N.Y. Private Housing Finance Law 1121 – Definitions
§ 1121. Definitions. For the purposes of this article:
Terms Used In N.Y. Private Housing Finance Law 1121
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. "Agency" shall mean the New York state housing finance agency created by section forty-three of this chapter.
2. "Cooperative project" or "project" shall mean any manufactured home park property which, subsequent to receiving assistance under this article, will be owned as a cooperative by the owners of the manufactured homes situated therein.
3. "Eligible applicant" shall mean a manufactured home residents' association representing a majority of the manufactured home residents, a manufactured home park cooperative, a municipality, a housing development fund company incorporated pursuant to article eleven of this chapter, or any not-for-profit corporation or charitable organization which has as one of its primary purposes the improvement of housing.
4. "Infrastructure improvement" shall mean the construction, reconstruction, improvement, reconditioning, and preservation, including the acquisition of real property and interests therein required or expected to be required in connection therewith, of roads, bridges, sewage and water collection and disposal systems, lighting districts, sidewalks, and other capital projects which will benefit the cooperative as a whole.
5. "Manufactured home park" shall mean a manufactured home park as defined in § 233 of the real property law.
6. "Manufactured home park cooperative" shall mean a corporation or other entity formed for the purpose of owning a manufactured home park wherein the ownership of such shares, membership interest or certificate of membership will entitle the owners or holders thereof to occupancy in such park pursuant to § 352-e of the general business law.