Terms Used In New York Laws > Private Housing Finance > Article 17 - Housing and Community Preservation In Rural Areas

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Commissioner: shall mean the commissioner of the state division of housing and community renewal. See N.Y. Private Housing Finance Law 1002
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Division: shall mean the state division of housing and community renewal. See N.Y. Private Housing Finance Law 1002
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Housing preservation and community renewal activities: include (a) the new construction or the acquisition, maintenance, preservation, repair, rehabilitation or other improvement of vacant or occupied housing accommodations; demolition or sealing of vacant structures where necessary or appropriate; disposition of housing accommodations to present or potential occupants or co-operative organizations; training or other forms of assistance to occupants of housing accommodations; administration of landlord training classes; and management of housing accommodations as agent for the owners, receivers, administrators or municipalities; (b) activities, similar to those specified in paragraph (a) of this subdivision, aimed at accomplishing similar purposes and meeting similar needs with respect to retail and service establishments within a region when carried out in connection with and incidental to a program of housing related activities. See N.Y. Private Housing Finance Law 1002
• Merged corporation: shall mean a not-for-profit corporation maintaining a contract pursuant to section one thousand three of this article that has undergone a merger with one or more other not-for-profit corporation, which is also maintaining a contract pursuant to section one thousand three of this article, that has led the merged corporations to reduce the number of contracts being maintained with the division pursuant to section one thousand three of this article to a total of one. See N.Y. Private Housing Finance Law 1002
• Persons of low income: shall mean individuals and families whose annual incomes do not exceed ninety per cent of the median annual income for all residents of the region within which they reside or a larger area encompassing such region for which median annual income can be determined. See N.Y. Private Housing Finance Law 1002
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Region: shall mean those portions of the rural area of the state, as specified in the contract entered into pursuant to this article, within which housing and community renewal activities funded in part pursuant to this article are to be carried out. See N.Y. Private Housing Finance Law 1002
• Rural area of the state: shall mean cities, towns and villages having a population of less than twenty-five thousand. See N.Y. Private Housing Finance Law 1002
• Unmerged corporation: shall mean a not-for-profit corporation that is not a merged corporation. See N.Y. Private Housing Finance Law 1002