Terms Used In New York Laws > Private Housing Finance > Article 17-A - Rental Assistance Program For Rural Areas

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Eligible project: means a housing project located in a rural area which is to be owned or operated by an eligible sponsor and which has received (or which the sponsor has demonstrated to the satisfaction of the commissioner will receive) federal assistance. See N.Y. Private Housing Finance Law 1021
• Eligible sponsor: means either a corporation organized pursuant to the not-for-profit corporation law, a public housing authority as defined pursuant to subdivision two of § 3 of the public housing law, or an eligible borrower as defined in Title V of the United States Housing Act of 1949. See N.Y. Private Housing Finance Law 1021
• Federal assistance: means assistance from the Farmer's Home Administration pursuant to title five of the United States Housing Act of 1949. See N.Y. Private Housing Finance Law 1021
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.