§ 471 — Definitions

§ 471. Definitions. 1. "Agency" shall mean any agency or\ninstrumentality of a municipality that is created by legislation and\ndesignated by the chief executive to act on behalf of the municipality\nwith regard to the provisions of this article.\n 2. "Banking organization" shall mean any corporation, association or\norganization organized under the banking laws of New York state or the\nUnited States which is authorized to transact business in this state.\n 3. "Existing multiple dwelling" shall mean any dwelling classified as\na multiple dwelling pursuant to the multiple dwelling law or the\nmultiple residence law and in existence on the date upon which an\napplication for a loan pursuant to this article is received by the\nagency.\n 4. "Existing private dwelling" shall mean any dwelling classified as a\nprivate dwelling pursuant to the multiple dwelling law or the multiple\nresidence law and in existence on the date upon which an application for\na loan pursuant to this article is received by the agency.\n 5. "Federal grant funds" shall mean any grants received from the\nfederal government for community development activities or for the\nrehabilitation or conservation of private or multiple dwellings.\n 6. "Low and moderate income persons" shall mean persons and families\nwho cannot afford to improve their homes by relying upon the ordinary\nunaided operation of private enterprise.\n 7. "Municipality" shall mean any city, town or village.\n 8. "Owner" shall mean an individual or individuals, a partnership, a\ncorporation or other entity, including but not limited to, a trust, a\njoint tenancy, tenancy in common or tenancy by the entirety holding\nrecord or beneficial title in fee simple to an existing private or\nmultiple dwelling and the real property upon which it is situated, or\nthe lessee thereof under a lease having an unexpired term of at least\nthirty years. "Owner" shall be deemed to also include a cooperative\ncorporation or a condominium association.\n 9. Reserved.\n 10. "Private investor" shall mean one or more banking organizations,\nfoundations, public benefit corporations, labor unions, credit unions,\nemployers' associations, veterans' organizations, colleges,\nuniversities, educational institutions, child care institutions,\nhospitals, medical research institutes, insurance companies, trustees or\nfiduciaries, trustees of pension and retirement funds and systems,\ncorporations, partnerships, individuals or other entities or any\ncombination of the foregoing, and shall include the United States of\nAmerica and any of its agencies and departments.\n 11. "Rehabilitation" shall mean the installation, replacement, or\nrepair of heating, plumbing, electrical and related systems or the\nelimination of conditions dangerous to human life or detrimental to\nhealth, including nuisances as defined in local housing or health codes\nor as defined in section three hundred nine of the multiple dwelling\nlaw, or in section three hundred five of the multiple residence law, or\nother rehabilitation or general property and energy conservation\nimprovements.\n 12. "State grant funds" shall mean any grants received from the state\nor any public benefit corporation for community development activities\nor for the rehabilitation or conservation of private or multiple\ndwellings.\n