§ 654-c. Housing New York corporation. 1. Definitions. As used in this\nsection, unless a different meaning clearly appears from the context:\n (a) "Housing New York program" shall mean the housing New York program\nestablished pursuant to section four of the housing New York program\nact.\n (b) "City" shall mean the city of New York, its agencies and\ninstrumentalities (other than the housing New York corporation) and the\nNew York city housing development corporation.\n (c) "Residential housing facilities" shall mean one or more works or\nimprovements containing one or more residential dwelling units,\nincluding, but not limited to, single room occupancy units, and\nincluding the real and personal property acquired, owned, constructed,\nequipped, improved, enlarged, rehabilitated or renovated to provide such\naccommodations and such incidental and appurtenant commercial, social,\nrecreational or communal facilities, to be located without the Battery\nPark project area, as defined in the Battery Park city authority act,\nand within the city.\n (d) "Excess revenues" shall mean all revenues from the Battery Park\nproject area, as defined in the Battery Park city authority act, in\nexcess of those needed (i) to satisfy bond and note covenants (other\nthan as they relate to bonds and notes issued pursuant to this section\nand section one thousand nine hundred seventy-four-c of the public\nauthorities law) including those covenants which require that the\nBattery Park city authority maintain its revenues and reserve funds in\nan amount necessary to permit it to discharge its debt service\nobligations, (ii) to fulfill its legal and financial commitments, and\n(iii) to pay its operating and maintenance expenses.\n 2. There is hereby established a public benefit corporation known as\nthe "housing New York corporation" as a subsidiary corporation of the\ncorporation solely for the purpose of borrowing money and granting such\nmoneys to the city for the purposes and in accordance with the\nprovisions of the housing New York program.\n 3. It is hereby found and declared that the legislature, pursuant to\nthe housing New York program act, has established a housing New York\nprogram under which the city will cause the acquisition, construction,\nequipping, improving, rehabilitation and renovation of dwelling\naccommodations within the city of New York for persons and families for\nwhom the ordinary operations of private enterprise cannot supply such\naccommodations; that such program is necessary in order to increase the\npresently inadequate supply of dwelling accommodations in such city for\nsuch persons and families; that such program shall require a substantial\ncommitment of funds from public sources; and that the need for such\nmoneys necessitates that the subsidiary corporation created by this\nsection be granted the powers and be made subject to the requirements of\nthis section. The legislature therefore finds that such subsidiary\ncorporation, subject to the terms and conditions specified herein,\nshould be given the power to borrow funds and grant such moneys to the\ncity of New York, and any agency or instrumentality thereof (other than\nsuch subsidiary corporation) or the corporation for use by such entity\nin the housing New York program; that the financing of residential\nhousing facilities in accordance with the housing New York program is a\npublic purpose for which moneys may be granted, and exemptions from\ntaxation on the income of bonds or notes of such subsidiary corporation\nand on such subsidiary corporation's income and property granted, as\nspecified herein; and that the powers and duties of such subsidiary\ncorporation as recited in this section are necessary and proper for\nachieving the ends herein recited. Therefore such subsidiary corporation\nis hereby authorized and empowered:\n (a) to borrow money by issuing bonds and notes for the purposes of (i)\ngranting such moneys to the city to finance the ac
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