NY Priv Hous Fin L § 2 (2021)
2021 New York Laws PVH - Private Housing Finance Article 1 - Short Title; Definitions 2 - Definitions.

§ 2. Definitions. The following terms, whenever used or referred to in   this  chapter,  shall  have  the  following  meaning, unless a different   meaning clearly appears from the context, or unless specifically defined   in any of the articles of this chapter:1. "Area". A  section  of  a  municipality  which  is  substandard  or   insanitary.  The term "substandard or insanitary area" shall mean and be   interchangeable with a slum,  blighted,  deteriorated  or  deteriorating   area,  whether  residential, non-residential, commercial, industrial, or   vacant, or any combination thereof and may include land and buildings or   improvements not in themselves insanitary or substandard, the  inclusion   of which is necessary to effectuate a plan.2. "Assessed valuation." The value of any parcel of real property with   respect  to  any  local  tax  thereon,  including  therein buildings and   improvements as well as land, as assessed by  the  respective  official,   bureau,  board, commission or agency charged with assessing the same for   such local tax.3. "Authority." A public corporation as defined in subdivision two  of   section three of the public housing law.4. "Banking institution." Any corporation, association or organization   organized  under the banking laws of New York state or the United States   which is authorized to transact business in this state.5. "City." A city in the state.6. "Commissioner." The commissioner of housing of  the  state  of  New   York.7. "Comptroller." The comptroller of the state of New York.8.  "Condemnation."  The  acquisition  of  real property in the manner   provided by any general, special or local law or city  charter  for  the   acquisition  of real property by the municipality in which such property   is to be taken.8-a. "Federal government." The government  of  the  United  States  of   America or any agency or instrumentality thereof.9.   "Foundation."   Any   organization,  association  or  corporation   organized for charitable purposes which shall  have  received  exemption   from  federal  taxation  by  virtue  of  its  eleemosynary, religious or   educational functions.9-a. "Home owners purchase note." A  promissory  note  accepted  by  a   mutual company, mutual housing company, mutual redevelopment company, or   housing  development  fund  company  which  is organized pursuant to the   business  corporation  law  and  article  eleven  of  this  chapter,  as   consideration for the issuance of shares entitling a person or family to   occupancy  of  an  apartment in a project of such mutual company, mutual   housing company, mutual redevelopment company,  or  housing  development   fund company, as the case may be, payable over or within a period of ten   years.10.  "Insurance company." Any insurance company authorized to transact   business in this state.11. "Labor union." Any organization organized under the  laws  of  the   state  of  New York and which exists and is constituted for the purpose,   in whole or in part,  of  collective  bargaining,  or  of  dealing  with   employers concerning grievances, terms or conditions of employment or of   other mutual aid or protection for its members.12. "Local legislative body". In a city, the board of aldermen, common   council, commission, or other board or body now or hereafter vested with   jurisdiction  to enact ordinances or local laws, except that if there be   in a city of one million population or more, a board  of  estimate,  the   term  shall mean only such board of estimate; in a town, the town board;   in a village,  the  board  of  trustees;  in  a  county,  the  board  of   supervisors. 13.  "Mortgage."  A mortgage, trust indenture, deed of trust, building   and loan contract or other instrument creating a lien on real  property,   and the indebtedness secured by each of them.14.  "Multiple dwelling." An existing building, accommodating three or   more families living independently of each other.14-a.  "Mutual  company,"  "mutual   housing   company"   or   "mutual   redevelopment  company".  A  limited  profit or limited dividend housing   company incorporated pursuant to the provisions of  this  chapter  or  a   redevelopment  company  incorporated  pursuant to the provisions of this   chapter, and operated exclusively for the  benefit  of  the  persons  or   families  who  are  entitled  to occupancy in a project of such company,   housing company or redevelopment company, as the case may be, by  reason   of ownership of shares therein.15.  "Supervising  agency." The comptroller in a municipality having a   comptroller; in a municipality having no comptroller, the  chief  fiscal   officer  of  such  municipality;  except that in the city of New York it   shall be the department of housing preservation and development.16. "Municipal corporation,"  and  "municipality".  A  city,  town  or   village,  or  a county having a county department of assessment with the   power to assess real property; the term "municipal" shall be  deemed  to   relate  to  a  city,  town  or  village,  or to a county having a county   department of assessment with the power to assess real property.17. "Municipally-aided project."  A  limited  profit  housing  company   project, other than a state urban development corporation project, which   is  aided  by  a  municipal  mortgage  loan, a loan by the New York city   housing development corporation or tax exemption  or  both  and  is  not   aided  by  any  state mortgage loan or any mortgage loan made by the New   York state housing finance agency or  any  mortgage  loan  made  by  the   Battery  Park city authority or any mortgage loan insured by the federal   government made for the purpose of refinancing  a  mortgage  loan  other   than  a  municipal mortgage loan or a mortgage loan made by the New York   city housing development corporation.18. "Neighborhood unit." A primarily residential district  having  the   facilities  necessary  for  well-rounded family living, such as schools,   parks, playgrounds, parking areas and local shopping districts.19. "Persons of low income" and "families of low income."  Persons  or   families  who  are in the low income groups and who cannot afford to pay   enough to cause private enterprise in  their  municipality  to  build  a   sufficient supply of adequate, safe and sanitary dwellings.20.  "Plan."  A  plan or undertaking for the clearance, replanning and   reconstruction or rehabilitation of a substandard and insanitary area or   areas  and  for  recreational  and  other   facilities   incidental   or   appurtenant  thereto  to  effectuate the purposes of article eighteen of   the constitution.21. "Planning commission." Any agency of a municipality authorized  to   prepare,  adopt  or  amend  the  map of the municipality or empowered to   prepare, adopt and from time to time modify a  comprehensive  or  master   plan  of  the  municipality,  if  there be one, or if there be none, the   local legislative body of the municipality.22. "Project." A specific work or improvement to effectuate all or any   part of a  plan.  The  term  shall  include  the  lands,  buildings  and   improvements   acquired,   owned,   constructed,   managed  or  operated   hereunder, to provide dwelling accommodations for persons of low income,   and such stores, offices and other non-housing  facilities  as  well  as   social,  recreational  or  communal  facilities, as may be deemed by the   authority or municipality to be incidental or appurtenant to a  project.   Subject  to  the provisions of article eighteen of the constitution with   respect to state projects, such dwelling accommodations may be  provided    in  any  section  of  the  municipality, whether or not such section has   insanitary or substandard housing conditions.22-a.   "State  urban  development  corporation  project".  A  project   acquired, owned, constructed, managed or operated by a company organized   pursuant to articles two, four or eleven of  this  chapter  which  is  a   subsidiary  of  the New York state urban development corporation, as the   term "subsidiary" is defined in the New  York  state  urban  development   corporation act.22-b.   "Battery  Park  city  project."  A  project  acquired,  owned,   constructed, managed or operated by  a  company  organized  pursuant  to   article  two, article four or article eleven of this chapter and located   within the Battery Park project area, as defined  in  the  battery  park   city authority act.23.  "Project cost." The cost of any or all undertakings necessary for   planning,  financing  (including  payment  of  carrying  charges),  land   acquisition,  demolition,  construction, equipment, and site development   of new buildings,  reconstruction,  repair  or  remodeling  of  existing   buildings, but not beyond the point of physical completion; and the cost   of tenant placement service in connection with a project.24.  "Real  property"  or  "property."  Lands and improvements and any   fixtures, equipment and article of personal property affixed to or  used   in  connection  therewith,  lands  under water, waterfront property, the   water of any lake, pond or stream, and any and all easements, franchises   and hereditaments, corporeal or incorporeal, and every estate,  interest   and  right  therein,  legal and equitable, in lands or water, and right,   interest, privilege,  easement  and  franchise  relating  to  the  same,   including  terms  for  years  and  liens by way of judgment, mortgage or   otherwise.25. "State." The state of New York.26. "State-aided project". Any project other than a  municipally-aided   limited  profit housing company project, a redevelopment company project   or a redevelopment corporation project.27. "Total carrying charges". All charges paid to the housing  company   by  a person or family living in a project under a lease for ninety-nine   years renewal, or in perpetuity, or by reason of ownership of  stock  in   such  company.  The word "rental" shall mean and be interchangeable with   "total carrying charges" when used in connection with a mutual company.28. "Veterans' organization." Any organization  of  persons  who  have   served in the armed forces of the United States during time of war which   has  been  duly  chartered as a veterans' organization under the laws of   the United States or of the state of New York.29. "Annual income" or "income". The total income as reported  in  the   New  York  state  income  tax  return, less such personal exemptions and   deductions for medical expenses as are actually taken by  the  taxpayer.   Provided,  however,  that  federal  old  age,  survivors, and disability   insurance benefits shall not be deemed income in articles two, four  and   eleven  of  this  chapter. This definition shall be employed in articles   two, four, eight and eleven  of  this  chapter  in  the  computation  of   "probable aggregate annual income" as therein defined.