The Housing Trust Fund Corporation ("HTFC" or "the Corporation") was established by Chapter 67 of the Laws of 1985, specifically under Section 45-a of the Private Housing Finance Law (PHFL), as a subsidiary public benefit corporation of the New York State Housing Finance Agency (HFA). The Law conferred a number of privileges, tax exemptions and powers to HTFC including the authority to contract with the Division of Housing and Community Renewal (DHCR) to administer the Corporation's activities. HTFC was also authorized, among other things, to create its own by-laws for the management of its affairs, make and execute its own contracts, engage the services of consultants for professional and technical assistance services, and determine policies for the investment of its funds.
The Law also established the membership of the Corporation's three-person governing body. The Commissioner of Housing and Community Renewal was designated as the Corporation's Chairperson; the Chairman of HFA was named as a Member, while the third Member was to be appointed by HTFC's Chairperson.
The mission of the Corporation, as originally established under Section 45-a and Article18 of the PHFL, was to create decent affordable housing for persons of low-income by providing loans and grants for the rehabilitation of existing housing or the construction of new housing under the Low-Income Housing Trust Fund Program. This mission has reinforced since then by the adding many State and Federal programs to HTFC's portfolio, including these which are currently active:
* Low-Income Housing Trust Fund Program
* Homes for Working Families Program
* HOPE/RESTORE Program
* Public Housing Modernization Program
* Public Housing Drug Elimination Program
* New York Main Street Program
* Access to Home Program
* Urban Initiatives Program
* Rural Area Revitalization Program
* HOME Investment Partnerships Program
* Section 8 Project-based Contract Administration Program
* Small Cities Community Development Block Grant Program