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This entry was published on 2023-10-27
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Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 1
§ 2. Definitions. The following terms, whenever used or referred to in
this chapter, shall have the following meaning, unless a different
meaning clearly appears from the context, or unless specifically defined
in any of the articles of this chapter:

1. "Area". A section of a municipality which is substandard or
insanitary. The term "substandard or insanitary area" shall mean and be
interchangeable with a slum, blighted, deteriorated or deteriorating
area, whether residential, non-residential, commercial, industrial, or
vacant, or any combination thereof and may include land and buildings or
improvements not in themselves insanitary or substandard, the inclusion
of which is necessary to effectuate a plan.

2. "Assessed valuation." The value of any parcel of real property with
respect to any local tax thereon, including therein buildings and
improvements as well as land, as assessed by the respective official,
bureau, board, commission or agency charged with assessing the same for
such local tax.

3. "Authority." A public corporation as defined in subdivision two of
section three of the public housing law.

4. "Banking institution." Any corporation, association or organization
organized under the banking laws of New York state or the United States
which is authorized to transact business in this state.

5. "City." A city in the state.

6. "Commissioner." The commissioner of housing of the state of New

7. "Comptroller." The comptroller of the state of New York.

8. "Condemnation." The acquisition of real property in the manner
provided by any general, special or local law or city charter for the
acquisition of real property by the municipality in which such property
is to be taken.

8-a. "Federal government." The government of the United States of
America or any agency or instrumentality thereof.

9. "Foundation." Any organization, association or corporation
organized for charitable purposes which shall have received exemption
from federal taxation by virtue of its eleemosynary, religious or
educational functions.

9-a. "Home owners purchase note." A promissory note accepted by a
mutual company, mutual housing company, mutual redevelopment company, or
housing development fund company which is organized pursuant to the
business corporation law and article eleven of this chapter, as
consideration for the issuance of shares entitling a person or family to
occupancy of an apartment in a project of such mutual company, mutual
housing company, mutual redevelopment company, or housing development
fund company, as the case may be, payable over or within a period of ten

10. "Insurance company." Any insurance company authorized to transact
business in this state.

11. "Labor union." Any organization organized under the laws of the
state of New York and which exists and is constituted for the purpose,
in whole or in part, of collective bargaining, or of dealing with
employers concerning grievances, terms or conditions of employment or of
other mutual aid or protection for its members.

12. "Local legislative body". In a city, the board of aldermen, common
council, commission, or other board or body now or hereafter vested with
jurisdiction to enact ordinances or local laws, except that if there be
in a city of one million population or more, a board of estimate, the
term shall mean only such board of estimate; in a town, the town board;
in a village, the board of trustees; in a county, the board of

13. "Mortgage." A mortgage, trust indenture, deed of trust, building
and loan contract or other instrument creating a lien on real property,
and the indebtedness secured by each of them.

14. "Multiple dwelling." An existing building, accommodating three or
more families living independently of each other.

14-a. "Mutual company," "mutual housing company" or "mutual
redevelopment company". A limited profit or limited dividend housing
company incorporated pursuant to the provisions of this chapter or a
redevelopment company incorporated pursuant to the provisions of this
chapter, and operated exclusively for the benefit of the persons or
families who are entitled to occupancy in a project of such company,
housing company or redevelopment company, as the case may be, by reason
of ownership of shares therein.

15. "Supervising agency." The comptroller in a municipality having a
comptroller; in a municipality having no comptroller, the chief fiscal
officer of such municipality; except that in the city of New York it
shall be the department of housing preservation and development.

16. "Municipal corporation," and "municipality". A city, town or
village, or a county having a county department of assessment with the
power to assess real property; the term "municipal" shall be deemed to
relate to a city, town or village, or to a county having a county
department of assessment with the power to assess real property.

17. "Municipally-aided project." A limited profit housing company
project, other than a state urban development corporation project, which
is aided by a municipal mortgage loan, a loan by the New York city
housing development corporation or tax exemption or both and is not
aided by any state mortgage loan or any mortgage loan made by the New
York state housing finance agency or any mortgage loan made by the
Battery Park city authority or any mortgage loan insured by the federal
government made for the purpose of refinancing a mortgage loan other
than a municipal mortgage loan or a mortgage loan made by the New York
city housing development corporation.

18. "Neighborhood unit." A primarily residential district having the
facilities necessary for well-rounded family living, such as schools,
parks, playgrounds, parking areas and local shopping districts.

19. "Persons of low income" and "families of low income." Persons or
families who are in the low income groups and who cannot afford to pay
enough to cause private enterprise in their municipality to build a
sufficient supply of adequate, safe and sanitary dwellings.

20. "Plan." A plan or undertaking for the clearance, replanning and
reconstruction or rehabilitation of a substandard and insanitary area or
areas and for recreational and other facilities incidental or
appurtenant thereto to effectuate the purposes of article eighteen of
the constitution.

21. "Planning commission." Any agency of a municipality authorized to
prepare, adopt or amend the map of the municipality or empowered to
prepare, adopt and from time to time modify a comprehensive or master
plan of the municipality, if there be one, or if there be none, the
local legislative body of the municipality.

22. "Project." A specific work or improvement to effectuate all or any
part of a plan. The term shall include the lands, buildings and
improvements acquired, owned, constructed, managed or operated
hereunder, to provide dwelling accommodations for persons of low income,
and such stores, offices and other non-housing facilities as well as
social, recreational or communal facilities, as may be deemed by the
authority or municipality to be incidental or appurtenant to a project.
Subject to the provisions of article eighteen of the constitution with
respect to state projects, such dwelling accommodations may be provided
in any section of the municipality, whether or not such section has
insanitary or substandard housing conditions.

22-a. "State urban development corporation project". A project
acquired, owned, constructed, managed or operated by a company organized
pursuant to articles two, four or eleven of this chapter which is a
subsidiary of the New York state urban development corporation, as the
term "subsidiary" is defined in the New York state urban development
corporation act.

22-b. "Battery Park city project." A project acquired, owned,
constructed, managed or operated by a company organized pursuant to
article two, article four or article eleven of this chapter and located
within the Battery Park project area, as defined in the battery park
city authority act.

23. "Project cost." The cost of any or all undertakings necessary for
planning, financing (including payment of carrying charges), land
acquisition, demolition, construction, equipment, and site development
of new buildings, reconstruction, repair or remodeling of existing
buildings, but not beyond the point of physical completion; and the cost
of tenant placement service in connection with a project.

24. "Real property" or "property." Lands and improvements and any
fixtures, equipment and article of personal property affixed to or used
in connection therewith, lands under water, waterfront property, the
water of any lake, pond or stream, and any and all easements, franchises
and hereditaments, corporeal or incorporeal, and every estate, interest
and right therein, legal and equitable, in lands or water, and right,
interest, privilege, easement and franchise relating to the same,
including terms for years and liens by way of judgment, mortgage or

25. "State." The state of New York.

26. "State-aided project". Any project other than a municipally-aided
limited profit housing company project, a redevelopment company project
or a redevelopment corporation project.

27. "Total carrying charges". All charges paid to the housing company
by a person or family living in a project under a lease for ninety-nine
years renewal, or in perpetuity, or by reason of ownership of stock in
such company. The word "rental" shall mean and be interchangeable with
"total carrying charges" when used in connection with a mutual company.

28. "Veterans' organization." Any organization of persons who have
served in the armed forces of the United States during time of war which
has been duly chartered as a veterans' organization under the laws of
the United States or of the state of New York.

29. "Annual income" or "income". The total income as reported in the
New York state income tax return, less such personal exemptions and
deductions for medical expenses as are actually taken by the taxpayer.
Provided, however, that federal old age, survivors, and disability
insurance benefits shall not be deemed income in articles two, four and
eleven of this chapter. This definition shall be employed in articles
two, four, eight and eleven of this chapter in the computation of
"probable aggregate annual income" as therein defined.

30. "Climate resiliency improvements." Improvements for the purpose of
protecting land or any structures thereon from damage resulting from or
which may result from changes in climate, including, but not limited to,
extreme weather events, abnormal temperatures, and sea level rise, or of
reducing the impact of the operation of such structures on climate
change, including, but not limited to, improvements that reduce energy
consumption or promote the efficient use of natural resources.

31. "Private lender." One or more banking organizations, foundations,
labor unions, credit unions, employers' associations, veterans'
organizations, colleges, universities, educational institutions, child
care institutions, hospitals, medical research institutes, insurance
companies, trustees or fiduciaries, trustees of pensions and retirement
funds and systems, corporations, partnerships, individuals or other
entities or any combination of the foregoing, and shall include any
public benefit corporation and the United States of America and any of
its agencies and departments. As used in this definition, the terms
"trustees" and "fiduciaries" shall include any fiduciary or fiduciaries
holding funds for investment and the term "banking organizations" shall
have the same meaning as in subdivision eleven of section two of the
banking law.