§ 653. New York city housing development corporation. 1. There is hereby created the "New York city housing development corporation". The corporation shall be a corporate governmental agency, perpetual in duration, and shall constitute a public benefit corporation. It shall consist of seven members as follows: the commissioner of the department of housing preservation and development, who shall serve as chairperson, the commissioner of finance, the director of management and budget, two public members to be appointed by the mayor and two public members to be appointed by the governor. The public members first appointed by the mayor or the governor, as may be the case, shall serve for terms ending two and four years respectively from January first next succeeding the date of their appointment. Their successors shall serve for terms of four years each. Members shall continue in office until their successors have been appointed and qualified. The mayor or the governor shall fill any vacancy which may occur by reason of death, resignation or otherwise in a manner consistent with the original appointment. A public member may be removed by the mayor or the governor, whichever appointed such member, for cause, but not without an opportunity to be heard in person or by counsel, in such member's defense, upon not less than ten days' notice. 2. (a) The members, officers and employees of the corporation shall be subject to the conflicts of interest provisions of chapter sixty-eight of the New York city charter and the rules promulgated thereunder by the New York city conflicts of interest board. Such members, officers and employees shall not be subject to the provisions of article eighteen of the general municipal law or the provisions of sections seventy-three, seventy-three-a and seventy-four of the public officers law.

(b) The members, officers and employees of the corporation shall be subject to the provisions of section 12-110 of the administrative code of the city of New York pertaining to the filing of annual disclosure reports with the New York city conflicts of interest board, and for such purpose the members shall be deemed to be compensated members of the corporation.

(c) Notwithstanding any inconsistent provisions of this or any other general, special or local law, no officer or employee of the state, or of any civil division thereof, or of any public corporation, as defined in the general construction law, shall be deemed to have forfeited or shall forfeit such person's office or employment or any benefits provided under the retirement and social security law or under any public retirement system maintained by the state or by the civil divisions thereof by reason of such person's acceptance of membership on or by virtue of such person being an officer, employee or agent of the corporation. A member shall not receive a salary or other compensation for services rendered pursuant to this article but shall be entitled to reimbursement for such member's actual and necessary expenses incurred in the performance of such services. The members may engage in private employment or in a profession or business, unless otherwise prohibited from doing so by virtue of holding another public office, subject to the provisions of chapter sixty-eight of the New York city charter and the rules promulgated thereunder by the New York city conflicts of interest board. 3. The powers of the corporation shall be vested in and exercised by no less than four of the members thereof then in office. The corporation may delegate to one or more of its members, officers, agents or employees such powers and duties as it may deem proper. 4. The corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the corporation shall have notes, bonds, or other obligations outstanding. Upon termination of the existence of the corporation all of its rights and properties shall pass to and be vested in the city.