N.Y. Retire. & Soc. Sec. Law § 177-a

§ 177-a. Investment in certain conventional mortgages.\nNotwithstanding any provision contained in this chapter or any other\ngeneral, special or local law or code to the contrary, within the\nlimitations authorized for investment in conventional mortgages, the\ntrustees of the fund may invest a part of its assets in first mortgages\non real property located anywhere within the boundaries of the United\nStates.\n