N.Y. Private Housing Finance Law 1231 – Definitions
§ 1231. Definitions. 1. "Corporation" shall mean the housing trust fund corporation established in section forty-five-a of this chapter.
Terms Used In N.Y. Private Housing Finance Law 1231
- 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.
- 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.
2. "Rural and urban community investment fund program" shall mean activities by an eligible applicant for a specific work or series of works for the creation, preservation or improvement of affordable housing, or the creation, preservation or improvement of the commercial, retail or community facilities component of mixed use affordable residential developments, in rural and urban areas of the state.
3. "Rural area of the state" shall mean cities, towns and villages having a population of less than twenty-five thousand as determined by the last federal decennial census.
4. "Urban area of the state" shall mean any unit of local government within the state with a population of more than or equal to twenty-five thousand persons as determined by the last federal decennial census.
5. "Eligible applicant" shall include a not-for-profit corporation or charitable organization, or a wholly-owned subsidiary of such a corporation or organization, or a private for-profit developer such as a person, corporation, partnership or limited liability company.
6. "Affordable residential development" shall include residential units that are rent restricted and occupied by persons and families whose income does not exceed ninety percent of area median income for the county in which a project is located as calculated by the United States department of housing and urban development.