1. On and after the effective date of this article, all obligations of the division with respect to the division urban initiatives program shall become the obligations of the corporation and the corporation shall be responsible for the administration of the division urban initiatives program. The division shall provide for the orderly transfer of all matters, records and things relating to such program to the corporation.

Terms Used In N.Y. Private Housing Finance Law 924

  • Commissioner: shall mean the commissioner of the state division of housing and community renewal. See N.Y. Private Housing Finance Law 921
  • Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 921
  • 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.
  • Division: shall mean the division of housing and community renewal. See N.Y. Private Housing Finance Law 921
  • Division urban initiatives program: shall mean the program heretofore administered by the division pursuant to appropriations and reappropriations for the purposes of urban initiatives programs. See N.Y. Private Housing Finance Law 921

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 the division urban initiatives program from the division of housing and community renewal.

3. All rules, regulations, acts, determinations and decisions of the division or the commissioner with respect to the administration of the division urban initiatives program 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in force and effect as rules, regulations, acts, determinations and decisions of the corporation until duly modified or rescinded by the corporation.