§ 801. Definitions. As used in this article the following terms shall\nhave the following meanings unless a different meaning clearly appears\nfrom the context:\n 1. "Agency" shall mean the office or agency of a municipality\nauthorized to administer the expenditure of grants from the United\nStates of America to assist community development activities and\nprograms for the construction, rehabilitation or conservation of\nmultiple dwellings and housing accommodations or for the conversion of\nunder-utilized non-residential property into multiple dwellings or, in\nthe absence of such an office or agency, the comptroller or chief fiscal\nofficer of such municipality; except that in the city of New York it\nshall be the department of housing preservation and development or any\nsuccessor thereto and shall include, except for purposes of section\neight hundred four of this article, the New York city housing\ndevelopment corporation with respect to any participation in a loan by\nsuch corporation pursuant to section eight hundred five of this article.\n 1-a. "Construction" shall mean the construction of new multiple\ndwellings upon vacant land.\n 2. "Conversion" shall mean the conversion of under-utilized\nnon-residential property into a multiple dwelling.\n 3. "Federal grant funds" shall mean any grants received from the\nUnited States of America for community development activities or for the\nconstruction, rehabilitation or conservation of multiple dwellings or\nfor the conversion of under-utilized non-residential property into\nmultiple dwellings.\n 4. "Non-residential property" shall mean any property which is not a\nmultiple dwelling, and which is intended to be converted into a multiple\ndwelling, and which is under-utilized for commercial, industrial or\nother non-residential purposes.\n 5. "Owner" shall mean an individual, partnership, corporation or other\nentity, including a non-profit company, a mutual company, or a housing\ndevelopment fund company, which holds record or beneficial title in fee\nsimple to the existing multiple dwelling to be rehabilitated or the\nnon-residential property to be converted into a multiple dwelling and\nthe real property upon which it is situate or to vacant land upon which\nthe new multiple dwelling is to be constructed, or is the lessee of any\nsuch real property having an unexpired term of at least thirty years.\n 5-a. "Participation loan" and the municipality's "participation" in,\n"portion" of, or "investment" in a loan, or words of similar meaning,\nshall mean any loan or grant made by the municipality or the New York\ncity housing development corporation pursuant to this article either\nwith or without a private investor, provided, however, that provisions\nof this article concerning the repayment or forgiveness of, or security\nfor, a loan shall not apply to any grant made pursuant to this article.\n 6. "Private investor" shall mean one or more banking organizations,\nfoundations, labor unions, credit unions, employers' associations,\nveterans' organizations, colleges, universities, educational\ninstitutions, child care institutions, hospitals, medical research\ninstitutes, insurance companies, trustees or fiduciaries, trustees of\npension and retirement funds and systems, corporations, partnerships,\nindividuals or other entities or any combination of the foregoing, and\nshall include the United States of America and the state of New York and\nany agency, office or public benefit corporation thereof. As used in\nthis subdivision, the terms "trustees" and "fiduciaries" shall include\nany fiduciary or fiduciaries holding funds for investment, and the term\n"banking organizations" shall have the same meaning as in subdivision\neleven of section two of the banking law.\n 7. "Rehabilitation" shall mean the installation, replacement or repair\nof heating, plumbing, electrical and related systems, or elimination of\nconditions dangerous to human life or detrimental to health, in
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