N.Y. Private Housing Finance Law § 902: Definitions

§ 902. Definitions. As used in this article, the following words and

phrases shall have the following meanings:

1. "Commissioner" shall mean the commissioner of the state division of

housing and community renewal.

2. "Division" shall mean the state division of housing and community

renewal.

3. "Municipality" shall mean any city, town or village within the

state.

4. "Neighborhood preservation company" shall mean a corporation

organized under the provisions of the not-for-profit corporation law

which has been engaged primarily in one or more of the neighborhood

preservation activities specified in subdivision five of this section.

5. "Neighborhood preservation activities" shall mean activities

engaged in by a neighborhood preservation company within a

geographically defined neighborhood of a municipality, provided,

however, that the division may fund a neighborhood preservation company

to engage in such activities in unserved and underserved areas of the

municipality lying outside of its initially designated neighborhood

area, that are designed (a) to construct, maintain, preserve, repair,

renovate, upgrade, improve, modernize, rehabilitate or otherwise prolong

the useful life and to manage and coordinate the rehabilitation of

residential dwelling accommodations within such neighborhood, to restore

abandoned and vacant as well as occupied housing accommodations to

habitable condition; to demolish structurally unsound or unsafe or

otherwise unsightly or unhealthy structures which no longer serve or can

economically be made to serve a useful purpose consistent with

stabilizing or improving a neighborhood; to seal and maintain vacant but

structurally sound structures which are capable of being rehabilitated

at a future time and used for housing purposes; to acquire, where

appropriate, buildings which contain housing accommodations; to

facilitate the disposition of buildings containing housing

accommodations to individual occupants thereof or to cooperative groups

whose members shall be occupants thereof; to assist owners, occupants

and tenants of housing accommodations to obtain improvements in the

physical conditions thereof and in the maintenance and management

thereof; to administer landlord training classes; and to manage housing

accommodations as agents for the owners thereof or administrators or

receivers appointed or designated pursuant to any law of the state; and

(b) to accomplish similar purposes and meet similar needs with respect

to retail and service establishments within such neighborhoods when

carried out in connection with and incidental to a program of housing

related activities.

6. "Persons of low income" shall mean individuals and families whose

annual incomes do not exceed ninety per cent of the median annual income

for all residents of the municipality within which they reside.

7. "Merged company" shall mean a neighborhood preservation company

maintaining a contract pursuant to section nine hundred three of this

article that has undergone a merger with one or more other neighborhood

preservation companies, which is also maintaining a contract pursuant to

section nine hundred three of this article, that has led the merged

companies to reduce the number of contracts being maintained with the

division pursuant to section nine hundred three of this article to a

total of one.

8. "Unmerged company" shall mean a neighborhood preservation company

that is not a merged company.