§ 410-E — Definitions

§ 410-e. Definitions. As used in this title the following words and\nphrases shall have the following meanings unless a different meaning is\nplainly required by the context:\n 1. "Board". The state board of social welfare.\n 2. "Commissioner". The commissioner of social services of the state\nof New York.\n 3. "Department". The state department of social services.\n 4. "Eligible borrower". A non-profit corporation organized under the\nlaws of the state of New York which is authorized to care for children\nand which has entered into a regulatory agreement in accordance with the\nprovisions of section four hundred ten-f of this title.\n 5. "Project." "Youth facilities project." A specific work or\nimprovement, including lands, buildings, improvements, fixtures and\narticles of personal property acquired, constructed, rehabilitated,\nmanaged, owned and operated by an eligible borrower to provide day care\nin the manner prescribed by the department for children of pre-school\nand primary school age or to provide residential child care in the\nmanner prescribed by the rules of the board for children of pre-school,\nprimary school or secondary school age, or to provide any combination of\nthe foregoing, and for facilities incidental or appurtenant thereto.\n 6. "Project cost". "Youth facilities project cost". The sum total\nof all costs incurred by an eligible borrower as approved by the\ncommissioner as reasonable and necessary for carrying out all works and\nundertakings and providing all necessary equipment for the development\nof a project exclusive of any private or federal, state or local\nfinancial assistance available for and received by an eligible borrower\nfor the payment of such project cost. These shall include but are not\nnecessarily limited to the carrying charges during construction or\nrehabilitation up to and including the occupancy date, working capital\nnot exceeding three percentum of the estimated total cost or three\npercentum of the actual total final cost, whichever is larger, the cost\nof all necessary studies, surveys, plans and specifications,\narchitectural, engineering, legal or other special services, the cost of\nacquisition of land and any buildings and improvements thereon, site\npreparation and development, construction, reconstruction and equipment,\nincluding fixtures, equipment, and articles of personal property\nrequired for the operation of the project, the reasonable cost of\nfinancing incurred by the eligible borrower in the course of the\ndevelopment of the project, up to and including the occupancy date, the\nfees imposed by the commissioner and by the New York state housing\nfinance agency; other fees charged, including any premium payments to\nthe youth facilities project guarantee fund created by the youth\nfacilities project guarantee fund act, and necessary expenses incurred\nin connection with the initial occupancy of the project, and the cost of\nsuch other items as the commissioner may determine to be reasonable and\nnecessary for the development of a project, less any and all rents and\nother net revenues from the operation of the real property, improvements\nor personal property on the project site, or any part thereof, by the\neligible borrower on and after the date on which the contract between\nthe eligible borrower and the New York state housing finance agency was\nentered into and prior to the occupancy date.\n 7. "Occupancy date". The date defined in the documents providing for\na mortgage loan between an eligible borrower and the New York state\nhousing finance agency.\n 8. "Youth facilities development fund company". A company\nincorporated and organized pursuant to subdivision two of section four\nhundred ten-n of this title.\n 9. "Youth Facilities Center" means a facility suitable to provide day\ncare for children of pre-school age and primary school age or to provide\nresidential child care for children of pre-school, primary school or\nsecondary school age or to provide any combination of the foregoing,\nwhich has been approved by the state department of social services.\n