§ 1151 — Definitions

§ 1151. Definitions. 1. "Eligible site" shall mean any real property\nin the city of New York which the agency determines to be located in an\narea which is blighted or deteriorated or has a blighting influence on\nthe surrounding area or is in danger of becoming a slum or blighted area\nbecause of neighborhood conditions indicating an inability or\nunwillingness of the private sector to invest in housing in such area.\n 2. "Eligible project" shall mean a project intended to construct new\nhousing accommodations on an eligible site by new construction or\nsubstantial rehabilitation, provided that such new construction or\nsubstantial rehabilitation may include climate resiliency improvements.\nAn eligible project shall serve the needs of persons of low income,\nincluding privately-owned one to four family dwellings, condominiums and\ncooperatives, and rental projects.\n 3. "Participation loan" and the city's "participation" in, "portion"\nof, or "investment" in a loan, or words of similar meaning, shall mean\nany loan or grant made by the agency pursuant to this article either\nwith or without a private lender, provided, however, that provisions of\nthis article concerning the repayment or forgiveness of, or security\nfor, a loan shall not apply to any grant.\n 4. "Persons of low income" for purposes of this article shall mean\nthose persons defined as low income pursuant to section two of this\nchapter.\n 5. "Sponsor" shall mean any not-for-profit corporation, any public\nbenefit corporation or any individual, corporation or partnership which\nreceives a loan pursuant to this article for the construction of an\neligible project, or which receives an advance pursuant to this article\nto defray the pre-development costs of any eligible project. A sponsor\nwho is not a not-for-profit corporation shall agree to limit its profit\nin accordance with a formula satisfactory to the agency.\n 6. "Loan" shall mean a mortgage loan made by a private lender in\nparticipation with the city of New York to a sponsor for the purpose of\nconstruction of an eligible project including a loan in which the\nportion of the loan funded by the agency is represented by a separate\nnote and mortgage.\n 7. "Private lender" shall mean one or more banking organizations,\nfoundations, labor unions, credit unions, employees' associations,\nveterans' organizations, colleges, universities, educational\ninstitutions, child care institutions, hospitals, medical research\ninstitutes, insurance companies, trustees or fiduciaries, trustees of\npensions and retirement funds and systems, corporations, partnerships,\nindividuals or other entities or any combinations of the foregoing, and\nshall include any public benefit corporations and the United States of\nAmerica and any of its agencies and departments. As used in this\ndefinition, the terms "trustees" and "fiduciaries" shall include any\nfiduciary or fiduciaries holding funds for investment and the term\n"banking organizations" shall have the same meaning as in subdivision\neleven of section two of the banking law.\n 8. "Rental project" shall mean any project consisting of five or more\ndwelling units occupied as a residential rental project.\n 9. "Agency" shall mean the department of housing preservation and\ndevelopment of the city of New York or any successor thereto.\n