Section 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.