N.Y. Private Housing Finance Law 652 – Definitions
§ 652. Definitions. As used or referred to in this article, unless a different meaning clearly appears from the context:
Terms Used In N.Y. Private Housing Finance Law 652
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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