N.Y. Private Housing Finance Law § 52

§ 52. Notes and bonds as legal investment. The notes and bonds of the\nagency are hereby made securities in which all public officers and\nbodies of this state and all municipalities and municipal subdivisions,\nall insurance companies and associations, and other persons carrying on\nan insurance business, all banks, bankers, trust companies, savings\nbanks and savings associations, including savings and loan associations,\nbuilding and loan associations, investment companies and other persons\ncarrying on a banking business, all administrators, guardians,\nexecutors, trustees and other fiduciaries, and all other persons\nwhatsoever who are now or may hereafter be authorized to invest in bonds\nor other obligations of the state, may properly and legally invest\nfunds, including capital, in their control or belonging to them.\n