N.Y. Private Housing Finance Law Section 352
Definitions


As used in this article the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:

1.

“Company”, or “community senior citizens centers and services company”. A company, duly incorporated pursuant to the provisions of the not-for-profit corporation law and this article, for the purpose of providing centers for the aging, and such facilities as may be incidental or appurtenant thereto.

2.

“Project” or “community senior citizens services project”. A specific work or improvement, including lands, buildings, improvements, fixtures and articles of personal property, constructed, acquired, reconstructed, rehabilitated, managed, owned or operated by a company pursuant to this article, to provide centers for the aging, including such facilities as may be incidental or appurtenant thereto.

3.

“Project cost” or “community senior citizens services project cost”. The sum total of all costs incurred by a company approved by the commissioner as reasonable and necessary for carrying out all works and undertakings and providing all necessary equipment for the development of a project, less any private or federal, state or local financial assistance available for and received by the company for the payment of such project cost. These shall include but are not necessarily limited to the carrying charges during construction up to and including the occupancy date, working capital not exceeding three per centum of the estimated total cost or three per centum of the actual total final cost, whichever is larger, the cost of all necessary studies, surveys, plans and specifications, architectural, engineering, legal or other special services, the cost of acquisition of land and any improvements thereon, site preparation and development, construction, reconstruction, rehabilitation, improvement and equipment, including fixtures, equipment, and articles of personal property required for the operation of such facilities, the reasonable cost of financing incurred by the company in the course of the development of the project, up to and including the occupancy date, the fees imposed by the commissioner and by the New York state housing finance agency; other fees charged, and necessary expenses incurred in connection with the initial occupancy of the project, and the cost of such other items as the commissioner may determine to be reasonable and necessary for the development of a project, less any and all rents and other net revenues from the operation of the real property, improvements or personal property on the project site, or any part thereof, by the company on and after the date on which the contract between the company and the New York state housing finance agency was entered into and prior to the occupancy date.

4.

“Occupancy date”. The date defined in the document providing for a mortgage loan between a company and the New York state housing finance agency.

5.

“Commissioner”. The commissioner of social services of the state of New York.

6.

“Department”. The department of social services of the state of New York.

Source: Section 352 — Definitions, https://www.­nysenate.­gov/legislation/laws/PVH/352 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 352’s source at nysenate​.gov

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