§ 2 — Definitions

New York § 2

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 1: Short Title; Definitions

Text

§ 2. Definitions. The following terms, whenever used or referred to in\nthis chapter, shall have the following meaning, unless a different\nmeaning clearly appears from the context, or unless specifically defined\nin any of the articles of this chapter:\n 1. "Area". A section of a municipality which is substandard or\ninsanitary. The term "substandard or insanitary area" shall mean and be\ninterchangeable with a slum, blighted, deteriorated or deteriorating\narea, whether residential, non-residential, commercial, industrial, or\nvacant, or any combination thereof and may include land and buildings or\nimprovements not in themselves insanitary or substandard, the inclusion\nof which is necessary to effectuate a plan.\n 2. "Assessed valuation." The value of any parcel of real property with\nrespect to any local tax thereon, including therein buildings and\nimprovements as well as land, as assessed by the respective official,\nbureau, board, commission or agency charged with assessing the same for\nsuch local tax.\n 3. "Authority." A public corporation as defined in subdivision two of\nsection three of the public housing law.\n 4. "Banking institution." Any corporation, association or organization\norganized under the banking laws of New York state or the United States\nwhich is authorized to transact business in this state.\n 5. "City." A city in the state.\n 6. "Commissioner." The commissioner of housing of the state of New\nYork.\n 7. "Comptroller." The comptroller of the state of New York.\n 8. "Condemnation." The acquisition of real property in the manner\nprovided by any general, special or local law or city charter for the\nacquisition of real property by the municipality in which such property\nis to be taken.\n 8-a. "Federal government." The government of the United States of\nAmerica or any agency or instrumentality thereof.\n 9. "Foundation." Any organization, association or corporation\norganized for charitable purposes which shall have received exemption\nfrom federal taxation by virtue of its eleemosynary, religious or\neducational functions.\n 9-a. "Home owners purchase note." A promissory note accepted by a\nmutual company, mutual housing company, mutual redevelopment company, or\nhousing development fund company which is organized pursuant to the\nbusiness corporation law and article eleven of this chapter, as\nconsideration for the issuance of shares entitling a person or family to\noccupancy of an apartment in a project of such mutual company, mutual\nhousing company, mutual redevelopment company, or housing development\nfund company, as the case may be, payable over or within a period of ten\nyears.\n 10. "Insurance company." Any insurance company authorized to transact\nbusiness in this state.\n 11. "Labor union." Any organization organized under the laws of the\nstate of New York and which exists and is constituted for the purpose,\nin whole or in part, of collective bargaining, or of dealing with\nemployers concerning grievances, terms or conditions of employment or of\nother mutual aid or protection for its members.\n 12. "Local legislative body". In a city, the board of aldermen, common\ncouncil, commission, or other board or body now or hereafter vested with\njurisdiction to enact ordinances or local laws, except that if there be\nin a city of one million population or more, a board of estimate, the\nterm shall mean only such board of estimate; in a town, the town board;\nin a village, the board of trustees; in a county, the board of\nsupervisors.\n 13. "Mortgage." A mortgage, trust indenture, deed of trust, building\nand loan contract or other instrument creating a lien on real property,\nand the indebtedness secured by each of them.\n 14. "Multiple dwelling." An existing building, accommodating three or\nmore families living independently of each other.\n 14-a. "Mutual company," "mutual housing company" or "mutual\nredevelopment company". A limited profit or limited dividend housing\ncompany incorporated pursuant to the provisions of this chapter or a\nredevelopment company incorporated pursuant to the provisions of this\nchapter, and operated exclusively for the benefit of the persons or\nfamilies who are entitled to occupancy in a project of such company,\nhousing company or redevelopment company, as the case may be, by reason\nof ownership of shares therein.\n 15. "Supervising agency." The comptroller in a municipality having a\ncomptroller; in a municipality having no comptroller, the chief fiscal\nofficer of such municipality; except that in the city of New York it\nshall be the department of housing preservation and development.\n 16. "Municipal corporation," and "municipality". A city, town or\nvillage, or a county having a county department of assessment with the\npower to assess real property; the term "municipal" shall be deemed to\nrelate to a city, town or village, or to a county having a county\ndepartment of assessment with the power to assess real property.\n 17. "Municipally-aided project." A limited profit housing company\nproject, other than a state urban development corporation project, which\nis aided by a municipal mortgage loan, a loan by the New York city\nhousing development corporation or tax exemption or both and is not\naided by any state mortgage loan or any mortgage loan made by the New\nYork state housing finance agency or any mortgage loan made by the\nBattery Park city authority or any mortgage loan insured by the federal\ngovernment made for the purpose of refinancing a mortgage loan other\nthan a municipal mortgage loan or a mortgage loan made by the New York\ncity housing development corporation.\n 18. "Neighborhood unit." A primarily residential district having the\nfacilities necessary for well-rounded family living, such as schools,\nparks, playgrounds, parking areas and local shopping districts.\n 19. "Persons of low income" and "families of low income." Persons or\nfamilies who are in the low income groups and who cannot afford to pay\nenough to cause private enterprise in their municipality to build a\nsufficient supply of adequate, safe and sanitary dwellings.\n 20. "Plan." A plan or undertaking for the clearance, replanning and\nreconstruction or rehabilitation of a substandard and insanitary area or\nareas and for recreational and other facilities incidental or\nappurtenant thereto to effectuate the purposes of article eighteen of\nthe constitution.\n 21. "Planning commission." Any agency of a municipality authorized to\nprepare, adopt or amend the map of the municipality or empowered to\nprepare, adopt and from time to time modify a comprehensive or master\nplan of the municipality, if there be one, or if there be none, the\nlocal legislative body of the municipality.\n 22. "Project." A specific work or improvement to effectuate all or any\npart of a plan. The term shall include the lands, buildings and\nimprovements acquired, owned, constructed, managed or operated\nhereunder, to provide dwelling accommodations for persons of low income,\nand such stores, offices and other non-housing facilities as well as\nsocial, recreational or communal facilities, as may be deemed by the\nauthority or municipality to be incidental or appurtenant to a project.\nSubject to the provisions of article eighteen of the constitution with\nrespect to state projects, such dwelling accommodations may be provided\nin any section of the municipality, whether or not such section has\ninsanitary or substandard housing conditions.\n 22-a. "State urban development corporation project". A project\nacquired, owned, constructed, managed or operated by a company organized\npursuant to articles two, four or eleven of this chapter which is a\nsubsidiary of the New York state urban development corporation, as the\nterm "subsidiary" is defined in the New York state urban development\ncorporation act.\n 22-b. "Battery Park city project." A project acquired, owned,\nconstructed, managed or operated by a company organized pursuant to\narticle two, article four or article eleven of this chapter and located\nwithin the Battery Park project area, as defined in the battery park\ncity authority act.\n 23. "Project cost." The cost of any or all undertakings necessary for\nplanning, financing (including payment of carrying charges), land\nacquisition, demolition, construction, equipment, and site development\nof new buildings, reconstruction, repair or remodeling of existing\nbuildings, but not beyond the point of physical completion; and the cost\nof tenant placement service in connection with a project.\n 24. "Real property" or "property." Lands and improvements and any\nfixtures, equipment and article of personal property affixed to or used\nin connection therewith, lands under water, waterfront property, the\nwater of any lake, pond or stream, and any and all easements, franchises\nand hereditaments, corporeal or incorporeal, and every estate, interest\nand right therein, legal and equitable, in lands or water, and right,\ninterest, privilege, easement and franchise relating to the same,\nincluding terms for years and liens by way of judgment, mortgage or\notherwise.\n 25. "State." The state of New York.\n 26. "State-aided project". Any project other than a municipally-aided\nlimited profit housing company project, a redevelopment company project\nor a redevelopment corporation project.\n 27. "Total carrying charges". All charges paid to the housing company\nby a person or family living in a project under a lease for ninety-nine\nyears renewal, or in perpetuity, or by reason of ownership of stock in\nsuch company. The word "rental" shall mean and be interchangeable with\n"total carrying charges" when used in connection with a mutual company.\n 28. "Veterans' organization." Any organization of persons who have\nserved in the armed forces of the United States during time of war which\nhas been duly chartered as a veterans' organization under the laws of\nthe United States or of the state of New York.\n 29. "Annual income" or "income". The total income as reported in the\nNew York state income tax return, less such personal exemptions and\ndeductions for medical expenses as are actually taken by the taxpayer.\nProvided, however, that federal old age, survivors, and disability\ninsurance benefits shall not be deemed income in articles two, four and\neleven of this chapter. This definition shall be employed in articles\ntwo, four, eight and eleven of this chapter in the computation of\n"probable aggregate annual income" as therein defined.\n 30. "Climate resiliency improvements." Improvements for the purpose of\nprotecting land or any structures thereon from damage resulting from or\nwhich may result from changes in climate, including, but not limited to,\nextreme weather events, abnormal temperatures, and sea level rise, or of\nreducing the impact of the operation of such structures on climate\nchange, including, but not limited to, improvements that reduce energy\nconsumption or promote the efficient use of natural resources.\n 31. "Private lender." One or more banking organizations, foundations,\nlabor unions, credit unions, employers' associations, veterans'\norganizations, colleges, universities, educational institutions, child\ncare institutions, hospitals, medical research institutes, insurance\ncompanies, trustees or fiduciaries, trustees of pensions and retirement\nfunds and systems, corporations, partnerships, individuals or other\nentities or any combination of the foregoing, and shall include any\npublic benefit corporation and the United States of America and any of\nits agencies and departments. As used in this definition, the terms\n"trustees" and "fiduciaries" shall include any fiduciary or fiduciaries\nholding funds for investment and the term "banking organizations" shall\nhave the same meaning as in subdivision eleven of section two of the\nbanking law.\n