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Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 31
§ 1281. Definitions. For the purposes of this article, the following
terms shall have the following meanings:

1. "Corporation" shall mean the housing trust fund corporation
established pursuant to section forty-five-a of this chapter.

2. "Appropriate nonprofit organization" shall mean a not-for-profit
corporation formed pursuant to the not-for-profit corporation law and
exempt pursuant to section 501(c)(3) or 502(c)(4) of the Internal
Revenue Code of 1984 as amended and that:

(a) Has as one of such organization's primary purposes:

(i) The provision of housing that is affordable to low-income
families; or

(ii) The provision of services or housing for individuals or families
experiencing homelessness; or

(b) Is otherwise considered by the state as a suitable housing
management organization, by a vetting process developed by the

3. "Affordable housing" shall mean permanent housing that is
affordable to low and moderate-income households, such that the new
housing achieves income averaging at or below sixty percent of the area
median income, with residents' eligibility capped at a maximum of eighty
percent of the area median income at the start of their lease.
Applicants shall not be rejected from eligibility based on credit
histories or credit scores.

4. "Building service employee" shall mean any person who is regularly
employed at, and performs work in connection with the care or
maintenance of, a converted property in a city with a population of one
million or more, including but not limited to, a watchman, guard,
doorman, building cleaner, porter, handyman, janitor, gardener,
groundskeeper, elevator operator and starter, or window cleaner.

5. "Distressed" shall mean an available asset that is financially
distressed as determined by the corporation.

6. "Exempt supportive housing" shall mean converted property for which
a nonprofit organization has:

(a) entered into a regulatory agreement with a federal, state, or
local government entity in a city with a population of one million or
more that requires:

(i) at least fifty percent of the residential units in such converted
property be reserved for homeless, disabled individuals or homeless
families with a disabled head-of-household; and

(ii) the provision of on-site supportive services to the residents of
at least fifty percent of the residential units; and

(b) the remaining fifty percent of the residential units in such
converted property rented to households earning, on average, up to
eighty percent of the area median income, adjusted for household size.

7. "Experiencing homelessness" shall refer to those individuals
residing in shelters, transitional housing, public spaces, and other
types of emergency housing.

8. "Fiscal officer" shall mean the comptroller of the city of New York
or other analogous officer of such city.

9. "Prevailing wage" shall mean the rate of wages and supplemental
benefits paid in the locality to workers in the same trade or occupation
and annually determined by the fiscal officer in accordance with the
provisions of section two hundred thirty-four of the labor law.

10. "Rent stabilized" shall mean collectively, the rent stabilization
law of nineteen hundred sixty-nine, the rent stabilization code, and the
emergency tenant protection act of nineteen seventy-four, all as in
effect as of the effective date of the chapter of the laws of two
thousand twenty-one that added this subdivision or as amended
thereafter, together with any successor statutes or regulations
addressing substantially the same subject matter.

11. "Small converted property" shall mean a converted property project
(a) to improve no more than one hundred nineteen residential units in
one or more buildings; and (b) which has received financial assistance
pursuant to this article.