed;

21. To procure insurance against any loss in connection with its
property and other assets and operations in such amounts and from such
insurers as it deems desirable;

22. Notwithstanding the provisions of this title or of any other law,
general, special or local, whenever the authority shall find that the
maximum rentals charged tenants of the dwellings in any project financed
by the authority in whole or in part shall not be sufficient, together
with all other income of the mortgagor, to meet within reasonable limits
all necessary payments to be made by the mortgagor of all expenses
including fixed charges, sinking funds, reserves and dividends, to
request the mortgagor to make application to vary the rental rate for
such dwellings so as to secure sufficient income, and upon failure of
the mortgagor to take such action within sixty days after receipt of
written request from the authority to do so, to vary such rental rate by
action of the authority.

23. To do all things necessary or convenient to carry out the powers
expressly given in this title.

24. To borrow money and issue negotiable bonds, notes or other
obligations and to provide for the rights of the holders thereof;

25. To carry out its powers and responsibilities with respect to the
chapter of the laws of nineteen hundred ninety which enacted this
subdivision.