N.Y. Private Housing Finance Law Section 58
Special revenue housing coverage reserve funds

The agency may create and establish one or more special funds to be known as special revenue housing coverage reserve funds and may pay into such reserve funds any monies appropriated and made available by the state for the purpose of such funds and any other monies which may be made available to the agency for the purposes of such funds from any other source or sources. The monies held in or credited to any such fund, except as hereinafter provided, shall be used solely for the payment of the principal of or interest on the revenue housing bonds of the agency secured by such fund as the same shall become due, whether at maturity or upon call for redemption, and for the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity. Any income or interest earned by, or increment to any such special revenue housing coverage reserve fund may be used for authorized purposes including, but not limited to, the addition of such income or interest earned, or increment to the monies held in such fund for the purposes herein provided, or the repayment of appropriation expenditures made to the credit of such fund.

Source: Section 58 — Special revenue housing coverage reserve funds, https://www.­nysenate.­gov/legislation/laws/PVH/58 (updated Sep. 22, 2014; accessed Dec. 13, 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

Verified:
Dec. 13, 2025

Last modified:
Sep. 22, 2014

§ 58. Spec. revenue housing coverage reserve funds's source at nysenate​.gov

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