N.Y. Private Housing Finance Law 471 – Definitions
§ 471. Definitions. 1. "Agency" shall mean any agency or instrumentality of a municipality that is created by legislation and designated by the chief executive to act on behalf of the municipality with regard to the provisions of this article.
Terms Used In N.Y. Private Housing Finance Law 471
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- loan: shall include any grant made by a municipality pursuant to this article, provided, however, that provisions of this article concerning the repayment or forgiveness of, or security for, a loan shall not apply to any grant made pursuant to this article. See N.Y. Private Housing Finance Law 472
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
2. "Banking organization" shall mean any corporation, association or organization organized under the banking laws of New York state or the United States which is authorized to transact business in this state.
3. "Existing multiple dwelling" shall mean any dwelling classified as a multiple dwelling pursuant to the multiple dwelling law or the multiple residence law and in existence on the date upon which an application for a loan pursuant to this article is received by the agency.
4. "Existing private dwelling" shall mean any dwelling classified as a private dwelling pursuant to the multiple dwelling law or the multiple residence law and in existence on the date upon which an application for a loan pursuant to this article is received by the agency.
5. "Federal grant funds" shall mean any grants received from the federal government for community development activities or for the rehabilitation or conservation of private or multiple dwellings.
6. "Low and moderate income persons" shall mean persons and families who cannot afford to improve their homes by relying upon the ordinary unaided operation of private enterprise.
7. "Municipality" shall mean any city, town or village.
8. "Owner" shall mean an individual or individuals, a partnership, a corporation or other entity, including but not limited to, a trust, a joint tenancy, tenancy in common or tenancy by the entirety holding record or beneficial title in fee simple to an existing private or multiple dwelling and the real property upon which it is situated, or the lessee thereof under a lease having an unexpired term of at least thirty years. "Owner" shall be deemed to also include a cooperative corporation or a condominium association.
9. Reserved.
10. "Private investor" shall mean one or more banking organizations, foundations, public benefit corporations, labor unions, credit unions, employers' associations, veterans' organizations, colleges, universities, educational institutions, child care institutions, hospitals, medical research institutes, insurance companies, trustees or fiduciaries, trustees of pension and retirement funds and systems, corporations, partnerships, individuals or other entities or any combination of the foregoing, and shall include the United States of America and any of its agencies and departments.
11. "Rehabilitation" shall mean the installation, replacement, or repair of heating, plumbing, electrical and related systems or the elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in local housing or health codes or as defined in § 309 of the multiple dwelling law, or in § 305 of the multiple residence law, or other rehabilitation or general property and energy conservation improvements.
12. "State grant funds" shall mean any grants received from the state or any public benefit corporation for community development activities or for the rehabilitation or conservation of private or multiple dwellings.