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SECTION 45-A
Housing trust fund corporation
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 3
§ 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 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 section ninety-eight 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. section 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 one-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 one-A of the public authorities law.