§ 1021. Definitions. As used in this article, any term defined in article seventeen of this chapter shall have the same meaning herein as set forth therein and the following terms shall have the following meanings:

1. "Federal assistance" means assistance from the Farmer's Home Administration pursuant to title five of the United States Housing Act of 1949.

2. "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 section three of the public housing law, or an eligible borrower as defined in Title V of the United States Housing Act of 1949.

3. "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.