2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
102 - Definitions.

 
    § 102. Definitions. As used in this article, the following terms shall
  mean and include:
    1.  "Project." A specific work or improvement to effectuate all or any
  part of a plan including lands,  buildings  and  improvements  acquired,
  owned,  constructed,  managed  or operated in an area by a redevelopment
  company  or  an  insurance  company  providing  dwelling  accommodations
  pursuant  to  this  article  and  such business, commercial, cultural or
  recreational facilities appurtenant thereto as may be approved  pursuant
  to section one hundred fourteen of this article.
    2.  "Supervising  agency." The municipal comptroller in a municipality
  having a comptroller; in a municipality having no comptroller the  chief
  financial  officer  of such municipality; except that in the city of New
  York it shall be the department of housing preservation and development.
  However, as to any insurance company providing  dwelling  accommodations
  pursuant  to  this  article, or if any of the stock and income debenture
  certificates having voting power of a redevelopment company are  or  are
  to  be  issued  to  one or more insurance companies, the term shall mean
  only the superintendent of financial services.
    3. "Local and municipal  taxes."  Taxes  levied  by  a  county,  city,
  village,  town,  school  and  special  district  but  shall  not include
  assessments for local improvements.
    3-a. "Redevelopment company." A corporation, partnership  (general  or
  limited),  limited  liability  companies or trust created as provided in
  section one hundred three of this article.
    4. "Capital." In the case of a corporation, the capital shares of that
  corporation for the time being issued and outstanding; in the case of  a
  partnership,  the  aggregate value of the money and property contributed
  by the partners for the purpose of  carrying  on  the  business  of  the
  partnership,  so  far  as  such  is  credited to the partners on capital
  account; in the case of a limited liability company, the aggregate value
  of the money and property contributed by the members for the purpose  of
  carrying on the business of the company; and in the case of a trust, the
  aggregate value of the money or property subject to the trust.
    5.  "Federally-aided mortgage." A mortgage loan made or insured by the
  federal government  or  any  agency  or  instrumentality  thereof  or  a
  mortgage  loan  entered  into  in  conjunction with a housing assistance
  payments contract in connection with  new  construction  or  substantial
  rehabilitation  or  moderate rehabilitation pursuant to section eight of
  the United States housing act of 1937, as amended.
    6. The term "mutual" when applied to  a  redevelopment  company  shall
  mean a redevelopment company which is a corporation operated exclusively
  for the benefit of the persons or families who are entitled to occupancy
  in  a  project  of  such redevelopment company by reason of ownership of
  shares in such redevelopment company.