§ 654-b. Housing assistance corporation. 1. There is hereby
established a public benefit corporation known as the "housing
assistance corporation" as a subsidiary corporation of the corporation.

2. Such subsidiary corporation may (a) receive monies from the
corporation, the state, any public benefit corporation, the city, the
federal government or any other source for the purpose of assisting
rental developments to maintain rentals affordable to low and moderate
income persons for whom the ordinary operation of private enterprise
cannot supply safe, sanitary and affordable housing accommodations, (b)
transfer, lend, pledge or assign monies (i) to any rental development in
order to assist such development in maintaining rents affordable to such
low and moderate income tenants or (ii) in order to assist the
corporation in financing such developments, and (c) enter into such
agreements with the owners of such developments as it may deem
appropriate to further the objectives of this article. Such subsidiary
corporation shall have all the privileges, immunities, tax exemptions
and other exemptions of the corporation to the extent the same are not
inconsistent with this article.

3. The membership of such subsidiary corporation shall consist of the
commissioner of the department of housing preservation and development,
who shall serve as chairperson, and two public members appointed by and
who serve at the pleasure of the mayor. The powers of the subsidiary
corporation shall be vested in and exercised by no less than two of the
members thereto then in office. The subsidiary corporation may delegate
to one or more of its members, or its officers, agents and employees,
such duties and powers as it may deem proper.

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 such person's duties, by reason of such person's serving
as a member or officer of such subsidiary corporation.

5. The corporation may transfer to such subsidiary corporation any
real, personal or mixed property in order to carry out the purposes of
this section.

6. The subsidiary 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
section;

(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 and 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;

(h) appoint officers, agents and employees, prescribe their duties and
qualifications and fix their compensation subject to the provisions of
the civil service law and the rules of the civil service commission of
the city;

(i) invest any funds, or other monies under its custody and control in
the same manner as the corporation; and

(j) to do any and all things necessary or convenient to carry out its
purposes and exercise the powers expressly given and granted in this
section.

7. The subsidiary corporation and its corporate existence shall
continue until terminated by law. Upon termination of the existence of
the subsidiary corporation all of its rights and properties shall pass
to and be vested in the city. No such termination shall take effect as
long as obligations of the subsidiary corporation remain outstanding.

8. The city and the corporation shall have the power to transfer to
such subsidiary corporation agents, employees and facilities of the city
or corporation to enable it to fulfill the purposes of this section.