N.Y. Private Housing Finance Law § 310

§ 310. Restrictions. Such corporation shall not deposit any of its\nfunds in any banking organization unless such banking organization has\nbeen designated as a depository by a vote of the majority of all of the\ndirectors of such corporation, exclusive of any director who is an\nofficer or director of the depository so designated. Such corporation\nshall not make any loans other than those set forth in section three\nhundred four hereof, and in no event shall the corporation make any\nloans, directly or indirectly, to any of its officers or to any firms in\nwhich any of its officers is an officer, director or stockholder. Such\ncorporation shall not receive money on deposit except that money held in\nescrow pursuant to the provisions of subdivision three (c) (vii) B of\nsection three hundred four hereof, or otherwise, shall not be deemed to\nbe the receipt of money on deposit.\n