§ 410-e. Definitions. As used in this title the following words and
phrases shall have the following meanings unless a different meaning is
plainly required by the context:

1. "Board". The state board of social welfare.

2. "Commissioner". The commissioner of social services of the state
of New York.

3. "Department". The state department of social services.

4. "Eligible borrower". A non-profit corporation organized under the
laws of the state of New York which is authorized to care for children
and which has entered into a regulatory agreement in accordance with the
provisions of section four hundred ten-f of this title.

5. "Project." "Youth facilities project." A specific work or
improvement, including lands, buildings, improvements, fixtures and
articles of personal property acquired, constructed, rehabilitated,
managed, owned and operated by an eligible borrower to provide day care
in the manner prescribed by the department for children of pre-school
and primary school age or to provide residential child care in the
manner prescribed by the rules of the board for children of pre-school,
primary school or secondary school age, or to provide any combination of
the foregoing, and for facilities incidental or appurtenant thereto.

6. "Project cost". "Youth facilities project cost". The sum total
of all costs incurred by an eligible borrower as 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 exclusive of any private or federal, state or local
financial assistance available for and received by an eligible borrower
for the payment of such project cost. These shall include but are not
necessarily limited to the carrying charges during construction or
rehabilitation up to and including the occupancy date, working capital
not exceeding three percentum of the estimated total cost or three
percentum 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 buildings and improvements thereon, site
preparation and development, construction, reconstruction and equipment,
including fixtures, equipment, and articles of personal property
required for the operation of the project, the reasonable cost of
financing incurred by the eligible borrower 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, including any premium payments to
the youth facilities project guarantee fund created by the youth
facilities project guarantee fund act, 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
eligible borrower on and after the date on which the contract between
the eligible borrower and the New York state housing finance agency was
entered into and prior to the occupancy date.

7. "Occupancy date". The date defined in the documents providing for
a mortgage loan between an eligible borrower and the New York state
housing finance agency.

8. "Youth facilities development fund company". A company
incorporated and organized pursuant to subdivision two of section four
hundred ten-n of this title.

9. "Youth Facilities Center" means a facility suitable to provide day
care for children of pre-school age and primary school age or to provide
residential child care for children of pre-school, primary school or
secondary school age or to provide any combination of the foregoing,
which has been approved by the state department of social services.