NY S08555

Establishes the New York State Housing Finance Agency as the sole entity authorized to conduct statewide or regional multi-state contract administration for Section 8 project-based housing assistance payments contracts within New York State.

Designates the Division of Housing and Community Renewal as the responsible entity for such contract administration if the corporation is unable or unwilling to act, with the corporation retaining the authority to subcontract activities as needed.

Permits other public housing agencies already operating within the state to continue managing project-based Section 8 contracts in their respective political subdivisions as of the effective date of the law.

Exempts contracts entered into by the corporation under Articles 18 and 18-A of the Private Housing Finance Law from compliance with Article 1-A of the Public Authorities Law.

Takes effect immediately upon enactment.