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This entry was published on 2014-09-22
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Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 5
§ 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.