§ 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.

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 section ninety-eight 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 one-A of the public
authorities law, contracts entered into by the corporation pursuant to
article nineteen of this chapter shall not be subject to the provisions
of article one-A of the public authorities law.