N.Y. Gen. Mun. Law § 696-f

§ 696-f. Servicing. An agency may make provision in a note and loan\nagreement or by separate agreement for the performance of loan or grant\nservicing functions, including, but not limited to, functions related to\nlending or providing a grant for construction, as may generally be\nperformed by an institutional lender. Such agency may act in such\ncapacity or appoint or consent to the appointment of a financial\ninstitution or other qualified entity, as determined by such agency, to\nact in such capacity on behalf of such agency. Such agency may pay a\nreasonable and customary fee to such financial institution or other\nqualified entity appointed by such agency, or to whose appointment such\nagency provided consent, for the performance of such loan or grant\nservicing functions.\n