NY Priv Hous Fin L § 902 (2021)
2021 New York Laws PVH - Private Housing Finance Article 16 - Neighborhood Preservation Companies 902 - Definitions.

§  902.  Definitions. As used in this article, the following words and   phrases shall have the following meanings:1. "Commissioner" shall mean the commissioner of the state division of   housing and community renewal.2. "Division" shall mean the state division of housing  and  community   renewal.3.  "Municipality"  shall  mean  any  city, town or village within the   state.4.  "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.5.   "Neighborhood  preservation  activities"  shall  mean  activities   engaged  in  by   a   neighborhood   preservation   company   within   a   geographically   defined   neighborhood  of  a  municipality,  provided,   however, that the division may fund a neighborhood preservation  company   to  engage  in  such activities in unserved and underserved areas of the   municipality lying outside  of  its  initially  designated  neighborhood   area,  that  are  designed (a) to construct, maintain, preserve, repair,   renovate, upgrade, improve, modernize, rehabilitate or otherwise prolong   the useful life and to  manage  and  coordinate  the  rehabilitation  of   residential dwelling accommodations within such neighborhood, to restore   abandoned  and  vacant  as  well  as  occupied housing accommodations to   habitable condition; to  demolish  structurally  unsound  or  unsafe  or   otherwise unsightly or unhealthy structures which no longer serve or can   economically   be  made  to  serve  a  useful  purpose  consistent  with   stabilizing or improving a neighborhood; to seal and maintain vacant but   structurally sound structures which are capable of  being  rehabilitated   at  a  future  time  and  used  for  housing purposes; to acquire, where   appropriate,  buildings  which  contain   housing   accommodations;   to   facilitate    the    disposition   of   buildings   containing   housing   accommodations to individual occupants thereof or to cooperative  groups   whose  members  shall  be occupants thereof; to assist owners, occupants   and tenants of housing accommodations  to  obtain  improvements  in  the   physical  conditions  thereof  and  in  the  maintenance  and management   thereof; and to manage housing accommodations as agents for  the  owners   thereof  or administrators or receivers appointed or designated pursuant   to any law of the state; and (b) to accomplish similar purposes and meet   similar needs with respect to retail and service  establishments  within   such neighborhoods when carried out in connection with and incidental to   a program of housing related activities.6.  "Persons  of low income" shall mean individuals and families whose   annual incomes do not exceed ninety per cent of the median annual income   for all residents of the municipality within which they reside.7. "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.8. "Unmerged company" shall mean a neighborhood  preservation  company   that is not a merged company.