§ 1101 — Definitions

New York § 1101

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 18: Low Income Housing Trust Fund Program

Text

§ 1101. Definitions. For the purposes of this article:\n 1. "Commissioner" shall mean the commissioner of the state division of\nhousing and community renewal.\n 2. "Corporation" shall mean the housing trust fund corporation\nestablished by section forty-five-a of this chapter.\n 3. "Rehabilitation" shall mean all work necessary to bring a\nresidential property into compliance with all applicable laws and\nregulations including but not limited to the installation, replacement\nor repair of heating, plumbing, electrical and related systems and the\nelimination of all hazardous and immediately hazardous violations in the\nstructure in accordance with state and local laws and regulations of\nstate and local agencies. Rehabilitation may also include reconstruction\nor work to improve the habitability or prolong the useful life of the\nresidential property.\n 4. "Cooperative project" or "condominium project" shall mean any\nvacant residential or nonresidential property, or any portion thereof,\nor any distressed residential property, which, subsequent to conversion\nor rehabilitation under this article, will be owned as a cooperative or\na condominium or new residential construction to be owned as a\ncooperative or a condominium.\n 5. "Homesteading project" shall mean any vacant residential or\nnonresidential property, or any portion thereof, or any distressed\nresidential property, or any new residential construction which,\nsubsequent to construction, conversion or rehabilitation under this\narticle, will contain less than five dwelling units, have at least one\nowner occupant and not be owned as a cooperative or a condominium.\n 6. "Rental project" shall mean any vacant residential or\nnonresidential property, or any portion thereof, or any distressed\nresidential property, or any new residential construction which,\nsubsequent to construction, conversion or rehabilitation under this\narticle, will be owned and operated as rental residential property.\n 7. "Eligible applicant" shall mean a person of low income, a housing\ndevelopment fund company incorporated pursuant to article eleven of this\nchapter, a not-for-profit corporation or charitable organization which\nhas as one of its primary purposes the improvement of housing for\npersons of low income, a wholly-owned subsidiary of such a corporation\nor organization, a partnership at least fifty percent of the controlling\ninterest of which is held by such a corporation or organization and\nwhich has agreed to limit profits or rate of return of investors in\naccordance with a formula established or approved by the corporation or\na private developer which has agreed to limit profits or rate of return\nof investors in accordance with a formula established or approved by the\ncorporation, a city, town or village, or a county, provided, however,\nthat the county is only acting as an administrator of a program under\nwhich projects are rehabilitated or constructed or nonresidential\nproperties are converted by other eligible applicants, or a municipal\nhousing authority created pursuant to the public housing law, provided,\nhowever, that any real property of such housing authority to be\nrehabilitated, constructed or converted under this article shall not\nhave been financed pursuant to the provisions of the public housing law\nand shall not have been owned by such authority prior to July first,\nnineteen hundred eighty-six and provided further, however, that persons\nof low income shall not be direct recipients of payments, grants or\nloans from the corporation under this article but may receive such funds\nfrom another eligible applicant.\n 8. "Conversion" shall mean all work necessary to convert\nnonresidential property into a cooperative or condominium, homesteading\nor rental rehabilitation project.\n 9. "Nonresidential property" shall mean any property which is not\nresidential property and is underutilized.\n 10. "Persons of low income" shall mean (a) in cities with a population\nof one million or more persons, those persons and families whose incomes\ndo not exceed eighty percent of the median income for the metropolitan\nstatistical area in which a project is located; provided however that in\nthe case of an owner occupant of a homesteading project, "persons of low\nincome" shall also mean those persons and families whose incomes do not\nexceed eighty percent of the median income for the state and (b) in the\nportion of the state outside cities with a population of one million or\nmore persons, (i) and within a metropolitan statistical area those\npersons and families whose incomes do not exceed ninety percent of the\nmedian income for the metropolitan statistical area in which a project\nis located or ninety percent of the median income for the state,\nwhichever is greater or, (ii) if a project is located outside a\nmetropolitan statistical area, those persons and families whose incomes\ndo not exceed ninety percent of the median income for the county in\nwhich a project is located, or ninety percent of the median income for\nthe state, whichever is greater.\n 11. " Distressed residential property" shall mean (a) a residential\nproperty which has an occupancy rate by lawful occupants of less than\nsixty percent, (b) a portion of a residential property described in\nparagraph (a) of this subdivision provided that such portion also has an\noccupancy rate by lawful occupants of less than sixty percent, (c) a\nresidential property which consists of one or two residential units\nprior to rehabilitation under this article and which, subsequent to\nrehabilitation, will contain at least one additional residential unit,\nor (d) a residential property, the rehabilitation of which would\npreserve affordable housing currently serving a population whose housing\nneed would justify its replacement if it ceased to be available.\n 12. "Project" shall mean a cooperative, condominium, homesteading or\nrental project. In cases where any such project consists of less than\nthe total number of units or the total amount of floor space of a\nproperty, any reference in this article, to a "project", "cooperative\nproject", "condominium project", "rental project" or "homesteading\nproject" shall mean that portion of such property which makes up such\nproject.\n 13. "Private developer" shall mean a person, firm, partnership or\ncorporation which is not otherwise included in the definition of\n"eligible applicant".\n