Section 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.