§ 910. Merged company savings fund. The division shall create a fund to hold and shall transfer all funds determined to be merged company savings pursuant to paragraph (d) of subdivision five of section nine hundred four of this article into such fund. The division shall use such funds, as available, for entering into new contracts, pursuant to section nine hundred three of this article, with neighborhood preservation companies located in areas of the state that are currently unserved by a neighborhood preservation company.

Terms Used In N.Y. Private Housing Finance Law 910

  • Division: shall mean the state division of housing and community renewal. See N.Y. Private Housing Finance Law 902
  • Merged company: shall mean a neighborhood preservation company maintaining a contract pursuant to section nine hundred three of this article that has undergone a merger with one or more other neighborhood preservation companies, which is also maintaining a contract pursuant to section nine hundred three of this article, that has led the merged companies to reduce the number of contracts being maintained with the division pursuant to section nine hundred three of this article to a total of one. See N.Y. Private Housing Finance Law 902
  • Neighborhood preservation company: shall mean a corporation organized under the provisions of the not-for-profit corporation law which has been engaged primarily in one or more of the neighborhood preservation activities specified in subdivision five of this section. See N.Y. Private Housing Finance Law 902
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