New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter XXXV - New York State Housing Finance Agency › Subchapter B - Affordable Home Ownership Development Program › Part 2160 - General Provisions › Section 2160.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in these rules and regulations:
(a) Act shall mean article 19 of the Private
				  Housing Finance Law, §1110 et seq.
(b) Affordable Home Ownership Development
				  Program or project shall mean the rehabilitation, improvement or construction,
				  singly or in combination, of one or more homes.
(c) Corporation shall mean the Affordable
				  Housing Corporation created by section
				  45-b of the Private Housing Finance
				  Law.
(d) Eligible applicant shall
				  mean a municipality, a housing development fund company incorporated pursuant
				  to article 11 of the Private Housing Finance Law, any not-for-profit
				  corporation or charitable organization which has as one of its primary purposes
				  the improvement of housing, or a municipal housing authority created pursuant
				  to the Public Housing Law. A municipality may select a designee or a consortium
				  of designees to submit an application on its behalf. This will not preclude the
				  submission of applications from other qualified eligible applicants within the
				  municipality.
(e) Grantee shall
				  mean an eligible applicant who has been awarded a grant with which to operate a
				  program of financial assistance pursuant to the act.
(f) High cost area shall mean an area with
				  respect to which the corporation has determined that the average cost of
				  housing severely limits the ability of home buyers to purchase or improve homes
				  within such areas.
(g) Home shall
				  mean a one- to four-family dwelling which has at least one owner occupant or an
				  owner-occupied unit in a cooperative or a condominium.
(h) Home buyers shall mean individuals or
				  households for whom there are no other reasonable and affordable home
				  ownership, rehabilitation or home improvement alternatives, as the case may be,
				  in the private market, as determined by the grantee and who shall purchase and
				  occupy homes assisted under the act as their principal place of
				  residence.
(i) Income limitations
				  shall mean a system of maximum income limitations or income targeting designed
				  to assure that the persons or families who benefit from financial assistance
				  under this program would, through the ordinary, unaided operation of private
				  enterprise, be unable to own or improve homes.
(j) Lending institution shall mean any bank
				  or trust company or savings bank, or any corporation, association or other
				  entity which is owned or controlled by any one or more such bank or trust
				  company or savings bank, or any savings and loan association, credit union,
				  Federal National Mortgage Association-approved mortgage banker, national
				  banking association, Federal savings and loan association, Federal saving bank,
				  public pension fund, pension fund with assets over $50 million, insurance
				  company, Federal credit union or other financial institution or governmental
				  agency of the United States which customarily makes, purchases, holds, insures
				  or services residential mortgages.
(k) Leveraging ratio shall mean the total
				  amount of private and public financial investment (other than funds made
				  available pursuant to the act) or other resources for which a firm commitment
				  is made, divided by the amount of grant funds made available through the
				  corporation.
(l) Municipality shall
				  mean a county, city, town or village, except that where a city consists of more
				  than one county, then the term municipality shall refer to such city.
(m) Owner shall mean an individual who owns
				  or agrees to purchase or improve a home assisted under this program, and to
				  occupy it as his principal place of residence, or a partnership, a corporation
				  or other entity which will build, rehabilitate or improve homes for sale to
				  home buyers.
(n) Recipient shall
				  mean any individual, partnership, corporation or other entity which receives
				  funds provided under the act from a grantee.
(o) Rehabilitation or home improvement shall
				  mean all work necessary to bring a structure 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, rules and regulations.
				  Rehabilitation or home improvement may also include reconstruction or work to
				  improve the habitability or prolong the useful life of residential property.
				  Further, for the purposes of these regulations, home improvement shall mean the
				  improvement of a home in which the owner is in residence at or prior to the
				  time of the commencement of the improvement to his/her home.