§ 71. Definitions. The following terms, whenever used or referred to\nin this act, shall be construed as follows:\n 1. The term "housing company" means a limited-dividend housing\ncorporation, a partnership (general or limited) or a trust organized\npursuant to this article.\n 2. The term "project" means a specific work or improvement undertaken\nby a housing company, which shall include lands, buildings and\nimprovements acquired or constructed to provide dwelling accommodations\nwithin the rental limitations prescribed by this article, and such\nstores, offices, social, recreational, communal or other non-housing\nfacilities as may be deemed by the commissioner to be incidental or\nappurtenant to a project.\n 3. The term "mutual" when applied to a housing company shall mean a\nhousi
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§ 71. Definitions. The following terms, whenever used or referred to\nin this act, shall be construed as follows:\n 1. The term "housing company" means a limited-dividend housing\ncorporation, a partnership (general or limited) or a trust organized\npursuant to this article.\n 2. The term "project" means a specific work or improvement undertaken\nby a housing company, which shall include lands, buildings and\nimprovements acquired or constructed to provide dwelling accommodations\nwithin the rental limitations prescribed by this article, and such\nstores, offices, social, recreational, communal or other non-housing\nfacilities as may be deemed by the commissioner to be incidental or\nappurtenant to a project.\n 3. The term "mutual" when applied to a housing company shall mean a\nhousing company which is a corporation operated exclusively for the\nbenefit of the persons or families who are entitled to occupancy in a\nproject of such housing company by reason of ownership of shares in such\nhousing company.\n 4. The term "local and municipal taxes" means taxes levied by a\ncounty, city, village, town, school and special district but shall not\ninclude assessments for local improvements.\n 5. The term "state urban development corporation project" means a\nproject of a limited-dividend housing company which is a subsidiary of\nthe New York state urban development corporation, as the term\n"subsidiary" is defined in the New York state urban development\ncorporation act.\n 6. The term "capital" means, in the case of a corporation, its capital\nshares issued and outstanding; in the case of a partnership, the\naggregate value of the money and property contributed by the partners\nfor the purpose of carrying on the business of the partnership, so far\nas such is credited to the partners on capital account; and in the case\nof a trust, the aggregate value of the money or property subject to the\ntrust.\n