§ 653. New York city housing development corporation. 1. There is
hereby created the "New York city housing development corporation". The
corporation shall be a corporate governmental agency, perpetual in
duration, and shall constitute a public benefit corporation. It shall
consist of seven members as follows: the commissioner of the department
of housing preservation and development, who shall serve as chairperson,
the commissioner of finance, the director of management and budget, two
public members to be appointed by the mayor and two public members to be
appointed by the governor. The public members first appointed by the
mayor or the governor, as may be the case, shall serve for terms ending
two and four years respectively from January first next succeeding the
date of their appointment. Their successors shall serve for terms of
four years each. Members shall continue in office until their successors
have been appointed and qualified. The mayor or the governor shall fill
any vacancy which may occur by reason of death, resignation or otherwise
in a manner consistent with the original appointment. A public member
may be removed by the mayor or the governor, whichever appointed such
member, for cause, but not without an opportunity to be heard in person
or by counsel, in such member's defense, upon not less than ten days'
notice.

2. (a) The members, officers and employees of the corporation shall be
subject to the conflicts of interest provisions of chapter sixty-eight
of the New York city charter and the rules promulgated thereunder by the
New York city conflicts of interest board. Such members, officers and
employees shall not be subject to the provisions of article eighteen of
the general municipal law or the provisions of sections seventy-three,
seventy-three-a and seventy-four of the public officers law.

(b) The members, officers and employees of the corporation 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 New York city conflicts of interest board, and for such
purpose the members shall be deemed to be compensated members of the
corporation.

(c) Notwithstanding any inconsistent provisions of this or any other
general, special or local law, 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, 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 by reason of such person's acceptance of membership on
or by virtue of such person being an officer, employee or agent of the
corporation. A member shall not receive a salary or other compensation
for services rendered pursuant to this article but shall be entitled to
reimbursement for such member's actual and necessary expenses incurred
in the performance of such services. The members may engage in private
employment or in a profession or business, unless otherwise prohibited
from doing so by virtue of holding another public office, subject to the
provisions of chapter sixty-eight of the New York city charter and the
rules promulgated thereunder by the New York city conflicts of interest
board.

3. The powers of the corporation shall be vested in and exercised by
no less than four of the members thereof then in office. The corporation
may delegate to one or more of its members, officers, agents or
employees such powers and duties as it may deem proper.

4. The corporation and its corporate existence shall continue until
terminated by law; provided, however, that no such law shall take effect
so long as the corporation shall have notes, bonds, or other obligations
outstanding. Upon termination of the existence of the corporation all of
its rights and properties shall pass to and be vested in the city.