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This entry was published on 2015-08-14
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SECTION 551
Definitions
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 10
§ 551. Definitions. As used in this article, the following terms shall
mean and include:

1. "Cost of acquisition." In the case of a project purchased from an
authority or municipality, the cost of acquisition shall include the
purchase price, costs incidental to the transfer of title, and the
estimated cost, if any, of necessary alterations and repairs to be
performed within six months after transfer of title to the housing
company. Such cost of acquisition shall, in the case of a limited
dividend or state-aided limited-profit housing company, be determined
and certified by the commissioner; in the case of a municipally-aided
housing company, it shall be determined and certified by the supervising
agency.

In the case of a project leased from a municipality or authority, the
cost of acquisition shall be the value of the lease to the company, as
determined and certified by the commissioner in the case of a limited
dividend or state-aided limited-profit housing company, or by the
supervising agency, in the case of a municipally-aided limited-profit
housing company.

2. "Housing company." A limited dividend or limited profit housing
company organized pursuant to the provisions of article four or article
two of this chapter.

3. "Project." A specific work or improvement, including lands,
buildings and improvements acquired, owned, constructed, managed or
operated by an authority or a municipality to provide dwelling
accommodations for persons of low income.