§ 102 — Definitions

§ 102. Definitions. As used in this article, the following terms shall\nmean and include:\n 1. "Project." A specific work or improvement to effectuate all or any\npart of a plan including lands, buildings and improvements acquired,\nowned, constructed, managed or operated in an area by a redevelopment\ncompany or an insurance company providing dwelling accommodations\npursuant to this article and such business, commercial, cultural or\nrecreational facilities appurtenant thereto as may be approved pursuant\nto section one hundred fourteen of this article.\n 2. "Supervising agency." The municipal comptroller in a municipality\nhaving a comptroller; in a municipality having no comptroller the chief\nfinancial officer of such municipality; except that in the city of New\nYork it shall be the department of housing preservation and development.\nHowever, as to any insurance company providing dwelling accommodations\npursuant to this article, or if any of the stock and income debenture\ncertificates having voting power of a redevelopment company are or are\nto be issued to one or more insurance companies, the term shall mean\nonly the superintendent of financial services.\n 3. "Local and municipal taxes." Taxes levied by a county, city,\nvillage, town, school and special district but shall not include\nassessments for local improvements.\n 3-a. "Redevelopment company." A corporation, partnership (general or\nlimited), limited liability companies or trust created as provided in\nsection one hundred three of this article.\n 4. "Capital." In the case of a corporation, the capital shares of that\ncorporation for the time being issued and outstanding; in the case of a\npartnership, the aggregate value of the money and property contributed\nby the partners for the purpose of carrying on the business of the\npartnership, so far as such is credited to the partners on capital\naccount; in the case of a limited liability company, the aggregate value\nof the money and property contributed by the members for the purpose of\ncarrying on the business of the company; and in the case of a trust, the\naggregate value of the money or property subject to the trust.\n 5. "Federally-aided mortgage." A mortgage loan made or insured by the\nfederal government or any agency or instrumentality thereof or a\nmortgage loan entered into in conjunction with a housing assistance\npayments contract in connection with new construction or substantial\nrehabilitation or moderate rehabilitation pursuant to section eight of\nthe United States housing act of 1937, as amended.\n 6. The term "mutual" when applied to a redevelopment company shall\nmean a redevelopment company which is a corporation operated exclusively\nfor the benefit of the persons or families who are entitled to occupancy\nin a project of such redevelopment company by reason of ownership of\nshares in such redevelopment company.\n