N.Y. Private Housing Finance Law Section 655-A
Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby

The corporation is hereby authorized and empowered, from time to time and at any time to enter into a contract or contracts with the United States, acting through any department, officer, agency, or instrumentality thereof, (a) pursuant to which the United States (i), unconditionally guarantees the payment, when due, of the interest on, and the principal of, bonds, notes, or other obligations issued or to be issued by the corporation or (ii) pays a portion of the interest payable on such bonds, notes, or other obligations issued or to be issued by the corporation and (b) in consideration of which the corporation covenants and consents that the interest on such bonds, notes, or other obligations shall be includible under the internal revenue code of nineteen hundred fifty-four or any subsequent corresponding internal revenue law of the United States in the gross income of the holder or holders of such bonds, notes, or other obligations to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includible in the gross income of the holder or holders thereof under said internal revenue code or any such subsequent law. The corporation is hereby futher authorized and empowered to include in such bonds, notes, or other obligations and any documents related thereto such reference to, or summary of, the contract or contracts as shall be satisfactory to such department, officer, agency, or instrumentality of the United States. The powers herein conferred shall be in addition to the powers conferred by any other law and such powers shall not be subject to the limitations or restrictions of any other law, but nothing contained herein or in any such contract or contracts shall be construed to covenant or consent, or to authorize any covenant or consent, to the application of any other provision of any other law, federal or state, to the corporation or to such bonds, notes, or other obligations, or to the elimination or modification in any way of any other exemption (including without limitation exemption from taxation under § 663 (Exemption from taxation)section six hundred sixty-three of this article), privilege, or immunity thereof.

Source: Section 655-A — Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby, https://www.­nysenate.­gov/legislation/laws/PVH/655-A (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 655-A’s source at nysenate​.gov

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