2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 8-A - (450 - 457) SMALL LOANS TO OWNERS OF MULTIPLE DWELLINGS TO REMOVE SUBSTANDARD OR INSANITARY CONDITIONS
451 - Definitions.

 
    § 451. Definitions.  As used in this article the following terms shall
  mean:
    1. "Existing multiple dwelling." Any dwelling classified as a multiple
  dwelling  pursuant  to the multiple dwelling law and in existence on the
  date upon which an application for a loan pursuant to  this  article  is
  received  by  the municipality. For purposes of this article an existing
  multiple dwelling shall be deemed to include any garden-type  maisonette
  dwelling project consisting of a series of dwelling units which together
  and  in  their  aggregate  were arranged or designed to provide three or
  more apartments and are  provided  as  a  group  collectively  with  all
  essential  services  such  as,  but  not limited to, water supply, house
  sewers and heat, and which are in existence and operated as a unit under
  single ownership on the date  upon  which  an  application  for  a  loan
  pursuant   to   this   article   is   received   by   the  municipality,
  notwithstanding that certificates of occupancy were issued for  portions
  thereof as private dwellings.
    2.  "Occupancy  by persons of low income." Occupancy by persons paying
  rentals or carrying charges not in excess  of  the  average  rentals  or
  carrying  charges  prevailing  in  local  projects  of municipally-aided
  limited-profit  housing  companies  aided  under  article  two  of  this
  chapter,  the  occupancy  of which commenced on or after May eighteenth,
  nineteen hundred seventy.
    3. "Owner." An individual, partnership, corporation or  other  entity,
  including   a  non-profit  company,  a  mutual  company,  or  a  housing
  development fund company, which holds record title in fee simple to  the
  multiple  dwelling and the real property upon which it is situate or the
  lessee thereof under a lease the unexpired term of which  shall  be  not
  less than the term of the loan to be made under this article.
    4.  "Federal  grant funds." Any grants received from the United States
  of  America  for   community   development   activities   or   for   the
  rehabilitation or conservation of multiple dwellings.