New York Laws
Article 11 - Housing Development Fund Companies
574 - Establishment of Fund.

§ 574. Establishment of fund. 1. There is hereby created and
established in the division of housing and community renewal a revolving
fund to be known as the "housing development fund."

2. There shall be paid into such housing development fund (a) any
moneys appropriated and made available by the state for the purposes of
such fund, (b) notwithstanding the provisions of the state finance law
or any other provision of law, any moneys which the division of housing
and community renewal shall receive in repayment of advances made from
such fund, and (c) any other moneys which may be made available to the
division of housing and community renewal for the purpose of such fund
from any other source or sources.

2-a. All moneys paid into the fund from repayments of loans authorized
by section five hundred seventy-six-d of this article shall continue to
be made available for the purpose of providing loans pursuant to such
section.

3. Any moneys held in such housing development fund not required for
immediate disbursement may be invested, at the discretion of the
commissioner, 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. Any income or
interest earned by, or increment to, such housing development fund shall
be added to the moneys held in such fund for the purposes herein
provided.