§ 12. Definitions. As used in this article, the following terms shall\nmean and include:\n 1. "Areas." A section of a municipality in which there is to be\nlocated a project approved by the municipality as provided in paragraph\n(a) of subdivision one and in subdivision five of section twenty-six of\narticle two of this chapter.\n 2. "Company". A limited-profit housing company duly incorporated\npursuant to the provisions of this article, or a company incorporated\npursuant to the not-for-profit corporation law and this article for the\npurpose of providing housing and auxiliary facilities for staff members,\nemployees or students of a college, university, hospital or child care\ninstitution and their immediate families or for aged or handicapped\npersons of low income, pursuant to this article, or a municipally-aided\nnon-profit company as hereinafter defined, or a low income non-profit\nhousing company as hereinafter defined.\n 2-a. "Home owners purchase note." A promissory note accepted by a\nmutual company as consideration for the issuance of stock entitling a\nperson or family to occupancy of an apartment in a project, payable over\nor within a period of ten years.\n 2-b. "Mutual company." A company whose dwelling facilities, to the\nextent of at least eighty per centum, are occupied by persons or\nfamilies who are entitled to such occupancy by reason of ownership of\nshares in such company; provided however that a company that was not a\nmutual company prior to July first, nineteen hundred ninety-five may\nbecome a mutual company if its dwelling facilities, to the extent of at\nleast fifty per centum, are occupied by persons or families who are\nentitled to such occupancy by reason of ownership of shares in such\ncompany. The commissioner or supervising agency shall provide procedures\nfor such conversion of a company to a mutual company on or after July\nfirst, nineteen hundred ninety-five; such procedures shall require the\nsubmission of a plan for attaining eighty per centum owner occupancy.\n 2-c. "Urban Rental Company." A company whose project is located in or\nadjacent to a municipality and whose housing accommodations are occupied\nby persons or families who do not own the shares in such company.\n 3. "Occupancy date." The date defined in the contract between a\ncompany and a municipality or the state, as the case may be, as the date\nupon which the project is to be deemed ready for occupancy, or if such\nterm is not defined in such contract, the date of issuance of the\ntemporary certificate of occupancy.\n 4. "Plan." A plan or undertaking of an area or areas for providing low\nrent housing for persons of low income, and for other facilities\nincidental and appurtenant thereto.\n 5. "Project." A specific work or improvement, including lands,\nbuildings and improvements acquired, owned, constructed, rehabilitated,\nimproved, managed or operated by a company providing dwelling\naccommodations, non-housekeeping accommodations, aged care\naccommodations or accommodations for handicapped persons pursuant to\nthis article, or undertaken, planned, developed, constructed or owned\npursuant to section thirty-six-a of this article, and such business,\ncommercial, cultural, recreational, communal, dining, medical and\nnursing treatment, day care or residential child care facilities or any\ncombination thereof, or other facilities as may be deemed by the\ncommissioner with respect to a project aided by a state loan or New York\nstate housing finance agency loan or by the supervising agency with\nrespect to a municipally-aided project or a project undertaken, planned,\ndeveloped, constructed or owned pursuant to section thirty-six-a of this\narticle, to be incidental and appurtenant thereto. In the case of a\nstate loan or New York state housing finance agency loan, a project\nshall effectuate all or part of a plan, provided, however, that such\ndwelling accommodations, non-housekeeping accommodations, aged care\nacco
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