§ 2. Definitions. The following terms, whenever used or referred to in\nthis chapter, shall have the following meaning, unless a different\nmeaning clearly appears from the context, or unless specifically defined\nin any of the articles of this chapter:\n 1. "Area". A section of a municipality which is substandard or\ninsanitary. The term "substandard or insanitary area" shall mean and be\ninterchangeable with a slum, blighted, deteriorated or deteriorating\narea, whether residential, non-residential, commercial, industrial, or\nvacant, or any combination thereof and may include land and buildings or\nimprovements not in themselves insanitary or substandard, the inclusion\nof which is necessary to effectuate a plan.\n 2. "Assessed valuation." The value of any parcel of real property with\nrespect to any local tax thereon, including therein buildings and\nimprovements as well as land, as assessed by the respective official,\nbureau, board, commission or agency charged with assessing the same for\nsuch local tax.\n 3. "Authority." A public corporation as defined in subdivision two of\nsection three of the public housing law.\n 4. "Banking institution." Any corporation, association or organization\norganized under the banking laws of New York state or the United States\nwhich is authorized to transact business in this state.\n 5. "City." A city in the state.\n 6. "Commissioner." The commissioner of housing of the state of New\nYork.\n 7. "Comptroller." The comptroller of the state of New York.\n 8. "Condemnation." The acquisition of real property in the manner\nprovided by any general, special or local law or city charter for the\nacquisition of real property by the municipality in which such property\nis to be taken.\n 8-a. "Federal government." The government of the United States of\nAmerica or any agency or instrumentality thereof.\n 9. "Foundation." Any organization, association or corporation\norganized for charitable purposes which shall have received exemption\nfrom federal taxation by virtue of its eleemosynary, religious or\neducational functions.\n 9-a. "Home owners purchase note." A promissory note accepted by a\nmutual company, mutual housing company, mutual redevelopment company, or\nhousing development fund company which is organized pursuant to the\nbusiness corporation law and article eleven of this chapter, as\nconsideration for the issuance of shares entitling a person or family to\noccupancy of an apartment in a project of such mutual company, mutual\nhousing company, mutual redevelopment company, or housing development\nfund company, as the case may be, payable over or within a period of ten\nyears.\n 10. "Insurance company." Any insurance company authorized to transact\nbusiness in this state.\n 11. "Labor union." Any organization organized under the laws of the\nstate of New York and which exists and is constituted for the purpose,\nin whole or in part, of collective bargaining, or of dealing with\nemployers concerning grievances, terms or conditions of employment or of\nother mutual aid or protection for its members.\n 12. "Local legislative body". In a city, the board of aldermen, common\ncouncil, commission, or other board or body now or hereafter vested with\njurisdiction to enact ordinances or local laws, except that if there be\nin a city of one million population or more, a board of estimate, the\nterm shall mean only such board of estimate; in a town, the town board;\nin a village, the board of trustees; in a county, the board of\nsupervisors.\n 13. "Mortgage." A mortgage, trust indenture, deed of trust, building\nand loan contract or other instrument creating a lien on real property,\nand the indebtedness secured by each of them.\n 14. "Multiple dwelling." An existing building, accommodating three or\nmore families living independently of each other.\n 14-a. "Mutual company," "mutual housing company" or "mutual\nredevelopment company". A limited profit or limited dividend housing\nc
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