The New York State Housing Finance Agency (HFA) was created in 1960 by Article III of the Private Housing Finance Act and is a corporate governmental agency, constituting a public benefit corporation. The legislation creating the Agency determined the purpose thereof to be, in part, the providing of safe and sanitary housing accommodations, at rental rates which families and persons of low income can afford and which the ordinary operations of private enterprise cannot provide. To accomplish such purpose, the Agency issues its bonds and notes to the investing public in order to encourage the investment of private capital through the Agency in mortgage loans to housing companies and eligible borrowers which, subject to state or federal regulations as to rents, profits, dividends and disposition of their property, supply housing accommodations, and other facilities incidental or appurtenant thereto to such families and persons.
The Agency is authorized to issue bonds and notes to provide funds for the purpose of making mortgage loans to limited-profit housing companies, non-profit housing companies, urban rental housing companies, owners of multifamily federally-aided projects, owners of multifamily housing accommodations, nursing home companies, non-profit hospital and medical corporations, community development corporations, community mental health services and community mental retardation services companies, non-profit corporations authorized to provide youth facilities projects, and community senior citizens centers and services companies; for the purpose of making loans to lending institutions to finance mortgage loans for multifamily housing accommodations; for the purpose of making equity loans to mutual housing companies and certain other corporations, organized in accordance with the provisions of the Private Housing Finance Law; for the purpose of financing health facilities for municipalities constituting social service districts; making payments to certain public benefit corporations of the state to provide funds to repay the state for amounts advanced to finance the cost of various housing assistance programs administered by such public benefit corporations. The Agency is also authorized to issue bonds and notes to provide funds for the purpose of making mortgage loans to projects combining non-profit housing and health facilities.
The membership of the Agency consists of the Commissioner of Housing and Community Renewal, the Director of the Budget and the Commissioner of Taxation and Finance of the State of New York, and four additional members appointed by the Governor, with the advice and consent of the Senate. The Governor designates from among the members appointed a Chairman, who serves as such during his term as a member. The Chairman of the Agency is also the chairman of the State of New York Municipal Bond Bank Agency, and the New York State Affordable Housing Corporation, and is also the Vice Chairman of the State of New York Mortgage Agency. The members appointed by the Governor serve for the full or unexpired portions of six-year terms.
Last updated: 11/14/2008 6:13:36 PM