New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle C - Division of the Budget
Part 153 - Guidelines For Mortgage Modification Agreements
Section 153.2 - Defined terms and construction

Universal Citation: 9 NY Comp Codes Rules and Regs ยง 153.2

Current through Register Vol. 46, No. 12, March 20, 2024

For the purposes of these guidelines, the following terms shall have the meaning set forth opposite such terms, unless the context shall clearly indicate some other meaning.

(a) Current economic rent. The rent or carrying charges determined by the commissioner to be sufficient, together with moneys available to the company from the State, the Federal government or any other source, to provide for the payment of:

(1) all current mortgage interest, fees, charges and amortization;

(2) all current real property taxes and water and sewer charges, or payments in lieu thereof;

(3) all other current operating expenses of the project; and

(4) all current payments into reserve funds required by the commissioner.

(b) Total economic rent. The sum of the current economic rent, plus an amount sufficient to amortize all mortgage repayment arrearages, including fees and charges, and all real property tax arrearages, including applicable interest, if any, and all water and sewer charge arrearages, including applicable interest, if any, of the company.

(c) Company or housing company. A limited profit housing company duly incorporated pursuant to the provisions of article 2 of the Private Housing Finance Law or a company incorporated pursuant to the Not-for-Profit Corporation Law and article 2 of the Private Housing Finance Law for the purpose of providing housing and auxiliary facilities for staff members, employees or students of a college, university, hospital or child care institution and their immediate families, or for aged or handicapped persons of low income, pursuant to article 2 of the Private Housing Finance Law.

(d) Commissioner. The Commissioner of Housing and Community Renewal of the State of New York.

(e) Budget Director. The director of the Division of the Budget of the State of New York.

(f) Carrying charges. All charges paid to a housing company by a person or family living in a project by reason of ownership of stock in such company. The word rental shall mean and be interchangeable with carrying charges.

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