NY Priv Hous Fin L § 572 (2021)
2021 New York Laws PVH - Private Housing Finance Article 11 - Housing Development Fund Companies 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.