N.Y. BNK Law § 6

§ 6. Investment in obligations of housing corporations indirectly\nguaranteed pursuant to the "Servicemen's Readjustment Act of 1944".\nSubject to such regulations and restrictions as the superintendent of\nfinancial services finds to be necessary and proper, any bank, trust\ncompany or savings bank may invest in obligations of any corporation\norganized under any law of this state for the purpose of acquiring,\nconstructing, owning, maintaining, operating, selling or conveying a\nhousing project or projects (not including hotels but including\naccommodations for retail stores, shops, offices and other community\nservices reasonably incident to such projects) located within this\nstate, which obligations are (a) secured by a first mortgage lien on\nsuch project, or such part thereof, as was or is to be constructed or\nacquired out of the proceeds of such obligations, either directly or by\nissue under an indenture of mortgage from such corporation to a\ncorporate trustee having its principal office in this state, and (b)\nguaranteed indirectly through the pledge as security therefor of\nobligations directly guaranteed under title three of an act of congress\nentitled the "Servicemen's Readjustment Act of 1944", in an aggregate\namount equal to at least thirty per centum of the principal amount of\nall sums advanced to such corporation under the loan instrument or\nindenture during the period of construction and, upon completion, to the\nextent of at least forty per centum of the principal amount of such\nobligations.\n