§ 551 — Definitions

New York § 551

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 10: Sale or Lease of Projects

Text

§ 551. Definitions. As used in this article, the following terms shall\nmean and include:\n 1. "Cost of acquisition." In the case of a project purchased from an\nauthority or municipality, the cost of acquisition shall include the\npurchase price, costs incidental to the transfer of title, and the\nestimated cost, if any, of necessary alterations and repairs to be\nperformed within six months after transfer of title to the housing\ncompany. Such cost of acquisition shall, in the case of a limited\ndividend or state-aided limited-profit housing company, be determined\nand certified by the commissioner; in the case of a municipally-aided\nhousing company, it shall be determined and certified by the supervising\nagency.\n In the case of a project leased from a municipality or authority, the\ncost of acquisition shall be the value of the lease to the company, as\ndetermined and certified by the commissioner in the case of a limited\ndividend or state-aided limited-profit housing company, or by the\nsupervising agency, in the case of a municipally-aided limited-profit\nhousing company.\n 2. "Housing company." A limited dividend or limited profit housing\ncompany organized pursuant to the provisions of article four or article\ntwo of this chapter.\n 3. "Project." A specific work or improvement, including lands,\nbuildings and improvements acquired, owned, constructed, managed or\noperated by an authority or a municipality to provide dwelling\naccommodations for persons of low income.\n