§ 628. New York city public housing preservation trust. 1. There is
hereby established a public benefit corporation to be known as the "New
York city public housing preservation trust". The purpose of such trust
shall be the design, development, construction, reconstruction,
improvement, modernization, rehabilitation, repairing and operation of
housing facilities.

2. The trust shall be governed by and its powers shall be exercised by
a board of trustees consisting of nine members. The members shall be the
NYCHA CEO, the NYCHA CFO, the deputy mayor for housing and economic
development of the city of New York, or another deputy mayor designated
by the mayor if there is no deputy mayor with that designation, three
members appointed by the NYCHA CEO, including two housing facility
resident members and one member at large, provided that one such housing
facility resident member shall be selected from two candidates nominated
by the recognized citywide council of presidents, or an equivalent
successor body, and one such housing facility resident member shall be
selected from two candidates nominated by the resident advisory board,
or an equivalent successor body, and three members appointed by the
mayor, including two housing facility resident members, provided that
one such housing facility resident member shall be selected from two
candidates nominated by the recognized citywide council of presidents,
or an equivalent successor body, and one member who shall represent
employees of NYCHA, as applicable, and be selected from two candidates
nominated by organizations representing employees of NYCHA or the trust,
as applicable. The NYCHA CEO shall be the chair of the trust. The board
of trustees of the trust shall appoint the president of the trust. The
term of each member, other than members serving by virtue of their
positions, shall be three years, except at initial appointment when the
terms shall be staggered so that no more than two members shall have
terms that end in any given year, provided that the term of only one
member appointed by the mayor shall end in any given year.

3. Each appointed member shall continue in office until a successor
has been appointed and qualified unless otherwise removed as follows. A
member may be removed by the NYCHA CEO or mayor, whichever appointed
such member, upon the filing in the office of the trust and serving upon
the member the reasons therefor. Such document setting forth the reasons
shall be made available to the general public which shall include, but
not be limited to, publishing such reasons on the websites of the trust
and NYCHA. In the event a vacancy occurs in the office of an appointed
member, the vacancy shall be filled in the same manner as was the
original appointment of the member whose office became vacant.

4. Appointed members may engage in private employment, or in a
profession or business, unless otherwise prohibited by law, rule or
regulation, provided, however, that notwithstanding any applicable
provision of law, the members shall be subject to the limitations
contained in sections two thousand six hundred three, two thousand six
hundred four, two thousand six hundred five, and two thousand six
hundred six of the New York city charter. The trust shall be an agency
and such members shall be public servants for the purposes of such
sections. In addition, such members shall be subject to the provisions
of section one thousand one hundred sixteen of the New York city charter
and shall for the purposes of such section be considered officers of the
city. Further, such members, the president and certain critical
employees of the trust as designated by the board or the president,
shall be subject to the provisions of section 12-110 of the
administrative code of the city of New York pertaining to the filing of
annual disclosure reports with the city conflicts of interest board, and
for such purpose, the members of the board of trustees shall be deemed
to be compensated members of the trust.

5. The board shall provide for the holding of regular meetings, and
such special meetings, at the call of the chair of the trust, as may be
necessary. A majority of the whole number of members shall constitute a
quorum for the transaction of business. The powers of the board shall be
vested in and exercised by a majority of the whole number of the members
thereof. Any one or more members of the board may participate in a
meeting of the trust by means of videoconferencing consistent with
article seven of the public officers law.

6. Members of the board, other than members serving by virtue of their
positions, shall receive a stipend in the amount of two hundred fifty
dollars for every four hours of work performed for the trust, not to
exceed one thousand five hundred dollars per month. In addition, members
shall be reimbursed for the actual and necessary expenses incurred by
them in the performance of their official duties as members of the board
of trustees.

7. The board shall appoint a president of the trust and determine the
compensation of the president. The president, who shall not be a member
of the board, shall be the chief executive officer of the trust and
shall be responsible for the discharge of the executive and
administrative functions and powers of the trust, including the exercise
of any powers delegated by the board to the president. The president
shall serve at the pleasure of the board.

8. The trust and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the trust shall have bonds, notes and other obligations
outstanding, unless adequate provision has been made for the payment
thereof. Upon the termination of the existence of the trust, all its
rights and properties shall pass to and be vested in NYCHA.

9. Notwithstanding any provision of law to the contrary, no officer or
employee of the state, or of any civil division thereof, or of any
public corporation, as defined in the general construction law,
including NYCHA, shall be deemed to have forfeited or shall forfeit such
person's office or employment or any benefits provided under the
retirement and social security law or under any public retirement system
maintained by the state or by the civil divisions thereof, or by any
such public corporation, by reason of such person's acceptance of
membership on the board of the trust or by virtue of such person being
an officer or employee of the trust.