§ 228-b. Definitions. As used in this article, the following terms and\nabbreviations shall have the meanings indicated:\n 1. "NYSBIC" means the New York small business investment company which\nshall be organized and operated in conformity with Section 301(c) and\napplicable regulations.\n 2. "NYSSBIC" means the New York specialized small business investment\ncompany which shall be organized and operated in conformity with Section\n301(d) and applicable regulations.\n 3. "Highly distressed area" means:
(a)a census tract or tracts or\nblock numbering area or areas or such census tract or block numbering\narea contiguous thereto which, according to the most recent census data\navailable, has:\n (i) a poverty rate of at least twenty percent for the year to which\nthe data relates or a
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§ 228-b. Definitions. As used in this article, the following terms and\nabbreviations shall have the meanings indicated:\n 1. "NYSBIC" means the New York small business investment company which\nshall be organized and operated in conformity with Section 301(c) and\napplicable regulations.\n 2. "NYSSBIC" means the New York specialized small business investment\ncompany which shall be organized and operated in conformity with Section\n301(d) and applicable regulations.\n 3. "Highly distressed area" means: (a) a census tract or tracts or\nblock numbering area or areas or such census tract or block numbering\narea contiguous thereto which, according to the most recent census data\navailable, has:\n (i) a poverty rate of at least twenty percent for the year to which\nthe data relates or at least twenty percent of the households receiving\npublic assistance; and\n (ii) an unemployment rate of at least one and twenty-five one\nhundredths times the statewide unemployment rate for the year to which\nthe data relates; or\n (b) a city, town, village or county within a city with a population of\none million or more for which: (i) the ratio of the full value property\nwealth, as determined by the comptroller for the year nineteen hundred\nninety, per resident to the statewide average full value property wealth\nper resident; and (ii) the ratio of the income per resident, as shown in\nthe nineteen hundred ninety census to the statewide average income per\nresident; are each fifty-five percent or less of the statewide average.\n 4. "Investment companies" means the NYSBIC and the NYSSBIC\ncollectively.\n 5. "Section 301(c)" means Section 301(c) of Title III, 15 U.S.C.\n681(c).\n 6. "Section 301(d)" means Section 301(d) of Title III, 15 U.S.C.\n681(d).\n 7. "Title III" means Title III of the Small Business Investment Act of\n1958, United States Pub. L. 85-699 (as amended).\n 8. "Voting shareholders" means those shareholders of the NYSBIC or the\nNYSSBIC that contribute to the capitalization and ongoing funding of the\ninvestment companies.\n