Section 45-B. Affordable housing corporation

1. There is hereby established
  a   public   benefit   corporation  known  as  the  "affordable  housing
  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
  nineteen 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
  members of the agency, as may be constituted  from  time  to  time.  The
  chairperson of the agency shall serve as chairperson of the corporation.
  The  powers  of  the corporation shall be vested in and excercised by no
  less than four 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 commissioner of housing and community renewal,  the  director
  of  the  budget  and  the  commissioner of taxation and finance each may
  appoint a  person  from  their  respective  division  or  department  to
  represent  such member, respectively, at all meetings of the corporation
  from which such  member  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  member  so  designating  him  as   a
  representative is absent with the same force and effect as if the member
  designating  him  were  present and voting. Such designation shall be by
  written notice filed with the chairman of the corporation by each of the
  said members. The designation  of  such  persons  shall  continue  until
  revoked  at any time by written notice to the chairman by the respective
  member making the designation. Such designation shall not be  deemed  to
  limit  the  power  of  the  appointing  member 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 may do any and all things necessary  or  convenient
  to  carry  out and exercise the powers given and granted by this section
  and article nineteen 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  article
  nineteen of this chapter.
    9.  The  agency  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
  article nineteen of this chapter shall not be subject to the  provisions
  of article one-A of the public authorities law.