N.Y. Private Housing Finance Law § 102: Definitions

§ 102. Definitions. As used in this article, the following terms shall

mean and include:

1. "Project." A specific work or improvement to effectuate all or any

part of a plan including lands, buildings and improvements acquired,

owned, constructed, managed or operated in an area by a redevelopment

company or an insurance company providing dwelling accommodations

pursuant to this article and such business, commercial, cultural or

recreational facilities appurtenant thereto as may be approved pursuant

to section one hundred fourteen of this article.

2. "Supervising agency." The municipal comptroller in a municipality

having a comptroller; in a municipality having no comptroller the chief

financial officer of such municipality; except that in the city of New

York it shall be the department of housing preservation and development.

However, as to any insurance company providing dwelling accommodations

pursuant to this article, or if any of the stock and income debenture

certificates having voting power of a redevelopment company are or are

to be issued to one or more insurance companies, the term shall mean

only the superintendent of financial services.

3. "Local and municipal taxes." Taxes levied by a county, city,

village, town, school and special district but shall not include

assessments for local improvements.

3-a. "Redevelopment company." A corporation, partnership (general or

limited), limited liability companies or trust created as provided in

section one hundred three of this article.

4. "Capital." In the case of a corporation, the capital shares of that

corporation for the time being issued and outstanding; in the case of a

partnership, the aggregate value of the money and property contributed

by the partners for the purpose of carrying on the business of the

partnership, so far as such is credited to the partners on capital

account; in the case of a limited liability company, the aggregate value

of the money and property contributed by the members for the purpose of

carrying on the business of the company; and in the case of a trust, the

aggregate value of the money or property subject to the trust.

5. "Federally-aided mortgage." A mortgage loan made or insured by the

federal government or any agency or instrumentality thereof or a

mortgage loan entered into in conjunction with a housing assistance

payments contract in connection with new construction or substantial

rehabilitation or moderate rehabilitation pursuant to section eight of

the United States housing act of 1937, as amended.

6. The term "mutual" when applied to a redevelopment company shall

mean a redevelopment company which is a corporation operated exclusively

for the benefit of the persons or families who are entitled to occupancy

in a project of such redevelopment company by reason of ownership of

shares in such redevelopment company.