N.Y. Private Housing Finance Law Section 51
Monies of the agency

1.

All monies of the agency, except as otherwise authorized or provided in this article, shall be paid to the commissioner of taxation and finance as agent of the agency, who shall not commingle such monies with any other monies. Such monies shall be deposited in a separate bank account or accounts. The monies in such accounts shall be paid out on checks signed by the commissioner of taxation and finance on requisition of the chairman of the agency or of such other officer or employee or officers or employees as the agency shall authorize to make such requisition. All deposits of such monies shall, if required by the commissioner of taxation and finance or the agency, be secured by obligations of the United States or of the state of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits. Notwithstanding the provisions of this section, the agency shall have power, subject to the approval of the commissioner of taxation and finance, to contract with the holders of any of its notes or bonds, as to the custody, collection, securing, investment, and payment of any monies of the agency, of any monies held in trust or otherwise for the payment of notes or bonds, and to carry out such contract. Monies held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds and deposits of such monies may be secured in the same manner as monies of the agency, and all banks and trust companies are authorized to give such security for such deposits.

2.

Subject to agreements with noteholders and bondholders and the approval of the comptroller, the agency shall prescribe a system of accounts.

3.

The comptroller, or his legally authorized representative, is hereby authorized and empowered from time to time to examine the books and accounts of the agency including its receipts, disbursements, contracts, reserve funds, sinking funds, investments, and any other matters relating to its financial standing. Such an examination shall be conducted by the comptroller at least once in every five years; the comptroller is authorized, however, to accept from the agency, in lieu of such an examination, an external examination of its books and accounts made at the request of the agency.

4.

The agency shall submit to the governor, chairman of the senate finance committee, chairman of the assembly ways and means committee and the comptroller, within thirty days of the receipt thereof by the agency, a copy of the report of every external examination of the books and accounts of the agency other than copies of the reports of such examinations made by the comptroller.

Source: Section 51 — Monies of the agency, https://www.­nysenate.­gov/legislation/laws/PVH/51 (updated Sep. 22, 2014; accessed Apr. 27, 2024).

40
Short title 41
Statement of legislative findings and purposes 42
Definitions 43
New York state housing finance agency 44
Powers of the agency 44‑A
Low rent dwelling accommodations 44‑B
Mortgage modifications, evidence of pre-existing indebtedness 44‑C
Federally-aided mortgage loans 45
Transfer of officers and employees 45‑A
Housing trust fund corporation 45‑B
Affordable housing corporation 45‑C
Homeless housing and assistance corporation 46
Notes and bonds of the agency 47
Reserve funds and appropriations 47‑A
State university construction bonds and notes 47‑B
Mental hygiene improvement bonds and notes 47‑C
Special provisions related to certain bonds and notes 47‑D
Health facilities bonds and notes 47‑E
Housing program bonds and notes 48
Agreement with the state 49
State’s right to require redemption of bonds 50
Remedies of noteholders and bondholders 51
Monies of the agency 51‑A
Federal rental assistance program administrative fees 52
Notes and bonds as legal investment 53
Exemption from taxation of property and income 54
Exemption from taxation of notes and bonds 55
Assistance by state officers, departments, boards and commissions 56
Reports 56‑A
Indemnification of members, officers and employees 57
Insured mortgage reserve fund 58
Special revenue housing coverage reserve funds 59
Bond reserve insurance fund 59‑A
Housing trust fund account 59‑B
Affordable housing development account 59‑C
Insured housing initiatives fund 59‑D
Turnkey/enhanced housing account 59‑E
Infrastructure development fund 59‑G
Permanent housing for homeless families fund 59‑H
Manufactured home cooperative fund 59‑I
Homeless housing and assistance account 60
Housing project repair fund 61
Inconsistent provisions in other laws superseded 61‑A
Actions 62
Article not affected if in part unconstitutional
Green check means up to date. Up to date

Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 51’s source at nysenate​.gov

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