§ 1101. Definitions. For the purposes of this article:\n 1. "Commissioner" shall mean the commissioner of the state division of\nhousing and community renewal.\n 2. "Corporation" shall mean the housing trust fund corporation\nestablished by section forty-five-a of this chapter.\n 3. "Rehabilitation" shall mean all work necessary to bring a\nresidential property into compliance with all applicable laws and\nregulations including but not limited to the installation, replacement\nor repair of heating, plumbing, electrical and related systems and the\nelimination of all hazardous and immediately hazardous violations in the\nstructure in accordance with state and local laws and regulations of\nstate and local agencies. Rehabilitation may also include reconstruction\nor work to improve the habitability or prolong the useful life of the\nresidential property.\n 4. "Cooperative project" or "condominium project" shall mean any\nvacant residential or nonresidential property, or any portion thereof,\nor any distressed residential property, which, subsequent to conversion\nor rehabilitation under this article, will be owned as a cooperative or\na condominium or new residential construction to be owned as a\ncooperative or a condominium.\n 5. "Homesteading project" shall mean any vacant residential or\nnonresidential property, or any portion thereof, or any distressed\nresidential property, or any new residential construction which,\nsubsequent to construction, conversion or rehabilitation under this\narticle, will contain less than five dwelling units, have at least one\nowner occupant and not be owned as a cooperative or a condominium.\n 6. "Rental project" shall mean any vacant residential or\nnonresidential property, or any portion thereof, or any distressed\nresidential property, or any new residential construction which,\nsubsequent to construction, conversion or rehabilitation under this\narticle, will be owned and operated as rental residential property.\n 7. "Eligible applicant" shall mean a person of low income, a housing\ndevelopment fund company incorporated pursuant to article eleven of this\nchapter, a not-for-profit corporation or charitable organization which\nhas as one of its primary purposes the improvement of housing for\npersons of low income, a wholly-owned subsidiary of such a corporation\nor organization, a partnership at least fifty percent of the controlling\ninterest of which is held by such a corporation or organization and\nwhich has agreed to limit profits or rate of return of investors in\naccordance with a formula established or approved by the corporation or\na private developer which has agreed to limit profits or rate of return\nof investors in accordance with a formula established or approved by the\ncorporation, a city, town or village, or a county, provided, however,\nthat the county is only acting as an administrator of a program under\nwhich projects are rehabilitated or constructed or nonresidential\nproperties are converted by other eligible applicants, or a municipal\nhousing authority created pursuant to the public housing law, provided,\nhowever, that any real property of such housing authority to be\nrehabilitated, constructed or converted under this article shall not\nhave been financed pursuant to the provisions of the public housing law\nand shall not have been owned by such authority prior to July first,\nnineteen hundred eighty-six and provided further, however, that persons\nof low income shall not be direct recipients of payments, grants or\nloans from the corporation under this article but may receive such funds\nfrom another eligible applicant.\n 8. "Conversion" shall mean all work necessary to convert\nnonresidential property into a cooperative or condominium, homesteading\nor rental rehabilitation project.\n 9. "Nonresidential property" shall mean any property which is not\nresidential property and is underutilized.\n 10. "Persons of low income" shall mean (a) in cities wit
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.