Section 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.