§ 1231. Definitions. 1. "Corporation" shall mean the housing trust\nfund corporation established in section forty-five-a of this chapter.\n 2. "Rural and urban community investment fund program" shall mean\nactivities by an eligible applicant for a specific work or series of\nworks for the creation, preservation or improvement of affordable\nhousing, or the creation, preservation or improvement of the commercial,\nretail or community facilities component of mixed use affordable\nresidential developments, in rural and urban areas of the state.\n 3. "Rural area of the state" shall mean cities, towns and villages\nhaving a population of less than twenty-five thousand as determined by\nthe last federal decennial census.\n 4. "Urban area of the state" shall mean any unit of local government\nwithin the state with a population of more than or equal to twenty-five\nthousand persons as determined by the last federal decennial census.\n 5. "Eligible applicant" shall include a not-for-profit corporation or\ncharitable organization, or a wholly-owned subsidiary of such a\ncorporation or organization, or a private for-profit developer such as a\nperson, corporation, partnership or limited liability company.\n 6. "Affordable residential development" shall include residential\nunits that are rent restricted and occupied by persons and families\nwhose income does not exceed ninety percent of area median income for\nthe county in which a project is located as calculated by the United\nStates department of housing and urban development.\n
‹ 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.