New York Laws
Article 8-B - Loans to Owner-Occupants of One to Four Unit Private and Multiple Dwellings
471 - Definitions.

§ 471. Definitions. 1. "Agency" shall mean any agency or
instrumentality of a municipality that is created by legislation and
designated by the chief executive to act on behalf of the municipality
with regard to the provisions of this article.

2. "Banking organization" shall mean 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.

3. "Existing multiple dwelling" shall mean any dwelling classified as
a multiple dwelling pursuant to the multiple dwelling law or the
multiple residence law and in existence on the date upon which an
application for a loan pursuant to this article is received by the
agency.

4. "Existing private dwelling" shall mean any dwelling classified as a
private dwelling pursuant to the multiple dwelling law or the multiple
residence law and in existence on the date upon which an application for
a loan pursuant to this article is received by the agency.

5. "Federal grant funds" shall mean any grants received from the
federal government for community development activities or for the
rehabilitation or conservation of private or multiple dwellings.

6. "Low and moderate income persons" shall mean persons and families
who cannot afford to improve their homes by relying upon the ordinary
unaided operation of private enterprise.

7. "Municipality" shall mean any city, town or village.

8. "Owner" shall mean an individual or individuals, a partnership, or
a joint tenancy, tenancy in common or tenancy by the entirety holding
record title in fee simple to an existing private or multiple dwelling
and the real property upon which it is situated. "Owner" shall be deemed
to also include a cooperative corporation or a condominium association.

9. "Owner-occupant" shall mean an owner who occupies at least one of
the units in a one to four unit dwelling as his or her principal
residence. In the case of a partnership, joint tenancy, tenancy in
common or tenancy by the entirety, at least one partner or tenant must
be an owner-occupant. In the case of a cooperative or condominium a
majority of the units must be owner-occupied. The term "owner-occupant"
shall include an owner of a vacant one to four unit dwelling who
demonstrates an intention to move into one of the units after the
rehabilitation of the property.

10. "Private investor" shall mean one or more banking organizations,
foundations, public benefit corporations, 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 pension and retirement funds and systems,
corporations, partnerships, individuals or other entities or any
combination of the foregoing, and shall include the United States of
America and any of its agencies and departments.

11. "Rehabilitation" shall mean the installation, replacement, or
repair of heating, plumbing, electrical and related systems or the
elimination of conditions dangerous to human life or detrimental to
health, including nuisances as defined in local housing or health codes
or as defined in section three hundred nine of the multiple dwelling
law, or in section three hundred five of the multiple residence law, or
other rehabilitation or general property and energy conservation
improvements.

12. "State grant funds" shall mean any grants received from the state
or any public benefit corporation for community development activities
or for the rehabilitation or conservation of private or multiple
dwellings.