N.Y. Private Housing Finance Law § 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.