N.Y. Private Housing Finance Law § 2: Definitions

§ 2. Definitions. The following terms, whenever used or referred to in

this chapter, shall have the following meaning, unless a different

meaning clearly appears from the context, or unless specifically defined

in any of the articles of this chapter:

1. "Area". A section of a municipality which is substandard or

insanitary. The term "substandard or insanitary area" shall mean and be

interchangeable with a slum, blighted, deteriorated or deteriorating

area, whether residential, non-residential, commercial, industrial, or

vacant, or any combination thereof and may include land and buildings or

improvements not in themselves insanitary or substandard, the inclusion

of which is necessary to effectuate a plan.

2. "Assessed valuation." The value of any parcel of real property with

respect to any local tax thereon, including therein buildings and

improvements as well as land, as assessed by the respective official,

bureau, board, commission or agency charged with assessing the same for

such local tax.

3. "Authority." A public corporation as defined in subdivision two of

section three of the public housing law.

4. "Banking institution." Any corporation, association or organization

organized under the banking laws of New York state or the United States

which is authorized to transact business in this state.

5. "City." A city in the state.

6. "Commissioner." The commissioner of housing of the state of New

York.

7. "Comptroller." The comptroller of the state of New York.

8. "Condemnation." The acquisition of real property in the manner

provided by any general, special or local law or city charter for the

acquisition of real property by the municipality in which such property

is to be taken.

8-a. "Federal government." The government of the United States of

America or any agency or instrumentality thereof.

9. "Foundation." Any organization, association or corporation

organized for charitable purposes which shall have received exemption

from federal taxation by virtue of its eleemosynary, religious or

educational functions.

9-a. "Home owners purchase note." A promissory note accepted by a

mutual company, mutual housing company, mutual redevelopment company, or

housing development fund company which is organized pursuant to the

business corporation law and article eleven of this chapter, as

consideration for the issuance of shares entitling a person or family to

occupancy of an apartment in a project of such mutual company, mutual

housing company, mutual redevelopment company, or housing development

fund company, as the case may be, payable over or within a period of ten

years.

10. "Insurance company." Any insurance company authorized to transact

business in this state.

11. "Labor union." Any organization organized under the laws of the

state of New York and which exists and is constituted for the purpose,

in whole or in part, of collective bargaining, or of dealing with

employers concerning grievances, terms or conditions of employment or of

other mutual aid or protection for its members.

12. "Local legislative body". In a city, the board of aldermen, common

council, commission, or other board or body now or hereafter vested with

jurisdiction to enact ordinances or local laws, except that if there be

in a city of one million population or more, a board of estimate, the

term shall mean only such board of estimate; in a town, the town board;

in a village, the board of trustees; in a county, the board of

supervisors.

13. "Mortgage." A mortgage, trust indenture, deed of trust, building

and loan contract or other instrument creating a lien on real property,

and the indebtedness secured by each of them.

14. "Multiple dwelling." An existing building, accommodating three or

more families living independently of each other.

14-a. "Mutual company," "mutual housing company" or "mutual

redevelopment company". A limited profit or limited dividend housing

company incorporated pursuant to the provisions of this chapter or a

redevelopment company incorporated pursuant to the provisions of this

chapter, and operated exclusively for the benefit of the persons or

families who are entitled to occupancy in a project of such company,

housing company or redevelopment company, as the case may be, by reason

of ownership of shares therein.

15. "Supervising agency." The comptroller in a municipality having a

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

officer of such municipality; except that in the city of New York it

shall be the department of housing preservation and development.

16. "Municipal corporation," and "municipality". A city, town or

village, or a county having a county department of assessment with the

power to assess real property; the term "municipal" shall be deemed to

relate to a city, town or village, or to a county having a county

department of assessment with the power to assess real property.

17. "Municipally-aided project." A limited profit housing company

project, other than a state urban development corporation project, which

is aided by a municipal mortgage loan, a loan by the New York city

housing development corporation or tax exemption or both and is not

aided by any state mortgage loan or any mortgage loan made by the New

York state housing finance agency or any mortgage loan made by the

Battery Park city authority or any mortgage loan insured by the federal

government made for the purpose of refinancing a mortgage loan other

than a municipal mortgage loan or a mortgage loan made by the New York

city housing development corporation.

18. "Neighborhood unit." A primarily residential district having the

facilities necessary for well-rounded family living, such as schools,

parks, playgrounds, parking areas and local shopping districts.

19. "Persons of low income" and "families of low income." Persons or

families who are in the low income groups and who cannot afford to pay

enough to cause private enterprise in their municipality to build a

sufficient supply of adequate, safe and sanitary dwellings.

20. "Plan." A plan or undertaking for the clearance, replanning and

reconstruction or rehabilitation of a substandard and insanitary area or

areas and for recreational and other facilities incidental or

appurtenant thereto to effectuate the purposes of article eighteen of

the constitution.

21. "Planning commission." Any agency of a municipality authorized to

prepare, adopt or amend the map of the municipality or empowered to

prepare, adopt and from time to time modify a comprehensive or master

plan of the municipality, if there be one, or if there be none, the

local legislative body of the municipality.

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

part of a plan. The term shall include the lands, buildings and

improvements acquired, owned, constructed, managed or operated

hereunder, to provide dwelling accommodations for persons of low income,

and such stores, offices and other non-housing facilities as well as

social, recreational or communal facilities, as may be deemed by the

authority or municipality to be incidental or appurtenant to a project.

Subject to the provisions of article eighteen of the constitution with

respect to state projects, such dwelling accommodations may be provided

in any section of the municipality, whether or not such section has

insanitary or substandard housing conditions.

22-a. "State urban development corporation project". A project

acquired, owned, constructed, managed or operated by a company organized

pursuant to articles two, four or eleven of this chapter which is a

subsidiary of the New York state urban development corporation, as the

term "subsidiary" is defined in the New York state urban development

corporation act.

22-b. "Battery Park city project." A project acquired, owned,

constructed, managed or operated by a company organized pursuant to

article two, article four or article eleven of this chapter and located

within the Battery Park project area, as defined in the battery park

city authority act.

23. "Project cost." The cost of any or all undertakings necessary for

planning, financing (including payment of carrying charges), land

acquisition, demolition, construction, equipment, and site development

of new buildings, reconstruction, repair or remodeling of existing

buildings, but not beyond the point of physical completion; and the cost

of tenant placement service in connection with a project.

24. "Real property" or "property." Lands and improvements and any

fixtures, equipment and article of personal property affixed to or used

in connection therewith, lands under water, waterfront property, the

water of any lake, pond or stream, and any and all easements, franchises

and hereditaments, corporeal or incorporeal, and every estate, interest

and right therein, legal and equitable, in lands or water, and right,

interest, privilege, easement and franchise relating to the same,

including terms for years and liens by way of judgment, mortgage or

otherwise.

25. "State." The state of New York.

26. "State-aided project". Any project other than a municipally-aided

limited profit housing company project, a redevelopment company project

or a redevelopment corporation project.

27. "Total carrying charges". All charges paid to the housing company

by a person or family living in a project under a lease for ninety-nine

years renewal, or in perpetuity, or by reason of ownership of stock in

such company. The word "rental" shall mean and be interchangeable with

"total carrying charges" when used in connection with a mutual company.

28. "Veterans' organization." Any organization of persons who have

served in the armed forces of the United States during time of war which

has been duly chartered as a veterans' organization under the laws of

the United States or of the state of New York.

29. "Annual income" or "income". The total income as reported in the

New York state income tax return, less such personal exemptions and

deductions for medical expenses as are actually taken by the taxpayer.

Provided, however, that federal old age, survivors, and disability

insurance benefits shall not be deemed income in articles two, four and

eleven of this chapter. This definition shall be employed in articles

two, four, eight and eleven of this chapter in the computation of

"probable aggregate annual income" as therein defined.

30. "Climate resiliency improvements." Improvements for the purpose of

protecting land or any structures thereon from damage resulting from or

which may result from changes in climate, including, but not limited to,

extreme weather events, abnormal temperatures, and sea level rise, or of

reducing the impact of the operation of such structures on climate

change, including, but not limited to, improvements that reduce energy

consumption or promote the efficient use of natural resources.

31. "Private lender." One or more banking organizations, foundations,

labor unions, credit unions, employers' 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 combination of the foregoing, and shall include any

public benefit corporation 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.