N.Y. Private Housing Finance Law § 801: Definitions

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

have the following meanings unless a different meaning clearly appears

from the context:

1. "Agency" shall mean the office or agency of a municipality

authorized to administer the expenditure of grants from the United

States of America to assist community development activities and

programs for the construction, rehabilitation or conservation of

multiple dwellings and housing accommodations or for the conversion of

under-utilized non-residential property into multiple dwellings or, in

the absence of such an office or agency, the comptroller or chief fiscal

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

shall be the department of housing preservation and development or any

successor thereto and shall include, except for purposes of section

eight hundred four of this article, the New York city housing

development corporation with respect to any participation in a loan by

such corporation pursuant to section eight hundred five of this article.

1-a. "Construction" shall mean the construction of new multiple

dwellings upon vacant land.

2. "Conversion" shall mean the conversion of under-utilized

non-residential property into a multiple dwelling.

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

United States of America for community development activities or for the

construction, rehabilitation or conservation of multiple dwellings or

for the conversion of under-utilized non-residential property into

multiple dwellings.

4. "Non-residential property" shall mean any property which is not a

multiple dwelling, and which is intended to be converted into a multiple

dwelling, and which is under-utilized for commercial, industrial or

other non-residential purposes.

5. "Owner" shall mean 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 existing multiple dwelling to be rehabilitated or the

non-residential property to be converted into a multiple dwelling and

the real property upon which it is situate or to vacant land upon which

the new multiple dwelling is to be constructed, or is the lessee of any

such real property having an unexpired term of at least thirty years.

5-a. "Participation loan" and the municipality's "participation" in,

"portion" of, or "investment" in a loan, or words of similar meaning,

shall mean any loan or grant made by the municipality or the New York

city housing development corporation pursuant to this article either

with or without a private investor, provided, however, that provisions

of this article concerning the repayment or forgiveness of, or security

for, a loan shall not apply to any grant made pursuant to this article.

6. "Private investor" shall mean 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

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 the state of New York and

any agency, office or public benefit corporation thereof. As used in

this subdivision, 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.

7. "Rehabilitation" shall mean the installation, replacement or repair

of heating, plumbing, electrical and related systems, or elimination of

conditions dangerous to human life or detrimental to health, including

nuisances as defined in section three hundred nine of the multiple

dwelling law, or other rehabilitation or improvement of existing

multiple dwellings.

8. "Value" shall mean the "as is" value of the existing multiple

dwelling, or in the case of non-residential property to be converted

into a multiple dwelling, the "as is" value of such non-residential

property, and the land upon which it is situate prior to rehabilitation

or conversion or, in the case of the construction of a new multiple

dwelling, the "as is" value of the vacant land prior to such

construction plus the total of all costs of such rehabilitation,

conversion or construction, including, but not limited to, the costs of

any or all undertakings necessary for the planning, financing, tenant

relocation, acquisition, satisfaction of tax liens and other municipal

liens and encumbrances, construction, equipment and development in

connection therewith.

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

or any public benefit corporation for community development activities

for the construction, rehabilitation or conservation of multiple

dwellings.