Terms Used In New York Laws > Private Housing Finance > Article 15 - Participation Loans to Owners of Multiple Dwellings By Private Investors and Municipalities Utilizing Federal Grant Funds

• Agency: shall mean the office or agency of a municipality authorized to administer the expenditure of grants from the United States of America to assist community development activities and programs for the construction, rehabilitation or conservation of multiple dwellings and housing accommodations or for the conversion of under-utilized non-residential property into multiple dwellings or, in the absence of such an office or agency, the comptroller or chief fiscal officer of such municipality; except that in the city of New York it shall be the department of housing preservation and development or any successor thereto and shall include, except for purposes of section eight hundred four of this article, the New York city housing development corporation with respect to any participation in a loan by such corporation pursuant to section eight hundred five of this article. See N.Y. Private Housing Finance Law 801
• Amortization: Paying off a loan by regular installments.
• Construction: shall mean the construction of new multiple dwellings upon vacant land. See N.Y. Private Housing Finance Law 801
• Contract: A legal written agreement that becomes binding when signed.
• Conversion: shall mean the conversion of under-utilized non-residential property into a multiple dwelling. See N.Y. Private Housing Finance Law 801
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Federal grant funds: shall mean any grants received from the United States of America for community development activities or for the construction, rehabilitation or conservation of multiple dwellings or for the conversion of under-utilized non-residential property into multiple dwellings. See N.Y. Private Housing Finance Law 801
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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 § 2 of the banking law. See N.Y. Private Housing Finance Law 801
• Fiduciary: A trustee, executor, or administrator.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Non-residential property: shall mean any property which is not a multiple dwelling, and which is intended to be converted into a multiple dwelling, and which is under-utilized for commercial, industrial or other non-residential purposes. See N.Y. Private Housing Finance Law 801
• Owner: shall mean an individual, partnership, corporation or other entity, including a non-profit company, a mutual company, or a housing development fund company, which holds record or beneficial title in fee simple to the existing multiple dwelling to be rehabilitated or the non-residential property to be converted into a multiple dwelling and the real property upon which it is situate or to vacant land upon which the new multiple dwelling is to be constructed, or is the lessee of any such real property having an unexpired term of at least thirty years. See N.Y. Private Housing Finance Law 801
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Private investor: shall mean 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 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 the state of New York and any agency, office or public benefit corporation thereof. See N.Y. Private Housing Finance Law 801
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rehabilitation: shall mean the installation, replacement or repair of heating, plumbing, electrical and related systems, or elimination of conditions dangerous to human life or detrimental to health, including nuisances as defined in § 309 of the multiple dwelling law, or other rehabilitation or improvement of existing multiple dwellings. See N.Y. Private Housing Finance Law 801
• State grant funds: shall mean any grants received from the state or any public benefit corporation for community development activities for the construction, rehabilitation or conservation of multiple dwellings. See N.Y. Private Housing Finance Law 801
• Trustee: A person or institution holding and administering property in trust.
• Value: shall mean the "as is" value of the existing multiple dwelling, or in the case of non-residential property to be converted into a multiple dwelling, the "as is" value of such non-residential property, and the land upon which it is situate prior to rehabilitation or conversion or, in the case of the construction of a new multiple dwelling, the "as is" value of the vacant land prior to such construction plus the total of all costs of such rehabilitation, conversion or construction, including, but not limited to, the costs of any or all undertakings necessary for the planning, financing, tenant relocation, acquisition, satisfaction of tax liens and other municipal liens and encumbrances, construction, equipment and development in connection therewith. See N.Y. Private Housing Finance Law 801