Section 45-A. Housing trust fund corporation

1. There is hereby established
  a   public   benefit  corporation  known  as  the  "housing  trust  fund
  corporation" as a subsidiary corporation of the agency.
    2. The agency may transfer to such subsidiary  corporation  any  real,
  personal or mixed property in order to carry out the purposes of article
  eighteen of this chapter. Such subsidiary corporation shall have all the
  privileges, immunities, tax exemption and other exemptions of the agency
  to the extent the same are not inconsistent with this section.
    3.  The membership of such subsidiary corporation shall consist of the
  commissioner of housing and community renewal, who shall also  serve  as
  its chairperson, the chairman of the agency and one additional member to
  be  appointed  by  the chairperson of the housing trust fund corporation
  who shall serve at the pleasure of such chairperson. The powers  of  the
  corporation shall be vested in and excercised by no less than two of the
  members  thereof  then in office. The 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.
    3-a.  The chairman of the agency may appoint an officer or employee of
  the agency to represent him at all  meetings  of  the  corporation  from
  which he may be absent. Any such representative so designated shall have
  the  power  to attend and to vote at any meeting of the corporation from
  which the chairman of the agency is  absent  with  the  same  force  and
  effect  as  if  the chairman of the agency were present and voting. Such
  designation shall be by written notice filed with the chairperson of the
  corporation. The designation of such person shall continue until revoked
  at any time by written notice  to  such  chairperson.  Such  designation
  shall  not be deemed to limit the power of the chairman of the agency to
  attend and vote at any meeting of the corporation.
    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  his  duties,  by  reason  of  his  serving as a member,
  director, or trustee of such subsidiary corporation.
    5.  Notwithstanding  any  inconsistent  provisions  of  law,  general,
  special  or  local, no officer or employee of the state, or of any civil
  division thereof, or any public benefit corporation, shall be deemed  to
  have  forfeited  or  shall forfeit his office or employment by reason of
  his acceptance of membership on the corporation created by this section.
    6. The fiscal year of such subsidiary corporation shall begin with the
  first day of April  of  each  year  and  end  with  the  next  following
  thirty-first day of March.
    7. The 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
  chapter;
    (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 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; and

    (h) Invest any funds of the corporation, or any other monies under its
  custody and control not required for immediate use or  disbursement,  at
  the  discretion  of  the corporation, in obligations of the state or the
  United States government or obligations the principal  and  interest  of
  which are guaranteed by the state or the United States government, or in
  any  other  obligations  in  which  the  comptroller  of  the  state  is
  authorized to invest pursuant  to  section  ninety-eight  of  the  state
  finance law.
    8.  The  corporation  will  encourage  the  creation  of local housing
  partnerships; such partnerships  may  include  but  not  be  limited  to
  members  of  the  business  community,  the financial community, housing
  developers, builders, not-for-profit organizations and community leaders
  who are committed to the development of low income housing  within  such
  community.
    9.  The  corporation will facilitate the coordination of local housing
  partnerships and  existing  state,  federal  and  local  programs  which
  promote the development of low income housing.
    10.  The corporation may do any and all things necessary or convenient
  to carry out and exercise the powers given and granted by  this  section
  and  article  eighteen  of  this  chapter  including, but not limited to
  contracting with  the  commissioner  of  the  division  of  housing  and
  community  renewal  to  administer  any of the provisions of the special
  needs housing act of 1988 and articles eighteen and eighteen-A  of  this
  chapter.
    11.  The division of housing and community renewal and all other state
  officers,   departments,   boards,   divisions,   commissions,    public
  authorities  and public benefit corporations may render such services to
  the corporation within their respective functions as may be requested by
  the corporation.
    10. Notwithstanding the provisions of  article  one-A  of  the  public
  authorities  law,  contracts entered into by the corporation pursuant to
  articles eighteen and eighteen-A of this chapter shall not be subject to
  the provisions of article one-A of the public authorities law.