NY Priv Hous Fin L § 42 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 42 - Definitions.

§  42.  Definitions.  As used or referred to in this article, unless a   different meaning clearly appears from the context:1. "Agency" shall mean the corporate governmental  agency  created  by   section forty-three of this article.1-a.   "Amortized  value"  shall  mean,  when  used  with  respect  to   securities purchased at a premium above or a  discount  below  par,  the   value  as of any given date obtained by dividing the total amount of the   premium or discount at which  such  securities  were  purchased  by  the   number  of  days remaining to maturity on such securities at the time of   such purchase and by multiplying the amount so calculated by the  number   of  days  having  passed since the date of such purchase; and (a) in the   case of securities purchased at a premium, by deducting the product thus   obtained from the purchase price, and (b)  in  the  case  of  securities   purchased  at  a  discount,  by  adding the product thus obtained to the   purchase price.2. "Bonds" and "notes" shall mean bonds and notes respectively, issued   by the agency pursuant to this article.3. "Equity bonds" and  "equity  notes"  shall  mean  bonds  and  notes   respectively,  issued  by  the  agency  pursuant  to subdivision four of   section forty-six of this article.4. "Equity loan" shall mean a loan made by  the  agency  to  a  mutual   company,  mutual  housing  company,  mutual  redevelopment  company,  or   housing development fund company which  is  organized  pursuant  to  the   business  corporation  law  and  article  eleven  of this chapter, in an   amount not to exceed nine per centum of project cost and not  in  excess   of  the  aggregate  face value of home owners purchase notes received by   such  mutual  company,  mutual  housing  company,  mutual  redevelopment   company,  or  housing  development fund company, as the case may be, for   the issuance of shares.4-a. "Federally-aided mortgage loan" shall mean a loan  secured  by  a   first mortgage lien on the real property of which a project consists and   the  personal  property  attached  to  or  used  in  connection with the   construction, acquisition, reconstruction,  rehabilitation,  improvement   or operation of the project, made or financed by the agency to the owner   of  such  property,  which  loan is insured or co-insured by the federal   government or in connection  with  which  there  has  been  assigned  or   pledged  to  the agency the right to receive housing assistance payments   to be made by the federal  government  under  a  contract  entered  into   pursuant  to  section eight of the United States housing act of nineteen   hundred thirty-seven, as amended  or  supplemented,  provided,  however,   that  such  term shall not include mortgage loans made by the agency and   insured by the federal government pursuant to subsection (f) of  section   two  hundred  twenty-three of such act, to refinance mortgage loans made   by the agency or the state prior to the  first  day  of  June,  nineteen   hundred seventy-nine or theretofore or thereafter, amended, modified, or   increased or loans provided for pursuant to subdivision twenty-nine-a of   section  forty-four  of  this  article. Where all or part of the cost of   acquiring any real property included in the project is to be financed by   a federally-aided mortgage loan the term "owner" shall  mean  the  owner   upon  such acquisition. Nothing contained herein shall limit or prohibit   the agency  from  consenting  to  the  modification  of  any  instrument   executed  in  connection  with a federally-aided mortgage loan, provided   that such modification will not  materially  reduce  the  value  of  the   security for such mortgage loan.4-b. "Federally guaranteed security" means any security, investment or   evidence  of  indebtedness  which  is  issued  pursuant  to the national   housing act or any successor provision of  law,  as  amended,  which  is   either,  directly or indirectly, insured or guaranteed in full as to the    repayment of principal and interest by the United States of  America  or   any instrumentality thereof.5. "Home owners purchase note" shall mean home owners purchase note as   defined in article one of this chapter.5-a.  "Insured  mortgage  reserve fund" shall mean the fund created by   section fifty-seven of this chapter.6. "Mortgage loan" shall mean a loan made by the agency to  a  company   in an amount not to exceed ninety per centum of the project cost, except   that  in the case of a mutual company, an urban rental company which has   not been aided by any loan  made  prior  to  September  first,  nineteen   hundred  sixty-eight,  or  a non-profit company incorporated pursuant to   the provisions of the not-for-profit corporation law  and  this  chapter   for  the  purpose  of  providing housing for staff members, employees or   students of a college, university, hospital or  child  care  institution   and  their  immediate families or in the case of a community development   corporation the loan shall not exceed  ninety-five  per  centum  of  the   project  cost  and  in  the  case  of  a non-profit company incorporated   pursuant to the provisions of the  not-for-profit  corporation  law  and   this   chapter  for  the  purpose  of  providing  housing  for  aged  or   handicapped persons of low income  or  in  the  case  of  a  low  income   non-profit  housing  company the loan shall not exceed the total project   cost, and secured by a first mortgage lien on the real property of which   the project consists and the personal property attached to  or  used  in   connection   with   the   construction,   acquisition,   reconstruction,   rehabilitation, improvement or  operation  of  the  project.  "Company,"   "mutual  company,"  "urban rental company," "project cost" and "project"   shall mean company, mutual company, urban rental company,  project  cost   and project, respectively, as defined in article two of this chapter.6-a.  "Mortgage  loan"  shall also mean a loan made by the agency to a   community senior citizens center and services company in an  amount  not   to exceed the total project cost of a project undertaken by such company   pursuant  to  article  seven-A  of  this chapter, and secured by a first   mortgage lien on the real property of which the project consists and the   personal  property  attached  to  or  used  in   connection   with   the   construction,  acquisition,  reconstruction, rehabilitation, improvement   or operation of the project.6-b. "Mortgage loan" shall also mean a loan made by the agency  to  an   eligible  borrower  as  defined  in article twenty-eight-B of the public   health law in an amount not to exceed the total  hospital  project  cost   and  secured  by a first mortgage lien on the real property of which the   hospital project consists and the personal property attached to or  used   in   connection  with  the  construction,  acquisition,  reconstruction,   rehabilitation, improvement or operation of the hospital  project.  Such   loan  may  be  further  secured  by such a lien upon other real property   owned by the eligible borrower. Notwithstanding the foregoing provisions   of this subdivision or any other  provisions  of  this  article  to  the   contrary,  any  personal  property  may be excluded from the lien of the   mortgage provided  (a)  the  commissioner  of  health  finds  that  such   property  is  not  essential  for  the  rendition  of  required hospital   services as such term is defined in article twenty-eight of  the  public   health  law,  and  (b)  the agency consents to such exclusion. "Hospital   project cost" and "hospital project" shall mean  hospital  project  cost   and hospital project, respectively, as defined in article twenty-eight-B   of the public health law.6-c.  "Mortgage  loan"  shall also mean a loan made by the agency to a   limited-profit  nursing  home  company  incorporated  pursuant  to   the   provisions  of  article  twenty-eight-A  of  the public health law in an   amount not to exceed ninety-five per centum of the nursing home  project    cost,  and in the case of a non-profit nursing home company incorporated   pursuant to the provisions  of  article  twenty-eight-A  of  the  public   health  law  and  the not-for-profit corporation law in an amount not to   exceed  the  total  nursing  home  project  cost, and secured by a first   mortgage lien on the real property of which  the  nursing  home  project   consists  and  the  personal  property attached to or used in connection   with  the  construction,  acquisition,  reconstruction,  rehabilitation,   improvement  or  operation  of the nursing home project. Notwithstanding   the foregoing provisions of this subdivision or any other  provision  of   this article to the contrary, any personal property may be excluded from   the  lien  of the mortgage provided (a) the commissioner of health finds   that such property is not essential for the nursing home project as such   term is defined in article twenty-eight-A of the public health law,  and   (b)  the  agency  consents  to  such  exclusion. "Nursing home company",   "limited-profit  nursing  home  company",   "non-profit   nursing   home   company",  "nursing  home project cost" and "nursing home project" shall   mean  nursing  home  company,  limited-profit  nursing   home   company,   non-profit  nursing  home company, nursing home project cost and nursing   home project, respectively, as defined in article twenty-eight-A of  the   public health law.6-d.  "Mortgage  loan"  shall also mean a loan made by the agency to a   company incorporated pursuant to the provisions of  article  eight-B  of   the  mental  hygiene  law  and  the not-for-profit corporation law in an   amount not to exceed the total community mental health services  project   cost  or community mental retardation services project cost, and secured   by a first mortgage lien on the real property  of  which  the  community   mental  health services project or community mental retardation services   project consists and the  personal  property  attached  to  or  used  in   connection   with   the   construction,   acquisition,   reconstruction,   rehabilitation, improvement or operation of the community mental  health   services  project  or  community  mental  retardation  services project.   "Community  mental   health   services   company,"   "community   mental   retardation services company," "community mental health services project   cost,"  "community mental retardation services project cost," "community   mental  health  services  project"  and  "community  mental  retardation   services  project"  shall mean community mental health services company,   community mental retardation services company, community  mental  health   services  project  cost,  community  mental retardation services project   cost, community mental health  services  project  and  community  mental   retardation  services  project,  respectively,  as  defined  in  article   eight-B of the mental hygiene law.6-e. "Mortgage loan" shall also mean a loan made by the  agency  to  a   non-profit corporation which is an eligible borrower as defined in title   five-A  of  article  six  of the social services law in an amount not to   exceed the total youth facilities project cost, and secured by  a  first   mortgage lien on the real property of which the youth facilities project   consists  and  the  personal  property attached to or used in connection   with  the  construction,  acquisition,  reconstruction,  rehabilitation,   improvement  or  operation  of  the  youth  facilities  project.  "Youth   facilities project cost" and "youth facilities project" shall mean youth   facilities project cost and youth facilities project,  respectively,  as   defined in title five-A of article six of the social services law.6-f. "Mortgage loan" shall also mean an instrument or instruments made   by  a  company  to  evidence  residual indebtedness, which instrument or   instruments are secured by a  mortgage  on  the  real  property  of  the   project.* 6-g.  "Mortgage  loan"  shall  also  mean  a loan secured by a first   mortgage lien on the real property of which a project consists  and  the    personal   property   attached   to  or  used  in  connection  with  the   construction or rehabilitation of the project, made or financed  by  the   agency to the owner of such property, which property a municipal housing   authority,  constituted,  created  or  established  pursuant  to article   thirteen of the public housing law, has  agreed  to  purchase  upon  the   completion of such construction or rehabilitation.* NB There are 2 sb 6-g's* 6-g.  "Mortgage loan" shall also mean a loan made by the agency to a   mutual housing company for  the  purpose  of  refinancing  the  existing   mortgage  indebtedness  of  such  company in an amount not to exceed the   cost of refinancing the existing mortgage indebtedness of  such  company   and  necessary funds for the replacement, improvement and rehabilitation   of the project owned by such company, all costs incurred by such company   relating to  the  refinancing  of  the  existing  mortgage  indebtedness   including  amounts  required  to establish escrow accounts, reserves and   working capital as determined by the agency, and such other  amounts  as   are  permitted  by  article four of this chapter, and secured by a first   mortgage lien on the real property of which the project consists and the   personal  property  attached  to  or  used  in   connection   with   the   construction,  acquisition,  reconstruction, rehabilitation, improvement   or operation of the project.* NB (Operative pending ruling by Internal Revenue Service)* NB There are 2 sb 6-g's7.  "Mutual   company",   "mutual   housing   company"   and   "mutual   redevelopment company" shall mean mutual company, mutual housing company   and  mutual  redevelopment  company as defined in articles two, four and   five, respectively, of this chapter.8. "Non-profit company" shall mean a company incorporated pursuant  to   the  provisions of the not-for-profit corporation law and article two of   this chapter for the purpose of providing  housing  for  staff  members,   employees  or  students of a college, university, hospital or child care   institution and their immediate families  or  for  handicapped  or  aged   persons  of  low  income or housing for persons of low income or housing   for families of low income as defined under article two of this chapter.9.  "Community  development  corporation"  shall  mean  a  corporation   incorporated   pursuant   to   the   provisions  of  the  not-for-profit   corporation law and article six-A of this chapter.10. "Non-profit project bonds" and "non-profit  project  notes"  shall   mean bonds and notes respectively, issued by the agency for the purposes   of  making  mortgage  loans to mutual companies, non-profit companies or   community development corporations paying interest  on  such  bonds  and   notes,  establishing reserves to secure such bonds and notes, and paying   of all other expenditures of the agency incident  to  and  necessary  or   convenient for the making of such mortgage loans.11.  "Hospital  and  nursing  home  project  bonds"  and "hospital and   nursing home project notes" shall mean  bonds  and  notes  respectively,   issued  by  the  agency  for  the  purposes  of making mortgage loans to   hospital corporations which are eligible borrowers as defined in article   twenty-eight-B of the public  health  law  or  nursing  home  companies,   paying interest on such bonds and notes, establishing reserves to secure   such bonds and notes, and paying of all other expenditures of the agency   incident  to and necessary or convenient for the making of such mortgage   loans.12. "Urban rental project bonds"  and  "urban  rental  project  notes"   shall  mean  bonds  and  notes  respectively, issued by the agency after   August thirty-first, nineteen hundred sixty-eight, for the  purposes  of   making mortgage loans to urban rental companies, paying interest on such   bonds  and  notes, establishing reserves to secure such bonds and notes,    and paying of all other expenditures  of  the  agency  incident  to  and   necessary or convenient for the making of such mortgage loans.13.  "Youth  facilities  project  bonds" and "youth facilities project   notes" shall mean bonds and notes, respectively, issued  by  the  agency   for  the  purposes  of  making mortgage loans to non-profit corporations   which are eligible borrowers as defined in title five-A of  article  six   of  the  social  services  law, paying interest on such bonds and notes,   establishing reserves to secure such bonds and notes, and paying of  all   other expenditures of the agency incident to and necessary or convenient   for the making of such mortgage loans.14.  "Community mental health services and mental retardation services   project  bonds"  and  "community  mental  health  services  and   mental   retardation   services  project  notes"  shall  mean  bonds  and  notes,   respectively, issued by the agency for the purposes of  making  mortgage   loans   to   companies   incorporated  pursuant  to  the  not-for-profit   corporation law and article eight-B of the mental  hygiene  law,  paying   interest  on  such bonds and notes, establishing reserves to secure such   bonds and notes, and paying of all  other  expenditures  of  the  agency   incident  to and necessary or convenient for the making of such mortgage   loans.14-a.  "Community  mental  health  services  and  mental   retardation   services  project  revenue  bonds" and "community mental health services   and mental retardation services project revenue notes" shall mean  bonds   and  notes, respectively, issued by the agency for the purpose of making   mortgage loans to companies incorporated pursuant to the  not-for-profit   corporation  law  and  article  seventy-five  of the mental hygiene law,   paying interest on such bonds and notes, establishing reserves to secure   such bonds and notes, and paying of all other expenditures of the agency   incident to and necessary or convenient for the making of such  mortgage   loans.15.  "Community senior citizens services project bonds" and "community   senior citizens services project notes"  shall  mean  bonds  and  notes,   respectively,  issued  by the agency for the purposes of making mortgage   loans  to  companies  incorporated  pursuant   to   the   not-for-profit   corporation  law and article seven-A of this chapter, paying interest on   such bonds and notes, establishing reserves to  secure  such  bonds  and   notes,  and  paying  of all other expenditures of the agency incident to   and necessary or convenient for the making of such mortgage loans.16. "State of New York municipal bond bank agency bonds" and "State of   New York municipal bond  agency  notes"  shall  mean  bonds  and  notes,   respectively, issued by the state of New York municipal bond bank agency   for the purposes of purchasing municipal bonds from municipalities.17.  "New York state medical care facilities finance agency bonds" and   "New York state medical care facilities finance agency notes" shall mean   bonds and notes, respectively, issued by the New York state medical care   facilities finance agency for the corporate purposes  of  the  New  York   state medical care facilities finance agency.18.  "New York state project finance agency bonds" and "New York state   project finance agency notes" shall mean bonds and notes,  respectively,   issued  by  the  New York state project finance agency for the corporate   purposes of the New York state project finance agency.19.  "Residual   indebtedness."   Residual   indebtedness   shall   be   indebtedness  of  a  company  in an amount equal to the unpaid principal   balance due on the original mortgage plus all interest  accrued  thereon   at  such  time as the mortgage is refinanced less an amount equal to the   principal amount, when made, of the  mortgage  insured  by  the  federal   government  in  connection  with  the  refinancing  of  a  project. Such   indebtedness shall be secured by a mortgage which may be subordinate  to    the  lien of any mortgage loan insured by the federal government and may   contain such terms and conditions not inconsistent with this article  as   may  be  approved  by  the  commissioner,  and  as  the  agency may deem   necessary  or  desirable  to  secure  the  repayment  of  such  residual   indebtedness.* 20. "Revenue housing bonds" shall mean bonds issued  by  the  agency   after  May thirty-first, nineteen hundred seventy-six for the purpose of   making mortgage loans to  mutual  companies,  non-profit  companies,  or   urban  rental  companies,  funding  non-profit  project  notes and urban   rental project notes issued for the  purpose  of  making  such  mortgage   loans,  paying  interest  on such bonds, establishing reserves to secure   such bonds and paying all other expenditures of the agency  incident  to   and necessary or convenient for the making of such mortgage loans or the   funding of such notes.   * NB (Effective until ruling by Internal Revenue Service)*  20.  "Revenue  housing bonds" shall mean bonds issued by the agency   after May thirty-first, nineteen hundred seventy-six for the purpose  of   making  mortgage  loans  to  mutual companies, mutual housing companies,   non-profit companies, or  urban  rental  companies,  funding  non-profit   project  notes  and urban rental project notes issued for the purpose of   making such mortgage loans, paying interest on such bonds,  establishing   reserves  to  secure such bonds and paying all other expenditures of the   agency incident to and necessary or convenient for the  making  of  such   mortgage loans or the funding of such notes.   * NB (Effective pending ruling by Internal Revenue Service)21.  "Special  revenue  housing coverage reserve funds" shall mean the   funds created by section fifty-eight of this article.22. "Bond reserve insurance fund"  shall  mean  the  fund  created  by   section fifty-nine of this article.* 23.  "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, 2023* 23. "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, 2023* 24. "Housing development" shall mean a specific work or improvement,   whether  or  not to effectuate all or any part of a plan, and consisting   of five or more residential units, and including  the  lands,  buildings   and  improvements  acquired,  owned, constructed, managed or operated to   provide such units  and  such  incidental  and  appurtenant  commercial,   recreation,  cultural,  communal, dining, medical and nursing treatment,    day care or residential child care and community facilities  as  may  be   approved  by  the  agency.  As  used in connection with the term housing   development, the term residential unit shall refer to units suitable for   residential  use  or  accommodations included within the term housing as   defined in subdivision nine of section twelve of this chapter.* NB Repealed July 23, 202325. "Housing and non-profit health facility"  shall  mean  a  specific   work  or  improvement, whether or not to effectuate all or any part of a   plan consisting of five or more residential units, and at  the  election   of  the  agency  such additional health and health related facilities as   the  agency  may  approve;  and  including  the  lands,  buildings   and   improvements  acquired,  owned,  constructed,  managed  or  operated  to   provide such units and health, or health  related  facilities  and  such   incidental  and  appurtenant commercial, recreation, cultural, communal,   dining, parking, day care or residential child care, senior citizen  and   community  facilities  as may be approved by the agency acquired, owned,   constructed,  rehabilitated,  improved,  managed  or   operated   by   a   non-profit   company   except  that  any  portion  thereof  meeting  the   definition of a housing development set forth in subdivision twenty-four   hereof may be separately owned by a for profit  owner  approved  by  the   agency.  As  used  in  connection  with  the term housing and non-profit   health facility, the term residential unit shall refer to units suitable   for residential use or accommodations included within the  term  housing   as  defined  in  subdivision nine of section twelve of this chapter, and   the term non-profit company shall mean a company  incorporated  pursuant   to  the provisions of the not-for-profit corporation law for the purpose   of providing housing for staff members, employees, students or users  of   a hospital, health, health related facility and their immediate families   or  for  the  purpose of providing a hospital, health, or health related   facility.