New York Laws
Part 2
2426 - Definitions.

(1) Buffalo: Cattaraugus, Chautauqua, Erie and Niagara counties;
(2) Rochester: Genesee, Livingston, Monroe, Ontario, Orleans, Seneca,
Wayne, Wyoming and Yates counties;
(3) Syracuse: Cayuga, Cortland, Madison, Onondaga and Oswego counties;
(4) Elmira-Binghamton: Allegany, Broome, Chemung, Chenango, Delaware,
Otsego, Schuyler, Steuben, Tioga and Tompkins counties;
(5) Mid-Hudson: Columbia, Dutchess, Greene, Orange, Putnam, Sullivan
and Ulster counties;
(6) Capital: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and
Schoharie counties;
(7) Mohawk Valley-Northern: Clinton, Essex, Franklin, Fulton,
Hamilton, Herkimer, Jefferson, Lewis, Oneida, St. Lawrence, Warren and
Washington counties;
(8) Downstate: Rockland and Westchester counties;
(9) Long Island: Nassau and Suffolk counties;
(10) New York City: the five counties comprising the city of New York.
10. "Rehabilitation". Repairs, alterations or improvements of a
housing accommodation designed to raise the housing standards therein
or, in the case of other real property, designed to provide needed
improvements therein.
11. "Preservation loan". A loan extended by a financial institution
for the purposes of refinancing existing indebtedness secured by one or
more mortgages on a housing accommodation or other real property and/or
financing the acquisition of a housing accommodation or other real
property and which otherwise complies with the conditions established
pursuant to section twenty-four hundred twenty-eight of this chapter.
* 12. "Rehabilitation loan". A loan extended by a financial
institution which may include the refinancing of existing indebtedness,
if any, secured by one or more mortgages on the housing accommodation or
other real property to be rehabilitated or financing the acquisition of
the housing accommodation or other real property to be rehabilitated,
and which otherwise complies with the conditions established pursuant to
section twenty-four hundred twenty-eight of this part, provided however
that a sum equal to at least twenty percent of the amount of the loan
shall be used for the cost of rehabilitation of, or construction of
improvements on a housing accommodation or other real property; provided
further that such percentage shall not be required for a community

residence as such term is defined in subdivision twenty-eight of section
1.03 of the mental hygiene law, or for any other residential facility
funded by, under contract with, or subject to regulation by or under the
jurisdiction of the department of mental hygiene, providing services to
persons with mental disabilities as such term is defined in subdivision
three of such section.
* NB Effective until July 23, 2025
* 12. "Rehabilitation loan". A loan extended by a financial
institution which may include the refinancing of existing indebtedness,
if any, secured by one or more mortgages on the housing accommodation or
other real property to be rehabilitated or financing the acquisition of
the housing accommodation or other real property to be rehabilitated,
and which otherwise complies with the conditions established pursuant to
section twenty-four hundred twenty-eight of this chapter, provided
however that a sum equal to at least twenty-five percent of the amount
of the loan shall be used for the cost of rehabilitation of, or
construction of improvements on a housing accommodation or other real
property.
* NB Effective July 23, 2025
13. "Residential purposes". The use or intended use of any space as
the home or residence of one or more persons, excluding use as a housing
accommodation for transients, but including use or intended use for
emergency, transitional or shelter housing.
14. "Cash equivalent". A letter of credit, insurance policy, surety,
guarantee or other security arrangement.
15. "Pool insurance". Mortgage insurance provided by the agency to
insure an aggregate of mortgage loans.
16. Reverse mortgage. A reverse mortgage loan pursuant to section two
hundred eighty or two hundred eighty-a of the real property law shall
mean a loan which is secured by a first mortgage on real property
improved by a one to four-family residence or condominium that is the
residence of the mortgagor, the proceeds of which are advanced to the
mortgagor during the loan term in equal installments, in advances
through a line of credit or otherwise, in lump sums, or through a
combination thereof. A reverse mortgage may be structured to provide for
the addition of accrued but unpaid interest to principal. Such reverse
mortgage loan may provide for an initial lump-sum advance wherein the
mortgagor may receive an amount necessary to pay closing costs,
including but not limited to loan or commitment fees, if any, insurance
premiums, the cost of house repairs, legal fees, the cost of annuities,
the costs of third party counseling, the amount necessary to pay off
existing mortgages or liens, and other appropriate costs.
17. "Ancillary bond facility". That portion of an ancillary bond
facility, as defined in the convention center development corporation
act, with respect to which the corporation has an actual or potential
financial obligation or financial right.
18. "Bonds". Bonds as defined in the convention center development
corporation act.
19. "Corporation". The convention center development corporation,
created by the convention center development corporation act.
20. "Development corporation credit support". The sum of the
respective amounts (or percentages) of required or permissive funding by
the corporation of each reserve and financial support fund established
by the corporation for its bonds and, to the extent not otherwise
provided in respect of the support of bonds, for its ancillary bond
facilities for which the agency has determined that the development
corporation credit support account established under section twenty-four

hundred twenty-nine-b of this part is or will be a source or potential
source of funding.
21. "Reserve and financial support fund". The convention center
development fund created by the convention center development
corporation act and each fund (including, but not limited to, any fund
or account in the nature of a reserve fund, a debt service fund, a
revenue fund, a redemption fund or a reimbursement fund) established by
the corporation in connection with its bonds or ancillary bond
facilities from which amounts are required to be, or available to be,
applied in satisfaction of financial obligations or financial rights of
the corporation under such bonds or ancillary bond facilities.
22. "Convention center development corporation act". The convention
center development corporation act, constituting chapter thirty-five of
the laws of nineteen hundred seventy-nine, as amended, by the chapter of
the laws of two thousand four which added this subdivision.