N.Y. Private Housing Finance Law § 551: Definitions

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

mean and include:

1. "Cost of acquisition." In the case of a project purchased from an

authority or municipality, the cost of acquisition shall include the

purchase price, costs incidental to the transfer of title, and the

estimated cost, if any, of necessary alterations and repairs to be

performed within six months after transfer of title to the housing

company. Such cost of acquisition shall, in the case of a limited

dividend or state-aided limited-profit housing company, be determined

and certified by the commissioner; in the case of a municipally-aided

housing company, it shall be determined and certified by the supervising

agency.

In the case of a project leased from a municipality or authority, the

cost of acquisition shall be the value of the lease to the company, as

determined and certified by the commissioner in the case of a limited

dividend or state-aided limited-profit housing company, or by the

supervising agency, in the case of a municipally-aided limited-profit

housing company.

2. "Housing company." A limited dividend or limited profit housing

company organized pursuant to the provisions of article four or article

two of this chapter.

3. "Project." A specific work or improvement, including lands,

buildings and improvements acquired, owned, constructed, managed or

operated by an authority or a municipality to provide dwelling

accommodations for persons of low income.