New York Laws
Article 12 - New York City Housing Development Corporation
652 - Definitions.

§ 652. Definitions. As used or referred to in this article, unless a
different meaning clearly appears from the context:

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