NY Priv Hous Fin L § 1151 (2021)
2021 New York Laws PVH - Private Housing Finance Article 22 - Affordable Housing Development Loans 1151 - Definitions.

§  1151.  Definitions. 1. "Eligible site" shall mean any real property   in the city of New York which the agency determines to be located in  an   area  which  is blighted or deteriorated or has a blighting influence on   the surrounding area or is in danger of becoming a slum or blighted area   because  of  neighborhood  conditions   indicating   an   inability   or   unwillingness of the private sector to invest in housing in such area.2.  "Eligible  project" shall mean a project intended to construct new   housing accommodations on  an  eligible  site  by  new  construction  or   substantial rehabilitation. An eligible project shall serve the needs of   persons  of  low  income,  including  privately-owned one to four family   dwellings, condominiums and cooperatives, and rental projects.3. "Development costs" shall mean the reasonable and  necessary  costs   for   planning,   financing,   acquisition  of  land  or  buildings  and   construction of new buildings  or  the  reconstruction,  rehabilitation,   repair  or  remodeling  of existing buildings and the costs of necessary   site improvements.4. "Persons of low income" for purposes of  this  article  shall  mean   those  persons  defined  as  low  income pursuant to section two of this   chapter.5. "Sponsor" shall mean any  not-for-profit  corporation,  any  public   benefit  corporation or any individual, corporation or partnership which   receives a loan pursuant to this article  for  the  construction  of  an   eligible  project, or which receives an advance pursuant to this article   to defray the pre-development costs of any eligible project.  A  sponsor   who  is not a not-for-profit corporation shall agree to limit its profit   in accordance with a formula satisfactory to the agency.6. "Loan" shall mean a first mortgage loan made by a private lender in   participation with the city of New York to a sponsor for the purpose  of   construction  of  an  eligible  project  including  a  loan in which the   portion of the loan funded by the agency is represented  by  a  separate   note and mortgage.7.  "Private  lender"  shall  mean  one or more banking organizations,   foundations,  labor  unions,  credit  unions,  employees'  associations,   veterans'    organizations,    colleges,    universities,    educational   institutions,  child  care  institutions,  hospitals,  medical  research   institutes,  insurance  companies,  trustees or fiduciaries, trustees of   pensions and retirement funds and systems,  corporations,  partnerships,   individuals  or other entities or any combinations of the foregoing, and   shall include any public benefit corporations and the United  States  of   America  and  any  of  its  agencies  and  departments.  As used in this   definition, the terms "trustees" and  "fiduciaries"  shall  include  any   fiduciary  or  fiduciaries  holding  funds  for  investment and the term   "banking organizations" shall have the same meaning  as  in  subdivision   eleven of section two of the banking law.8.  "Rental project" shall mean any project consisting of five or more   dwelling units occupied as a residential rental project.9. "Agency" shall mean the  department  of  housing  preservation  and   development of the city of New York or any successor thereto.