N.Y. Private Housing Finance Law § 352: Definitions

§ 352. Definitions. As used in this article the following words and

phrases shall have the following meanings unless a different meaning is

plainly required by the context:

1. "Company", or "community senior citizens centers and services

company". A company, duly incorporated pursuant to the provisions of the

not-for-profit corporation law and this article, for the purpose of

providing centers for the aging, and such facilities as may be

incidental or appurtenant thereto.

2. "Project" or "community senior citizens services project". A

specific work or improvement, including lands, buildings, improvements,

fixtures and articles of personal property, constructed, acquired,

reconstructed, rehabilitated, managed, owned or operated by a company

pursuant to this article, to provide centers for the aging, including

such facilities as may be incidental or appurtenant thereto.

3. "Project cost" or "community senior citizens services project

cost". The sum total of all costs incurred by a company approved by the

commissioner as reasonable and necessary for carrying out all works and

undertakings and providing all necessary equipment for the development

of a project, less any private or federal, state or local financial

assistance available for and received by the company for the payment of

such project cost. These shall include but are not necessarily limited

to the carrying charges during construction up to and including the

occupancy date, working capital not exceeding three per centum of the

estimated total cost or three per centum of the actual total final cost,

whichever is larger, the cost of all necessary studies, surveys, plans

and specifications, architectural, engineering, legal or other special

services, the cost of acquisition of land and any improvements thereon,

site preparation and development, construction, reconstruction,

rehabilitation, improvement and equipment, including fixtures,

equipment, and articles of personal property required for the operation

of such facilities, the reasonable cost of financing incurred by the

company in the course of the development of the project, up to and

including the occupancy date, the fees imposed by the commissioner and

by the New York state housing finance agency; other fees charged, and

necessary expenses incurred in connection with the initial occupancy of

the project, and the cost of such other items as the commissioner may

determine to be reasonable and necessary for the development of a

project, less any and all rents and other net revenues from the

operation of the real property, improvements or personal property on the

project site, or any part thereof, by the company on and after the date

on which the contract between the company and the New York state housing

finance agency was entered into and prior to the occupancy date.

4. "Occupancy date". The date defined in the document providing for a

mortgage loan between a company and the New York state housing finance

agency.

5. "Commissioner". The commissioner of social services of the state of

New York.

6. "Department". The department of social services of the state of New

York.