NY S06156

Designates the Housing Finance Agency as a public housing agency under the federal Housing Act of 1937 and authorizes it to receive and administer federal subsidies, loans, and fees.

Grants the Housing Finance Agency sole statewide and regional multi-state authority to administer Section 8 project-based annual contributions contracts and replacement programs with substantially similar services.

Allows the Housing Finance Agency to subcontract administration activities as needed and designates the Division of Housing and Community Renewal as backup entity if the Agency is unable or unwilling to act.

Preserves existing authority of municipal and local public housing agencies operating in New York as of the effective date to continue operating and administering Section 8 contracts for projects within their respective political subdivisions.

Takes effect immediately upon enactment.