§ 1057. Transfer of authority, administration and appropriations. 1. On and after the effective date of this section, all obligations of the division with respect to rural area revitalization projects shall become the obligations of the corporation and the corporation shall be responsible for the administration of all rural area revitalization projects. The division shall provide for the orderly transfer of all matters, records and things relating to rural revitalization projects to the corporation.

Terms Used In N.Y. Private Housing Finance Law 1057

  • 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.
  • Corporation: means the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1052

2. Notwithstanding the provisions of any general or special law, the director of the budget is authorized to transfer to the corporation funds otherwise appropriated or reappropriated for the purposes of rural area revitalization projects to the division of housing and community renewal.

3. All rules, regulations, acts, determinations and decisions of the division or the commissioner thereof with respect to the administration of rural area revitalization projects in force on the effective date of this section shall continue in force and effect as rules, regulations, acts, determinations and decisions of the corporation until duly modified or rescinded by the corporation.

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