N.Y. Private Housing Finance Law § 1106-a: Definitions

§ 1106-a. Definitions. For purposes of this article, the following

terms shall have the following meanings:

1. "Corporation" means the housing trust fund corporation established

by section forty-five-a of this chapter.

2. "Turnkey/enhanced rental project" or "project" means a vacant

property which is converted or rehabilitated to residential rental use,

a newly constructed rental project or projects or a state-aided public

housing project or projects where more than thirty percent of the units

are vacant.

3. "Turnkey/enhanced rental project costs" means the reasonable and

necessary costs for planning, financing, acquisition of land or

buildings and construction of new buildings or the reconstruction,

rehabilitation, repair or remodeling of existing buildings, provided

however that not more than twenty percent of such costs may be used for

acquisition of land or buildings. Such costs may also include all or any

portion of the cost necessary for the creation of a reserve fund

required pursuant to section eleven hundred six-e of this article, and

all or a portion of a working capital fund. Such costs shall not include

the costs of nondwelling-related facilities, eligible applicant

administrative costs or, in cities with a population of one million or

more, the cost of demolition or acquisition of land or buildings.

4. "Eligible applicant" means a housing development fund company

incorporated pursuant to article eleven of this chapter, a

not-for-profit corporation or charitable organization which has as one

of its primary purposes the improvement of housing for persons of low

income, a wholly owned subsidiary of such a corporation or organization,

a municipality, a municipal housing authority created pursuant to the

public housing law or a person, firm, partnership or corporation which

has agreed to limit profits or rate of return of investors in accordance

with a formula established by the corporation. In the case of an

application by a city with a population of one million or more for

funding pursuant to this article for projects expected to contain thirty

percent or more permanent housing units occupied by eligible homeless

families, as defined in article three-A of this chapter, such city shall

be an eligible applicant only if the corporation shall determine in its

sole discretion that funding for the purpose of undertaking the project

is unavailable for the project pursuant to article three-A of this

chapter.

5. "Eligible owner" means a housing development fund company

incorporated pursuant to article eleven of this chapter, a

not-for-profit corporation or charitable organization which has as one

of its primary purposes the improvement of housing for persons of low

income, a wholly owned subsidiary of such a corporation or organization,

a partnership at least fifty percent of the controlling interest of

which is held by such a corporation or organization and which has agreed

to limit profits or rate of return of investors in accordance with a

formula established or approved by the corporation, a municipality or a

municipal housing authority created pursuant to the public housing law.

6. "Reserve fund" means a fund or funds to be used in accordance with

guidelines established by the corporation for ongoing operation and

maintenance costs and replacement costs and may only be used after the

first year of a project's operation, as measured from the date of

substantial occupancy, except in the event of an imminent threat to the

health and safety of the tenants. Such fund shall be deposited in a

banking institution whose principal place of business is located within

the state of New York and which has a proven record of investment in the

community in which the project is located.

7. "Working capital fund" shall mean a fund to be used for start-up

expenses including, but not limited to, liability insurance, fidelity

bond premiums, utility hook-up deposits, maintenance equipment, movable

furnishings and equipment and other initial project related expenses, as

approved by the corporation.