2023 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 or beneficial 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, or is the lessee of  any
  such real property having an unexpired term of at least thirty years.
5-a.  "Participation  loan" and the municipality's "participation" in,
  "portion" of, or "investment" in a loan, or words  of  similar  meaning,
  shall  mean  any  loan or grant made by the municipality or the New York
  city housing development corporation pursuant  to  this  article  either
  with  or  without a private investor, provided, however, that provisions
  of this article concerning the repayment or forgiveness of, or  security
  for, a loan shall not apply to any grant made pursuant to this article.
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 the state of New York and
  any agency, office or public benefit corporation  thereof.  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.