§ 3 — Definitions

§ 3. Definitions.\n As used in this act, unless a different meaning clearly appears from\nthe context:\n 1. "Agency" shall mean the corporate governmental agency created by\nsection four of this act.\n 2. "Bonds" and "notes" shall mean bonds and notes, respectively,\nissued by the agency pursuant to this act.\n 3. "Commissioner" shall mean the commissioner of housing and community\nrenewal of the state.\n 4. "Comptroller" shall mean the comptroller of the state.\n 5. "Corporation" shall mean the New York state urban development\ncorporation.\n 6. "Corporation first mortgage" shall mean a first mortgage on a\ncorporation project securing a loan by the corporation.\n 7. "Corporation project" shall mean a residential project as defined\nin the New York state urban development corporation act.\n 8. "Eligible loan" shall mean a loan by the agency to the corporation,\napproved by the commissioner as provided in this act, evidenced by the\nissuance to the agency of notes of the corporation (which for this\npurpose may be negotiable or non-negotiable and may have any term not\nexceeding fifty years), and secured by the pledge and assignment of a\ncorporation first mortgage and any contract or arrangement for the\npayment of subsidy to the corporation on account of the corporation\nproject securing such mortgage, as well as by the pledge and assignment\nof such other existing and future assets and revenues of the corporation\nand the receipts to be derived therefrom as may be determined by the\ncommissioner to be required in order for the agency to obtain borrowings\nto finance such eligible loan.\n 9. "Eligible purchase" shall mean the purchase by the agency from the\ncorporation of a corporation first mortgage and the assignment to the\nagency of any contract or arrangement for the payment of subsidy to the\ncorporation on account of the corporation project securing such\nmortgage.\n