Terms Used In New York Laws > Public Housing > Article 10 - Loans to Owners of Existing Multiple Dwellings

• agency: shall mean any officer, board, commission, department, or other agency of the municipality, or the authority or any other public authority, designated by the local legislative body to carry out the functions vested in the agency under this article or delegated to the agency by the local legislative body in order to carry out the purposes and provisions of this article. See N.Y. Public Housing Law 211
• Contract: A legal written agreement that becomes binding when signed.
• existing multiple dwelling: shall mean any multiple dwelling erected before April eighteenth, nineteen hundred twenty-nine and in existence on the date upon which this article takes effect. See N.Y. Public Housing Law 211
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• occupancy date: shall mean the date defined in the contract for a loan pursuant to this article between the owner of an existing multiple dwelling and a municipality as the date upon which such multiple dwelling is to be deemed ready for occupancy, or if such term is not defined in such contract, the date of issuance of the temporary certificate of occupancy. See N.Y. Public Housing Law 211
• persons or families of low income: shall mean "persons of low income" or "families of low income" as defined in section three of this chapter, whose probable aggregate annual income during the period of occupancy does not exceed six times the rental (including the value or cost to them of heat, light, water and cooking fuel) of dwelling units occupied by such persons or families in existing multiple dwellings aided by a loan pursuant to this article, except that in the case of persons or families with three or more dependents, such ratio shall not exceed seven to one, and except further that the income limitations prescribed by this paragraph shall be subject to the provisions of subdivision two of section two hundred thirteen of this chapter. See N.Y. Public Housing Law 211
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• probable aggregate annual income: means the annual income of the chief wage earner of the family, plus all other income of other members of the family over the age of twenty-one years, plus a proportion of income of gainfully employed members under the age of twenty-one years, the proportion to be determined by the agency. See N.Y. Public Housing Law 211
• Statute: A law passed by a legislature.