§ 654-b. Housing assistance corporation. 1. There is hereby established a public benefit corporation known as the "housing assistance corporation" as a subsidiary corporation of the corporation. 2. Such subsidiary corporation may (a) receive monies from the corporation, the state, any public benefit corporation, the city, the federal government or any other source for the purpose of assisting rental developments to maintain rentals affordable to low and moderate income persons for whom the ordinary operation of private enterprise cannot supply safe, sanitary and affordable housing accommodations, (b) transfer, lend, pledge or assign monies (i) to any rental development in order to assist such development in maintaining rents affordable to such low and moderate income tenants or (ii) in order to assist the corporation in financing such developments, and (c) enter into such agreements with the owners of such developments as it may deem appropriate to further the objectives of this article. Such subsidiary corporation shall have all the privileges, immunities, tax exemptions and other exemptions of the corporation to the extent the same are not inconsistent with this article. 3. The membership of such subsidiary corporation shall consist of the commissioner of the department of housing preservation and development, who shall serve as chairperson, and two public members appointed by and who serve at the pleasure of the mayor. The powers of the subsidiary corporation shall be vested in and exercised by no less than two of the members thereto then in office. The subsidiary corporation may delegate to one or more of its members, or its officers, agents and employees, such duties and powers as it may deem proper. 4. No officer or member of the corporation shall receive any additional compensation, either direct or indirect, other than reimbursement for actual and necessary expenses incurred in the performance of such person's duties, by reason of such person's serving as a member or officer of such subsidiary corporation. 5. The corporation may transfer to such subsidiary corporation any real, personal or mixed property in order to carry out the purposes of this section. 6. The subsidiary corporation shall have the power to:

(a) sue and be sued;

(b) have a seal and alter the same at pleasure;

(c) make and alter by-laws for its organization and internal management and make rules and regulations governing the use of its property and facilities;

(d) make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this section;

(e) acquire, hold and dispose of real or personal property for its corporate purposes;

(f) engage the services of private consultants on a contract basis for rendering professional and technical assistance and advice;

(g) procure insurance against any loss in connection with its activities, properties and other assets in such amount and from such insurers as it deems desirable;

(h) appoint officers, agents and employees, prescribe their duties and qualifications and fix their compensation subject to the provisions of the civil service law and the rules of the civil service commission of the city;

(i) invest any funds, or other monies under its custody and control in the same manner as the corporation; and

(j) to do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this section. 7. The subsidiary corporation and its corporate existence shall continue until terminated by law. Upon termination of the existence of the subsidiary corporation all of its rights and properties shall pass to and be vested in the city. No such termination shall take effect as long as obligations of the subsidiary corporation remain outstanding. 8. The city and the corporation shall have the power to transfer to such subsidiary corporation agents, employees and facilities of the city or corporation to enable it to fulfill the purposes of this section.