N.Y. Private Housing Finance Law 801 – Definitions
§ 801. Definitions. As used in this article the following terms shall have the following meanings unless a different meaning clearly appears from the context:
Terms Used In N.Y. Private Housing Finance Law 801
- Agency: shall mean the office or agency of a municipality authorized to administer the expenditure of grants from the United States of America to assist community development activities and programs for the construction, rehabilitation or conservation of multiple dwellings and housing accommodations or for the conversion of under-utilized non-residential property into multiple dwellings or, in the absence of such an office or agency, the comptroller or chief fiscal officer of such municipality; except that in the city of New York it shall be the department of housing preservation and development or any successor thereto and shall include, except for purposes of section eight hundred four of this article, the New York city housing development corporation with respect to any participation in a loan by such corporation pursuant to section eight hundred five of this article. See N.Y. Private Housing Finance Law 801
- Construction: shall mean the construction of new multiple dwellings upon vacant land. See N.Y. Private Housing Finance Law 801
- Conversion: shall mean the conversion of under-utilized non-residential property into a multiple dwelling. See N.Y. Private Housing Finance Law 801
- 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.
- fiduciaries: shall include any fiduciary or fiduciaries holding funds for investment, and the term "banking organizations" shall have the same meaning as in subdivision eleven of § 2 of the banking law. See N.Y. Private Housing Finance Law 801
- Fiduciary: A trustee, executor, or administrator.
- Non-residential property: shall mean any property which is not a multiple dwelling, and which is intended to be converted into a multiple dwelling, and which is under-utilized for commercial, industrial or other non-residential purposes. See N.Y. Private Housing Finance Law 801
- 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.
- Private investor: shall mean one or more banking organizations, foundations, 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 the state of New York and any agency, office or public benefit corporation thereof. See N.Y. Private Housing Finance Law 801
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rehabilitation: shall mean the installation, replacement or repair of heating, plumbing, electrical and related systems, or elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in § 309 of the multiple dwelling law, or other rehabilitation or improvement of existing multiple dwellings. See N.Y. Private Housing Finance Law 801
- Value: shall mean the "as is" value of the existing multiple dwelling, or in the case of non-residential property to be converted into a multiple dwelling, the "as is" value of such non-residential property, and the land upon which it is situate prior to rehabilitation or conversion or, in the case of the construction of a new multiple dwelling, the "as is" value of the vacant land prior to such construction plus the total of all costs of such rehabilitation, conversion or construction, including, but not limited to, the costs of any or all undertakings necessary for the planning, financing, tenant relocation, acquisition, satisfaction of tax liens and other municipal liens and encumbrances, construction, equipment and development in connection therewith. See N.Y. Private Housing Finance Law 801
1. "Agency" shall mean the office or agency of a municipality authorized to administer the expenditure of grants from the United States of America to assist community development activities and programs for the construction, rehabilitation or conservation of multiple dwellings and housing accommodations or for the conversion of under-utilized non-residential property into multiple dwellings or, in the absence of such an office or agency, the comptroller or chief fiscal officer of such municipality; except that in the city of New York it shall be the department of housing preservation and development or any successor thereto and shall include, except for purposes of section eight hundred four of this article, the New York city housing development corporation with respect to any participation in a loan by such corporation pursuant to section eight hundred five of this article.
1-a. "Construction" shall mean the construction of new multiple dwellings upon vacant land.
2. "Conversion" shall mean the conversion of under-utilized non-residential property into a multiple dwelling.
3. "Federal grant funds" shall mean any grants received from the United States of America for community development activities or for the construction, rehabilitation or conservation of multiple dwellings or for the conversion of under-utilized non-residential property into multiple dwellings.
4. "Non-residential property" shall mean any property which is not a multiple dwelling, and which is intended to be converted into a multiple dwelling, and which is under-utilized for commercial, industrial or other non-residential purposes.
5. "Owner" shall mean an individual, partnership, corporation or other entity, including a non-profit company, a mutual company, or a housing development fund company, which holds record or beneficial title in fee simple to the existing multiple dwelling to be rehabilitated or the non-residential property to be converted into a multiple dwelling and the real property upon which it is situate or to vacant land upon which the new multiple dwelling is to be constructed, or is the lessee of any such real property having an unexpired term of at least thirty years.
5-a. "Participation loan" and the municipality's "participation" in, "portion" of, or "investment" in a loan, or words of similar meaning, shall mean any loan or grant made by the municipality or the New York city housing development corporation pursuant to this article either with or without a private investor, 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.
6. "Private investor" shall mean one or more banking organizations, foundations, 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 the state of New York and any agency, office or public benefit corporation thereof. As used in this subdivision, the terms "trustees" and "fiduciaries" shall include any fiduciary or fiduciaries holding funds for investment, and the term "banking organizations" shall have the same meaning as in subdivision eleven of § 2 of the banking law.
7. "Rehabilitation" shall mean the installation, replacement or repair of heating, plumbing, electrical and related systems, or elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in § 309 of the multiple dwelling law, or other rehabilitation or improvement of existing multiple dwellings.
8. "Value" shall mean the "as is" value of the existing multiple dwelling, or in the case of non-residential property to be converted into a multiple dwelling, the "as is" value of such non-residential property, and the land upon which it is situate prior to rehabilitation or conversion or, in the case of the construction of a new multiple dwelling, the "as is" value of the vacant land prior to such construction plus the total of all costs of such rehabilitation, conversion or construction, including, but not limited to, the costs of any or all undertakings necessary for the planning, financing, tenant relocation, acquisition, satisfaction of tax liens and other municipal liens and encumbrances, construction, equipment and development in connection therewith.
9. "State grant funds" shall mean any grants received from the state or any public benefit corporation for community development activities for the construction, rehabilitation or conservation of multiple dwellings.