NY Priv Hous Fin L § 1101 (2021)
2021 New York Laws PVH - Private Housing Finance Article 18 - Low Income Housing Trust Fund Program 1101 - Definitions.

§ 1101. Definitions. For the purposes of this article:1. "Commissioner" shall mean the commissioner of the state division of   housing and community renewal.2.  "Corporation"  shall  mean  the  housing  trust  fund  corporation   established by section forty-five-a of this chapter.3.  "Rehabilitation"  shall  mean  all  work  necessary  to  bring   a   residential  property  into  compliance  with  all  applicable  laws and   regulations including but not limited to the  installation,  replacement   or  repair  of heating, plumbing, electrical and related systems and the   elimination of all hazardous and immediately hazardous violations in the   structure in accordance with state and local  laws  and  regulations  of   state and local agencies. Rehabilitation may also include reconstruction   or  work  to  improve the habitability or prolong the useful life of the   residential property.4. "Cooperative project"  or  "condominium  project"  shall  mean  any   vacant  residential  or nonresidential property, or any portion thereof,   or any distressed residential property, which, subsequent to  conversion   or  rehabilitation under this article, will be owned as a cooperative or   a  condominium  or  new  residential  construction  to  be  owned  as  a   cooperative or a condominium.5.  "Homesteading  project"  shall  mean  any  vacant  residential  or   nonresidential property, or  any  portion  thereof,  or  any  distressed   residential   property,  or  any  new  residential  construction  which,   subsequent to construction,  conversion  or  rehabilitation  under  this   article,  will  contain less than five dwelling units, have at least one   owner occupant and not be owned as a cooperative or a condominium.6.  "Rental  project"   shall   mean   any   vacant   residential   or   nonresidential  property,  or  any  portion  thereof,  or any distressed   residential  property,  or  any  new  residential  construction   which,   subsequent  to  construction,  conversion  or  rehabilitation under this   article, will be owned and operated as rental residential property.7. "Eligible applicant" shall mean a person of low income,  a  housing   development fund company incorporated pursuant to article eleven of this   chapter,  a  not-for-profit corporation or charitable organization which   has as one of its  primary  purposes  the  improvement  of  housing  for   persons  of  low income, a wholly-owned subsidiary of such a corporation   or organization, a partnership at least fifty percent of the controlling   interest of which is held by such  a  corporation  or  organization  and   which  has  agreed  to  limit  profits or rate of return of investors in   accordance with a formula established or approved by the corporation  or   a  private developer which has agreed to limit profits or rate of return   of investors in accordance with a formula established or approved by the   corporation, a city, town or village, or a  county,  provided,  however,   that  the  county  is only acting as an administrator of a program under   which  projects  are  rehabilitated  or  constructed  or  nonresidential   properties  are  converted  by other eligible applicants, or a municipal   housing authority created pursuant to the public housing law,  provided,   however,  that  any  real  property  of  such  housing  authority  to be   rehabilitated, constructed or converted under  this  article  shall  not   have  been financed pursuant to the provisions of the public housing law   and shall not have been owned by such authority  prior  to  July  first,   nineteen  hundred eighty-six and provided further, however, that persons   of low income shall not be direct  recipients  of  payments,  grants  or   loans from the corporation under this article but may receive such funds   from another eligible applicant.8.   "Conversion"   shall   mean   all   work   necessary  to  convert   nonresidential property into a cooperative or condominium,  homesteading   or rental rehabilitation project. 9.  "Nonresidential  property"  shall  mean  any property which is not   residential property and is underutilized.10. "Persons of low income" shall mean (a) in cities with a population   of one million or more persons, those persons and families whose incomes   do  not  exceed eighty percent of the median income for the metropolitan   statistical area in which a project is located; provided however that in   the case of an owner occupant of a homesteading project, "persons of low   income" shall also mean those persons and families whose incomes do  not   exceed  eighty percent of the median income for the state and (b) in the   portion of the state outside cities with a population of one million  or   more  persons,  (i)  and  within  a  metropolitan statistical area those   persons and families whose incomes do not exceed ninety percent  of  the   median  income  for the metropolitan statistical area in which a project   is located or ninety  percent  of  the  median  income  for  the  state,   whichever  is  greater  or,  (ii)  if  a  project  is  located outside a   metropolitan statistical area, those persons and families whose  incomes   do  not  exceed  ninety  percent  of the median income for the county in   which a project is located, or ninety percent of the median  income  for   the state, whichever is greater.11.  "  Distressed  residential property" shall mean (a) a residential   property which has an occupancy rate by lawful occupants  of  less  than   sixty  percent,  (b)  a  portion  of a residential property described in   paragraph (a) of this subdivision provided that such portion also has an   occupancy rate by lawful occupants of less than  sixty  percent,  (c)  a   residential  property  which  consists  of  one or two residential units   prior to rehabilitation under this  article  and  which,  subsequent  to   rehabilitation,  will  contain at least one additional residential unit,   or (d)  a  residential  property,  the  rehabilitation  of  which  would   preserve affordable housing currently serving a population whose housing   need would justify its replacement if it ceased to be available.12.  "Project"  shall mean a cooperative, condominium, homesteading or   rental project. In cases where any such project consists  of  less  than   the  total  number  of  units  or  the  total amount of floor space of a   property, any reference in this article, to  a  "project",  "cooperative   project",  "condominium  project",  "rental  project"  or  "homesteading   project" shall mean that portion of such property which  makes  up  such   project.13.  "Private  developer"  shall  mean  a person, firm, partnership or   corporation which  is  not  otherwise  included  in  the  definition  of   "eligible applicant".