N.Y. Private Housing Finance Law 59-B – Affordable housing development account
§ 59-b. Affordable housing development account. The affordable housing corporation created by section forty-five-b of this chapter shall create and establish a special account to be known as the affordable housing development account and shall pay into such account any moneys which may be made available to such corporation for the purposes of such account from any source including but not limited to moneys appropriated by and made available pursuant to appropriation by the state and any income or interest earned by, or increment to, the account due to the investment thereof or loans made pursuant to article nineteen of this chapter. The moneys held in or credited to the affordable housing development account established under this section shall be expended solely to carry out the provisions of article nineteen of this chapter.
Terms Used In N.Y. Private Housing Finance Law 59-B
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.