N.Y. Private Housing Finance Law § 652: Definitions

§ 652. Definitions. As used or referred to in this article, unless a

different meaning clearly appears from the context:

1. "Corporation" shall mean the corporate governmental agency created

by section six hundred fifty-three of this article.

2. "State" shall mean the state of New York.

3. "City" shall mean the city of New York.

4. "Mayor" shall mean the mayor of the city of New York

5. "Comptroller" shall mean the comptroller of the city of New York.

6. "Commissioner of finance" shall mean the commissioner of finance of

the city of New York.

7. "Director of management and budget" shall mean the director of

management and budget of the city of New York.

8. "Department of housing preservation and development" shall mean the

department of housing preservation and development of the city of New

York.

9. "Bonds" and "notes" shall mean revenue bonds and notes

respectively, issued by the corporation pursuant to this article.

10. "Revenues" shall mean the fees and charges made or received by the

corporation, and all or any part of the moneys received in payment of

mortgage loans and interest thereon, including prepayments and other

moneys received or to be received.

11. "Operating expenses" shall mean all costs of administering the

corporation, including but not limited to salaries and wages, expenses

of administering staff functions, fees of professional consultants,

legal fees, charges incurred for servicing of mortgage loans, money

management, office rents, utility charges, costs of supplies,

furnishings, equipment, machinery and apparatus, maintenance and repair

of property and other expenses incurred in connection with the

foregoing.

12. "Maximum capital reserve fund requirement" shall mean, as of any

particular date of computation, an amount of money equal to the greatest

of the respective amounts, for the then current or any future fiscal

year of the corporation, of annual debt service of the corporation, such

annual debt service for any fiscal year being the amount of money equal

to the aggregate of (a) all interest payable during such fiscal year on

all bonds of the corporation secured by the capital reserve fund or

funds for which such requirement is to be determined, other than bonds

issued pursuant to subdivision two of section six hundred fifty-six of

this article, outstanding on said date of computation, plus (b) the

principal amount of all bonds of the corporation secured by the capital

reserve fund or funds for which such requirement is to be determined,

other than bonds issued pursuant to subdivision two of section six

hundred fifty-six of this article outstanding on said date of

computation which matures during such fiscal year, plus (c) the amount

of all annual sinking fund payments payable during such fiscal year with

respect to any bonds of the corporation secured by the capital reserve

fund or funds for which such requirement is to be determined, other than

bonds issued pursuant to subdivision two of section six hundred

fifty-six of this article, outstanding on said date of computation.

13. "Annual sinking fund payment" shall mean the amount of money

specified in the resolution authorizing term bonds as payable into a

sinking fund during a particular fiscal year for the retirement of term

bonds which mature after such fiscal year, but shall not include any

amount payable by reason only of the maturity of a bond.

* 14. "Lending institution" shall mean any bank or trust company or

savings bank, or any corporation, association or other entity which is

owned or controlled by any one or more such bank or trust company or

savings bank, or any savings and loan association, credit union, federal

national mortgage association approved mortgage banker, national banking

association, federal savings and loan association, federal savings bank,

public pension fund, pension fund with assets over fifty million

dollars, insurance company, federal credit union or other financial

institution or governmental agency of the United States which

customarily makes, purchases, holds, insures or services residential

mortgages.

* NB Effective until July 23, 2027

* 14. "Lending institution" shall mean any bank or trust company or

savings bank, or any corporation, association or other entity which is

owned or controlled by any one or more such bank or trust company or

savings bank, or any savings and loan association, industrial bank,

credit union, federal national mortgage association approved mortgage

banker, national banking association, federal savings and loan

association, pension fund, insurance company, federal credit union or

other financial institution or governmental agency of the United States

which customarily makes, purchases, holds or services residential

mortgages.

* NB Effective July 23, 2027