N.Y. Private Housing Finance Law 572 – Definitions
§ 572. Definitions. As used in this article, the following terms shall mean and include:
Terms Used In N.Y. Private Housing Finance Law 572
- 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.
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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 § 305 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.