Section 2412. Property and income

1. The property of the agency and its
  income and operations shall be exempt from taxation  or  assessments  of
  every kind and nature, other than assessments for local improvements and
  the  tax  imposed by article eleven of the tax law; nor shall the agency
  be required to pay any recording fee or transfer  tax  of  any  kind  on
  account of instruments recorded by it or on its behalf.
    2.  Notwithstanding the provisions of subdivision one of this section,
  all mortgages recorded prior to the effective date of  this  subdivision
  as  to  which  an  assignment  to  the agency has been recorded shall be
  recordable, enforceable, assignable and valid for all purposes as if the
  mortgage recording tax had been paid regardless of  whether  a  mortgage
  recording tax was paid thereon.