N.Y. Private Housing Finance Law § 71: Definitions

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

in this act, shall be construed as follows:

1. The term "housing company" means a limited-dividend housing

corporation, a partnership (general or limited) or a trust organized

pursuant to this article.

2. The term "project" means a specific work or improvement undertaken

by a housing company, which shall include lands, buildings and

improvements acquired or constructed to provide dwelling accommodations

within the rental limitations prescribed by this article, and such

stores, offices, social, recreational, communal or other non-housing

facilities as may be deemed by the commissioner to be incidental or

appurtenant to a project.

3. The term "mutual" when applied to a housing company shall mean a

housing company which is a corporation operated exclusively for the

benefit of the persons or families who are entitled to occupancy in a

project of such housing company by reason of ownership of shares in such

housing company.

4. The term "local and municipal taxes" means taxes levied by a

county, city, village, town, school and special district but shall not

include assessments for local improvements.

5. The term "state urban development corporation project" means a

project of a limited-dividend housing company 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.

6. The term "capital" means, in the case of a corporation, its capital

shares issued and outstanding; in the case of a partnership, the

aggregate value of the money and property contributed by the partners

for the purpose of carrying on the business of the partnership, so far

as such is credited to the partners on capital account; and in the case

of a trust, the aggregate value of the money or property subject to the

trust.