§ 1811. Application of subtitle. Subject to the provisions of sections eighteen hundred twenty-two and eighteen hundred twenty-three of this title, the authority shall have the power and is hereby authorized to make mortgage loans to local development corporations and loan guarantees to banking organizations with special purpose funds pursuant to this subtitle for costs of projects and to make loans and loan guarantees as provided in section eighteen hundred fourteen to improve employment opportunities in any area of the state.

Terms Used In N.Y. Public Authorities Law 1811

  • Authority: shall mean the New York job development authority created by subdivision one of section eighteen hundred two of this title. See N.Y. Public Authorities Law 1801
  • Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • State: shall mean the state of New York. See N.Y. Public Authorities Law 1801
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