§ 654. Powers of the corporation. Except as otherwise limited by this\narticle, the corporation shall have power:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To make and alter by-laws for its organization and internal\nmanagement and, subject to agreements with noteholders or bondholders,\nto make rules and regulations governing the use of its property and\nfacilities;\n 4. To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\narticle;\n 5. To acquire, hold and dispose of real and/or personal property for\nits corporate purposes;\n 6. To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation, subject to the provisions\nof the civil service law and the rules of the civil service commission\nof the city;\n 7. Subject to the provisions of any contract with noteholders and\nbondholders, to make mortgage loans, to participate with the city or\nwith one or more organizations mentioned in section fifteen of this\nchapter in making mortgage loans and to undertake commitments to make\nany such mortgage loans to housing companies, including any subsidiary\nof the corporation, on the same terms and otherwise in accordance with\nthe provisions of article two of this chapter governing loans by a\nmunicipality;\n * 7-a. Subject to the provisions of any contract with noteholders and\nbondholders, to make mortgage loans, to participate with the city or\nwith one or more organizations set forth in section one hundred eleven-a\nof this chapter in making mortgage loans and to undertake commitments to\nmake any such mortgage loans to redevelopment companies organized under\narticle five of this chapter;\n * NB (Effective until ruling by Internal Revenue Service)\n * 7-a. Subject to the provisions of any contract with noteholders and\nbondholders, to make mortgage loans, to participate with the city or\nwith one or more organizations set forth in sections eighty-one and one\nhundred eleven-a of this chapter in making mortgage loans and to\nundertake commitments to make any such mortgage loans to\nlimited-dividend housing companies organized under article four of this\nchapter and to redevelopment companies organized under article five of\nthis chapter. Such mortgage loans may be made to limited-dividend and\nredevelopment companies for such purposes as may be approved by the\ncorporation including, but not limited to, the refinancing of the\nexisting mortgage indebtedness of such companies, to provide funds for\nthe replacement, improvement and rehabilitation of the properties owned\nby said companies, to provide funds for all costs incurred by such\ncompanies relating to the refinancing of the existing mortgage\nindebtedness including amounts required to establish escrow accounts,\nreserves and working capital as determined by the corporation and for\nsuch other purposes as are permitted by articles four and five of this\nchapter; provided, however, such purposes must be approved by the\nFederal Internal Revenue Service for application of the tax exemption\nfor housing bonds. Such mortgage loans may be made by the corporation\nwithout any requirement that all or any portion of the loan be used to\ncreate new or rehabilitated housing facilities. In furtherance of its\npowers pursuant to this subdivision and, subject to the provisions of\nany contract with noteholders and bondholders, the corporation may\nacquire and contract to acquire, by assignment or otherwise, any\nmortgage securing a loan and any related bond or note made by a\nlimited-dividend housing company or a redevelopment company and may\nmodify or satisfy such mortgage and accept or make a new mortgage or\nmortgages and execute such other instruments as the corporation deems to\nbe necessary or proper.\n * NB (Effective pending ruling by Internal Revenue Service)\n 8. Subject to the provisions of an
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