2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 10 - (550 - 560) SALE OR LEASE OF PROJECTS
551 - Definitions.

 
    § 551. Definitions. As used in this article, the following terms shall
  mean and include:
    1.  "Cost of acquisition. " In the case of a project purchased from an
  authority or municipality, the cost of  acquisition  shall  include  the
  purchase  price,  costs  incidental  to  the  transfer of title, and the
  estimated cost, if any, of  necessary  alterations  and  repairs  to  be
  performed  within  six  months  after  transfer  of title to the housing
  company. Such cost of acquisition  shall,  in  the  case  of  a  limited
  dividend  or  state-aided  limited-profit housing company, be determined
  and certified by the commissioner; in the case  of  a  municipally-aided
  housing company, it shall be determined and certified by the supervising
  agency.
    In  the case of a project leased from a municipality or authority, the
  cost of acquisition shall be the value of the lease to the  company,  as
  determined  and  certified  by the commissioner in the case of a limited
  dividend or  state-aided  limited-profit  housing  company,  or  by  the
  supervising  agency,  in  the case of a municipally-aided limited-profit
  housing company.
    2. "Housing company." A limited dividend  or  limited  profit  housing
  company  organized pursuant to the provisions of article four or article
  two of this chapter.
    3.  "Project."  A  specific  work  or  improvement,  including  lands,
  buildings  and  improvements  acquired,  owned,  constructed, managed or
  operated  by  an  authority  or  a  municipality  to  provide   dwelling
  accommodations for persons of low income.