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par, shall mean the value as of any given date obtained by dividing the total premiums, discount at which such securities were purchased by the number of interest payments remaining to maturity on such securities after such purchase and by multiplying the amount so calculated by the number of interest payment dates having passed since the date of such purchase; and (i) in the case of securities purchased at a premium by deducting the product thus obtained from the purchase price, and (ii) in the case of securities purchased at a discount by adding the product thus obtained to the purchase price.

(k) The subsidiary corporation shall create and establish such other fund or funds as may

be
necessary

desirable for its corporate purposes.

13. Charges and fees. (a) The subsidiary corporation shall fix a premium charge for its insurance of mortgages

pursuant to this section which shall not be less than the minimum amount nor more than the maximum amount that the state of New York mortgage agency is permitted to charge pursuant to applicable provisions of law. (b) The subsidiary corporation may

establish and levy such other charges and fees in connection with applications for mortgage insurance and insurance commitments as it may deen appropriate and necessary;

(c) Such premium charges and other charges shall be payable by the mortgagor, in cash in such manner as may be prescribed by the subsidiary corporation.

(d) Such premium charges and other charges and fees shall not be deemed to be interest for the purposes of section 5-501 of the general obligations law.

14. Assistance by the corporation. The corporation is hereby authorized to perform such functions and services in connection with any lawful corporate purpose of the subsidiary corporation as shall be requested by the subsidiary corporation. The subsidiary corporation shall pay to the corporation from any moneys of the subsidiary corporation available for such purposes such amounts as are necessary to pay the corporation for the services rendered by the corporation pursuant to this section.

15. Assistance by the department of housing preservation and development. The commissioner of housing preservation and development and the department of housing preservation and development are hereby authorized to perform such functions and services in connection with corporate purpose of the subsidiary corporation as shall be requested by the subsidiary corporation. The subsidiary corporation shall pay to

the department of housing, preservation and development from any moneys of the subsidiary corporation available for such purposes such amounts are necessary to reimburse the department of housing preservation and development for the services provided pursuant to this section.

16. Annual report. The subsidiary corporation shall submit to the mayor, the comptroller, the director of management and budget and the corporation within ninety days after the end of its fiscal year, & conplete and detailed report setting forth: (1) its operations and accomplishments; (ii) its receipts and expenditures during such fiscal year 'in accordance with the categories or classifications established by the subsidiary corporation for its operating and capital outlay purposes; and (iii) its assets and liabilities at the end of its fiscal year,

including schedule of mortgages which have been insured during such year, the status of the mortgage insurance fund, housing insurance fund and other reserve special funds established by the subsidiary corporation.

17. Moneys of the subsidiary corporation. (a) All moneys of the subsidiary corporation, except as otherwise authorized or provided in this section, shall be deposited as soon as practicable in a separate account or accounts in banks' or trust companies organized under the laws of the state national banking association, in each case doing business in the city. The moneys in such accounts shall be paid out on checks signed by such officer or employee of the subsidiary corporation as the subsid: iary corporation shall authorize. All deposits of such moneys shall, if required by the subsidiary corporation, be secured by obligations of the United States or of the state or of the city of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits. (b) The subsidiary corporation shall prescribe a system of accounts.

c) The comptroller, or the comptroller's legally authorized representative, is hereby authorized and empowered from time to time to examine the books and accounts of the subsidiary corporation including its

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receipts, disbursements, contracts, reserve funds, sinking funds, investments, and any other matters relating to its financial standing. Such an examination shall be conducted by the comptroller at least once in every five years, the comptroller is authorized, however, to accept from the subsidiary corporation, in lieu of such an examination, an external examination of its books and accounts made at the request of the subsidiary corporation.

(d). The subsidiary corporation shall submit to the mayor, the comptroller and the corporation within thirty days of the receipt thereof by the subsidiary corporation a copy of the report of every external examination of the books and accounts of the subsidiary corporation other than copies of the reports of such examinations made by the comptroller.

18. Rentals. Notwithstanding the provisions of, or any regulation promulgated pursuant to, the emergency housing, rent control

law, the local emergency housing rent control act or local law enacted pursuant thereto, all dwelling units in a multiple dwelling the rehabilitation of which commenced after July first, nineteen hundred seventy-seven and which is financed by a mortgage loan insured by the subsidiary corporation (including, but not limited to, mortgage loans insured pursuant to mortgage insurance contracts and housing insurance contracts), except for dwelling units occupied by reason of ownership of stock in a cooperative and except for dwelling units that constitute condominiums, shall be subject to the rent stabilization law of nineteen hundred sixty-nine, beginning, immediately after initial rents, as established under applicable provisions of this chapter, section four hundred twenty-one-a of the real' property tax law, section' four hundred eighty-nine of the real property tax law and/or subparagraph (m) of paragraph one of subdivision 8 of section 26-405 of the administrative code of the city of New York for such dwelling units to become effective on the basis of such rehabilitation, provided that any occupant in possession of a dwelling unit that first becomes subject to the rent stabilization law of nineteen hundred sixty-nine pursuant to this section shall be offered a two-year lease notwithstanding any contrary, provisions of, or regulations adopted pursuant to, such rent stabilization law, at the initial rent established for such dwelling unit and provided further that such dwelling units shall remain subject to the rent stabilization law in accordance with the provisions of this chapter, section four hundred twenty-one-a of the real property tax law, section four hundred eighty-nine of the real property tax law and/or subparagraph (m) of paragraph one of subdivision & of section 26-40'5 of the administrative code of the city of New York as the case may be. Except to the extent to which dwelling units, which are controlled under other provisions of law, become subject to the rent stabilization law of nineteen hundred sixty-nine pursuant to the preceding sentence, no dwelling unit shall become subject to the rent' stabilization law solely by reason of insurance of a mortgage loan by the subsidiary corporation.

19. Employees of the subsidiary corporation. (a) Notwithstanding any inconsistent provisions of this section, the appointment and promotion of all employees of and for the subsidiary corporation shall be made in accordance with the provisions of the civil service law under the jurisdiction of the city civil service commission and the compensation for such employees shall be fixed by the subsidiary, corporation.

(b) The city, the corporation and the predecessor corporation shall have the power to provide for the transfer to the subsidiary corporation of agents, employees and facilities of the city, the corporation or the predecessor corporation, as the case may be, to enable the subsidiary corporation to fulfill its corporate purposes. Employees of the city, the corporation or the predecessor corporation to be transferred to the subsidiary corporat ion pursuant to this section shall be eligible for such transfer and appointment to offices and positions of the subsidiary corporation without further examination, and all such employees who have been appointed to positions in city service in accordance with the provisions of the civil service law under the rules of the city civil service commission shall have the same status with respect thereto in the, service of the subsidiary corporation as they had in city service. Employees who are members or beneficiaries of any existing pension or retirement system shall continue to have such rights, privileges, obligations or status with respect to such system systems prescribed by law on the date this section takes effect, and all such EXPLANATION-Matter in italics is new; naţter in brackets [ ] is old law

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employees who have been appointed to positions in city service in ac-
cordance with the provisions of the civil service law under the rules of
the city civil service commission shall have the same status with
respect thereto in the service of the corporation as they had in city
service.

20. Subsidiaries; how created. (a) The subsidiary corporation by
resolution may direct any of its members, officers or employees to or-
ganize a subsidiary of the subsidiary corporation whenever, in the sole
discretion of the subsidiary corporation, it has become necessary to ac-
quire or more housing accommodations or other real property in the
case of sale under foreclosure or in lieu of foreclosure and it is bene-
ficial to effectuate the purpose of this chapter for the subsidiary of
the subsidiary corporation to hold title to such housing accommodations
or other real property:

(b). Each such subsidiary of the subsidiary corporation shall be wholly owned by the subsidiary, corporation and shall be organized pursuant to the business corporation law, the not-for-profit corporation law or article two or article eleven of this chapter.

(c). The subsidiary corporation may transfer to any subsidiary of the subsidiary corporation any money, real and/or personal property or may convey to it any housing accommodation or other real property in order to carry out the purposes of this article. Each such subsidiary of the subsidiary corporation shall have all the privileges, immunities, tax exemptions and other exemptions of the subsidiary corporation to the extent the same are not inconsistent with the statute or statutes pursuant to which such subsidiary of the subsidiary corporation was incorporated, Except as may be inconsistent with the provisions of this article, such subsidiary, if organized pursuant to article two or article eleven of this chapter, shall have all the rights and powers granted to housing companies by this chapter and by any other statute

pursuant to which such subsidiary of the subsidiary corporation was organized.

(d) No member or officer of the subsidiary 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 serving as member, director, trustee

officer of any subsidiary of the subsidiary corporation.

§ 4. Section 664 of the private housing finance law is amended by adding a new subdivision 3 to read as follows:

The predecessor corporation, as defined in subdivision one of sec; tion six hundred fifty-four-d of this article and the corporation shall have the power to provide for the transfer to the corporation of agents, employees and facilities of the predecessor corporation

to

enable the corporation to assist the subsidiary corporation in fulfilling its corporate purposes. Employees of the predecessor corporation to be transferred to the corporation pursuant to this article shall be eligible for such use in offices and positions of the corporation without further examination, and all such employees who have been appointed to positions in predecessor corporation service in accordance with the provisions of the civil service law under the rules of the city civil service commission shall have the same status with respect thereto in the service of the

corporation they had in predecessor corporation service. Employees who are members or beneficiaries of

any existing pension or retirement system shall continue to have such rights, privileges, obligations or status with

respect to such system systems prescribed by law the date this subdivision takes effect, and all such employees who have been appointed to positions in predecessor corporation

service in accordance with the provisions of the civil service law under the rules of the city civil service commission shall have the

status with respect thereto in the service of the corporation as they had in predecessor corporation service.

§ 5. The undesignated paragraph of section 667 of the private housing finance law is designated subdivision 1 and a new subdivision 2 is added to read as follows:

2. Except as may otherwise be expressly provided by the corporation, the corporation shall not be liable for any debts, liabilities, obligations, agreements, contracts

covenants of any of its subsidiary corporat ions. No action or special proceeding of any kind may be brought against the corporation by any person having claims against or contracts with any of its subsidiary corporations (including any predecessor, poration

of any of its subsidiary corporations) if the corporation was not a party to the matter giving rise to such claims or contracts.

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$ 6. Article XIV of the private housing finance law is repealed.

§ 7. Clause (A) of subparagraph (iii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law, as added by chapter 288 of the laws of 1985, is amended to read as follows:

(A) Within a city having a population of one million or more the local housing agency may adopt rules and regulations providing that multiple dwellings, except hotels, shall be exempt from taxation for local purposes, other than assessments for local improvements, for the tax year

or years immediately following taxable status dates occurring subsequent to the commencement and prior to the completion of construction, but not to exceed three such tax years, and shall continue to be exempt from such taxation in tax years immediately following the taxable status date first occurring after the expiration of the exemption herein conferred during such construction so long as used at the completion of construction for dwelling purposes for a period not to exceed twentyfive years in the aggregate, provided that the area in which the project is situated is a neighborhood preservation program area as determined by the local housing agency as of June first, nineteen hundred eighty-five,

is neighborhood preservation area as determined by the New York city planning commission as of June first, nineteen hundred eighty-five,

is an area that was eligible for mortgage insurance provided by the rehabilitation mortgage insurance corporation as of May first, nineteen hundred ninety-two is an area receiving, funding for a neighborhood preservation project pursuant to the neighborhood reinvestment corporation act (42 0. S. C. $$180 et seq. ) as of June first, nineteen hundred eighty-five, as follows:

except as otherwise provided herein there shall be full exemption from taxation during the period of construction or the period of three years immediately following commencement of construction, whichever expires sooner, and for twenty-one years following such period;

b. followed by one year of exemption from eighty percent of such taxation;

followed by one year of exemption from sixty percent of such taxation;

d. followed by one year of exemption from forty percent of such taxation; followed by

year

of exemption from twenty percent of such taxation.

§ 8. Subparagraph 2 of paragraph (a) of subdivision 2 of section 489 of the real property tax law, as amended by chapter 794 of the laws 1987, is amended to read as follows:

(2) in the case of alterations or improvements (i) pursuant to subparagraph five of paragraph (a) of subdivision one of this section which are carried out with the substantial assistance of grants, loans or subsidies from any federal, state or local agency or instrumentality or any not-for-profit' philanthropic organization one of whose primary purposes is providing low or moderate income housing or financed with

mortgage insurance by the [rehabilitation] New York city residential mortgage insurance corporation or the state of New York mortgage agency or pursuant to, a program established by the federal housing administration for rehabilitation of existing multiple dwellings in a neighborhood strategy

defined by the United States department of housing, and urban development, or (ii) pursuant to subparagraph six of paragraph (a) of şubdivision one of this section the abatement of taxes on such property, including the land, shall not exceed one hundred fifty per centum of the certified reasonable cost of the alterations or improvements, as determined under regulations of the local housing agency administering the local law, and the annual abatement of taxes shall not exceed twelve and one-half per centum of such certified reasonable cost, provided that such abatement shall not be effective for more than twenty years and the annual abatement of taxes in any consecutive twelve-month period shall

event exceed the amount of taxes payable in such' twelve-month period; or

Subparagraph 3 of paragraph (a) of subdivision 2 of section 489 of the real property tax law, as added by chapter 401 of the laws of 1983, is amended to read as follows: (3) in the

case of alterations or improvements carried out with the substantial assistance of grants, loans or subsidies from any federal, state

local agency or instrumentality or any not-for-profit philanEXPLANATION-Matter in italics is new; matter

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thropic organization one of whose primary purposes is providing low or moderate income housing, financed with mortgage insurance by the [rehabilitation] New York city residential mortgage [insuance] insurance corporation or the state of New York mortgage agency or pursuant to program established by the federal housing administration for rehabilitation of existing multiple dwellings in a neighborhood strategy area as defined by the United States department of housing and urban development where such alterations or improvements are done on property located in census tracts in which seventy-five percent or more of the population live in households which earn fifty percent or less of the median household income of the city in which such census tracts

located, the obatement of taxes on such property, including the land, shall not exceed one hundred fifty per centum of the certified reasonable cost of the alterations or improvements, as determined under regulations of the local housing agency administering the local law, and the annual abatement of taxes shall not exceed twelve and one-half per centum of such certified reasonable cost, provided that such abatement shall not be effective for more than twenty years and the annual abatement of taxes in any consecutive twelve-month period shall in no event exceed the amount of taxes payable in such twelve month period.

$ 10. Clause (B), of subparagraph 1 of paragraph (a), of subdivision 11 of section_489 oĚ the real property tax law, as added' by chapter 401 of the laws of 1983, is amended to read as follows:

(B) with mortgage insurance by the [rehabilitation] New York city residential mortgage insurance corporation or the state of New York mortgage agency; or

5 11. Subparagraph 2-a of paragraph (a) of subdivision 11 of section 489 of the real property tax law, as added' by chapter 797 of the laws of 1983, is amended to read as follows:

(2-a) Conversion of buildings or structures to class A multiple dwell. ings pursuant to subparagraph one of paragraph (a) of subdivision one of this section, where such conversions are undertaken by a not-for-profit philanthropic organization or undertaken properties which receive mortgage insurance from the [rehabilitation] New York city residential mortgage insurance corporation, or state of New York

mortgage agency, provided that such property is (i) located in a neighborhood preservation area as such areas were designated by the city.planning commission on June first, nineteen hundred eighty-three, and (ii) such property has been vacant since January first, nineteen hundred eighty-two, and (iii) prior to becoming, vacant such property was last utilized for governmental, educational, hospital or nursing home purposes,

§ 12. Paragraph 2 of subdivision of section 11-243 of the administrative code of the city of New York is amended to read as follows: (2)

In

the case of alterations or improvements pursuant to paragraph five of subdivision b of this section which are carried out with the substantial assistance of grants, loans or subsidies from any federal, state or local agency or instrumentality or any not-for-profit philanthropic organization one of whose primary purposes is providing low or moderate income_housing or financed with mortgage insurance by the [rehabilitation New York city residential mortgage insurance corporation or the state of New York mortgage agency or pursuant to., a program established by the federal housing administration for rehabilitation of existing multiple dwellings in a neighborhood strategy area defined by the United States department of housing and urban development,

the abatement of taxes on such property, including the land, shall not ceed the lesser of the actual cost of the alterations or improvements or one hundred fifty per centum of the certified reasonable cost of the alterations improvements, determined under regulations department of housing preservation and development, and the annual abatement of taxes shall not exceed twelve and one-half per centum of such certified reasonable cost, provided that such abatement shall not be effective for rubre than twenty years and the annual abatement of taxes in any consecutive, twelve-month period shall in

no event exceed the amount of taxes payable in such twelve-month period.

§ 13. Paragraph 3 of subdivision ç of section 11-243 of the administrative code of the city of New York is amended to read as follows:

(3) In the case of alterations or improvements carried out with the substantial assistance of grants, loans or subsidies from

any federal, state or local agency or instrumentality or any not-for-profit philanthropic organization one of whose primary purposes is providing low or moderate income

housing, or financed with mortgage insurance by the [rehabilitation] New York city residential mortgage insurance corpora

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