New York Laws
Article 11 - 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.