§ 2426. Definitions. As used in sections twenty-four hundred
twenty-five through twenty-four hundred twenty-nine inclusive.

1. "Financial institution". Any bank, trust company, national bank,
savings bank, state or federal savings and loan association, or state or
federal credit union, insurance company, pension fund or retirement
system of any corporation, association, any other entity which is owned
or controlled by any one or more of the above, provided the same is
supervised by or responsible to any agency of the federal government,
the state, any department thereof or the governing body of any city,
town or village of the state or any other entity approved by the agency
or any one or more of the above when lawfully acting as a trustee or
otherwise in a fiduciary capacity. The term "financial institution"
shall also include the New York state housing finance agency and the New
York state urban development corporation, the New York city housing
development corporation, the New York city department of housing
preservation and development and any person who is approved as a
mortgage lender by the federal housing administration for purposes of
insurance issued by such administration or licensed by the state of New
York as a mortgage banker.

2. "Housing accommodation". Any existing building, structure, unit
thereof or unimproved real property, which is used or occupied, or is
intended to be used or occupied, wholly or partly, as the home or
residence of one or more persons.

3. "Other real property". Any existing building, structure or
unimproved property which is used or occupied, or is intended to be used
or occupied, primarily for the retail sale of goods or the rendering of
services.

4. "Mortgage insurance fund". The mortgage insurance fund established
pursuant to section twenty-four hundred twenty-nine-b of this article.

5. "Mortgage insurance fund requirement". For any category of loans or
development corporation credit support as of any particular date of
computation, an amount of money or cash equivalents equal to (a) the
aggregate of (i) such insured amounts of each category of loans and such
amount of development corporation credit support as the agency has
determined to be due and payable as of such date pursuant to its
contracts to insure mortgages or provide development corporation credit
support plus (ii) an amount equal to twenty per centum of the amounts of
each category of loans insured under the agency's insurance contracts
plus twenty per centum of the amounts to be insured under the agency's
commitments to insure less the amounts payable in each category of loans
pursuant to subparagraph (i) of this paragraph, provided, however, that
if the board of directors of the agency shall have established a per
centum for a category of loans, or for one or more loans within such
categories, pursuant to subdivision seven of section twenty-four hundred
twenty-eight of this part, such per centum shall be substituted for
twenty per centum in this paragraph for such category or loan, and
provided further, that no such new per centum shall be lower than twenty
per centum plus (iii) an amount equal to the respective amounts
established by contract with respect to each reserve and financial
support fund (which may be determined by reference to percentages of
amounts required or permitted to be on deposit in said funds and may be
different for each such fund) for which the agency has determined that
the development corporation credit support account established under
section twenty-four hundred twenty-nine-b of this part is or will be a
source or potential source of development corporation credit support,
less the amounts payable with respect to development corporation credit
support pursuant to subparagraph (i) of this paragraph less (b) the
aggregate of the amount of each reinsurance contract procured in
connection with agency obligations determined by the board of directors
of the agency to be a reduction pursuant to this paragraph in
calculating the mortgage insurance fund requirement. For purposes of
pool insurance, in no event shall the reserve requirement be less than
twenty percent of the amounts insured under the agency's insurance
contracts.

6. "Mortgagee". The lender under a mortgage eligible for insurance
pursuant to section twenty-four hundred twenty-eight of this chapter,
and its successors and assigns approved by the agency.

7. "Mortgagor". The original borrower under a mortgage eligible for
insurance pursuant to section twenty-four hundred twenty-eight of this
chapter, and its successors and assigns approved by the agency.

8. "Operating expenses". All costs of administering the agency,
including but not limited to salaries and wages, expenses of
administering staff functions, fees of consultants, legal fees, charges
incurred for servicing insured mortgage loans, money management, office
rents, utility charges, cost of supplies, furnishings, equipment,
machinery and apparatus, maintenance and repair of property and other
expenses incurred in connection with the foregoing.

9. "Region". One or more of the following named areas comprised of the
counties indicated:

(1) Buffalo: Cattaraugus, Chautauqua, Erie and Niagara counties;

(2) Rochester: Genesee, Livingston, Monroe, Ontario, Orleans, Seneca,
Wayne, Wyoming and Yates counties;

(3) Syracuse: Cayuga, Cortland, Madison, Onondaga and Oswego counties;

(4) Elmira-Binghamton: Allegany, Broome, Chemung, Chenango, Delaware,
Otsego, Schuyler, Steuben, Tioga and Tompkins counties;

(5) Mid-Hudson: Columbia, Dutchess, Greene, Orange, Putnam, Sullivan
and Ulster counties;

(6) Capital: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and
Schoharie counties;

(7) Mohawk Valley-Northern: Clinton, Essex, Franklin, Fulton,
Hamilton, Herkimer, Jefferson, Lewis, Oneida, St. Lawrence, Warren and
Washington counties;

(8) Downstate: Rockland and Westchester counties;

(9) Long Island: Nassau and Suffolk counties;

(10) New York City: the five counties comprising the city of New York.

10. "Rehabilitation". Repairs, alterations or improvements of a
housing accommodation designed to raise the housing standards therein
or, in the case of other real property, designed to provide needed
improvements therein.

11. "Preservation loan". A loan extended by a financial institution
for the purposes of refinancing existing indebtedness secured by one or
more mortgages on a housing accommodation or other real property and/or
financing the acquisition of a housing accommodation or other real
property and which otherwise complies with the conditions established
pursuant to section twenty-four hundred twenty-eight of this chapter.

* 12. "Rehabilitation loan". A loan extended by a financial
institution which may include the refinancing of existing indebtedness,
if any, secured by one or more mortgages on the housing accommodation or
other real property to be rehabilitated or financing the acquisition of
the housing accommodation or other real property to be rehabilitated,
and which otherwise complies with the conditions established pursuant to
section twenty-four hundred twenty-eight of this part, provided however
that a sum equal to at least twenty percent of the amount of the loan
shall be used for the cost of rehabilitation of, or construction of
improvements on a housing accommodation or other real property; provided
further that such percentage shall not be required for a community
residence as such term is defined in subdivision twenty-eight of section
1.03 of the mental hygiene law, or for any other residential facility
funded by, under contract with, or subject to regulation by or under the
jurisdiction of the department of mental hygiene, providing services to
persons with mental disabilities as such term is defined in subdivision
three of such section.

* NB Effective until July 23, 2025

* 12. "Rehabilitation loan". A loan extended by a financial
institution which may include the refinancing of existing indebtedness,
if any, secured by one or more mortgages on the housing accommodation or
other real property to be rehabilitated or financing the acquisition of
the housing accommodation or other real property to be rehabilitated,
and which otherwise complies with the conditions established pursuant to
section twenty-four hundred twenty-eight of this chapter, provided
however that a sum equal to at least twenty-five percent of the amount
of the loan shall be used for the cost of rehabilitation of, or
construction of improvements on a housing accommodation or other real
property.

* NB Effective July 23, 2025

13. "Residential purposes". The use or intended use of any space as
the home or residence of one or more persons, excluding use as a housing
accommodation for transients, but including use or intended use for
emergency, transitional or shelter housing.

14. "Cash equivalent". A letter of credit, insurance policy, surety,
guarantee or other security arrangement.

15. "Pool insurance". Mortgage insurance provided by the agency to
insure an aggregate of mortgage loans.

16. Reverse mortgage. A reverse mortgage loan pursuant to section two
hundred eighty or two hundred eighty-a of the real property law shall
mean a loan which is secured by a first mortgage on real property
improved by a one to four-family residence or condominium that is the
residence of the mortgagor, the proceeds of which are advanced to the
mortgagor during the loan term in equal installments, in advances
through a line of credit or otherwise, in lump sums, or through a
combination thereof. A reverse mortgage may be structured to provide for
the addition of accrued but unpaid interest to principal. Such reverse
mortgage loan may provide for an initial lump-sum advance wherein the
mortgagor may receive an amount necessary to pay closing costs,
including but not limited to loan or commitment fees, if any, insurance
premiums, the cost of house repairs, legal fees, the cost of annuities,
the costs of third party counseling, the amount necessary to pay off
existing mortgages or liens, and other appropriate costs.

17. "Ancillary bond facility". That portion of an ancillary bond
facility, as defined in the convention center development corporation
act, with respect to which the corporation has an actual or potential
financial obligation or financial right.

18. "Bonds". Bonds as defined in the convention center development
corporation act.

19. "Corporation". The convention center development corporation,
created by the convention center development corporation act.

20. "Development corporation credit support". The sum of the
respective amounts (or percentages) of required or permissive funding by
the corporation of each reserve and financial support fund established
by the corporation for its bonds and, to the extent not otherwise
provided in respect of the support of bonds, for its ancillary bond
facilities for which the agency has determined that the development
corporation credit support account established under section twenty-four
hundred twenty-nine-b of this part is or will be a source or potential
source of funding.

21. "Reserve and financial support fund". The convention center
development fund created by the convention center development
corporation act and each fund (including, but not limited to, any fund
or account in the nature of a reserve fund, a debt service fund, a
revenue fund, a redemption fund or a reimbursement fund) established by
the corporation in connection with its bonds or ancillary bond
facilities from which amounts are required to be, or available to be,
applied in satisfaction of financial obligations or financial rights of
the corporation under such bonds or ancillary bond facilities.

22. "Convention center development corporation act". The convention
center development corporation act, constituting chapter thirty-five of
the laws of nineteen hundred seventy-nine, as amended, by the chapter of
the laws of two thousand four which added this subdivision.