NY A03662

Establishes a new public benefit corporation called the "New York City Public Housing Construction and Preservation Fund" to be governed by a board of trustees.

Board members cannot be directors, officers, or employees of the New York City Housing Authority, the city, or the state, though appointed members may engage in private employment or professions.

Board appoints a president with extensive executive-level construction experience to serve as chief executive officer; president is not a board member and serves at the board's pleasure.

Fund has authority to design, construct, reconstruct, improve, rehabilitate, maintain, repair, and equip public housing projects for the New York City Housing Authority under agreements with the authority.

Fund may acquire property, execute contracts, hire officers and employees, and engage private consultants for professional and technical assistance; trustees receive no compensation but are reimbursed for necessary expenses.