ยง 1151. Definitions. 1. "Eligible site" shall mean any real property
in the city of New York which the agency determines to be located in an
area which is blighted or deteriorated or has a blighting influence on
the surrounding area or is in danger of becoming a slum or blighted area
because of neighborhood conditions indicating an inability or
unwillingness of the private sector to invest in housing in such area.
2. "Eligible project" shall mean a project intended to construct new
housing accommodations on an eligible site by new construction or
substantial rehabilitation. An eligible project shall serve the needs of
persons of low income, including privately-owned one to four family
dwellings, condominiums and cooperatives, and rental projects.
3. "Development costs" shall mean the reasonable and necessary costs
for planning, financing, acquisition of land or buildings and
construction of new buildings or the reconstruction, rehabilitation,
repair or remodeling of existing buildings and the costs of necessary
site improvements.
4. "Persons of low income" for purposes of this article shall mean
those persons defined as low income pursuant to section two of this
chapter.
5. "Sponsor" shall mean any not-for-profit corporation, any public
benefit corporation or any individual, corporation or partnership which
receives a loan pursuant to this article for the construction of an
eligible project, or which receives an advance pursuant to this article
to defray the pre-development costs of any eligible project. A sponsor
who is not a not-for-profit corporation shall agree to limit its profit
in accordance with a formula satisfactory to the agency.
6. "Loan" shall mean a first mortgage loan made by a private lender in
participation with the city of New York to a sponsor for the purpose of
construction of an eligible project including a loan in which the
portion of the loan funded by the agency is represented by a separate
note and mortgage.
7. "Private lender" shall mean one or more banking organizations,
foundations, labor unions, credit unions, employees' 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 combinations of the foregoing, and
shall include any public benefit corporations 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.
8. "Rental project" shall mean any project consisting of five or more
dwelling units occupied as a residential rental project.
9. "Agency" shall mean the department of housing preservation and
development of the city of New York or any successor thereto.