2023 New York Laws › PVH - Private Housing Finance › Article 12 - New York City Housing Development Corporation › 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, 2025
* 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, 2025