N.Y. Private Housing Finance Law § 1281: Definitions

§ 1281. Definitions. For the purposes of this article, the following

terms shall have the following meanings:

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

established pursuant to section forty-five-a of this chapter.

2. "Appropriate nonprofit organization" shall mean a not-for-profit

corporation formed pursuant to the not-for-profit corporation law and

exempt pursuant to section 501(c)(3) or 502(c)(4) of the Internal

Revenue Code of 1984 as amended and that:

(a) Has as one of such organization's primary purposes:

(i) The provision of housing that is affordable to low-income

families; or

(ii) The provision of services or housing for individuals or families

experiencing homelessness; or

(b) Is otherwise considered by the state as a suitable housing

management organization, by a vetting process developed by the

corporation.

3. "Affordable housing" shall mean permanent housing that is

affordable to low and moderate-income households, such that the new

housing achieves income averaging at or below sixty percent of the area

median income, with residents' eligibility capped at a maximum of eighty

percent of the area median income at the start of their lease.

Applicants shall not be rejected from eligibility based on credit

histories or credit scores.

4. "Building service employee" shall mean any person who is regularly

employed at, and performs work in connection with the care or

maintenance of, a converted property in a city with a population of one

million or more, including but not limited to, a watchman, guard,

doorman, building cleaner, porter, handyman, janitor, gardener,

groundskeeper, elevator operator and starter, or window cleaner.

5. "Distressed" shall mean an available asset that is financially

distressed as determined by the corporation.

6. "Exempt supportive housing" shall mean converted property for which

a nonprofit organization has:

(a) entered into a regulatory agreement with a federal, state, or

local government entity in a city with a population of one million or

more that requires:

(i) at least fifty percent of the residential units in such converted

property be reserved for homeless, disabled individuals or homeless

families with a disabled head-of-household; and

(ii) the provision of on-site supportive services to the residents of

at least fifty percent of the residential units; and

(b) the remaining fifty percent of the residential units in such

converted property rented to households earning, on average, up to

eighty percent of the area median income, adjusted for household size.

7. "Experiencing homelessness" shall refer to those individuals

residing in shelters, transitional housing, public spaces, and other

types of emergency housing.

8. "Fiscal officer" shall mean the comptroller of the city of New York

or other analogous officer of such city.

9. "Prevailing wage" shall mean the rate of wages and supplemental

benefits paid in the locality to workers in the same trade or occupation

and annually determined by the fiscal officer in accordance with the

provisions of section two hundred thirty-four of the labor law.

10. "Rent stabilized" shall mean collectively, the rent stabilization

law of nineteen hundred sixty-nine, the rent stabilization code, and the

emergency tenant protection act of nineteen seventy-four, all as in

effect as of the effective date of the chapter of the laws of two

thousand twenty-one that added this subdivision or as amended

thereafter, together with any successor statutes or regulations

addressing substantially the same subject matter.

11. "Small converted property" shall mean a converted property project

(a) to improve no more than one hundred nineteen residential units in

one or more buildings; and (b) which has received financial assistance

pursuant to this article.