N.Y. Private Housing Finance Law § 572: Definitions

§ 572. Definitions. As used in this article, the following terms shall

mean and include:

1. "Commissioner." The commissioner of housing and community renewal

of the state of New York.

2. "Comptroller." The comptroller of the state of New York in the

context of the housing development fund established by section five

hundred seventy-four of this article, or the comptroller or chief fiscal

officer of a municipality in the context of the municipal housing

development fund established pursuant to section five hundred

seventy-four-a of this article, as the case may be.

3. "Development cost." The cost approved by the commissioner or the

supervising agency, as the case may be, as appropriate expenditures

which may be incurred prior to commitment and initial advance of the

proceeds of a mortgage, including but not limited to: (a) payments for

options to purchase properties on the proposed housing project site,

deposits on contracts of purchase, or, with prior approval of the

commissioner or the supervising agency, as the case may be, payments for

the purchase of such properties; (b) legal and organizational expenses,

including payment of attorneys' fees, project manager and clerical staff

salaries, office rent and other incidental expenses; (c) payment of fees

for preliminary feasibility studies, advances for planning, engineering

and architectural work; (d) expenses for tenant or home ownership

surveys and market analyses; (e) necessary application and other fees;

(f) bridge loans which shall mean such interim financing as may be

necessary for the development of residential properties and which shall

be repaid out of equity which may include proceeds from the syndication

of the federal low income housing tax credit as established pursuant to

the federal internal revenue code; and (g) such other expenses incurred

by the housing development fund company or housing corporation as the

commissioner or the supervising agency, as the case may be, may deem

appropriate to effectuate the purposes of this article.

4. "Division." The division of housing and community renewal in the

executive department of the state of New York.

5. "Federally-aided mortgage." A mortgage made or insured by the

federal government or any agency or instrumentality thereof, or a

mortgage loan entered into in conjunction with a housing assistance

payments contract in connection with new construction or substantial

rehabilitation pursuant to section eight of the United States Housing

Act of 1937, as amended.

6. "Fund." The housing development fund created by section five

hundred seventy-four of this article, or a municipal housing development

fund established pursuant to section five hundred seventy-four-a of this

article, as the case may be.

7. "Gross project cost." The sum total of all reasonable and necessary

costs incurred by a housing development fund company for carrying out

all works and undertakings for the development of a housing project.

These shall include but not necessarily be limited to the cost of all

necessary studies, surveys, plans and specifications, architectural,

engineering, legal or other special services, financing, acquisition,

demolition, construction, equipment, and site development of new and

rehabilitated buildings, rehabilitation, reconstruction, repair or

remodeling of existing buildings, and the cost of tenant placement and

tenant relocation services in connection with a project.

8. "Housing project." A specific work or improvement undertaken by a

housing development fund company to provide dwelling accommodations,

including the acquisition, construction and/or rehabilitation of lands,

buildings and improvements, and such commercial, social, recreational,

communal or other non-housing facilities as may be incidental or

appurtenant thereto.

8-a. "State urban development corporation project." A project

acquired, owned, constructed, managed or operated by a housing

development fund company which is a subsidiary of the New York state

urban development corporation, as the term "subsidiary" is defined in

the New York state urban development corporation act.

8-b. "Farmworker housing project." A specific work or improvement that

is undertaken by one or more agricultural producers for the construction

or improvement of dwelling accommodations for farmworkers who are not

family members of the agricultural producers. For the purposes of this

section only, an "agricultural producer" shall mean a person or entity

which owns or operates land eligible for an agricultural assessment

pursuant to section three hundred five or section three hundred six of

the agriculture and markets law and which produces food by the tillage

of the soil, or raises, sheers, feeds or manages animals or other

dairying processes.

9. "Housing development fund company." A company incorporated and

organized pursuant to section five hundred seventy-three of this

chapter.

10. "Local legislative body." In a city, the board of aldermen, common

council, commission, or other board or body now or hereafter vested with

jurisdiction to enact ordinances or local laws, except that if there be,

in a city of one million population or more, a board of estimate, the

term shall mean only such board of estimate; in a town, the town board;

in a village, the board or trustees; in a county, the board of

supervisors.

11. "State-aided mortgage." A loan made by the state of New York or

any agency or instrumentality thereof.

12. "Taxing jurisdiction." Any municipal corporation or district

corporation, including any school district or any special district,

having the power to levy or collect taxes and benefit assessments upon

real property, or in whose behalf such taxes or benefit assessments may

be levied or collected.

13. "Municipally-aided Mortgage." A loan made by a municipality

pursuant to the provisions of article two of this chapter to a mutual

company as defined in section twelve of this chapter or to a non-profit

company incorporated pursuant to the provisions of the not-for-profit

corporation law and article two of this chapter, or a loan made by a

municipality pursuant to the provisions of article eight of this chapter

to a mutual company as defined in section twelve of this chapter or to a

not-for-profit corporation incorporated pursuant to the provisions of

the not-for-profit corporation law and this article or a temporary

construction loan or advance or a permanent loan that the supervising

agency certifies is made pursuant to the provisions of article fifteen

of this chapter to a mutual company as defined in section twelve of this

chapter or to a not-for-profit corporation incorporated pursuant to the

provisions of the not-for-profit corporation law and this article.

14. "Supervising Agency." The comptroller in a municipality having a

comptroller; in a municipality having no comptroller, the chief fiscal

officer of such municipality; except that in the city of New York it

shall be the department of housing preservation and development.

15. "Housing corporation." A not-for-profit or charitable corporation

which has as one of its primary purposes the improvement of housing for

persons of low income, or a wholly owned subsidiary of such corporation

or organization.

16. "Local loan administrator." A farm credit bureau or member of the

farm credit system or a banking institution with a demonstrated ability

to provide financial assistance and service to agricultural producers

that have entered into a master servicing agreement prescribed pursuant

to section five hundred seventy-six-d of this chapter.