N.Y. Real Property Law § 520: Definitions

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

have the following meanings:

1. "Community land trust" shall mean a nonprofit organization exempt

from certain taxes pursuant to section 501 (c) (3) or section 501(c) (4)

of the United States internal revenue code and/or that is incorporated

under the not-for-profit corporation law whose primary purpose is to

provide affordable housing by owning land and leasing or selling

residential housing situated on that land to households that meet

certain income requirements.

2. (a) "Covered entity" shall mean an institutional real estate

investor or an entity that receives funding from an institutional real

estate investor for the purchase of a single-family residence or

two-family residence. A loan provided in exchange for a mortgage of the

residence that is being purchased shall not be considered funding for

the purposes of this subdivision, provided that such mortgage must be of

a type for which members of the general public can apply.

(b) "Covered entity" shall not include:

(i) an organization which is described in section 501(c)(3) of the

Internal Revenue Code and exempt from tax under section 501(a) of the

Internal Revenue Code;

(ii) a land bank;

(iii) a community land trust; or

(iv) a creditor or its loan servicer acquiring ownership of real

property in full or partial satisfaction of a secured debt.

3. (a) "Institutional real estate investor" shall mean an entity or

combined group that, directly or indirectly:

(i) owns ten or more single-family residences and/or two-family

residences;

(ii) manages or receives funds pooled from investors and acts as a

fiduciary with respect to one or more investors; and

(iii) has thirty million dollars or more in net value or assets under

management on any day during the taxable year.

(b) An entity is considered owning a single-family residence or

two-family residence if it directly owns the single-family residence or

two-family residence or indirectly owns ten percent or more of the

single-family residence or two-family residence.

4. "Land bank" shall mean an entity created in accordance with article

sixteen of the not-for-profit corporation law.

5. "Single-family residence" shall mean a residential property

consisting of one dwelling unit; provided that such term shall not

include:

(a) any single-family residence that is to be used as the principal

residence of any person who has an ownership interest in the covered

entity that seeks to purchase the single-family residence; or

(b) any single-family residence constructed, acquired, or operated

with federal, state, or local appropriated funding sources.

6. "Two-family residence" shall mean a residential property consisting

of two dwelling units; provided that such term shall not include:

(a) any two-family residence in which one of the dwelling units is to

be used as the principal residence of any person who has an ownership

interest in the covered entity that seeks to purchase the two-family

residence; or

(b) any two-family residence constructed, acquired, or operated with

federal, state, or local appropriated funding sources.