New York Consolidated Law|SECTION 1101

                                                

  § 1101. Definitions. For the purposes of this article:

1. "Commissioner" shall mean the commissioner of the state division of
housing and community renewal.

2. "Corporation" shall mean the housing trust fund corporation
established by section forty-five-a of this chapter.

3. "Rehabilitation" shall mean all work necessary to bring a
residential property into compliance with all applicable laws and
regulations including but not limited to the installation, replacement
or repair of heating, plumbing, electrical and related systems and the
elimination of all hazardous and immediately hazardous violations in the
structure in accordance with state and local laws and regulations of
state and local agencies. Rehabilitation may also include reconstruction
or work to improve the habitability or prolong the useful life of the
residential property.

4. "Cooperative project" or "condominium project" shall mean any
vacant residential or nonresidential property, or any portion thereof,
or any distressed residential property, which, subsequent to conversion
or rehabilitation under this article, will be owned as a cooperative or
a condominium or new residential construction to be owned as a
cooperative or a condominium.

5. "Homesteading project" shall mean any vacant residential or
nonresidential property, or any portion thereof, or any distressed
residential property, or any new residential construction which,
subsequent to construction, conversion or rehabilitation under this
article, will contain less than five dwelling units, have at least one
owner occupant and not be owned as a cooperative or a condominium.

6. "Rental project" shall mean any vacant residential or
nonresidential property, or any portion thereof, or any distressed
residential property, or any new residential construction which,
subsequent to construction, conversion or rehabilitation under this
article, will be owned and operated as rental residential property.

7. "Eligible applicant" shall mean a person of low income, a housing
development fund company incorporated pursuant to article eleven of this
chapter, a not-for-profit corporation or charitable organization which
has as one of its primary purposes the improvement of housing for
persons of low income, a wholly-owned subsidiary of such a corporation
or organization, a partnership at least fifty percent of the controlling
interest of which is held by such a corporation or organization and
which has agreed to limit profits or rate of return of investors in
accordance with a formula established or approved by the corporation or
a private developer which has agreed to limit profits or rate of return
of investors in accordance with a formula established or approved by the
corporation, a city, town or village, or a county, provided, however,
that the county is only acting as an administrator of a program under
which projects are rehabilitated or constructed or nonresidential
properties are converted by other eligible applicants, or a municipal
housing authority created pursuant to the public housing law, provided,
however, that any real property of such housing authority to be
rehabilitated, constructed or converted under this article shall not
have been financed pursuant to the provisions of the public housing law
and shall not have been owned by such authority prior to July first,
nineteen hundred eighty-six and provided further, however, that persons
of low income shall not be direct recipients of payments, grants or
loans from the corporation under this article but may receive such funds
from another eligible applicant.

8. "Conversion" shall mean all work necessary to convert
nonresidential property into a cooperative or condominium, homesteading
or rental rehabilitation project.

9. "Nonresidential property" shall mean any property which is not
residential property and is underutilized.

10. "Persons of low income" shall mean (a) in cities with a population
of one million or more persons, those persons and families whose incomes
do not exceed eighty percent of the median income for the metropolitan
statistical area in which a project is located; provided however that in
the case of an owner occupant of a homesteading project, "persons of low
income" shall also mean those persons and families whose incomes do not
exceed eighty percent of the median income for the state and (b) in the
portion of the state outside cities with a population of one million or
more persons, (i) and within a metropolitan statistical area those
persons and families whose incomes do not exceed ninety percent of the
median income for the metropolitan statistical area in which a project
is located or ninety percent of the median income for the state,
whichever is greater or, (ii) if a project is located outside a
metropolitan statistical area, those persons and families whose incomes
do not exceed ninety percent of the median income for the county in
which a project is located, or ninety percent of the median income for
the state, whichever is greater.

11. " Distressed residential property" shall mean (a) a residential
property which has an occupancy rate by lawful occupants of less than
sixty percent, (b) a portion of a residential property described in
paragraph (a) of this subdivision provided that such portion also has an
occupancy rate by lawful occupants of less than sixty percent, (c) a
residential property which consists of one or two residential units
prior to rehabilitation under this article and which, subsequent to
rehabilitation, will contain at least one additional residential unit,
or (d) a residential property, the rehabilitation of which would
preserve affordable housing currently serving a population whose housing
need would justify its replacement if it ceased to be available.

12. "Project" shall mean a cooperative, condominium, homesteading or
rental project. In cases where any such project consists of less than
the total number of units or the total amount of floor space of a
property, any reference in this article, to a "project", "cooperative
project", "condominium project", "rental project" or "homesteading
project" shall mean that portion of such property which makes up such
project.

13. "Private developer" shall mean a person, firm, partnership or
corporation which is not otherwise included in the definition of
"eligible applicant".