Terms Used In New York Laws > Banking > Article 12-C - Budget Planners

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: shall mean any entity eligible to receive grants or loans under the HOME program. See N.Y. Private Housing Finance Law 1171
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• CHAS: shall mean the New York state comprehensive housing affordability strategy prepared in accordance with the requirements of the national affordable housing act of 1990. See N.Y. Private Housing Finance Law 1171
• Commissioner: shall mean the commissioner of the state division of housing and community renewal. See N.Y. Private Housing Finance Law 1002
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1052
• Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1201
• Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 1221
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Disabled veteran: shall mean a veteran who is certified by the United States department of veterans affairs or the department of defense as entitled to receive disability payments upon the certification of such department for a disability incurred by him or her in time of war. See N.Y. Private Housing Finance Law 1201
• Division: shall mean the state division of housing and community renewal. See N.Y. Private Housing Finance Law 1002
• Division: shall mean the division of housing and community renewal. See N.Y. Private Housing Finance Law 1171
• Eligible applicant: shall mean a city, town, village or not-for-profit corporation in existence for a period of one or more years prior to application, which is, or will be at the time of award, incorporated under the not-for-profit corporation law and has substantial experience in adapting or retrofitting homes for persons with disabilities. See N.Y. Private Housing Finance Law 1201
• Eligible applicant: shall mean a unit of local government or not-for-profit corporation in existence for a period of one or more years prior to application, which is, or will be at the time of award, incorporated under the not-for-profit corporation law and has been engaged primarily in community development activities. See N.Y. Private Housing Finance Law 1221
• Eligible area: shall mean an area: (i) that has experienced sustained physical deterioration, decay, neglect, or disinvestment; (ii) has a number of substandard buildings or vacant residential or commercial units; and (iii) in which more than fifty percent of the residents are persons of low income, or which is designated by a state or federal agency to be eligible for a community or economic development program. See N.Y. Private Housing Finance Law 1221
• Eligible project: means a housing project located in a rural area which is to be owned or operated by an eligible sponsor and which has received (or which the sponsor has demonstrated to the satisfaction of the commissioner will receive) federal assistance. See N.Y. Private Housing Finance Law 1021
• Eligible property: shall mean a housing unit that is the primary residence of a person with a physical disability and a total household income that does not exceed eighty percent of median income or a disabled veteran who has a total household income that does not exceed one hundred twenty percent of median income. See N.Y. Private Housing Finance Law 1201
• Eligible sponsor: means either a corporation organized pursuant to the not-for-profit corporation law, a public housing authority as defined pursuant to subdivision two of § 3 of the public housing law, or an eligible borrower as defined in Title V of the United States Housing Act of 1949. See N.Y. Private Housing Finance Law 1021
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Federal assistance: means assistance from the Farmer's Home Administration pursuant to title five of the United States Housing Act of 1949. See N.Y. Private Housing Finance Law 1021
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• HOME program: shall mean subtitle A of title II of the national affordable housing act. See N.Y. Private Housing Finance Law 1171
• HOME regulations: shall mean HUD regulations created pursuant to the national affordable housing act of 1990 as amended. See N.Y. Private Housing Finance Law 1171
• Housing preservation and community renewal activities: include (a) the new construction or the acquisition, maintenance, preservation, repair, rehabilitation or other improvement of vacant or occupied housing accommodations; demolition or sealing of vacant structures where necessary or appropriate; disposition of housing accommodations to present or potential occupants or co-operative organizations; training or other forms of assistance to occupants of housing accommodations; administration of landlord training classes; and management of housing accommodations as agent for the owners, receivers, administrators or municipalities; (b) activities, similar to those specified in paragraph (a) of this subdivision, aimed at accomplishing similar purposes and meeting similar needs with respect to retail and service establishments within a region when carried out in connection with and incidental to a program of housing related activities. See N.Y. Private Housing Finance Law 1002
• HUD: shall mean the federal department of housing and urban development. See N.Y. Private Housing Finance Law 1171
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Merged corporation: shall mean a not-for-profit corporation maintaining a contract pursuant to section one thousand three of this article that has undergone a merger with one or more other not-for-profit corporation, which is also maintaining a contract pursuant to section one thousand three of this article, that has led the merged corporations to reduce the number of contracts being maintained with the division pursuant to section one thousand three of this article to a total of one. See N.Y. Private Housing Finance Law 1002
• Minority leader: See Floor Leaders
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• NAHA: shall mean the national affordable housing act, 42 U. See N.Y. Private Housing Finance Law 1171
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Participating jurisdiction: shall mean a unit of general local government designated by HUD to receive HOME funds through a formula allocation. See N.Y. Private Housing Finance Law 1171
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Persons of low income: shall mean individuals and families whose annual incomes do not exceed ninety per cent of the median annual income for all residents of the region within which they reside or a larger area encompassing such region for which median annual income can be determined. See N.Y. Private Housing Finance Law 1002
• Persons of low income: shall mean those persons and families whose incomes do not exceed ninety percent of the area median income for the county in which a project is located as calculated by the United States department of housing and urban development. See N.Y. Private Housing Finance Law 1221
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• program: shall mean a proposal by an eligible applicant for a specific work or series of works for the revitalization and improvement of an eligible area through the creation, preservation or improvement of residential housing units; local commercial facilities; public facilities or other aspects of the area environment. See N.Y. Private Housing Finance Law 1221
• programs: shall mean a series of activities by an eligible applicant to administer funds to provide either loans or grants to homeowners and renters and to oversee the adaptation or retrofitting of eligible properties. See N.Y. Private Housing Finance Law 1201
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Region: shall mean those portions of the rural area of the state, as specified in the contract entered into pursuant to this article, within which housing and community renewal activities funded in part pursuant to this article are to be carried out. See N.Y. Private Housing Finance Law 1002
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rural area of the state: shall mean cities, towns and villages having a population of less than twenty-five thousand. See N.Y. Private Housing Finance Law 1002
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• Unmerged corporation: shall mean a not-for-profit corporation that is not a merged corporation. See N.Y. Private Housing Finance Law 1002