NY Priv Hous Fin L § 801 (2021)
2021 New York Laws PVH - Private Housing Finance Article 15 - Participation Loans to Owners of Multiple Dwellings by Private Investors and Municipalities Utilizing Federal Grant Funds 801 - Definitions.

§  801. Definitions. As used in this article the following terms shall   have the following meanings unless a different meaning  clearly  appears   from the context:1.  "Agency"  shall  mean  the  office  or  agency  of  a municipality   authorized to administer the  expenditure  of  grants  from  the  United   States  of  America  to  assist  community  development  activities  and   programs  for  the  construction,  rehabilitation  or  conservation   of   multiple  dwellings  and housing accommodations or for the conversion of   under-utilized non-residential property into multiple dwellings  or,  in   the absence of such an office or agency, the comptroller or chief fiscal   officer  of  such  municipality;  except that in the city of New York it   shall be the department of housing preservation and development  or  any   successor  thereto  and  shall  include,  except for purposes of section   eight  hundred  four  of  this  article,  the  New  York  city   housing   development  corporation  with respect to any participation in a loan by   such corporation pursuant to section eight hundred five of this article.1-a. "Construction"  shall  mean  the  construction  of  new  multiple   dwellings upon vacant land.2.   "Conversion"   shall   mean   the  conversion  of  under-utilized   non-residential property into a multiple dwelling.3. "Federal grant funds" shall  mean  any  grants  received  from  the   United States of America for community development activities or for the   construction,  rehabilitation  or  conservation of multiple dwellings or   for the  conversion  of  under-utilized  non-residential  property  into   multiple dwellings.4.  "Non-residential  property" shall mean any property which is not a   multiple dwelling, and which is intended to be converted into a multiple   dwelling, and which is  under-utilized  for  commercial,  industrial  or   other non-residential purposes.5. "Owner" shall mean an individual, partnership, corporation or other   entity,  including  a non-profit company, a mutual company, or a housing   development fund company, which holds record title in fee simple to  the   existing  multiple  dwelling  to be rehabilitated or the non-residential   property to be converted into a multiple dwelling and the real  property   upon  which  it is situate or to vacant land upon which the new multiple   dwelling is to be constructed.6. "Private investor" shall mean one or  more  banking  organizations,   foundations,  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   acting as a lender under the loan  program  pursuant  to  section  three   hundred twelve of the housing act of nineteen hundred sixty-four and any   amendments  thereto or any similar program. As used in this subdivision,   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.7. "Rehabilitation" shall mean the installation, replacement or repair   of  heating, plumbing, electrical and related systems, or elimination of   conditions dangerous to human life or detrimental to  health,  including   nuisances  as  defined  in  section  three  hundred nine of the multiple   dwelling  law,  or  other  rehabilitation  or  improvement  of  existing   multiple dwellings. 8.  "Value"  shall  mean  the  "as  is" value of the existing multiple   dwelling, or in the case of non-residential  property  to  be  converted   into  a  multiple  dwelling,  the  "as is" value of such non-residential   property, and the land upon which it is situate prior to  rehabilitation   or  conversion  or,  in  the  case of the construction of a new multiple   dwelling,  the  "as  is"  value  of  the  vacant  land  prior  to   such   construction  plus  the  total  of  all  costs  of  such rehabilitation,   conversion or construction, including, but not limited to, the costs  of   any  or  all  undertakings necessary for the planning, financing, tenant   relocation, acquisition, satisfaction of tax liens and  other  municipal   liens  and  encumbrances,  construction,  equipment  and  development in   connection therewith.9. "State grant funds" shall mean any grants received from  the  state   or  any  public benefit corporation for community development activities   for  the  construction,  rehabilitation  or  conservation  of   multiple   dwellings.