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This entry was published on 2014-09-22
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SECTION 401
Definitions
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 8
§ 401. Definitions. As used in this article the following terms shall
mean:

1. a. The term "existing multiple dwelling" shall mean any dwelling
classified as a multiple dwelling pursuant to the multiple dwelling law
including class A and class B multiple dwellings, and in existence on
the date upon which an application for a loan pursuant to this article
is received by the agency.

b. The term "existing multiple dwelling" shall also mean any building
in existence on the date upon which an application for a loan pursuant
to this article is received by the agency and which is intended on such
date to be converted to a class A or class B multiple dwelling.

c. The term "existing multiple dwelling" shall also mean a
not-for-profit institution with sleeping accommodations exclusively for
permanent residential purposes or any building in existence on the date
upon which an application for a loan pursuant to this article is
received by the agency which is intended to be converted to a
not-for-profit institution with sleeping accommodations exclusively for
permanent residential purposes.

2. The term "agency" shall mean any officer, board, commission,
department, or other agency of the municipality, or the authority or any
other public authority, designated by the local legislative body to
carry out the functions vested in the agency under this article or
delegated to the agency by the local legislative body in order to carry
out the purposes and provisions of this article.

3. a. The term "persons or families of low income" shall mean "persons
of low income" or "families of low income" as defined in section two of
this chapter, whose probable aggregate annual income during the period
of occupancy does not exceed six times the rental (including the value
or cost to them of heat, light, water and cooking fuel) of dwelling
units occupied by such persons or families in existing multiple
dwellings aided by a loan pursuant to this article, except that in the
case of persons or families with three or more dependents, such ratio
shall not exceed seven to one, and except further that the income
limitations prescribed by this paragraph shall be subject to the
provisions of subdivision two of section four hundred three of this
article.

In calculating annual income, social security payments and income
received from private pension funds by any person sixty-two years of age
or more shall be excluded up to a total maximum amount of seventy-five
dollars per month. The term "probable aggregate annual income" means the
annual income of the chief wage earner of the family, plus all other
income of other members of the family over the age of twenty-one years,
plus a proportion of income of gainfully employed members under the age
of twenty-one years, the proportion to be determined by the agency. The
agency may exclude a proportion of the income of other members of the
family over the age of twenty-one years for the purpose of determining
eligibility for commencement of occupancy or continued occupancy, or for
establishing rental of such family, or for all such purposes.

b. Notwithstanding the provisions of paragraph a of this subdivision,
and subject to the provisions of subdivision three of section four
hundred three of this article the term "persons or families of low
income" shall also mean any person or family who, immediately prior to
the date on which a contract for a loan with respect to an existing
multiple dwelling is entered into pursuant to the provisions of this
article, occupies any dwelling unit in such multiple dwelling and who
continuously occupies such unit during and after completion of central
heating or other rehabilitation or improvement performed pursuant to
such contract provided, however, that any person or family required to
remove from any such dwelling unit because of such installation,
rehabilitation or improvement shall, for the purpose of this section, be
deemed to have continuously occupied such unit and shall have preference
in re-entering such multiple dwelling upon completion of the aforesaid
work.

4. The term "occupancy date" shall mean the date defined in the
contract for a loan pursuant to this article between the owner of an
existing multiple dwelling and a municipality as the date upon which
such multiple dwelling is to be deemed ready for occupancy, or if such
term is not defined in such contract, the date of issuance of the
temporary certificate of occupancy.

5. The term "rehabilitation", in addition to any other meaning, shall
include conversion of a class B multiple dwelling or a class A multiple
dwelling used in whole or in part for single room occupancy to a class A
multiple dwelling not used in whole or in part for single room
occupancy. The term "rehabilitation" shall also include the conversion
of any existing building to a class A or class B multiple dwelling.

6. The term "owner" shall mean a person having record title in fee
simple to real property or the lessee thereof under a lease having an
unexpired term of at least thirty years.