N.Y. Private Housing Finance Law § 451: Definitions

§ 451. Definitions. As used in this article the following terms shall

mean:

1. "Existing multiple dwelling." Any dwelling classified as a multiple

dwelling pursuant to the multiple dwelling law and in existence on the

date upon which an application for a loan pursuant to this article is

received by the municipality. For purposes of this article an existing

multiple dwelling shall be deemed to include any garden-type maisonette

dwelling project consisting of a series of dwelling units which together

and in their aggregate were arranged or designed to provide three or

more apartments and are provided as a group collectively with all

essential services such as, but not limited to, water supply, house

sewers and heat, and which are in existence and operated as a unit under

single ownership on the date upon which an application for a loan

pursuant to this article is received by the municipality,

notwithstanding that certificates of occupancy were issued for portions

thereof as private dwellings.

2. "Occupancy by persons of low income." Occupancy by "persons of low

income" or "families of low income," as such terms are defined in

section two of this chapter.

3. "Owner." An individual, partnership, corporation or other entity,

including a non-profit company, a mutual company, or a housing

development fund company, which holds record or beneficial title in fee

simple to the multiple dwelling and the real property upon which it is

situate or the lessee thereof under a lease the unexpired term of which

shall be not less than the term of the loan to be made under this

article.

4. "Federal grant funds." Any grants received from the United States

of America for community development activities or for the

rehabilitation or conservation of multiple dwellings.