§ 665. Assistance by department of housing preservation and development. The commissioner of housing preservation and development and the department of housing preservation and development are hereby designated to act for and in behalf of the corporation in servicing mortgage loans of the corporation, and shall perform such functions and services in connection with the making, servicing and collection of such loans as shall be requested by the corporation. The corporation shall pay to the department of housing preservation and development from any moneys of the corporation available for such purposes such amounts as are necessary to reimburse the department of housing preservation and development for the reasonable cost of the services performed by the commissioner of housing preservation and development and by the department of housing preservation and development pursuant to this section.

Terms Used In N.Y. Private Housing Finance Law 665

  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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