N.Y. Private Housing Finance Law § 1221: Definitions

§ 1221. Definitions. As used in this article:

1. "Corporation" shall mean the housing trust fund corporation

established in section forty-five-a of this chapter.

2. "Eligible applicant" shall mean a unit of local government or

not-for-profit corporation in existence for a period of one or more

years prior to application, which is, or will be at the time of award,

incorporated under the not-for-profit corporation law and has been

engaged primarily in community development activities.

3. "Eligible area" shall mean an area: (i) that has experienced

sustained physical deterioration, decay, neglect, or disinvestment; (ii)

has a number of substandard buildings or vacant residential or

commercial units; and (iii) in which more than fifty percent of the

residents are persons of low income, or which is designated by a state

or federal agency to be eligible for a community or economic development

program.

4. "Main street program" or "program" shall mean a proposal by an

eligible applicant for a specific work or series of works for the

revitalization and improvement of an eligible area through the creation,

preservation or improvement of residential housing units; local

commercial facilities; public facilities or other aspects of the area

environment. Not less than eighty percent of the total amount awarded

pursuant to this article in any fiscal year shall be allocated to main

street programs that include the creation, preservation or improvement

of residential housing units as an objective.

5. "Persons of low income" shall mean those persons and families whose

incomes do not exceed ninety percent of the area median income for the

county in which a project is located as calculated by the United States

department of housing and urban development.