N.Y. Private Housing Finance Law § 471: Definitions

§ 471. Definitions. 1. "Agency" shall mean any agency or

instrumentality of a municipality that is created by legislation and

designated by the chief executive to act on behalf of the municipality

with regard to the provisions of this article.

2. "Banking organization" shall mean 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.

3. "Existing multiple dwelling" shall mean any dwelling classified as

a multiple dwelling pursuant to the multiple dwelling law or the

multiple residence law and in existence on the date upon which an

application for a loan pursuant to this article is received by the

agency.

4. "Existing private dwelling" shall mean any dwelling classified as a

private dwelling pursuant to the multiple dwelling law or the multiple

residence law and in existence on the date upon which an application for

a loan pursuant to this article is received by the agency.

5. "Federal grant funds" shall mean any grants received from the

federal government for community development activities or for the

rehabilitation or conservation of private or multiple dwellings.

6. "Low and moderate income persons" shall mean persons and families

who cannot afford to improve their homes by relying upon the ordinary

unaided operation of private enterprise.

7. "Municipality" shall mean any city, town or village.

8. "Owner" shall mean an individual or individuals, a partnership, a

corporation or other entity, including but not limited to, a trust, a

joint tenancy, tenancy in common or tenancy by the entirety holding

record or beneficial title in fee simple to an existing private or

multiple dwelling and the real property upon which it is situated, or

the lessee thereof under a lease having an unexpired term of at least

thirty years. "Owner" shall be deemed to also include a cooperative

corporation or a condominium association.

9. Reserved.

10. "Private investor" shall mean one or more banking organizations,

foundations, public benefit corporations, 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 pension and retirement funds and systems,

corporations, partnerships, individuals or other entities or any

combination of the foregoing, and shall include the United States of

America and any of its agencies and departments.

11. "Rehabilitation" shall mean the installation, replacement, or

repair of heating, plumbing, electrical and related systems or the

elimination of conditions dangerous to human life or detrimental to

health, including nuisances as defined in local housing or health codes

or as defined in section three hundred nine of the multiple dwelling

law, or in section three hundred five of the multiple residence law, or

other rehabilitation or general property and energy conservation

improvements.

12. "State grant funds" shall mean any grants received from the state

or any public benefit corporation for community development activities

or for the rehabilitation or conservation of private or multiple

dwellings.