NY Priv Hous Fin L § 471 (2021)
2021 New York Laws PVH - Private Housing Finance Article 8-B - Loans to Owner-Occupants of One to Four Unit Private and Multiple Dwellings 471 - Definitions.

§   471.   Definitions.   1.   "Agency"   shall  mean  any  agency  or   instrumentality of a municipality that is  created  by  legislation  and   designated  by  the chief executive to act on behalf of the municipality   with regard to the provisions of this article.2. "Banking organization" shall mean 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.3. "Existing multiple dwelling" shall mean any dwelling classified  as   a  multiple  dwelling  pursuant  to  the  multiple  dwelling  law or the   multiple residence law and in  existence  on  the  date  upon  which  an   application  for  a  loan  pursuant  to  this article is received by the   agency.4. "Existing private dwelling" shall mean any dwelling classified as a   private dwelling pursuant to the multiple dwelling law or  the  multiple   residence law and in existence on the date upon which an application for   a loan pursuant to this article is received by the agency.5.  "Federal  grant  funds"  shall  mean  any grants received from the   federal government for  community  development  activities  or  for  the   rehabilitation or conservation of private or multiple dwellings.6.  "Low  and moderate income persons" shall mean persons and families   who cannot afford to improve their homes by relying  upon  the  ordinary   unaided operation of private enterprise.7. "Municipality" shall mean any city, town or village.8.  "Owner" shall mean an individual or individuals, a partnership, or   a joint tenancy, tenancy in common or tenancy by  the  entirety  holding   record  title  in fee simple to an existing private or multiple dwelling   and the real property upon which it is situated. "Owner" shall be deemed   to also include a cooperative corporation or a condominium association.9. "Owner-occupant" shall mean an owner who occupies at least  one  of   the  units  in  a  one  to  four  unit  dwelling as his or her principal   residence. In the case of  a  partnership,  joint  tenancy,  tenancy  in   common  or tenancy  by the entirety, at least one partner or tenant must   be an owner-occupant. In the case of  a  cooperative  or  condominium  a   majority  of the units must be owner-occupied. The term "owner-occupant"   shall include an owner of  a  vacant  one  to  four  unit  dwelling  who   demonstrates  an  intention  to  move  into  one  of the units after the   rehabilitation of the property.10. "Private investor" shall mean one or more  banking  organizations,   foundations,  public  benefit corporations, labor unions, credit unions,   employers'    associations,    veterans'    organizations,     colleges,   universities,   educational   institutions,   child  care  institutions,   hospitals, medical research institutes, insurance companies, trustees or   fiduciaries, trustees of  pension  and  retirement  funds  and  systems,   corporations,   partnerships,  individuals  or  other  entities  or  any   combination of the foregoing, and shall include  the  United  States  of   America and any of its agencies and departments.11.  "Rehabilitation"  shall  mean  the  installation, replacement, or   repair of heating, plumbing,  electrical  and  related  systems  or  the   elimination  of  conditions  dangerous  to  human life or detrimental to   health, including nuisances as defined in local housing or health  codes   or  as  defined  in  section three hundred nine of the multiple dwelling   law, or in section three hundred five of the multiple residence law,  or   other   rehabilitation  or  general  property  and  energy  conservation   improvements.12. "State grant funds" shall mean any grants received from the  state   or  any  public benefit corporation for community development activities   or for  the  rehabilitation  or  conservation  of  private  or  multiple   dwellings.