N.Y. Private Housing Finance Law Section 56-A
Indemnification of members, officers and employees

The state shall save harmless and indemnify the respective members, officers and employees of the agency and its subsidiary corporations pursuant to Public Officers Law § 17 (Defense and indemnification of state officers and employees)section seventeen of the public officers law against any claim, demand, suit or judgment arising by reason of any act or omission to act by such member, officer or employee occurring in the discharge of his duties and within the scope of his service on behalf of the agency or its subsidiary corporations. In the event of any claim, demand, suit or judgment based on allegations that financial loss was sustained by any person in connection with the acquisition, disposition or holding of notes, bonds or other obligations of the agency, a member, officer or employee of the agency shall be saved harmless and indemnified notwithstanding any limitations contained in such section seventeen, unless such individual is found by a final judicial determination not to have acted, in good faith, for a purpose which he reasonably believed to be in the best interests of the agency or not to have had reasonable cause to believe that his conduct was lawful. All of the provisions of Public Officers Law § 17 (Defense and indemnification of state officers and employees)section seventeen of the public officers law which are not inconsistent with this section shall apply to the members, officers and employees of the agency or its subsidiary corporations, including the provisions relating to the defense by the attorney general or private counsel of any civil action and the payment of legal costs incurred in connection with the defense of any such action. Any member, officer or employee of the agency or its subsidiary corporations seeking to be saved harmless or indemnified or to claim any other benefits available pursuant to this section or section seventeen of the public officers law shall comply with the procedural requirements of such section seventeen. As used in this section the terms “member”, “officer” and “employee” shall include a former member, officer or employee, his estate or judicially appointed personal representative.

Source: Section 56-A — Indemnification of members, officers and employees, https://www.­nysenate.­gov/legislation/laws/PVH/56-A (updated Sep. 22, 2014; accessed Feb. 15, 2025).

40
Short title 41
Statement of legislative findings and purposes 42
Definitions 43
New York state housing finance agency 44
Powers of the agency 44‑A
Low rent dwelling accommodations 44‑B
Mortgage modifications, evidence of pre-existing indebtedness 44‑C
Federally-aided mortgage loans 45
Transfer of officers and employees 45‑A
Housing trust fund corporation 45‑B
Affordable housing corporation 45‑C
Homeless housing and assistance corporation 46
Notes and bonds of the agency 47
Reserve funds and appropriations 47‑A
State university construction bonds and notes 47‑B
Mental hygiene improvement bonds and notes 47‑C
Special provisions related to certain bonds and notes 47‑D
Health facilities bonds and notes 47‑E
Housing program bonds and notes 48
Agreement with the state 49
State’s right to require redemption of bonds 50
Remedies of noteholders and bondholders 51
Monies of the agency 51‑A
Federal rental assistance program administrative fees 52
Notes and bonds as legal investment 53
Exemption from taxation of property and income 54
Exemption from taxation of notes and bonds 55
Assistance by state officers, departments, boards and commissions 56
Reports 56‑A
Indemnification of members, officers and employees 57
Insured mortgage reserve fund 58
Special revenue housing coverage reserve funds 59
Bond reserve insurance fund 59‑A
Housing trust fund account 59‑B
Affordable housing development account 59‑C
Insured housing initiatives fund 59‑D
Turnkey/enhanced housing account 59‑E
Infrastructure development fund 59‑G
Permanent housing for homeless families fund 59‑H
Manufactured home cooperative fund 59‑I
Homeless housing and assistance account 60
Housing project repair fund 61
Inconsistent provisions in other laws superseded 61‑A
Actions 62
Article not affected if in part unconstitutional
Green check means up to date. Up to date

Accessed:
Feb. 15, 2025

Last modified:
Sep. 22, 2014

§ 56-A’s source at nysenate​.gov

Link Style