N.Y. Private Housing Finance Law § 1021: Definitions

§ 1021. Definitions. As used in this article, any term defined in

article seventeen of this chapter shall have the same meaning herein as

set forth therein and the following terms shall have the following

meanings:

1. "Federal assistance" means assistance from the Farmer's Home

Administration pursuant to title five of the United States Housing Act

of 1949.

2. "Eligible sponsor" means either a corporation organized pursuant to

the not-for-profit corporation law, a public housing authority as

defined pursuant to subdivision two of section three of the public

housing law, or an eligible borrower as defined in Title V of the United

States Housing Act of 1949.

3. "Eligible project" means a housing project located in a rural area

which is to be owned or operated by an eligible sponsor and which has

received (or which the sponsor has demonstrated to the satisfaction of

the commissioner will receive) federal assistance.