ยง 58. Special revenue housing coverage reserve funds. The agency may
create and establish one or more special funds to be known as special
revenue housing coverage reserve funds and may pay into such reserve
funds any monies appropriated and made available by the state for the
purpose of such funds and any other monies which may be made available
to the agency for the purposes of such funds from any other source or
sources. The monies held in or credited to any such fund, except as
hereinafter provided, shall be used solely for the payment of the
principal of or interest on the revenue housing bonds of the agency
secured by such fund as the same shall become due, whether at maturity
or upon call for redemption, and for the payment of any redemption
premium required to be paid when such bonds are redeemed prior to
maturity. Any income or interest earned by, or increment to any such
special revenue housing coverage reserve fund may be used for authorized
purposes including, but not limited to, the addition of such income or
interest earned, or increment to the monies held in such fund for the
purposes herein provided, or the repayment of appropriation expenditures
made to the credit of such fund.
Structure New York Laws
Article 3 - New York State Housing Finance Agency
41 - Statement of Legislative Findings and Purposes.
43 - New York State Housing Finance 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-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-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.