Terms Used In New York Laws > Private Housing Finance > Article 16-A - Urban Initiatives

• Commissioner: shall mean the commissioner of the state division of housing and community renewal. See N.Y. Private Housing Finance Law 921
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corporation: shall mean the housing trust fund corporation established in section forty-five-a of this chapter. See N.Y. Private Housing Finance Law 921
• Division: shall mean the division of housing and community renewal. See N.Y. Private Housing Finance Law 921
• Division urban initiatives program: shall mean the program heretofore administered by the division pursuant to appropriations and reappropriations for the purposes of urban initiatives programs. See N.Y. Private Housing Finance Law 921
• Eligible applicant: shall mean a not-for-profit corporation or charitable organization, organized for a period of one or more years, which is either incorporated under the not-for-profit corporation law (or such law together with any other applicable law) or, if unincorporated, is not organized for the private profit or benefit of its members and has been engaged primarily in community preservation activities. See N.Y. Private Housing Finance Law 921
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Municipality: shall mean any unit of local government within the state with a population of more than twenty thousand persons. See N.Y. Private Housing Finance Law 921
• Neighborhood: shall mean an area within the municipality identified by recognized or established boundaries consistent with a determination of neighborhood eligibility under article sixteen of this chapter. See N.Y. Private Housing Finance Law 921
• Persons of low income: shall mean 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. See N.Y. Private Housing Finance Law 921
• projects: shall mean a specific work or series of works for the revitalization and improvement of a neighborhood through creation, preservation or improvement of residential housing units; preservation or improvement of local commercial facilities and public facilities or other aspects of the area environment which include as part of its project the creation, preservation or improvement of residential housing units. See N.Y. Private Housing Finance Law 921