2016 New York Laws
PVH - Private Housing Finance
Article 26 - (Private Housing Finance) NEW YORK MAIN STREET PROGRAM
1221 - Definitions.

 1221. Definitions. As used in this article:
1.  "Corporation"  shall  mean  the  housing  trust  fund  corporation
  established in section forty-five-a of this chapter.
2. "Eligible applicant" shall mean  a  unit  of  local  government  or
  not-for-profit  corporation  in  existence  for  a period of one or more
  years prior to application, which is, or will be at the time  of  award,
  incorporated  under  the  not-for-profit  corporation  law  and has been
  engaged primarily in community development activities.
3. "Eligible area" shall  mean  an  area:  (i)  that  has  experienced
  sustained physical deterioration, decay, neglect, or disinvestment; (ii)
  has   a  number  of  substandard  buildings  or  vacant  residential  or
  commercial units; and (iii) in which more  than  fifty  percent  of  the
  residents  are  persons of low income, or which is designated by a state
  or federal agency to be eligible for a community or economic development
  program.
4. "Main street program" or "program" shall  mean  a  proposal  by  an
  eligible  applicant  for  a  specific  work  or  series of works for the
  revitalization and improvement of an eligible area through the creation,
  preservation  or  improvement  of  residential  housing   units;   local
  commercial  facilities;  public  facilities or other aspects of the area
  environment. Not less than eighty percent of the  total  amount  awarded
  pursuant  to  this article in any fiscal year shall be allocated to main
  street programs that include the creation, preservation  or  improvement
  of residential housing units as an objective.
5. "Persons of low income" shall mean those persons and families whose
  incomes  do  not exceed ninety percent of the area median income for the
  county in which a project is located as calculated by the United  States
  department of housing and urban development.