N.Y. Urban development guarantee fund of New York 175/68 § 3: Definitions

§ 3. Definitions. 1. "Small business" shall mean a business located in

an area having one or more of the characteristics described in section

two which is unable to obtain adequate financing to maintain a

stabilized work force or increase job opportunities by virtue of (a) its

location, (b) its net assets or (c) its dollar volume of business.

2. "Fund" shall mean the urban development guarantee fund of New York

created by section four of this act.

3. "Small business project" shall mean construction of any new

building, purchase of an existing building, or refinancing of an

existing building in order to facilitate substantial improvement

thereto, the financing of real property deemed essential for the conduct

of business, the extension or provision of utilities and any other

appurtenant facilities to be used by any small business, or any

necessary machinery, equipment or stock, working capital or other

capital investment therein, or any combination of the foregoing, which

the fund shall determine will tend to provide gainful employment for the

people of the state and/or increase the tax base of the economy, or

diversify and expand small business, or any combination of the

foregoing.

4. "Housing project" shall mean the construction of any new building,

purchase of an existing building or refinancing of an existing building

and real property deemed essential to such project, in order to

facilitate substantial improvement thereto, designed and intended to

provide housing accommodations for persons and families which cannot

afford safe and sanitary housing accommodations provided by the unaided

efforts of private enterprise, and such facilities as may be incidental

and appurtenant thereto.

5. "Loan guarantee fund" shall mean the fund created in section six of

this act.

6. "Operation and maintenance fund" shall mean the fund created in

section seven of this act.

7. "Lending institution" shall mean the original lender under the loan

agreement of participants therein and its successors and assigns, and

may include but is not limited to, an individual lender, corporation,

insurance company, bank, investment company, executor, trustee or other

fiduciary, pension, profit sharing, and retirement fund.

8. "Payments" shall mean periodic payments called for under the terms

of a loan, and may include, but is not limited to, interest,

installments of principal, taxes and assessments, loan insurance

premiums and hazard insurance premiums.

9. "New York state urban development corporation" shall mean the

corporation created by the New York state urban development corporation

act.