§ 652 — Definitions

New York § 652

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 12: New York City Housing Development Corporation

Text

§ 652. Definitions. As used or referred to in this article, unless a\ndifferent meaning clearly appears from the context:\n 1. "Corporation" shall mean the corporate governmental agency created\nby section six hundred fifty-three of this article.\n 2. "State" shall mean the state of New York.\n 3. "City" shall mean the city of New York.\n 4. "Mayor" shall mean the mayor of the city of New York\n 5. "Comptroller" shall mean the comptroller of the city of New York.\n 6. "Commissioner of finance" shall mean the commissioner of finance of\nthe city of New York.\n 7. "Director of management and budget" shall mean the director of\nmanagement and budget of the city of New York.\n 8. "Department of housing preservation and development" shall mean the\ndepartment of housing preservation and development of the city of New\nYork.\n 9. "Bonds" and "notes" shall mean revenue bonds and notes\nrespectively, issued by the corporation pursuant to this article.\n 10. "Revenues" shall mean the fees and charges made or received by the\ncorporation, and all or any part of the moneys received in payment of\nmortgage loans and interest thereon, including prepayments and other\nmoneys received or to be received.\n 11. "Operating expenses" shall mean all costs of administering the\ncorporation, including but not limited to salaries and wages, expenses\nof administering staff functions, fees of professional consultants,\nlegal fees, charges incurred for servicing of mortgage loans, money\nmanagement, office rents, utility charges, costs of supplies,\nfurnishings, equipment, machinery and apparatus, maintenance and repair\nof property and other expenses incurred in connection with the\nforegoing.\n 12. "Maximum capital reserve fund requirement" shall mean, as of any\nparticular date of computation, an amount of money equal to the greatest\nof the respective amounts, for the then current or any future fiscal\nyear of the corporation, of annual debt service of the corporation, such\nannual debt service for any fiscal year being the amount of money equal\nto the aggregate of (a) all interest payable during such fiscal year on\nall bonds of the corporation secured by the capital reserve fund or\nfunds for which such requirement is to be determined, other than bonds\nissued pursuant to subdivision two of section six hundred fifty-six of\nthis article, outstanding on said date of computation, plus (b) the\nprincipal amount of all bonds of the corporation secured by the capital\nreserve fund or funds for which such requirement is to be determined,\nother than bonds issued pursuant to subdivision two of section six\nhundred fifty-six of this article outstanding on said date of\ncomputation which matures during such fiscal year, plus (c) the amount\nof all annual sinking fund payments payable during such fiscal year with\nrespect to any bonds of the corporation secured by the capital reserve\nfund or funds for which such requirement is to be determined, other than\nbonds issued pursuant to subdivision two of section six hundred\nfifty-six of this article, outstanding on said date of computation.\n 13. "Annual sinking fund payment" shall mean the amount of money\nspecified in the resolution authorizing term bonds as payable into a\nsinking fund during a particular fiscal year for the retirement of term\nbonds which mature after such fiscal year, but shall not include any\namount payable by reason only of the maturity of a bond.\n * 14. "Lending institution" shall mean any bank or trust company or\nsavings bank, or any corporation, association or other entity which is\nowned or controlled by any one or more such bank or trust company or\nsavings bank, or any savings and loan association, credit union, federal\nnational mortgage association approved mortgage banker, national banking\nassociation, federal savings and loan association, federal savings bank,\npublic pension fund, pension fund with assets over fifty million\ndollars, insurance company, federal credit union or other financial\ninstitution or governmental agency of the United States which\ncustomarily makes, purchases, holds, insures or services residential\nmortgages.\n * NB Effective until July 23, 2027\n * 14. "Lending institution" shall mean any bank or trust company or\nsavings bank, or any corporation, association or other entity which is\nowned or controlled by any one or more such bank or trust company or\nsavings bank, or any savings and loan association, industrial bank,\ncredit union, federal national mortgage association approved mortgage\nbanker, national banking association, federal savings and loan\nassociation, pension fund, insurance company, federal credit union or\nother financial institution or governmental agency of the United States\nwhich customarily makes, purchases, holds or services residential\nmortgages.\n * NB Effective July 23, 2027\n