2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 11 - (570 - 582) HOUSING DEVELOPMENT FUND COMPANIES
572 - Definitions.

 
    § 572. Definitions. As used in this article, the following terms shall
  mean and include:
    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  section three hundred five or section three hundred six 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.