§ 42. Definitions. As used or referred to in this article, unless a\ndifferent meaning clearly appears from the context:\n 1. "Agency" shall mean the corporate governmental agency created by\nsection forty-three of this article.\n 1-a. "Amortized value" shall mean, when used with respect to\nsecurities purchased at a premium above or a discount below par, the\nvalue as of any given date obtained by dividing the total amount of the\npremium or discount at which such securities were purchased by the\nnumber of days remaining to maturity on such securities at the time of\nsuch purchase and by multiplying the amount so calculated by the number\nof days having passed since the date of such purchase; and (a) in the\ncase of securities purchased at a premium, by deducting the product thus\nobtained from the purchase price, and (b) in the case of securities\npurchased at a discount, by adding the product thus obtained to the\npurchase price.\n 2. "Bonds" and "notes" shall mean bonds and notes respectively, issued\nby the agency pursuant to this article.\n 3. "Equity bonds" and "equity notes" shall mean bonds and notes\nrespectively, issued by the agency pursuant to subdivision four of\nsection forty-six of this article.\n 4. "Equity loan" shall mean a loan made by the agency to a mutual\ncompany, mutual housing company, mutual redevelopment company, or\nhousing development fund company which is organized pursuant to the\nbusiness corporation law and article eleven of this chapter, in an\namount not to exceed nine per centum of project cost and not in excess\nof the aggregate face value of home owners purchase notes received by\nsuch mutual company, mutual housing company, mutual redevelopment\ncompany, or housing development fund company, as the case may be, for\nthe issuance of shares.\n 4-a. "Federally-aided mortgage loan" shall mean a loan secured by a\nfirst mortgage lien on the real property of which a project consists and\nthe personal property attached to or used in connection with the\nconstruction, acquisition, reconstruction, rehabilitation, improvement\nor operation of the project, made or financed by the agency to the owner\nof such property, which loan is insured or co-insured by the federal\ngovernment or in connection with which there has been assigned or\npledged to the agency the right to receive housing assistance payments\nto be made by the federal government under a contract entered into\npursuant to section eight of the United States housing act of nineteen\nhundred thirty-seven, as amended or supplemented, provided, however,\nthat such term shall not include mortgage loans made by the agency and\ninsured by the federal government pursuant to subsection (f) of section\ntwo hundred twenty-three of such act, to refinance mortgage loans made\nby the agency or the state prior to the first day of June, nineteen\nhundred seventy-nine or theretofore or thereafter, amended, modified, or\nincreased or loans provided for pursuant to subdivision twenty-nine-a of\nsection forty-four of this article. Where all or part of the cost of\nacquiring any real property included in the project is to be financed by\na federally-aided mortgage loan the term "owner" shall mean the owner\nupon such acquisition. Nothing contained herein shall limit or prohibit\nthe agency from consenting to the modification of any instrument\nexecuted in connection with a federally-aided mortgage loan, provided\nthat such modification will not materially reduce the value of the\nsecurity for such mortgage loan.\n 4-b. "Federally guaranteed security" means any security, investment or\nevidence of indebtedness which is issued pursuant to the national\nhousing act or any successor provision of law, as amended, which is\neither, directly or indirectly, insured or guaranteed in full as to the\nrepayment of principal and interest by the United States of America or\nany instrumentality thereof.\n 5. "Home owners purchase note" shall mean home owners purcha
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