N.Y. Private Housing Finance Law 451 – Definitions
§ 451. Definitions. As used in this article the following terms shall mean:
Terms Used In N.Y. Private Housing Finance Law 451
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- loan: shall include any grant made by a municipality pursuant to this article, 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. See N.Y. Private Housing Finance Law 452
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. "Existing multiple dwelling." Any dwelling classified as a multiple dwelling pursuant to the multiple dwelling law and in existence on the date upon which an application for a loan pursuant to this article is received by the municipality. For purposes of this article an existing multiple dwelling shall be deemed to include any garden-type maisonette dwelling project consisting of a series of dwelling units which together and in their aggregate were arranged or designed to provide three or more apartments and are provided as a group collectively with all essential services such as, but not limited to, water supply, house sewers and heat, and which are in existence and operated as a unit under single ownership on the date upon which an application for a loan pursuant to this article is received by the municipality, notwithstanding that certificates of occupancy were issued for portions thereof as private dwellings.
2. "Occupancy by persons of low income." Occupancy by "persons of low income" or "families of low income," as such terms are defined in section two of this chapter.
3. "Owner." 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 multiple dwelling and the real property upon which it is situate or the lessee thereof under a lease the unexpired term of which shall be not less than the term of the loan to be made under this article.
4. "Federal grant funds." Any grants received from the United States of America for community development activities or for the rehabilitation or conservation of multiple dwellings.