NY Priv Hous Fin L § 401 (2021)
2021 New York Laws PVH - Private Housing Finance Article 8 - Loans to Owners of Existing Multiple Dwellings 401 - Definitions.

§  401. Definitions. As used in this article the following terms shall   mean:1. a. The term "existing multiple dwelling" shall  mean  any  dwelling   classified  as a multiple dwelling pursuant to the multiple dwelling law   including class A and class B multiple dwellings, and  in  existence  on   the  date  upon which an application for a loan pursuant to this article   is received by the agency.b. The term "existing multiple dwelling" shall also mean any  building   in  existence  on the date upon which an application for a loan pursuant   to this article is received by the agency and which is intended on  such   date to be converted to a class A or class B multiple dwelling.c.   The   term   "existing  multiple  dwelling"  shall  also  mean  a   not-for-profit institution with sleeping accommodations exclusively  for   permanent  residential purposes or any building in existence on the date   upon which an application  for  a  loan  pursuant  to  this  article  is   received  by  the  agency  which  is  intended  to  be  converted  to  a   not-for-profit institution with sleeping accommodations exclusively  for   permanent residential purposes.2.  The  term  "agency"  shall  mean  any  officer, board, commission,   department, or other agency of the municipality, or the authority or any   other public authority, designated by  the  local  legislative  body  to   carry  out  the  functions  vested  in  the agency under this article or   delegated to the agency by the local legislative body in order to  carry   out the purposes and provisions of this article.3. a. The term "persons or families of low income" shall mean "persons   of  low income" or "families of low income" as defined in section two of   this chapter, whose probable aggregate annual income during  the  period   of  occupancy  does not exceed six times the rental (including the value   or cost to them of heat, light, water  and  cooking  fuel)  of  dwelling   units  occupied  by  such  persons  or  families  in  existing  multiple   dwellings aided by a loan pursuant to this article, except that  in  the   case  of  persons  or families with three or more dependents, such ratio   shall not exceed seven to  one,  and  except  further  that  the  income   limitations  prescribed  by  this  paragraph  shall  be  subject  to the   provisions of subdivision two of section  four  hundred  three  of  this   article.In  calculating  annual  income,  social  security payments and income   received from private pension funds by any person sixty-two years of age   or more shall be excluded up to a total maximum amount  of  seventy-five   dollars per month. The term "probable aggregate annual income" means the   annual  income  of  the  chief wage earner of the family, plus all other   income of other members of the family over the age of twenty-one  years,   plus  a proportion of income of gainfully employed members under the age   of twenty-one years, the proportion to be determined by the agency.  The   agency  may  exclude  a proportion of the income of other members of the   family over the age of twenty-one years for the purpose  of  determining   eligibility for commencement of occupancy or continued occupancy, or for   establishing rental of such family, or for all such purposes.b.  Notwithstanding the provisions of paragraph a of this subdivision,   and subject to the provisions  of  subdivision  three  of  section  four   hundred  three  of  this  article  the  term "persons or families of low   income" shall also mean any person or family who, immediately  prior  to   the  date  on  which  a  contract for a loan with respect to an existing   multiple dwelling is entered into pursuant to  the  provisions  of  this   article,  occupies  any  dwelling unit in such multiple dwelling and who   continuously occupies such unit during and after completion  of  central   heating  or  other  rehabilitation  or improvement performed pursuant to   such contract provided, however, that any person or family  required  to    remove  from  any  such  dwelling  unit  because  of  such installation,   rehabilitation or improvement shall, for the purpose of this section, be   deemed to have continuously occupied such unit and shall have preference   in  re-entering  such multiple dwelling upon completion of the aforesaid   work.4. The term "occupancy date"  shall  mean  the  date  defined  in  the   contract  for  a  loan  pursuant to this article between the owner of an   existing multiple dwelling and a municipality as  the  date  upon  which   such  multiple  dwelling is to be deemed ready for occupancy, or if such   term is not defined in such  contract,  the  date  of  issuance  of  the   temporary certificate of occupancy.5.  The term "rehabilitation", in addition to any other meaning, shall   include conversion of a class B multiple dwelling or a class A  multiple   dwelling used in whole or in part for single room occupancy to a class A   multiple  dwelling  not  used  in  whole  or  in  part  for  single room   occupancy. The term "rehabilitation" shall also include  the  conversion   of any existing building to a class A or class B multiple dwelling.6.  The  term  "owner"  shall mean a person having record title in fee   simple to real property or the lessee thereof under a  lease  having  an   unexpired term of at least thirty years.