1. The Laws of New York
  2. Consolidated Laws
  3. Private Housing Finance
  4. Article 5: Redevelopment Companies


Section 102 Definitions

Private Housing Finance (PVH)

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.