N.Y. UDR Law § 7

§ 7. Powers and limitations. (1) In addition to the powers granted by\nthe business corporation law and except as otherwise limited by this act\nthe corporation shall have power:\n (a) to provide advisory, consultative, training and educational\nservices, technical assistance and advice to any person, firm,\npartnership or corporation, either public or private.\n (b) to acquire, construct, reconstruct, rehabilitate, improve, alter\nor repair, or provide for the acquisition, construction, reconstruction,\nimprovement, alteration or repair of any project.\n (c) to sell, lease, exchange, mortgage, donate or convey any project\nand to grant options to renew any leases entered into in connection with\nany project.\n (d) to create subsidiaries pursuant to the provisions of the business\ncorporation law, not-for-profit corporation law or articles two, four,\nfive or eleven of the private housing finance law, as provided in\nsection nine of this act.\n (e) to lend or donate monies, whether secured or unsecured to any\nsubsidiary, and to purchase the shares, bonds, or obligations or\nsecurities of such subsidiary.\n (f) as security for the payment of the principal of and interest on\nany bonds issued by the corporation and any agreements made in\nconnection therewith, to mortgage and pledge any or all of its projects\nor any part or parts thereof, whether then owned or thereafter acquired,\nand to pledge the revenues and receipts therefrom or from any thereof,\nand to assign or pledge the lease or leases on any portion or all of\nsaid projects and to assign or pledge the income received by virtue of\nsaid lease or leases.\n (g) to do any and all things necessary or convenient to carry out its\npurposes and exercise the powers given and granted under this act, or\nunder any other law, special, general or local.\n (2) No part of the net earnings of the corporation shall inure to the\nbenefit of any individual and no member, employee, director or officer\nof the corporation shall receive any pecuniary benefit from the\ncorporation except reasonable compensation for services actually\nrendered to the corporation. The corporation shall not carry on\npropaganda or otherwise attempt to influence legislation.\n (3) The corporation shall not issue shares nor shall any bonds, notes\nor debentures of the corporation be convertible to shares.\n