§ 3. Definitions.

As used in this act, unless a different meaning clearly appears from
the context:

1. "Agency" shall mean the corporate governmental agency created by
section four of this act.

2. "Bonds" and "notes" shall mean bonds and notes, respectively,
issued by the agency pursuant to this act.

3. "Commissioner" shall mean the commissioner of housing and community
renewal of the state.

4. "Comptroller" shall mean the comptroller of the state.

5. "Corporation" shall mean the New York state urban development
corporation.

6. "Corporation first mortgage" shall mean a first mortgage on a
corporation project securing a loan by the corporation.

7. "Corporation project" shall mean a residential project as defined
in the New York state urban development corporation act.

8. "Eligible loan" shall mean a loan by the agency to the corporation,
approved by the commissioner as provided in this act, evidenced by the
issuance to the agency of notes of the corporation (which for this
purpose may be negotiable or non-negotiable and may have any term not
exceeding fifty years), and secured by the pledge and assignment of a
corporation first mortgage and any contract or arrangement for the
payment of subsidy to the corporation on account of the corporation
project securing such mortgage, as well as by the pledge and assignment
of such other existing and future assets and revenues of the corporation
and the receipts to be derived therefrom as may be determined by the
commissioner to be required in order for the agency to obtain borrowings
to finance such eligible loan.

9. "Eligible purchase" shall mean the purchase by the agency from the
corporation of a corporation first mortgage and the assignment to the
agency of any contract or arrangement for the payment of subsidy to the
corporation on account of the corporation project securing such
mortgage.