2023 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,  provided  that  such  new  construction or
  substantial rehabilitation may include climate resiliency  improvements.
  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. "Participation loan" and the city's "participation"  in,  "portion"
  of,  or  "investment" in a loan, or words of similar meaning, shall mean
  any loan or grant made by the agency pursuant  to  this  article  either
  with  or without a private lender, provided, however, that provisions of
  this article concerning the repayment or  forgiveness  of,  or  security
  for, a loan shall not apply to any grant.
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  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.