2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 22 - (1150 - 1153) AFFORDABLE HOUSING DEVELOPMENT LOANS
1151 - Definitions.

 
    §  1151.  Definitions. 1. "Eligible site" shall mean any real property
  in the city of New York which the agency determines to be located in  an
  area  which  is blighted or deteriorated or has a blighting influence on
  the surrounding area or is in danger of becoming a slum or blighted area
  because  of  neighborhood  conditions   indicating   an   inability   or
  unwillingness of the private sector to invest in housing in such area.
    2.  "Eligible  project" shall mean a project intended to construct new
  housing accommodations on  an  eligible  site  by  new  construction  or
  substantial rehabilitation. An eligible project shall serve the needs of
  persons  of  low  income,  including  privately-owned one to four family
  dwellings, condominiums and cooperatives, and rental projects.
    3. "Development costs" shall mean the reasonable and  necessary  costs
  for   planning,   financing,   acquisition  of  land  or  buildings  and
  construction of new buildings  or  the  reconstruction,  rehabilitation,
  repair  or  remodeling  of existing buildings and the costs of necessary
  site improvements.
    4. "Persons of low income" for purposes of  this  article  shall  mean
  those  persons  defined  as  low  income pursuant to section two of this
  chapter.
    5. "Sponsor" shall mean any  not-for-profit  corporation,  any  public
  benefit  corporation or any individual, corporation or partnership which
  receives a loan pursuant to this article  for  the  construction  of  an
  eligible  project, or which receives an advance pursuant to this article
  to defray the pre-development costs of any eligible project.  A  sponsor
  who  is not a not-for-profit corporation shall agree to limit its profit
  in accordance with a formula satisfactory to the agency.
    6. "Loan" shall mean a first mortgage loan made by a private lender in
  participation with the city of New York to a sponsor for the purpose  of
  construction  of  an  eligible  project  including  a  loan in which the
  portion of the loan funded by the agency is represented  by  a  separate
  note and mortgage.
    7.  "Private  lender"  shall  mean  one or more banking organizations,
  foundations,  labor  unions,  credit  unions,  employees'  associations,
  veterans'    organizations,    colleges,    universities,    educational
  institutions,  child  care  institutions,  hospitals,  medical  research
  institutes,  insurance  companies,  trustees or fiduciaries, trustees of
  pensions and retirement funds and systems,  corporations,  partnerships,
  individuals  or other entities or any combinations of the foregoing, and
  shall include any public benefit corporations and the United  States  of
  America  and  any  of  its  agencies  and  departments.  As used in this
  definition, the terms "trustees" and  "fiduciaries"  shall  include  any
  fiduciary  or  fiduciaries  holding  funds  for  investment and the term
  "banking organizations" shall have the same meaning  as  in  subdivision
  eleven of section two of the banking law.
    8.  "Rental project" shall mean any project consisting of five or more
  dwelling units occupied as a residential rental project.
    9. "Agency" shall mean the  department  of  housing  preservation  and
  development of the city of New York or any successor thereto.