Section 2402. Definitions

As used in this title, the following words and
  terms shall  have  the  following  meanings  unless  the  context  shall
  indicate another or different meaning or intent:
    (1)  "Agency".  The  state  of New York mortgage agency, the corporate
  governmental agency created by section two thousand four  hundred  three
  of this title.
    * (2)  "Bank".  Any  bank  or trust company, savings bank, savings and
  loan  association,  industrial  bank,  credit  union,  national  banking
  association,  federal savings and loan association, federal savings bank
  or federal credit union which is located in the state. The  term  "bank"
  shall  also  include  a  New  York  state licensed mortgage banker, or a
  domestic  not-for-profit  corporation  whose  public  purposes   include
  combatting  community  deterioration and which is an exempt organization
  as defined in paragraph (e) of subdivision one of section  five  hundred
  ninety of the banking law, or an entity exempt from licensing provisions
  in  accordance  with  paragraph  (a)  of subdivision two of section five
  hundred ninety of such law, which in any such  case  is  approved  as  a
  mortgage  lender  by the Federal National Mortgage Association or by the
  Federal Home Loan Mortgage Corporation.
    * NB Effective until July 16, 2010
    * (2) "Bank". Any bank or trust company,  savings  bank,  savings  and
  loan  association,  industrial  bank,  credit  union,  national  banking
  association, federal savings and loan association, federal savings  bank
  or federal credit union which is located in the state.
    * NB Effective July 16, 2010
    (3)  "Bonds"  and  "Notes". The bonds and notes respectively issued by
  the agency pursuant to this title.
    (4) "Comptroller". The comptroller of the state.
    * (5) "Mortgage". A loan owed to a bank secured by a first lien  on  a
  fee simple or leasehold estate in real property located in the state and
  improved   by  a  residential  structure,  whether  or  not  insured  or
  guaranteed by the United States of America or any agency thereof.  "Real
  property" as used in this subdivision shall include air rights.
    For  the  purposes of this title and of section one hundred ninety and
  subsection a of section one thousand four hundred fifty-six of  the  tax
  law, "mortgage" shall include housing loans as defined below. Except for
  the  purposes  of subdivision seven of section two thousand four hundred
  five and subdivision eight of section two thousand four  hundred  five-b
  of this title, "mortgage" shall also include a loan owed to a bank by an
  individual  borrower  incurred for the purpose of financing the purchase
  of certificates of stock or other evidence of ownership of  an  interest
  in,  and  a  proprietary  lease  from, a cooperative housing corporation
  formed for the purpose of the cooperative ownership of residential  real
  estate  in  the  state,  secured  by  an  assignment  or transfer of the
  benefits of such cooperative ownership, and containing  such  terms  and
  conditions as the agency may approve.
    * NB Effective until July 16, 2010
    * (5)  "Mortgage".  A loan owed to a bank secured by a first lien on a
  fee simple or leasehold estate in real property located in the state and
  improved  by  a  residential  structure,  whether  or  not  insured   or
  guaranteed  by the United States of America or any agency thereof. "Real
  property" as used in this subdivision shall include air rights.
    Except for the purposes of subdivision seven of section  two  thousand
  four  hundred  five, "mortgage" shall also include a loan owed to a bank
  by an individual borrower incurred for  the  purpose  of  financing  the
  purchase  of  certificates of stock or other evidence of ownership of an
  interest in,  and  a  proprietary  lease  from,  a  cooperative  housing
  corporation  formed  for  the  purpose  of  the cooperative ownership of

  residential real estate in  the  state,  secured  by  an  assignment  or
  transfer  of  the benefits of such cooperative ownership, and containing
  such terms and conditions as the agency may approve.
    * NB Effective July 16, 2010
    (6) "State". The state of New York.
    (7) "State agency". Any office, department, board, commission, bureau,
  division, public corporation, agency or instrumentality of the state.
    (8)  "College".  Any  institution  of  higher education recognized and
  approved as such by the regents of the university  of  the  state  which
  provides  a  course of study leading to the granting of a post-secondary
  degree or diploma.
    (9) "Career  institution".  A  business,  trade,  technical  or  other
  occupational school approved as such by the regents of the university of
  the state or accredited by a nationally recognized accrediting agency or
  association  accepted  as  such  by the regents of the university of the
  state.
    (10) "Loan". A loan which the New  York  higher  education  assistance
  corporation  has  guaranteed  or agreed to guarantee pursuant to article
  fourteen of the education law to a person who is attending or  plans  to
  attend,  on  a  full-time  or  part-time  basis,  a  college  or  career
  institution, for the purpose  of  assisting  such  person  to  meet  his
  expenses  of  higher or career education; provided, however, in no event
  shall the amount of any such loan for any school year exceed  the  total
  amount of (i) the borrower's tuition and educational fees payable to the
  college  or career institution he is attending or is planning to attend,
  and (ii) sums actually expended or incurred for room  and  board  during
  such  period, reduced by the total amount of (i) all General and Special
  Purpose Awards (as provided in article thirteen of the  education  law),
  and  (ii)  all  other  forms  of  direct  financial  aid received by the
  borrower during such  period,  however  denominated  and  from  whatever
  source  (other  than  the  borrower's family), which by its terms is not
  repayable by the borrower.
    * (11) "Existing mortgage". A mortgage for which funds  were  advanced
  prior  to  the date of the most recent invitation of the agency to banks
  to sell mortgages to the agency.
    * NB Repealed July 16, 2010
    * (12)  "Forward  commitment  mortgage".  A  mortgage  for   which   a
  commitment to advance funds is made not earlier than the date the agency
  issues  an  invitation  to  purchase  mortgages  or  such  later date as
  specified in the invitation. A mortgage  made  in  satisfaction  of  the
  obligation  of  a  bank  under  section twenty-four hundred five of this
  title is not a forward commitment mortgage.
    * NB Repealed July 16, 2010
    * (13) "Housing loan". A loan owed to a  bank,  secured  in  a  manner
  satisfactory  to  the  agency,  to improve, rehabilitate, reconstruct or
  redevelop one to four unit residences located in  the  state.  The  loan
  shall  be  insured  or guaranteed by the United States of America or any
  agency thereof, or by a firm which is authorized by  the  superintendent
  of  insurance  of  the  state  of New York to issue such policies in the
  state.
    * NB Repealed July 16, 2010
    * (14) "Persons and families of low or moderate income".  Persons  and
  families  within  the  state  who  are  determined by the agency to lack
  sufficient income to pay enough to cause an adequate supply of credit to
  be made available for new  residential  improvement  loans  at  carrying
  charges  within  the  financial  means  of such persons and families and
  whose incomes are below the income levels determined by the agency to be
  in need of the assistance made available  by  this  title,  taking  into

  consideration,  without  limitation,  such factors as the following: (i)
  the amount of the total income of such persons and  families,  (ii)  the
  size  of  the  family  unit,  (iii)  the  cost to improve, rehabilitate,
  reconstruct  or  redevelop  residential  family dwelling units, (iv) the
  ability of such persons and families  to  pay  the  amounts  charged  in
  regular    banking   channels   for   credit   for   such   improvement,
  rehabilitation, reconstruction, or redevelopment work, and (v) standards
  established  by  various  programs  of  the   federal   government   for
  determining eligibility based on income of such persons and families.
    * NB Repealed July 16, 2010
    (15)  "Blending".  The financing of a single mortgage loan partly with
  the proceeds of bonds issued pursuant  to  subdivision  one  of  section
  twenty-four  hundred seven of this title and partly with the proceeds of
  bonds issued pursuant to subdivision two of such section.
    (16) "Employer". Any corporation, partnership, or sole  proprietorship
  which maintains an office in the state.